Academic journal article Real Estate Economics

Introduction

Academic journal article Real Estate Economics

Introduction

Article excerpt

In August 2003, we organized a Commercial Property Conference on the Isle of Skye, Scotland. The conference was sponsored by the Aberdeen and Reading University Business Schools and the RICS Foundation. From the 18 papers submitted, 12 papers were selected, presented and discussed by leading international property researchers. After further review and revision, six of those papers appear in this issue. The six papers are split equally among authors from Europe, the United States and Asia.

Both European papers use Swedish data and are authored by Swedes and faculty of the University of Aberdeen Business School. While papers on Swedish house prices by Peter Englund, John Quigley and colleagues have illustrated the high-quality Swedish housing data, the two papers here also indicate a rich commercial real estate database.

Peter Englund et al. use data on more than 4000 individual leases to study the term structure of leases. Adding contract length to a hedonic rent equation with many covariates significantly increases the explanatory power of the equation. Constant-quality rent series should hold term (and other contract provisions), as well as quality of space, constant. Ake Gunnelin et al. utilize Swedish IPD data for the year 2000 to analyze the determinants of inputs into cash flow appraisals. The variation in inputs (expected NOI growth, discount rates and exit cap rates) is much wider than expected and a reasonable amount of this variation can be explained by plausible variables. …

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