Development of the Office Space Prices on the Czech Market
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Technická Univerzita v Liberci
Technical university of Liberec, Czech Republic
Technical university of Liberec, Czech Republic
Abstract
The price developments in the commercial real estate market can affect the financial stability of countries, particularly through the level of lending by companies operating in this area. In the literature, research can be found dealing mainly with residential real estate, while commercial real estate stands rather in the background. The aim of this paper is to analyse the price development of the office space (CRECVI index) in the Czech market between years 2005 to 2022. As part of the cointegration analysis, an ADL model is constructed to describe how commercial real estate prices respond to changes in selected macroeconomic indicators. The results of the analysis show that office space prices are mainly influenced by the evolution of gross domestic product, unemployment and the level of inflation and interest rates.
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Cointegration analysis, CRECVI index, ADL model, commercial real estate
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978-80-7494-627-1