The Supply Adjustment Process in Retail Space Markets

John Benjamin (), G. Donald Jud () and Daniel T. Winkler ()
Additional contact information
John Benjamin: Department of Finance and Real Estate The American University Washington, DC 20016, http://www.kogod.american.edu/
G. Donald Jud: Department of Business Administration University of North Carolina-Greensboro Greensboro, North Carolina 27412, http://www.uncg.edu/bae/badm/
Daniel T. Winkler: Department of Business Administration University of North Carolina-Greensboro Greensboro, North Carolina 27412, http://www.uncg.edu/bae/badm/

Journal of Real Estate Research, 1998, vol. 15, issue 3, pages 297-308

Abstract: Previous research has reported that the real estate market for retail space is slow to adjust, however, comparatively little research has investigated the supply of retail space for individual metropolitan markets. This study presents our findings by metropolitan statistical area (MSA) of the mean retail space supply lag, the short- and long-run retail space supply elasticities with respect to retail sales and the response of retail space supply to interest rate changes. The considerable variation in mean retail space supply lags and supply elasticities for our sample of fifty-six major MSAs has important implications for investors, developers and others who hold financial stakes in the supply of retail space.

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