Depreciation of Office Investment Property in Europe (March 2010)
A study developing previous IPF studies on depreciation by applying the depreciation framework to five European cities. Rental depreciation rates are presented for Amsterdam, Dublin, Paris Frankfurt and Stockholm, with London as a reference point. The effect on rental depreciation of capital and maintenance expenditure is also examined. Inconsistencies in valuation and data collection across different countries raise questions over the application of the depreciation framework and some modifications are suggested.