Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Price adjustment and vacancies on theStockholm market – Estimation of rent levelsdue to office-allocations
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2013 (Swedish)Independent thesis Advanced level (degree of Master (Two Years)), 10 credits / 15 HE creditsStudent thesisAlternative title
Prisjustering och vakanser påStockholmsmarknaden – Estimering avhyresnivåer mot bakgrund avkontorsallokeringar I CBD (English)
Abstract [en]

The Stockholm office market segment have for a long time been considered a safe haven

when it comes to withstand negative turmoil in the form of rental compression due to

economic fluctuation, especially in the CBD demographic. Recently however, a large number

of banks and institutions, amounting to some 200000 square meters, have decided to relocate

to more peripheral locations with the aim of cost reductions on rent. This mass exodus is

studied with focus on rental dynamics as the result of increased vacancies. Other variables are

stock changes and employment. The method is econometric combined with an interview

series. The data is a panel dataset containing 900 observations. The different models that are

being used is the vacancy gap model, an Error Correction Model and a dynamic lag model in

the form of a first difference model. Due to non-stationary variables, some models were

rejected. A prognosis model has been created for the economic calculations. The results are

displayed in a number of scenarios ranging from unchanged rents to severe rental drops. As a

comprehensive result this study concludes that a rental drop in the range of 10-20 percent is to

be expected. A number of positive side effects are expected to unfold as a result of the

relocations.

Abstract [sv]

Stockholmsmarknadens kontorssegment har länge setts på som säker vad gäller att kunna

motstå negativ turbulens i form av hyres press på grund av ekonomiska svängningar, och då

speciellt marknaden för City eller CBD. Nyligen har dock en stor mängd banker och

institutioner om cirka 200000 kvadratmeter bestämt sig för att lokalisera sig i mer perifera

lokaler med kostnads reduceringar i form av lägre hyror som mål. Den här massutflyttningen

har studerats med fokus på hyresdynamik som ett resultat av ökade vakanser. Andra variabler

är ändringar i stocken och sysselsättning. Metoden är ekonometrisk och kombineras med en

intervjuserie. Data består av ett paneldatasett innehållande 900 observationer. De olika

modellerna som används är en vakansgapsmodell, en Error Correction modell (ECM) och en

första differens modell. På grund av icke stationära variabler har vissa modeller förkastats. En

prognostiseringsmodell har skapats för de ekonomiska beräkningarna. Resultaten redovisas i

olika scenarion som består i allt från att hyrorna inte ändras alls till svåra hyresfall. Ett samlat

resultat av studien föreslår ett hyresfall på 10-20 procent. En mängd positiva bieffekter

förväntas uppstå som ett resultat av om lokalisationerna.

Place, publisher, year, edition, pages
2013.
Keyword [en]
Rental vacancies, Office rent, CBD, Price, adjustment, First difference model, Prognosis, paneldata, paneldata
Keyword [sv]
Hyresvakanser, kontorshyror, CBD, prisjustering, förändringsmodell, prognostisering, paneldata.
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-124115OAI: oai:DiVA.org:kth-124115DiVA: diva2:632856
Supervisors
Examiners
Available from: 2013-06-25 Created: 2013-06-25 Last updated: 2016-07-04Bibliographically approved

Open Access in DiVA

Sebastian Jonsson(4095 kB)145 downloads
File information
File name FULLTEXT01.pdfFile size 4095 kBChecksum SHA-512
d35722aee49339c456ea41f73b1fcbaac7e65e7b0d4929513b3b415d0cd53b4c7506e775d788ce2cd36be7427a351c5420b51ffeb618183b57615ec0b0f4ec9f
Type fulltextMimetype application/pdf

By organisation
Real Estate and Construction Management
Engineering and Technology

Search outside of DiVA

GoogleGoogle Scholar
Total: 145 downloads
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

urn-nbn

Altmetric score

urn-nbn
Total: 87 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf