Essays on the economics and finance of commercial real estate.

Summary This thesis on office markets is presented in three articles. The first one aims at identifying the persistent and transitory determinants of the evolution of office rents in the Paris region, based on analyses of co-integration properties and structural breaks. The second article examines the interactions between the dynamics of the five sub-markets that make up the Central Paris office market. More precisely, the methodology adopted allows us to define the nature of the interactions in terms of substitutability, complementarity or independence between sub-markets. The third paper contributes to the study of the real estate market from a financial point of view by analyzing the determinants of the rate of return of the UK office market. A non-linear regime-switching model is used to measure the relative impact of these determinants on the rate of return as a function of the monetary and financial environment.