This paper seeks to determine the long-term trends of office rents and capital values for Europeís major centres. Using previously un-exploited long run datasets the paper adopts modern econometric techniques to determine whether there is a long run relationship between rents capital values and a series of economic variables. The econometric modelling is compared to simpler trend analysis and cyclical effects are also tested for in an attempt to improve the ability to forecast the future. The paper concludes with an analysis of what the results imply for the future evolution of rents and capital values and the implications for current inter city rental differentials.