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A Simultaneous Model and Empirical Test of the Demand and Supply of Retail Space

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Abstract

Much of the burgeoning distress of the 1990s in the United States retail space markets reflects a growing mismatch in the amount and location of retail space demand and supply. Understanding the demand and supply for retail space is critically important to academics, professionals and others associated with owning, operating and financing retail space. Using data from nineteen major metropolitan statistical areas (MSAs) for the period 1986-95, this article develops a simultaneous model of retail space demand and supply which includes the influence of vacancy rate. The model and results provide evidence about how demand and supply for retail space respond to changes in retail sales, rental prices, land-use regulation and land availability, and the cost of capital. The results show inelastic price elasticities of demand and supply for retail space.

Suggested Citation

  • John Benjamin & G. Donald Jud & Daniel T. Winkler, 1998. "A Simultaneous Model and Empirical Test of the Demand and Supply of Retail Space," Journal of Real Estate Research, American Real Estate Society, vol. 16(1), pages 1-14.
  • Handle: RePEc:jre:issued:v:16:n:1:1998:p:1-14
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    References listed on IDEAS

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    1. Benjamin, John D & Jud, G Donald & Winkler, Daniel T, 1995. "An Analysis of Shopping Center Investment," The Journal of Real Estate Finance and Economics, Springer, vol. 10(2), pages 161-168, March.
    2. Stephen Malpezzi, 1994. "Housing Prices, Externalities, and Regulation in U.S. Metropolitan Areas," Wisconsin-Madison CULER working papers 94-08, University of Wisconsin Center for Urban Land Economic Research.
    3. 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.
    4. Stephen E. Roulac, 1994. "Retail Real Estate in the 21st Century: Information Technology + Time Consciousness + Unintelligent Stores = Intelligent Shopping? NOT!," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 125-150.
    5. Rose, Louis A., 1989. "Urban land supply: Natural and contrived restrictions," Journal of Urban Economics, Elsevier, vol. 25(3), pages 325-345, May.
    6. G. Donald Jud & John D. Benjamin & G. Stacy Sirmans, 1996. "What Do We Know about Apartments and Their Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 11(3), pages 243-258.
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    Cited by:

    1. 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.
    2. Jonathan Wiley & Justin Benefield & Ken Johnson, 2010. "Green Design and the Market for Commercial Office Space," The Journal of Real Estate Finance and Economics, Springer, vol. 41(2), pages 228-243, August.
    3. repec:ire:issued:v:20:n:04:2017:p:417-450 is not listed on IDEAS

    More about this item

    JEL classification:

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

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