Rationales for Real Estate Leasing versus Owning

John Benjamin (), Chris de la Torre () and Jim Musumeci ()
Additional contact information
John Benjamin: Department of Finance and Real Estate American University Washington, DC 20016-8044, http://www.kogod.american.edu/
Chris de la Torre: Gavaldon Herrera LLP Ft. Collins, Colorado 80526
Jim Musumeci: Department of Finance Southern Illinois University-Carbondale Carbondale, Illinois 62901-4626, http://www.cba.siu.edu/

Journal of Real Estate Research, 1998, vol. 15, issue 3, pages 223-238

Abstract: In this article, rationales for the widespread existence of commercial real estate leasing are examined. Given the tendency of tenants to abuse property to their own advantage, there must be powerful incentives on the other side to encourage landlords and property managers to participate in the widespread practice of leasing. We suggest that common leasing practices are the consequence of many rationales, including the ability of the landlord to solve free-rider problems in maintaining property desirability and informational asymmetries that exist between landlords and tenants.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
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