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Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate

Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the... Abstract Large similarities exist between the labor and real estate space markets. The natural rate of unemployment (NRU) and the natural vacancy rate (NVR) are important in modeling these markets. The real estate literature has drawn on early modeling of the labor market and has predominantly assumed the NVR to be constant in time. We consider a range of approaches to estimate cross-sectional and time variation in the NVR for the US office market. The results provide no evidence for a time trend, but the NVR may still vary temporally although it is difficult to identify plausible and consistent variation. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Real Estate Literature Taylor & Francis

Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate

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Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate

Abstract

Abstract Large similarities exist between the labor and real estate space markets. The natural rate of unemployment (NRU) and the natural vacancy rate (NVR) are important in modeling these markets. The real estate literature has drawn on early modeling of the labor market and has predominantly assumed the NVR to be constant in time. We consider a range of approaches to estimate cross-sectional and time variation in the NVR for the US office market. The results provide no evidence for a time...
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Publisher
Taylor & Francis
Copyright
© 2021 The Author(s). Published with license by Taylor & Francis Group, LLC.
ISSN
1573-8809
DOI
10.1080/09277544.2021.2006876
Publisher site
See Article on Publisher Site

Abstract

Abstract Large similarities exist between the labor and real estate space markets. The natural rate of unemployment (NRU) and the natural vacancy rate (NVR) are important in modeling these markets. The real estate literature has drawn on early modeling of the labor market and has predominantly assumed the NVR to be constant in time. We consider a range of approaches to estimate cross-sectional and time variation in the NVR for the US office market. The results provide no evidence for a time trend, but the NVR may still vary temporally although it is difficult to identify plausible and consistent variation.

Journal

Journal of Real Estate Literature – Taylor & Francis

Published: Mar 14, 2022

Keywords: Natural Vacancy Rate; Natural Rate of Unemployment; Office Markets; R31; I1; I3

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