Office Real Estate Bubble

An reall good analysis by Grubb & Ellis screams bubble, but the author conclude that there is none, leading to a concern that they have a conflict of interests.

Retesting the Theory of Rational Exuberance in the Office Market, March 2004, Produced with PNC Real Estate Finance and Real Capital Analytics

Another earlier report by them is OK.

Myth or Reality?... Catching Up With the Office MarketOctober 2003Produced with PNC Real Estate Finance

Finally a more recent repot:
Is the Office Investment Market Ready to Implode?August 2004Produced with PNC Real Estate Finance and Real Capital Analytics