An Analysis of Shopping Center Investment.

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Daniel T. Winkler, Professor (Creator)
Gustav D. Jud, Retired (Contributor)
Institution
The University of North Carolina at Greensboro (UNCG )
Web Site: http://library.uncg.edu/

Abstract: During the 1980s, the oversupply of retail space has lowered rents, raised vacancies, and damaged the integrity of financial institutions as developers and other borrowers have been forced into default. This paper explores the propensity of developers to create shopping center space. The research draws on the macroeconomic investment literature to formulate a model of shopping center investment. We estimate our model using shopping center and sales data from all fifty states of the United States and the District of Columbia. Our results provide evidence about how investment in new shopping space responds to changes in retail sales, capital costs, and taxes.

Additional Information

Publication
Journal of Real Estate Finance and Economics, vol. 10, no. 2, March 1995, pp. 261-268
Language: English
Date: 1995
Keywords
Shopping centers, Real estate investment, Stock of retail space, Construction lags, Optimal level of space