The Supply Adjustment Process in Retail Space Markets

Posted: 2 Feb 1999

See all articles by John D. Benjamin

John D. Benjamin

American University - Kogod School of Business

G. Donald Jud

University of North Carolina (UNC) at Greensboro - Department of Accounting and Finance

Daniel T. Winkler

University of North Carolina (UNC) at Greensboro - Department of Accounting and Finance

Abstract

Previous research has reported that the real estate market for retail space is slow to adjust, however, comparatively little research has investigated the supply of retail space for individual metropolitan markets. This study presents our findings by metropolitan statistical area (MSA) of the mean retail space supply lag, the short- and long-run retail space supply elasticities with respect to retail sales and the response of retail space supply to interest rate changes. The considerable variation in mean retail space supply lags and supply elasticities for our sample of fifty-six major MSAs has important implications for investors, developers and others who hold financial stakes in the supply of retail space.

JEL Classification: R32, R33

Suggested Citation

Benjamin, John D. and Jud, G. Donald and Winkler, Daniel T., The Supply Adjustment Process in Retail Space Markets. Journal of Real Estate Research, Vol. 15, No. 3. Available at SSRN: https://ssrn.com/abstract=131968

John D. Benjamin (Contact Author)

American University - Kogod School of Business ( email )

4400 Massachusetts Avenue NW
Department of Finance
Washington, DC 20016
United States
(202) 885-1892 (Phone)
(202) 885-1946 (Fax)

G. Donald Jud

University of North Carolina (UNC) at Greensboro - Department of Accounting and Finance ( email )

P.O. Box 26165
Greensboro, NC 27412
United States
336-334-3091 (Phone)
336-334-4141 (Fax)

Daniel T. Winkler

University of North Carolina (UNC) at Greensboro - Department of Accounting and Finance ( email )

Greensboro, NC 27412
United States
336-256-0122 (Phone)

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