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A Descriptive Analysis of the Retail Real Estate Markets at the Metropolitan Level

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Abstract

Gross Leasable Area (GLA) per capita is a commonly used measure to compare the retail market potential across different retail real estate markets. This paper uses GLA per capita to assess the supply of the retail space across 58 metropolitan areas in the United States. After a detailed descriptive analysis of the supply of retail space, we estimate GLA per capita for each metropolitan area using a modified version of the stock adjustment model. Initial findings indicate that the retail construction boom of the 1980s was not a boom at all and that GLA per capita can be predicted using a multi-factor model.

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  • Mark J. Eppli & Steve P. Laposa, 1997. "A Descriptive Analysis of the Retail Real Estate Markets at the Metropolitan Level," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 321-338.
    • Handle: RePEc:jre:issued:v:14:n:3:1997:p:321-338
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    References listed on IDEAS

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    1. Mark J. Eppli & John D. Benjamin, 1994. "The Evolution of Shopping Center Research: A Review and Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 5-32.
    2. Richard Voith & Theodore Crone, 1988. "National Vacancy Rates and the Persistence of Shocks in U.S. Office Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 437-458, December.
    3. A. Ason Okoruwa & Hugh O. Nourse & Joseph V. Terza, 1994. "Estimating Sales for Retail Centers: An Application of the Poisson Gravity Model," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 85-98.
    4. Ingene, Charles A. & Yu, Eden S. H., 1981. "Determinants of retail sales in SMSAs," Regional Science and Urban Economics, Elsevier, vol. 11(4), pages 529-547, November.
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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