REIT is an important but complex financial innovation. The next decade is likely to see the emergence and fast development of REITs market in China. The development of a sound legal and regulatory infrastructure is a critical first step. Obviously, the lessons in the 48 years development of the...

Empirical evidence shows that the value of units in a building generally rises with their floor level due to features such as the better view and lesser noise experienced in higher stories. We adopt a theoretical approach for examining the value of units in different floors based on the...

The significance of James A. Graaskamp for the academic real estate profession is anopen question: divergent views on his accomplishments need to be reconciled. On the surface,there is a sharply divided perception between his admirers and his critics. Charismatic leaders(many of his admirers...

Long-term land leaseholds are contracts that contain within them a redevelopment option. The structure of the contract influences the incentive to redevelop. We employ real option pricing techniques to evaluate the timing and intensity of the redevelopment decision by lessees in alternative...

Although the full picture is necessarily complex and many commentators are pointing to signs of re-centralization, population and employment in the 3132 counties of the U.S. continues to decentralize. This is based on an analysis of annual data from the Regional Economic Information System...

Recent research by Jargowsky (2003) highlights dramatic changes in the spatial distribution of concentrated poverty throughout the metropolitan U.S. during the 1990s. Yet the traditional definition of concentrated poverty – 40 percent of the tract population living below the federal...

Affluent neighborhoods present a potentially attractive location for retail establishments because of their higher purchasing power and demand for a wide range of specialized goods and services. However, if high income households perceive retail in general – or certain types of retail,...

We study in the laboratory, a variant of the house allocation with existing tenants problem where agents are partitioned into tiers with different privileges. Members of higher tiers receive their allocation before those in lower tiers and can also take the endowment of a member of a lower tier...

In a paper published in The Review of Economics and Statistics some 20 years ago, we sought to assess the disparate residential location choices of black and white households in the Washington, D.C. metropolitan area (Gabriel and Rosenthal [1989]). The paper showed that simulated closure of...

This paper examines the Portland experience as America’s most widely regarded example of urban sustainability. It suggests that appearances are deceptive. It compares some characteristics of development in Portland with similar trends in Los Angeles, not known as an exemplar of...