For many years operating companies around the world generally have owned their realestate assets. In the United States alone it is estimated that corporate users own nearly $2 trillion,or roughly half of all commercial property. Companies own not only their production facilities,but frequently...

A now popular economic development tool for states, enterprise zone programs attemptto increase business investment, employment, and wages in depressed areas by offering labor andcapital subsidies to firms operating in the designated zones. While a number of studies haveexamined the effects of...

This research unites the two major strands of work that exist to date in the literature on Housing Markets. The first is the notion of spatial equilibrium wherein consumers inhabiting different units are thought to be at a constant utility level. As a consequence prices "compensate" for...

This paper addresses the micro-analytic foundations of illiquidity and price dynamics in the realestate market by integrating modern portfolio theory with models describing the real estate transactionprocess. Based on the notion that real estate is a heterogeneous good that is traded in...

Hotel real estate industry is an important economy in the U.S. This study examines the return patterns of hotel real estate stocks in the U.S. from 1990 to 2007. This study utilizes an integrated framework which includes the most critical explanatory variables to investigate the determinants of...

Fusion CMBSs, UPREITs, paper-clip and paired share REITs, conduits and opportunity funds - all these phrases, words or phrases are common in today's real estate lexicon but were not around a decade ago. This evolution in real estate industry vernacular reflects deep and fundamental change in the...

Currently the economics of agglomeration receives a great deal of research atten-tion, focusing on a variety of externalities to explain the evolution of cities. Muchof this research is ahistorical, with little attention paid to the cumulative history ofinvestment decisions that are manifested...

Focusing on the relevance of the modern investment theory in explaining movements in office-commercial construction, we attempt to advance existing empirical work in two respects. First,building on recent theoretical advances, we offer an extended empirical model of newconstruction that accounts...