Exploring the Dynamics of Building Supply: A Duration Model of the Development Cycle

Mark S. Coleman () and Ralph Gentile ()
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Mark S. Coleman: BondSpace.com Inc. Arlington, MA
Ralph Gentile: F.W.Dodge Lexington, MA

Journal of Real Estate Research, 2001, vol. 21, issue 1/2, pages 21-42

Abstract: A noticeable omission in the existing body of applied real estate research is the lack of empirical analysis of the commercial development process. We address this shortcoming by utilizing a large panel database of individual building projects that in principle allows us to follow individual projects through various stages of their development life cycle. We begin by examining the basic distributional and time series characteristics of the development cycle, and then examine how these results vary by stage of construction, property sector and geography. We then estimate unconditional transition probabilities and finally, present preliminary results from a formal, nonparametric duration model.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2001
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