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dc.contributor.authorBjørland, Christian
dc.contributor.authorHagen, Marius
dc.description.abstractBanks have substantial exposures to commercial real estate (CRE). Rental prices are important for CRE companies’ debt-service capacity, which in turn affects the risk of future bank losses. In this paper, we estimate error correction models (ECMs) to determine the main drivers of office rents in Oslo and to detect deviations in rents from their estimated long-run equilibrium. We find that employment and stock of offices are important explanatory variables. Moreover, our results show that rents have followed their estimated equilibrium closely and have re-adjusted quickly in periods of deviation.en_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesStaff Memo;12/2019
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.subjectrental pricesen_US
dc.subjectcommercial real estateen_US
dc.subjectfinancial stabilityen_US
dc.subjectJEL: C20en_US
dc.subjectJEL: E30en_US
dc.subjectJEL: R30en_US
dc.titleWhat drives office rents?en_US
dc.typeWorking paperen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US

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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal