The Structure of the Housing Market

Blank, David M.; Winnick, Louis

doi:10.2307/1885333

Cited by 69 publications

(24 citation statements)

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“…In macroeconomics, these same deviations (with the full employment rate renamed the nonaccelerating inflation rate of unemployment, NAIRU) have been used to explain the inflation rate. Possible application to the rental housing market was first noted by Blank and Winnick (1953).…”

Section: Estimation Of Vacancy Rate Modelsmentioning

confidence: 99%

Estimation of the Rental Adjustment Process

Hendershott

Macgregor

Tse

2002

Real Estate Economics

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Section: Estimation Of Vacancy Rate Modelsmentioning

confidence: 99%

Estimation of the Rental Adjustment Process

Hendershott

Macgregor

Tse

2002

Real Estate Economics

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“…Understanding rent dynamics across real estate cycles has been at the heart of the real estate literature ever since Blank and Winnick (1953) provided a simple theoretical framework in which residential rent changes were modeled as a function of vacancy rates. Shilling et al (1987) were among the firsts to apply this model to explain local US office rents, while Wheaton and Torto (1988) estimated the model for the aggregate US office market.…”

Section: Introductionmentioning

confidence: 99%

Local Office Rent Dynamics

Brounen

Jennen

2008

J Real Estate Finan Econ

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This study applies rent adjustment models for ten major European office markets. We capture long-run equilibrium relationships of demand and supply variables and their short-term corrections in a two equation error correction model. We test whether the local nature of office markets makes a model based on national economics inaccurate if local and national markets do not move in tandem. For this we employ a unique dataset, which includes both disaggregated and national variables to model changes in real prime rents for a group of premier and second tier office market cities across Europe for the period 1990-2006. We explicitly compare results that are derived from models that include different levels of geographic aggregation. Results of the two stage error correction model indicate that international office rents adjust to short-run changes in office related economic activity, lagged rent changes, and to the deviation of rents from their long-run values. At the same time our results offer no proof that error correction mechanism models for office rents improve significantly by specifying economic growth figures beyond the national aggregated level for the cities included in our analysis.

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“…Various researchers have examined vacancy; those interested in obsolescence and depreciation (Baum, 1991(Baum, , 1993Baum & McElhinney, 1997;Dunse et al, 2002;Andrew & Pitt, 2006;Crosby & Devaney 2006;Crosby et al 2011); those interested in the adaptation of vacant properties (Barlow & Gann, 1996;Beauregard, 2006;Kincaid, 2002;Heath 2001;Geraedts & van der Voordt, 2003;Agre, 2005;Langston et al, 2008;Remoy, 2010;Remoy and Wilkinson, 2012;Wilkinson and Read, 2011) those who want to map the characteristics of vacancy (Myers & Wyatt, 2004;Katyoka & Wyatt, 2008;Remoy H & Koppels, 2009); those who model the cyclical behaviour of the economy and property (Ball 2003;Barras, 2009;Wheaton 1999); and those who reflect on the medium to long-term rental adjustment process (Blank & Winnick, 1953;Wincott, 1997;Voith & Crone, 1988;Crone, 1989;Grenadier, 1995;Pissarides, 2000Pissarides, , 2005Sanderson, et al, 2006;Miceli & Sirmans, 2013). Concurrently, professional practices regularly also use relative vacancy levels (alongside absorption and take-up, rent and yield) to monitor the performance of local markets (see quarterly updates from international commercial real estate companies, CBRE, Colliers and Cushman and Wakefield, BNP Paribas, Jones Lang LaSalle).…”

Section: Theoretical Contextmentioning

confidence: 99%

Situations Vacant: A Conceptual Framework for Commercial Real Estate Vacancy

Muldoon‐Smith¹,

Greenhalgh²

2017

24th Annual European Real Estate Society Conference

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Commercial real estate vacancy is a key indicator of property market efficiency, economic performance and urban resilience. However, there has been little conceptual reflection into the abstract notion of vacancy beyond binary distinctions of natural and structural vacancy. Although useful simplifying meta-concepts, neither accounts for the internal complexity and imperfection that permeates real commercial property markets. Consequently, the objective of this article is to outline a conceptual framework that describes vacancy across the commercial real estate building life-cycle -from initial construction to final demolition and redevelopment. The originality of the research rests in its utility as the first known holistic examination of commercial real estate vacancy beyond that of an abstract economic factor, while its value is explicit in the conceptual typology which can be used by researchers interested in market imperfections and consequent interventions.

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The Structure of the Housing Market

Cited by 69 publications

References 0 publications

Estimation of the Rental Adjustment Process

Estimation of the Rental Adjustment Process

Local Office Rent Dynamics

Situations Vacant: A Conceptual Framework for Commercial Real Estate Vacancy

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