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Coping with Technological Change: The Case of Retail

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  • Colwell, Peter F
  • Ramsland, Maxwell O, Jr

Abstract

Functional obsolescence in real estate occurs because of technological change. A theoretical model suggests that the early years of building life are characterized by functional obsolescence that is undiminished by reinvestment ("cures" in appraisal terminology). Later, observable functional obsolescence is eliminated by cures. A national, proprietary data set consisting of department store sales is utilized to test these propositions. The test is structured within a hedonic model in which the effect of age represents functional obsolescence and technological change, while other variables control for physical condition and location quality. The empirical results do not permit the rejection of the hypotheses developed from the theory. The measured rate of technological change in retail real estate is 1.7 percent per annum. Copyright 2003 by Kluwer Academic Publishers

Suggested Citation

  • Colwell, Peter F & Ramsland, Maxwell O, Jr, 2003. "Coping with Technological Change: The Case of Retail," The Journal of Real Estate Finance and Economics, Springer, vol. 26(1), pages 47-63, January.
    • Handle: RePEc:kap:jrefec:v:26:y:2003:i:1:p:47-63
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    Citations

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    Cited by:

    1. Jonathan Wiley & Douglas Walker, 2011. "Casino Revenues and Retail Property Values: The Detroit Case," The Journal of Real Estate Finance and Economics, Springer, vol. 42(1), pages 99-114, January.
    2. John Corgel, 2007. "Technological Change as Reflected in Hotel Property Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 34(2), pages 257-279, February.
    3. Florenz Plassmann & T. Nicolaus Tideman, 2003. "A Framework for Assessing the Value of Downtown Land," Working Papers e07-5, Virginia Polytechnic Institute and State University, Department of Economics.
    4. Tideman, Nicolaus & Plassmann, Florenz, 2018. "The effects of changes in land value on the value of buildings," Regional Science and Urban Economics, Elsevier, vol. 69(C), pages 69-76.
    5. Jack Corgel & Crocker Liu & Robert White, 2015. "Determinants of Hotel Property Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 51(3), pages 415-439, October.
    6. Harris Hollans & Richard Martin & Henry Munneke, 2013. "Measuring Price Behavior in New Residential Subdivisions," The Journal of Real Estate Finance and Economics, Springer, vol. 47(2), pages 227-242, August.
    7. Candela, Guido & Castellani, Massimiliano & Mussoni, Maurizio, 2012. "Clashes and compromises: Investment policies in tourism destinations," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 6, pages 1-25.
    8. Patel, Pankaj C. & Pearce, John A. & Bachrach, Daniel G., 2018. "Psychological Distress is increasing among customer-facing retail employees: Evidence from 1997 to 2015," Journal of Business Research, Elsevier, vol. 89(C), pages 21-26.

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