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Abstract
Executive Summary. This study investigates the factors that influence the performance of office properties using single-property data from Germany. The objective is to identify market and property related influence factors explaining relative performance differences. The empirical analysis of 662 properties is grounded on IPD data, supplemented with socio-economic and GIS-based location data. The cross-sectional regressions comprise a market dimension and a property dimension with total return, income return, and capital growth as dependent variables. Market components are extracted through principal component analyses. The study offers evidence for the assessment of office markets and properties within the framework of real estate investment management.