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The Stock of Private Real Estate Capital in U.S. Metropolitan Areas

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  • Stephen Malpezzi

    ()
    (University of Wisconsin, Madison, WI)

  • James D. Shilling

    ()
    (University of Wisconsin, Madison, WI)

  • Yu Yun Jessie Yang

    ()
    (University of Wisconsin, Madison, WI)

Abstract

In this paper, we describe the construction of estimates of private real estate capital for each of 242 MSAs, annually, for 1982 through 1994. We compute three such series: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and (3) private income property capital (multifamily housing plus nonresidential real estate , or (1) less (2)). We then model the determinants of each series, and use the results to predict the value of the capital stock for a larger set of 295 MSAs.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol22n03/01.243_270.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 22 (2001)
Issue (Month): 3 ()
Pages: 243-270

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Handle: RePEc:jre:issued:v:22:n:3:2001:p:243-270

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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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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. Henry O. Pollakowski & Susan M. Wachter & Lloyd Lynford, 1992. "Did Office Market Size Matter in the 1980s? A Time-Series Cross-Sectional Analysis of Metropolitan Area Office Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 302-324.
  2. John B. Corgel & Gerald D. Gay, 1987. "Local Economic Base, Geographic Diversification, and Risk Management of Mortgage Portfolios," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(3), pages 256-267.
  3. Eppli, Mark J & Shilling, James D & Vandell, Kerry D, 1998. "What Moves Retail Property Returns at the Metropolitan Level?," The Journal of Real Estate Finance and Economics, Springer, vol. 16(3), pages 317-42, May.
  4. Stephen Malpezzi & Larry Ozanne & Thomas G. Thibodeau, 1987. "Microeconomic Estimates of Housing Depreciation," Land Economics, University of Wisconsin Press, vol. 63(4), pages 372-385.
  5. James D. Shilling & Stephen Malpezzi, 1996. "Institutional Investors Tilt Their Real Estate Holdings Toward Quality, Too," Wisconsin-Madison CULER working papers 96-12, University of Wisconsin Center for Urban Land Economic Research.
  6. Charles R. Hulten & Frank Wykoff, 1980. "Economic Depreciation and the Taxation of Structures in United States Manufacturing Industries: An Empirical Analysis," NBER Chapters, in: The Measurement of Capital, pages 83-120 National Bureau of Economic Research, Inc.
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