This paper is able to put together a data base of 86 repeat sales transactions for office properties in lower and mid town Manhattan spanning the years from 1899 through 1999. Using this very limited data base, decade-interval changes in real property prices are estimated - with varying degrees...

This study analyzes the impact of contemporaneous loan stress on the termination of loans in the commercial mortgage-backed securities pool using a novel measure, based on changes in net operating incomes and property values at the MSA-property type-year level. Employing a semi-parametric...

This paper examines the inflation in housing prices between 1998 and 2005 and investigates whether this run-up in prices can be explained by increases in demand fundamentals such as population, income growth, and the decline in interest rates over this period. Time series models are estimated...

Current construction cost indices typically are derived by applying national weights to local costs for materials and labor. In this study, construction cost indices are developed that are based on actual contractor tenders for projects. As such, they incorporate full variation in factor...

This paper demonstrates that different types of real estate can have very different cyclic properties. Empirically, this is shown to be true, and the question is posed as to what might distinguish between property markets where movements are largely stable responses to repeated economic shocks...

This paper examines the inflation in housing prices between 1998 and 2005 and investigates whether this run-up in prices can be quot;explainedquot; by increases in demand fundamentals such as population, income growth and the decline in interest rates over this period. We estimate time series...

This paper examines the behavior of ski resort property in a major New England market over the last 25 years. A constructed property price series reveals that nominal prices are quite volatile and only slightly higher today than in 1980. These fluctuations and trends are investigated with a time...

“CoWorking” represents a new way of providing office space to corporate workers. Rather than companies acquiring dedicated space for their workforce at one or a few sites under long term leases (or ownership), companies contract with a “service provider” to have their workers housed...

This empirical paper examines the question of whether movements in housing sales predict subsequent movement in house prices - or the converse. The former (positive) relationship is well hypothesized by several frictional search models of housing market transactions or quot;churnquot;. The...

“CoWorking” represents a new way of providing office space to corporate workers. Rather than companies acquiring dedicated space for their workforce at one or a few sites under long term leases (or ownership), companies contract with a “service provider” to have their workers housed...