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Institutional differences in European metropolitan office market dynamics

Institutional differences in European metropolitan office market dynamics. Ed Nozeman & Arno van der Vlist ERES,15-18 June 2011. Central issue. Whether and to what degree differences in local markets relate to differences in institutions ?. ` Research design. Step 1

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Institutional differences in European metropolitan office market dynamics

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  1. Institutional differences in European metropolitan office market dynamics Ed Nozeman & Arno van der Vlist ERES,15-18 June2011

  2. Central issue Whether and to what degree differences in local markets relate to differences in institutions ?

  3. ` • Research design • Step 1 Review of the literature on institutions and office market behaviour. • Step 2 Measuring the degree of differences in office market returns • Step 3 Considering the interrelations between office market dynamics and institutions

  4. Step 1 Defininginstitutions Related to • Formal and informalrules • Propertyrights • Institutions of localgovernance of land ue, planning and development

  5. Step 1 Establishing the impact on performance of realestate Three assumptions • Impact of taxes and costsondemand • Impact of transparency and efficiency onrate of adaptation • Impact of land useregulationsonprices and risk

  6. Step 2 Data and methodology • Finding data on stock, yields, uptake 2. Findingproxiesforrules, propertyrights and land useregulation • Selecting the empirical model

  7. Step 3 Results • Distribution of yields

  8. Uptakebyyield • Transparencybyyield

  9. The empirical model odelirical

  10. Conclusions 1 Analysisnotconfirming all assumptions 2 Necessityforcontinued research

  11. Questions ?

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