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Com o crescimento da demanda por escritórios sua ocupação nas cidades sofreu profundas transformações. O perfil das necessidades da demanda também se alterou e, em função dessas mudanças, novos centros de negócios foram criados em várias metrópoles, incluindo São Paulo. É nesse quadro que iremos discutir as qualidades localizacionais de escritórios.O trabalho apresenta a discussão sobre as características localizacionais desejadas pelos principais usuários de escritórios na metrópole contemporânea e seus reflexos no mercado. / The occupancy of city offices has suffered profound transformations due to a growing demand. The profile of those offices and their demand necessities have also changed and new businesses centers were made in many metropolis. In accordance to it we will here discuss the office location qualities.This paper presents a discussion about main users’ wanted location characteristics in offices in big contemporary cities and their reactions to market.

Office space oversupply cost Australia billions of dollars during the 1990-92 recession. Australia, the United States, Japan, the U.K., South Africa, China, Thailand, and many other countries have suffered office oversupply cycles. Illiquid untenanted office buildings impair investors capital and cash flows, with adverse effects on macroeconomics, financial institutions, and individuals. This study aims to develop improved methods for medium term forecasting of office market adjustments to inform individual project development decisions and thereby to mitigate office oversupply cycles. Methods combine qualitative research, econometric estimation, system dynamics simulation, and institutional economics. This research operationalises a problem solving research paradigm concept advocated by Ken Lusht. The research is also indebted to the late James Graaskamp, who was successful in linking industry and academic research through time and space specific feasibility studies to inform individual property development decisions. Qualitative research and literature provided a list of contributing causes of office oversupply including random shocks, faulty forecasting methods, fee driven deals, prisoners dilemma game, system dynamics (lags and adjustment times), land use regulation, and capital market issues. Rather than choosing among these, they are all considered to be causal to varying degrees. Moreover, there is synergy between combinations of these market imperfections. Office markets are complex evolving human designed systems (not time invariant) so each cycle has unique historical features. Data on Australian office markets were used to estimate office rent adjustment equations. Simulation models in spreadsheet and system dynamics software then integrate additional information with the statistical results to produce demand, supply, and rent forecasts. Results include ++ / models for rent forecasting and models for analysis related to policy and system redesign. The dissertation ends with two chapters on institutional reforms whereby better information might find application to improve market efficiency.Keywords. Office rents, rent adjustment, office market modelling, forecasting, system dynamics.

Recent consumer surveys and demographic analyses indicate a growing demand for pedestrian and transit designed development. This thesis presents an analysis of office rents in the Toronto Census Metropolitan Area of Ontario, Canada. The effects of building quality, accessibility, and location are explored with a specific focus on the influences of walkability, public transit and private transit accessibility. The theoretical background of this research is related to the hedonic methodology, which is extensively used for explaining transaction price or rental price variations of real property. Cross sectional data of the Toronto CMA office market from the year 2010 is utilized for the hedonic price estimation. The hedonic price function is specified in the log linear form and is estimated with linear regression in SPSS. The analysis of over 2,000 asking rental rates reveals that buildings with high Walkscores and excellent accessibility to public transit and transportation infrastructure command significantly higher rents as compared to buildings with fewer nearby amenities and accessibility. The walkability findings are the first of their kind for Toronto and Canadian office markets and in line with results documented for the US office market and European office market.

Com o crescimento da demanda por escritórios sua ocupação nas cidades sofreu profundas transformações. O perfil das necessidades da demanda também se alterou e, em função dessas mudanças, novos centros de negócios foram criados em várias metrópoles, incluindo São Paulo. É nesse quadro que iremos discutir as qualidades localizacionais de escritórios.O trabalho apresenta a discussão sobre as características localizacionais desejadas pelos principais usuários de escritórios na metrópole contemporânea e seus reflexos no mercado. / The occupancy of city offices has suffered profound transformations due to a growing demand. The profile of those offices and their demand necessities have also changed and new businesses centers were made in many metropolis. In accordance to it we will here discuss the office location qualities.This paper presents a discussion about main users’ wanted location characteristics in offices in big contemporary cities and their reactions to market.

