This paper investigates the relationship between industrial property construction and the macroeconomy. The paper uses vector autoregressions to model this relationship, which allows the lags inherent in the construction process to be modeled. The results indicate that employment shocks account for the majority of the variation in industrial property construction. Shocks in output and nominal interest rates also exhibit some influence, but their influence is through employment. Finally, the paper shows that these economic variables affect industrial construction with a lag, although the lags are generally shorter than those report for office property.
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Find related papers by JEL classification: L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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