Modeling Space Market Dynamics: An Illustration Using Panel Data for US Retail

Patric Hendershott, Maarten Jennen and Bryan MacGregor ()

The Journal of Real Estate Finance and Economics, 2013, vol. 47, issue 4, 659-687

Abstract: Real estate research has a long and extensive history of analyzing space market dynamics. Nonetheless, two areas have been under researched. Regional panels of data have been rarely analyzed. Moreover, due to data constraints, the retail market has been studied much less than other market segments. This paper addresses both of these topics through an analysis of Metropolitan Statistical Area (MSA) level panel data. Our study covers almost three decades of annual retail data for 11 of the largest MSAs of the United States. We estimate a long run rent model and use Error Correction Models for short run rent, vacancy and supply adjustments. We test for differences in local market behavior in both the long run equilibrium relationships and in the short run adjustment processes. We identify two groups of similar markets. Copyright Springer Science+Business Media New York 2013

Keywords: Retail space market; Panel data; Error correction model (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s11146-013-9426-z

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