Modeling Space Market Dynamics

An Illustration Using Panel Data for US Retail

D. Brounen, P. Hendershott, M. Jennen, B. MacGregor

    Research output: Contribution to conferenceAbstract

    Abstract

    Real estate research has a long and extensive history of analyzing space market dynamics. Nonetheless, two areas have been under researched. Regional panels of data have been rarely analyzed. Moreover, due to data constraints, the retail market has been studied much less than other market segments.
    This paper addresses both of these topics through an analysis of Metropolitan Statistical Area (MSA) level panel data. Our study covers almost three decades of annual retail data for 11 of the largest MSAs of the United States. We estimate a long run rent model and use Error Correction Models for short run rent, vacancy and supply adjustments. We show that local markets behave in different ways in both the long run and in their short run adjustments to supply changes. We identify two groups of similar markets.
    Original languageEnglish
    Publication statusPublished - 2009
    EventAREUEA International - Los Angeles, UNITED STATES
    Duration: 11 Jul 200914 Jul 2009

    Conference

    ConferenceAREUEA International
    CountryUNITED STATES
    CityLos Angeles
    Period11/07/0914/07/09

    Fingerprint

    Panel data
    Short-run
    Rent
    Market dynamics
    Modeling
    Retail
    Market segments
    Error correction model
    Vacancy
    Retail market
    Real estate
    Local markets

    Cite this

    Brounen, D., Hendershott, P., Jennen, M., & MacGregor, B. (2009). Modeling Space Market Dynamics: An Illustration Using Panel Data for US Retail. Abstract from AREUEA International, Los Angeles, UNITED STATES.

    Modeling Space Market Dynamics : An Illustration Using Panel Data for US Retail. / Brounen, D.; Hendershott, P.; Jennen, M.; MacGregor, B.

    2009. Abstract from AREUEA International, Los Angeles, UNITED STATES.

    Research output: Contribution to conferenceAbstract

    Brounen, D, Hendershott, P, Jennen, M & MacGregor, B 2009, 'Modeling Space Market Dynamics: An Illustration Using Panel Data for US Retail' AREUEA International, Los Angeles, UNITED STATES, 11/07/09 - 14/07/09, .
    Brounen D, Hendershott P, Jennen M, MacGregor B. Modeling Space Market Dynamics: An Illustration Using Panel Data for US Retail. 2009. Abstract from AREUEA International, Los Angeles, UNITED STATES.
    Brounen, D. ; Hendershott, P. ; Jennen, M. ; MacGregor, B. / Modeling Space Market Dynamics : An Illustration Using Panel Data for US Retail. Abstract from AREUEA International, Los Angeles, UNITED STATES.
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    abstract = "Real estate research has a long and extensive history of analyzing space market dynamics. Nonetheless, two areas have been under researched. Regional panels of data have been rarely analyzed. Moreover, due to data constraints, the retail market has been studied much less than other market segments.This paper addresses both of these topics through an analysis of Metropolitan Statistical Area (MSA) level panel data. Our study covers almost three decades of annual retail data for 11 of the largest MSAs of the United States. We estimate a long run rent model and use Error Correction Models for short run rent, vacancy and supply adjustments. We show that local markets behave in different ways in both the long run and in their short run adjustments to supply changes. We identify two groups of similar markets.",
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    AU - Hendershott, P.

    AU - Jennen, M.

    AU - MacGregor, B.

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    AB - Real estate research has a long and extensive history of analyzing space market dynamics. Nonetheless, two areas have been under researched. Regional panels of data have been rarely analyzed. Moreover, due to data constraints, the retail market has been studied much less than other market segments.This paper addresses both of these topics through an analysis of Metropolitan Statistical Area (MSA) level panel data. Our study covers almost three decades of annual retail data for 11 of the largest MSAs of the United States. We estimate a long run rent model and use Error Correction Models for short run rent, vacancy and supply adjustments. We show that local markets behave in different ways in both the long run and in their short run adjustments to supply changes. We identify two groups of similar markets.

    M3 - Abstract

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