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The Stock of Private Real Estate Capital in U.S. Metropolitan Areas

Author

Listed:
  • Stephen Malpezzi

    () (University of Wisconsin, Madison, WI)

  • James D. Shilling

    () (University of Wisconsin, Madison, WI)

  • Yu Yun Jessie Yang

    () (University of Wisconsin, Madison, WI)

Abstract

In this paper, we describe the construction of estimates of private real estate capital for each of 242 MSAs, annually, for 1982 through 1994. We compute three such series: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and (3) private income property capital (multifamily housing plus nonresidential real estate , or (1) less (2)). We then model the determinants of each series, and use the results to predict the value of the capital stock for a larger set of 295 MSAs.

Suggested Citation

  • Stephen Malpezzi & James D. Shilling & Yu Yun Jessie Yang, 2001. "The Stock of Private Real Estate Capital in U.S. Metropolitan Areas," Journal of Real Estate Research, American Real Estate Society, vol. 22(3), pages 243-270.
  • Handle: RePEc:jre:issued:v:22:n:3:2001:p:243-270
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    References listed on IDEAS

    as
    1. John B. Corgel & Gerald D. Gay, 1987. "Local Economic Base, Geographic Diversification, and Risk Management of Mortgage Portfolios," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(3), pages 256-267.
    2. Charles R. Hulten & Frank Wykoff, 1980. "Economic Depreciation and the Taxation of Structures in United States Manufacturing Industries: An Empirical Analysis," NBER Chapters,in: The Measurement of Capital, pages 83-120 National Bureau of Economic Research, Inc.
    3. Malpezzi, Stephen & Shilling, James D, 2000. "Institutional Investors Tilt Their Real Estate Holdings toward Quality, Too," The Journal of Real Estate Finance and Economics, Springer, vol. 21(2), pages 113-140, September.
    4. Henry O. Pollakowski & Susan M. Wachter & Lloyd Lynford, 1992. "Did Office Market Size Matter in the 1980s? A Time-Series Cross-Sectional Analysis of Metropolitan Area Office Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 302-324.
    5. Stephen Malpezzi & Larry Ozanne & Thomas G. Thibodeau, 1987. "Microeconomic Estimates of Housing Depreciation," Land Economics, University of Wisconsin Press, vol. 63(4), pages 372-385.
    6. Eppli, Mark J & Shilling, James D & Vandell, Kerry D, 1998. "What Moves Retail Property Returns at the Metropolitan Level?," The Journal of Real Estate Finance and Economics, Springer, vol. 16(3), pages 317-342, May.
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    More about this item

    JEL classification:

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

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