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Exploring the Dynamics of Building Supply: A Duration Model of the Development Cycle

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Author Info
Mark S. Coleman () (BondSpace.com Inc. Arlington, MA)
Ralph Gentile () (F.W.Dodge Lexington, MA)
Abstract

A noticeable omission in the existing body of applied real estate research is the lack of empirical analysis of the commercial development process. We address this shortcoming by utilizing a large panel database of individual building projects that in principle allows us to follow individual projects through various stages of their development life cycle. We begin by examining the basic distributional and time series characteristics of the development cycle, and then examine how these results vary by stage of construction, property sector and geography. We then estimate unconditional transition probabilities and finally, present preliminary results from a formal, nonparametric duration model.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol21n0102/03.21_42.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 21 (2001)
Issue (Month): 1/2 ()
Pages: 21-42
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Handle: RePEc:jre:issued:v:21:n:1/2:2001:p:21-42

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. John Benjamin & G. Donald Jud & Daniel T. Winkler, 1998. "The Supply Adjustment Process in Retail Space Markets," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 297-308. [Downloadable!]
  2. Capozza, Dennis & Li, Yuming, 1994. "The Intensity and Timing of Investment: The Case of Land," American Economic Review, American Economic Association, vol. 84(4), pages 889-904, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. William C. Wheaton & William Eric Simonton, 2007. "The Secular and Cyclic Behavior of "True" Construction Costs," Journal of Real Estate Research, American Real Estate Society, vol. 29(1), pages 1-26. [Downloadable!]
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