Integrating Regional Economic Indicators with the Real Estate Cycle

Jacques Gordon, Paige MosbaughTodd Canter and Todd Canter
Additional contact information
Jacques Gordon: LaSalle Advisors, Ltd. 200 East Randolph Drive Chicago, Illinois 60601, http://www.sbpm.gwu.edu/depts/fin/default.htm
Paige MosbaughTodd Canter: LaSalle Advisors, Ltd. 200 East Randolph Drive Chicago, Illinois 60601, http://wiscinfo.doit.wisc.edu/bschool/dept/re.htm
Todd Canter: LaSalle Advisors, Ltd. 200 East Randolph Drive Chicago, Illinois 60601, http://wiscinfo.doit.wisc.edu/bschool/dept/re.htm

Journal of Real Estate Research, 1996, vol. 12, issue 3, 469-501

Abstract: Previous literature has followed an evolutionary path in the examination of office market volatility. Where initial models were designed to show the close relationship between economic fundamentals and volatility at the national level, more recent models have focused on metro-level volatility. This study quantifies the volatility associated with metropolitan markets in terms of vacancy rates and identifies those economic factors that underlie this risk. The analysis suggests that movements in vacancy rates are likely to be affected by different factors at different stages of the cycle. In the long run, this analysis shows that the availability of capital had the strongest effect on the volatility of office vacancy rates. In periods that follow excess construction, market-specific, demand-side factors appear to be the dominant influence.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1996
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol12n03/v12p469.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:12:n:3:1996:p:469-501

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().