Over the past few years there has been a clear trend regarding demand for office space in the central business district, CDB. The rent level is far greater there than in any other area, and vacancy is very low compared to other submarkets. People tend to prefer greater office location over salary and the office location works as a status symbol. Over the past few years companies have started to rearrange their offices, both interior wise and location wise. Some larger firms have moved their headquarters and offices from the central to prime suburbs, and many more are following this strategy. This study examines, by comparing different sub markets in Stockholm with similar submarkets in Boston, how the commercial real estate market in Stockholm will develop and what movements to expect in the office market. Are Stockholm’s sub markets following the Boston sub markets footsteps? Stockholm is growing rapidly both economically and population wise. Access to land in the city is limited and the boundaries of the inner city are pushed outwards. To the meet the demand in the inner city a common trend the past few years has been to reconstruct and convert office space to housing. Former industrial premises that earlier where converted to offices are now reconstructed as housing. Another trend has been to exploit and develop new areas outside the city to meet today’s demand. Problems occur when the majority of offices operate within the city, pushing the demand for transportation and increasing the density of 2 commuting. Since the commuting hours are becoming greater the demand for adjacent work places and offices may increase. The purpose of this master thesis is to investigate how the trends for office locations in Stockholm may change. In addition to that a comparison to the office market in Boston will be made. The areas that are defined in the study are Solna, Sundbyberg and Stockholm City in Sweden and Cambridge, Seaport and Downtown in Boston, USA. Every office market and sub market is unique in many ways which always needs to be in the back of the head of the reader when looking at this report. Boston and Stockholm are both premier cities when it comes to center of education and being a hub for tech start-ups and financial giants and are both following the general ups and downs of the economy. The conclusion drawn from this study is that each market are following the same trend but varies in initial levels and relative to each other. Regarding the rent level, Solna and Sundbyberg will, unlike Cambridge and Seaport, most likely not exceed the rent level in CBD and also not fall below in vacancy rate. The sub markets in each country differs a lot but Solna and Sundbyberg will most likely follow Cambridge and Seaport in both increasing rent levels and decreasing vacancy rates thanks to continuous increase in popularity - A big partition factor between the two Cities.

Baigiamojo magistro darbo tyrimo objektas – investicijos į Vilniaus biurų rinką. Pagrindinis darbo tikslas yra atlikti investicijų į Vilniaus biuro paskirties nekilnojamąjį turtą tyrimą. Baigiamąjį magistro darbą sudaro trys pagrindiniai skyriai. Pirmame skyriuje analizuojama įvairi literatūra ir moksliniai straipsniai apie biuro paskirties nekilnojamąjį turtą, investicijas į nekilnojamąjį turtą ir biurus, biurų plėtros tendencijas, Vilniaus investicinį potencialą ir biurų rinkos analizę. Antrame skyriuje atliekamas Vilniaus ir Amsterdamo biurų rinkos palyginimas. Trečiame skyriuje atliekama investicijų į Vilniaus biuro paskirties nekilnojamąjį turtą PĮSETA analizė. Darbo pabaigoje padaromos darbą apibendrinančios išvados ir pateikiami pasiūlymai. Gauti rezultatai parodė, kad Vilniaus biurų rinka neišnaudoja savo potencialo ir dabartinė plėtra yra tikslinga. Darbo apimtis yra 70 psl. be priedų, 20 paveikslų, 6 lentelės, 85 bibliografiniai šaltiniai ir 1 priedas. / Object of the final master thesis is investments in the office market of Vilnius. The aim of work is to make a study of investments in the office real estate of Vilnius. The master thesis consists of three main chapters. Different literature and scientific articles about the office real estate, investments in real estate and offices, development tendencies of offices, investment potential of Vilnius and office market analysys are analyzed in the first chapter. Office market comparison of Vilnius and Amsterdam is fulfiled in the second chapter. PESTEL analysis of investments in the office real estate of Vilnius is done in the third chapter. Conclusions and proposals that summarize the work are made in the end. The results showed that potential of office market of Vilnius is not used and current development is expedient. Scope of the work is 70 pages without appendices, 20 figures, 6 tables, 85 sources of literature and 1 appendix.

Både storbanker och statliga myndigheter har valt att göra omlokaliseringar av sina verksamheter i Stockholmsområdet. Dessa aktörer har länge haft sina huvudkontor inom Stockholm Central Business District (CBD), men kommer från och med årsskiftet 2013/2014 att samla hela eller delar av sina verksamheter utanför området. Under de kommande fyra åren blir över 210 000 kvadratmeter kontorslokaler lediga, vilket både skapar utmaningar och möjligheter för de berörda fastighetsägarna. Den här studien har tre viktiga utgångspunkter: Faktorerna bakom flytt för banker och myndigheter, hur Stockholms kontorsmarknad kommer att ändras i fortsättningen och på vilket sätt Stockholms CBD utvecklas när de vakanta kontorslokalerna byggs om. De bakomliggande resonemangen kring besluten om att flytta från området skiljer sig väsentligt åt mellan de intervjuade aktörerna. Den främsta anledningen till att myndigheterna samlar olika verksamhetsdelar i Solna respektive Telefonplan är ekonomiska besparingar. Bankernas främsta anledning är att koncentrera sina verksamheter inom ett geografiskt område. Nordea väljer att stanna kvar i CBD medan Swedbank flyttar ut. För dem är samlokaliseringen en del av att effektivisera det dagliga arbetet. För fastighetsägarna i området innebär det stora ombyggnations- och renoveringsprojekt i lokalerna som tomställs. Det finns däremot inget i studien som tyder på att företag vill samlokalisera sina verksamheter i kluster med andra aktörer inom samma bransch. I och med den omstrukturering som påbörjas kan Stockholms stad tillsammans med fastighetsägarna genom detaljplanering förändra och utveckla staden. Dessa åtgärder kan förhoppningsvis i framtiden ge en mer livfull stadskärna för Stockholm och nya, mindre företag får möjlighet att etablera sig i CBD. / Major banks and authorities have decided to relocate their headquarters in the Stockholm area. The big companies in Stockholm have always been located in the most central parts of the city, the Central Business District (CBD). In the beginning of 2014 the companies starts to move their business outside CBD. This process will proceed the next four years and there will be more than 210 000 square meters of office space available. These relocations create challenges and opportunities for the property owners in the area. The study has three important aspects: The reason behind the moving of banks and authorities, how this affects the office market in Stockholm CBD and the property development as well as the growth of the city center. The reason behind the moving decision is very different depending on which company we asked. The main reason why authorities relocate their business to Solna and Telefonplan are economic cut downs. The banks most common reason to relocate is to concentrate their activities to one particular area. Nordea decided to stay in CBD and Swedbank is heading toward Sundbyberg. Their most important reason to move is to rationalize and develop their daily work. For the property owners there will be huge renovation and reconstruction challenges when the tenants leave the buildings. All the property owners have a common opinion that a higher vacancy rate is welcome, because of the extremely low vacancies in the area. There is no tendency on the market which indicates that companies want to relocate their business in a cluster with other companies in the same industry. As a result of the reconstruction in the area, Stockholm Municipality and the property owners have a great opportunity to develop a new local plan to improve the capital of Sweden

