In this paper, we describe the construction of estimates of private real estate capital for each of 242 MSAs, annually, for 1982 through 1994. We compute three such series: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and...

There has been a great deal of interest in the question of whether value-added and oppor- tunistic real estate investing has resulted in appropriate risk-adjusted returns. However, a satisfactory answer to this question has not been agreed upon. In this paper, data from the National Council of...

This paper provides a framework for adjusting distressed real estate properties for liquidating discounts. We estimate the probability of receiving an offer on a property in any particular short interval of time. Our empirical evidence allows us to predict the average rate at which offers will...

This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis...

Office buildings, hotels, and even residential apartment buildings often contain large amounts of space used for public purposes. An example is provided by buildings with atriums. In this article we examine the trade-off between leasable area in office buildings and the amount of the structure's...

Does licensing increase the quality of services? This is a major unresolved question in the economic analysis of occupational licensing. This paper provides the first empirical evidence on the simultaneous relationship between anticompetitive effects and minimal quality standards. Using data on...

This paper is concerned with the extent to which rehabilitation tax credits affect the conditional probability of commercial real estate rehabilitation. Very little has been written about the rehabilitation tax credit, despite the fact that it has been a feature of the U.S. tax code since 1978....

The goal of this paper is to empirically measure the consumer utility tradeoff between store location (i.e., distance to a shopping center) and retail agglomeration in regional shopping centers. Using the Lakshmanan and Hansen retail expenditure model, our findings reveal that the distance...