This new text provides a rigorous analysis of real estate markets. It goes beyond the often descriptive nature of much property market analysis to focus on important theoretical principles. The book is divided into three main sections, covering: microeconomics of property markets the macroeconomics of commercial property the financial economics of property. Empirical examples drawn from around the world clearly illustrate the theories and issues discussed. Throughout, the emphasis is on making an often complex area as accessible and readable as possible, with each chapter containing a boxed summary and questions for self-testing or discussion.