Exploring the Dynamics of Building Supply: A Duration Model of the Development Cycle
A noticeable omission in the existing body of applied real estate research is the lack of empirical analysis of the commercial development process. We address this shortcoming by utilizing a large panel database of individual building projects that in principle allows us to follow individual projects through various stages of their development life cycle. We begin by examining the basic distributional and time series characteristics of the development cycle, and then examine how these results vary by stage of construction, property sector and geography. We then estimate unconditional transition probabilities and finally, present preliminary results from a formal, nonparametric duration model.
Volume (Year): 21 (2001)
Issue (Month): 1/2 ()
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- Capozza, Dennis & Li, Yuming, 1994. "The Intensity and Timing of Investment: The Case of Land," American Economic Review, American Economic Association, vol. 84(4), pages 889-904, September.
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- John Benjamin & G. Donald Jud & Daniel T. Winkler, 1998. "The Supply Adjustment Process in Retail Space Markets," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 297-308.
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