The Markets for Real Estate Assets and Space: A Conceptual Framework

Denise DiPasquale and William C. Wheaton

Real Estate Economics, 1992, vol. 20, issue 2, 181-198

Abstract: In this study, we present a simple analytic framework that divides the real estate market into two markets: the market for real estate space and the market for real estate assets. After describing the size and character of flows and stocks in the U.S. real estate market, we use our framework to demonstrate the important connections between the space and asset markets. We illustrate how these real estate markets are affected by the nation's macroeconomy and financial markets, tracing out the impacts resulting from various exogenous shocks on rents, asset prices, construction and the stock of real estate.

Date: 1992
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