Analýza vybraných ukazatelů ovlivňující hodnotu prémiových kancelářských budov ve vybraných evropských státech

This master’s thesis analyses selected factors influencing the development of prime office yields in the Czech Republic, Germany, France, Poland, Romania and the United Kingdom. The relationships between prime office yields and GDP, inflation, the five-year swap rate, Euribor or Libor, unemployment and office vacancy rates were examined. Correlation and time-series regression analyses were conducted separately for each country, including stationarity, cointegration and lag-effect testing. The results show that the influence of individual factors differs across countries. The strongest short-term relationships were identified for Euribor and the five-year swap rate, particularly in the Czech Republic and Poland. The effect of GDP was confirmed only partially, mainly in France and with a time lag in Germany. In most countries, no statistically significant short-term relationship was found for unemployment or vacancy rates. The findings also indicate that the effects of certain variables may become apparent only after a time lag.