The causes and effects of depreciation in office buildings: a ten year update

This paper publishes the results of the 1996 study, which repeats a cross-section analysis of around 125 City of London office buildings, and examines the longitudinal data contributed by a sample of 56 unrefurbished properties common to the 1986 and 1996 City of London datasets. An estimate of the average rate of rental and capital value depreciation is made; the effect of age is shown not to be straight-line; and the causes if depreciation are measured. The results are compared with the 1986 City of London findings.