The model presented in this paper utilizes and extends the real options framework to concurrently estimate optimal phasing and inventory decisions for large-scale residential development projects. Economies of scale in construction, pricing power, carrying costs, signaling effects, demand...

Using over 25 years of quarterly U.S. and Japanese time series data, this paper examines the determinants of demand for an important class of real assets: commercial real estate. We specify a structural model of market equilibrium that considers direct effects of real investment on built asset...

A theoretical model of commercial property valuation is developed where individual property owners are price takers with respect to the spot lease price, new tenants randomly arrive to lease space, and existing tenants may choose to vacate space. The timing of tenant arrivals and departures is...