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Stylized Facts About Industrial Property Construction

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    Abstract

    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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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol06n03/v06p293.pdf
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    Bibliographic Info

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

    Volume (Year): 6 (1991)
    Issue (Month): 3 ()
    Pages: 293-304

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    Handle: RePEc:jre:issued:v:6:n:3:1991:p:293-304

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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. Cooley, Thomas F. & Leroy, Stephen F., 1985. "Atheoretical macroeconometrics: A critique," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 283-308, November.
    2. Angeloni, Ignazio, 1985. "The dynamic behavior of business loans and the prime rate : A comment," Journal of Banking & Finance, Elsevier, vol. 9(4), pages 577-580, December.
    3. John Burbidge & Alan Harrison, 1982. "Testing for the Effects of Oil-Price Rises Using Vector Autoregressions," School of Economics Working Papers 1982-01, University of Adelaide, School of Economics.
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    Cited by:
    1. Asieh Mansour & Marvin C. Christensen, 2001. "An Alternative Determinant of Warehouse Space Demand: A Case Study," Journal of Real Estate Research, American Real Estate Society, vol. 21(1/2), pages 77-88.
    2. Robert Thompson & Sotiris Tsolacos, 2000. "Projections in the Industrial Property Market using a Simultaneous Equation System," Journal of Real Estate Research, American Real Estate Society, vol. 19(2), pages 165-188.
    3. Thomas E. McCue & John L. Kling, 1994. "Real Estate Returns and the Macroeconomy: Some Empirical Evidence from Real Estate Investment Trust," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 277-288.
    4. Tony McGough & Sotiris Tsolacos, 1999. "Interactions within the Office Market Cycle in Great Britain," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 219-232.

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