This new text provides a rigorous analysis of the economics of real estate markets. It goes beyond the often descriptive nature of much property market analysis to focus on important theoretical principles. `Good to see an up-to-date text covering property economics. Useful for both 2nd and final year studies - - Phillip Leverton, Glamorgan University'The book offers a rigorous, coherent and clearly written treatment of its subject area: it is likely to become the standard work in the field.' - John Henneberry, University of Sheffield'This comprehensive and well-written text provides clear evidence of the progress that European real estate research and education has made in recent years...an excellent reference text for all real estate academics and practitioners.' - Pat Hendershott, Ohio State University'This book is a timely and welcome addition in that there is nothing comparable in the literature. It is a critical, comprehensive review which covers micro and macro property markets and provides a detailed examination of the financial economics of property. The authors are to be commended for producing such a well-pitched and wide-ranging study.' - Ken Gibb, University of Glasgow'The authors have done a great service for those who want a comprehensive and readable synthesis of the how and why of the contemporary commercial property market.' - Progress in Human Geography