Exploring the Dynamics of Building Supply: A Duration Model of the Development Cycle
AbstractA 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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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 21 (2001)
Issue (Month): 1/2 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Jeffrey D. Fisher, 1992. "Integrating Research on Markets for Space and Capital†," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 161-180.
- C. Tsuriel Somerville, 1999. "The Industrial Organization of Housing Supply: Market Activity, Land Supply and the Size of Homebuilder Firms," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(4), pages 669-694.
- 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.
- 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.
- William C. Wheaton & Raymond G. Torto, 1988. "Vacancy Rates and the Future of Office Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 430-436.
- 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.
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