Christian Reiner, senior researcher at LBS, has published a peer-reviewed article with the title “Concordance of office market cycles? Dynamics in European metropolises in the context of the financial and economic crisis”. The paper is joint work together with Robert Musil from the Austrian Academy of Sciences. It is published in the well-established, peer-reviewed German journal “Zeitschrift für Wirtschaftsgeographie”. The topic of the paper is strongly related to the LBS study program Strategic Finance & Business Analytics.

Abstract of the article: Urban office markets show an ongoing internationalization due to financial agents following a strategy of spatial diversification of real estate investments as a key strategy to reduce the risks of an investment portfolio. Hence, there is a growing literature discussing the consequences of this development, in particular focusing on an increasing concordance between the cycles of globally oriented office markets. It is the intention of this paper to look into the concordance and convergence of a broad sample of office markets in Europe. Against the background of an increasing divergence in Europe and the Eurozone since 2008, the question arises whether office markets are more closely linked to national economic cycles or whether there is a trend towards a convergence between European agglomerations. Based on prime yields as our main indicator of interest, we conduct several parametric and non-parametric correlation analyses and convergence tests. Our results show a very uneven concordance between European office markets; further, the analyses show a strong national bias in the sense that the concordance between different urban office markets within a country is much stronger than on the European scale. Over time, the cycles of office markets follow the pattern of monetary integration in Europe: After a period of convergence in the early days of the Euro, a pronounced period of divergence started with the economic crisis in 2008/2009.

The article is available here.

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Congratulations to the Class of 2019

On June 28 we were pleased to welcome numerous families and friends to the Lauder Business School campus for a graduation celebration. In his welcome address our Executive Director Alexander Zirkler congratulated the graduates and introduced our Guest of Honor, the US Ambassador to Austria – his Excellency Trevor D. Traina.

Fireplace Talk with the CEO of Austrian Airlines

On June 19 we were delighted to host the CEO of Austrian Airlines, Dr. Alexis von Hoensbroech, in the Lauder Business School ball room. He delivered an inspiring fireplace talk about his career path, the aviation industry in general, and the Austrian Airlines company structure and strategy.

Cooperation Agreement with the City of Vienna

Lauder Business School signed a cooperation agreement with the City of Vienna together with 22 other Universities and Universities of Applied Sciences located in Vienna. On May 14, 2019, Mayor Michael Ludwig signed a cooperation agreement with the Viennese higher education institutions in the City Hall, together with rectors, directors and board members of 23 universities, colleges and universities of applied sciences.