What is it about?
The paper applies thermodynamic cycle analysis to London property markets. This allows for estimation of cycle generated space absorption and the demand for newly constructed space. It also allows for comparison among London submarkets with respect of their respective demand for newly constructed space.
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Why is it important?
This work opens a new approach to how the property cycles are studies. It incorporates market shocks into the model, and allows for estimation of oversupply of space due to overheating of the market. This work breaks a new ground in the field of property cycles, and opens the door for cross-field approach to the subject.
Perspectives
Writing this article was a challenge due to newness of the approach and complexity of finding answers to questions which presented themselves at each step of the research. It was a truly innovative experience accompanying this new discovery.
Moshe Szweizer
CBRE Group Inc
Read the Original
This page is a summary of: Thermodynamics and London office property cycles, Journal of Property Investment & Finance, April 2018, Emerald,
DOI: 10.1108/jpif-09-2017-0061.
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