Arbetsmarknaden och arbetsmiljön har genomgått stora förändringar. Förändringarna har möjliggjorts genom den tekniska utvecklingen och digitaliseringen i samhället.Arbetsmarknaden har blivit rörligare än någonsin och det har ställt krav på ökad flexibilitet inom många branscher. Kontorsmarknaden är inget undantag och nya flexibla lösningar har visat sig vara av stort intresse. Coworking är en lösning som haft en stark tillväxt i Stockholm sedan det introducerades på marknaden. Utbudet av coworking-aktörer blir allt större och den senaste tiden har även fastighetsbolag visat intresse för att driva egna coworking-koncept i egen regi. Studien syftar till att undersöka vilka konkurrensfördelar som fastighetsägare har gentemot coworking-aktörer och varför vissa fastighetsägare väljer att starta och driva egna koncept.Studien har sin grund i Porters teori om konkurrens och frågeställningen är framtagen med utgångspunkt i hans teori. Intervjuer med fastighetsägare och befintliga coworking-aktörer har gjorts för att få en inblick i hur de ser på marknaden och vilka utmaningar som finns. Koncentrerat går det att säga att fastighetsägarnas största fördel är att de äger den underliggande tillgången. De kan skriva hyreskontrakt med sig själva och nyckelmärka lukrativa ytor för deras coworking-koncept. I den enklaste formen av coworking finns det förutsättningar för att konkurrera, då fastighetsbolag kan erbjuda en annan prisbild än coworking-aktörer. Utmaningarna blir att profilera konceptet för att passa målgrupper som redan är kunder hos befintliga coworking-aktörer med olika typer av premiumtjänster. Det ställs andra krav när det kommer till att väva in en serviceverksamhet i fastighetsbolagens ursprungliga kärnverksamhet och därtill tillkommer en rad utmaningar. / The working place and working environment has changed. Technical development and digitalisation have enabled these changes throughout society. The labour market has become more mobile than ever and that has increased the demand for flexibility in many industries.The office market is no exception and new flexible solutions have been of great interest. Coworking is a solution with high growth in Stockholm, since it was introduced on the market. The range of different coworking companies have grown and lately, real estate companies have shown interest in starting and running their own coworking concepts. The study aims to examine which competitive advantages real estate companies have towards coworking companies and why some real estate owners choose to start and run their own concepts. The study is founded upon Porter's theory of competition and the main questions are developed and based on the theory. Interviews with real estate companies and coworking companies have been conducted to gain insight how they view the market and existing challenges. In its entirety, it can be said that real estate companies main competitive advantages are that they own the underlying asset and can create leasing contracts with themselves and they can assign lucrative spaces for their own concepts. In the simplest form of coworking, there are conditions for competition, as real estate companies can offer different prices than coworking companies. The challenges will be to profile the concepts to suit groups who already are customers of coworking companies with different types of premium services. A number of other challenges arise when weaving in a service business with the original core business.

The Swedish office markets has been emerging the last decade towards a higher rental level equilibrium. The aim of this study is to investigate the fundamental drivers of office rents and modelling of office rent forecasts in five Swedish office submarkets; Stockholm (2), Gothenburg (2) and Malmö (1). The methodology is a combination of economic theory and econometric analysis. The product is an econometric model. By using the estimated drivers, office rent forecasts are modelled and computed based on a vector autoregression-model. Our results show that office stock and vacancy, in lagged fashion, are statistically superior in explaining office rent development. OMX30 was evident to be the largest macro-driver in explaining office rent. The generated forecasts were significant and valid in the CBD-submarkets. However, the forecasts for the Rest of Inner City (RIC)-submarkets were not as precise. The results also show that the forecasts move more linearly compared to the actual office rent data that move more "step-wise".