Supply Adjustments To Demand Shocks In The Commercial Real Estate Market
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Author | : George H. Lentz |
Publisher | : |
Total Pages | : |
Release | : 1999 |
Genre | : |
ISBN | : |
This paper contributes a theoretical investigation of real estate supply adjustments in the commercial real estate market. Simple theoretical linkages between the goods market (the demand side) and the space market (the supply side) are developed and then used to explain the optimal supply decisions of space producers. Propositions relating to how space production decisions are made under conditions of demand certainty, demand uncertainty and free entry are derived from optimization models. Under demand certainty, the adjustment of space supply is shown to be affected by whether an exogenous shock is perceived as mild or disastrous. Under demand uncertainty, construction based on pent-up demand is shown to be suboptimal.
Author | : Maurice K. S. Tse |
Publisher | : |
Total Pages | : 27 |
Release | : 1996 |
Genre | : Real estate business |
ISBN | : |
Author | : Michael Ball |
Publisher | : Psychology Press |
Total Pages | : 422 |
Release | : 1998 |
Genre | : Architecture |
ISBN | : 9780415149938 |
With empirical examples drawn from around the world illustrating the theories and issues discussed, this text provides a rigorous analysis of real estate markets.
Author | : Mr. Adrian Alter |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2023-01-27 |
Genre | : Business & Economics |
ISBN | : |
During the past two decades, the commercial real estate (CRE) market has been impacted by major disruptions, including the global financial crisis and the Covid-19 pandemic. Using granular data from the U.S., we document how these crises have unfolded and elaborate on the role of heterogeneity and underlying shocks. Both a set of reduced-form approaches and a structural framework suggest a prominent role for demand-side local factors in the short run, along with significant shifts in preferences during crisis episodes. However, valuations become more closely linked to macro-financial factors over the long term. A one-standard deviation tightening in financial conditions is associated with a drop of about 3\% in CRE prices in the following quarter, with a stronger impact on the retail sector and milder effects in states where household indebtedness is lower.
Author | : Michael Ball |
Publisher | : Routledge |
Total Pages | : 422 |
Release | : 2012-10-12 |
Genre | : Business & Economics |
ISBN | : 113474966X |
This new text provides a rigorous analysis of real estate markets. Three main sections cover: microeconomics of property markets the macroeconomics of commercial property the financial economics of property Global empirical examples illustrate the theories and issues. This often complex area is made accessible: each chapter contains a boxed summary and questions for self-testing or discussion.
Author | : David Parker |
Publisher | : Routledge |
Total Pages | : 294 |
Release | : 2021-10-01 |
Genre | : Business & Economics |
ISBN | : 1000441806 |
This book provides a clear outline of the key principles underlying property valuation and the current techniques and issues in the practice of valuation for the major sectors of the Australian real estate market. Formerly titled Valuation Principles and Practice, this entirely new third edition comprises Australia's leading advanced valuation textbook. The first part of the book, Principles of valuation, comprises chapters written by globally recognised academics and specialists on the principles of law, economics, planning, policy and finance, all in the context of property valuation. The second part of the book, Practice of valuation, comprises chapters written by acknowledged expert valuers on the practice of valuation for key property sectors including residential, retail, commercial, industrial, leisure and rural. Further, chapters also cover valuations for purposes including lending, insurance, rating, taxation and financial reporting. The most up to date valuation text for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, lawyers and professionals dealing with property valuation issues.
Author | : Andrea Deghi |
Publisher | : International Monetary Fund |
Total Pages | : 15 |
Release | : 2022-08-02 |
Genre | : Business & Economics |
ISBN | : |
After dropping sharply in the early phases of the COVID-19 pandemic, commercial real estate prices are on the mend. However, the initial price decline, as well as the pace of recovery, vary widely across regions and different segments of the commercial real estate market. This note analyzes the factors that explain this divergence using city-level data from major advanced and emerging market economies. The findings show that pandemic-specific factors such as the stringency of containment measures and the spread of the virus are strongly associated with a decline in prices, while fiscal support and easy financial conditions maintained by central banks have helped to cushion the shock. A higher vaccination rate has aided the recovery of the sector, especially in the retail segment. Structural changes in private behavior such as the trend toward teleworking and e-commerce have also had an impact on commercial property prices in some segments. The outlook of the sector across regions thus remains closely tied to the trajectory of the pandemic and broader macroeconomic recovery, financial market conditions, and the pace of structural shifts in the demand for specific property types. In an environment of tightening financial conditions and a slowdown in economic activity, continued vigilance is warranted on the part of financial supervisors to minimize financial stability risks stemming from potential adverse shocks to the sector.
Author | : Peter Linneman |
Publisher | : |
Total Pages | : |
Release | : 2020-02 |
Genre | : |
ISBN | : 9781792331916 |
Author | : |
Publisher | : |
Total Pages | : 650 |
Release | : 1999 |
Genre | : Economics |
ISBN | : |
Author | : Rena Mourouzi-Sivitanidou |
Publisher | : Routledge |
Total Pages | : 524 |
Release | : 2020-08-06 |
Genre | : Architecture |
ISBN | : 100006316X |
Market Analysis for Real Estate is a comprehensive introduction to how real estate markets work and the analytical tools and techniques that can be used to identify and interpret market signals. The markets for space and varied property assets, including residential, office, retail, and industrial, are presented, analyzed, and integrated into a complete understanding of the role of real estate markets within the workings of contemporary urban economies. Unlike other books on market analysis, the economic and financial theory in this book is rigorous and well integrated with the specifics of the real estate market. Furthermore, it is thoroughly explained as it assumes no previous coursework in economics or finance on the part of the reader. The theoretical discussion is backed up with numerous real estate case study examples and problems, which are presented throughout the text to assist both student and teacher. Including discussion questions, exercises, several web links, and online slides, this textbook is suitable for use on a variety of degree programs in real estate, finance, business, planning, and economics at undergraduate and MSc/MBA level. It is also a useful primer for professionals in these disciplines.