An econometric analysis of the office real estate market in Oslo and Bergen

Abstract

This master thesis exposes the application of two existing econometrical and dynamic models originally written for London to the Norwegian cities of Oslo, the capital, and Bergen, the second largest city of the country. Both models presented simultaneously two unique equilibrium-based systems of equations using similar variables to estimate and forecast the London office real estate market. In a first time, the thesis reverts to quantify the efficiency of these models that fit very well an internationally-sized city to other candidates with an obvious smaller dimension but also a dissimilar development, compared to London and to each other. Secondly, some additional expressions of both models are presented and estimated. Finally, this work devotes a section to analyse and compare estimates together before drawing conclusions.