Real Estate Cycles in Germany—Causes, Empirical Analysis and Recommendations for the Management Decision Process

Authors: Nico Rottke, Martin Wernecke and Arthur L. Schwartz, Jr.

Start Page: 325
End Page:346
Volume: 11
Issue Number: 3
Year: 2003
Publication: Journal of Real Estate Literature

Abstract: Unlike in the United States or the United Kingdom, research on real estate cycles in
Germany exists only to a limited extent. Therefore, this article has three objectives:
(1) to briefly introduce the unfamiliar reader to the theory of real estate cycles; (2) to
empirically analyze the observable and quantifiable variables of the German office
market and to make an attempt to validate the cyclical behavior of the German real
estate market; and (3) to present recommendations for the management decision
process based on theoretical causes and empirical analysis.