Abstract
This paper provides a concise overview of the development of an integrated property and asset market model (IPAMM) for South African property markets, utilising the Pretoria office market as case study. The IPAMM simulates the interrelationships between property and asset markets in a diagrammatic quadrant model configuration. The Fischer-DiPasquale-Wheaton (FDW) real estate model, arguably the most advanced diagrammatic quadrant real estate model available at present, served as basis for the development of IPAMM. IPAMM is essentially a regression model based on a system of stochastic equations that captures the interrelationships between property and asset markets. The model advances beyond mere conceptualisation of these relationships to a quantified interpretation and application of the theoretical premises that represent the micro-foundations of economic behaviour in property and asset markets.
Highlights
Viezer (1999: 503) aptly states that, “(i)n the past, academics and investment managers have had difficulty in linking information from the markets for leasable space and asset ownership claims
Academics have attempted to analytically integrate these two markets”. Integration of these markets has been accomplished in the Fischer-DiPasqualeWheaton (FDW) real estate model, which is arguably the most advanced diagrammatic quadrant real estate model available at present
This model served as basis for the development of an integrated property and asset market model (IPAMM) for South African property markets, utilising the Pretoria office market as case study
Summary
Viezer (1999: 503) aptly states that, “(i)n the past, academics and investment managers have had difficulty in linking information from the markets for leasable space and asset ownership claims. Academics have attempted to analytically integrate these two markets” Integration of these markets has been accomplished in the Fischer-DiPasqualeWheaton (FDW) real estate model, which is arguably the most advanced diagrammatic quadrant real estate model available at present. This model served as basis for the development of an integrated property and asset market model (IPAMM) for South African property markets, utilising the Pretoria office market as case study. Coupled to the comprehensible schemata of stochastic equations incorporated in the model, an innovative heuristic device is rendered
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