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The econometric modelling of real estate can encounter a number of issues due to the functional utility and investment characteristics of property assets. One issue of particular importance is the inherent mismatch between inelastic supply and elastic demand. We examine the office markets in the five largest Australian cities using an asymmetric panel error-correction framework. It is found that prime office markets responded to both changes in demand and supply as expected. However, secondary markets responded in most specifications to demand with a subdued rent response arising from reduced stock availability. This finding raises several questions concerning the relationship between prime and secondary office markets.

An Asymmetric Panel Error-Correction Model of Australian Office Rents