Abstracts for Vol.
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A Simultaneous Model and Empirical Test of the Demand and Supply of Retail Space John D. Benjamin, G. Donald Jud, and Daniel T. Winkler Much of the burgeoning distress of the 1990s in the United States retail space markets reflects a growing mismatch in the amount and location of retail space demand and supply. Understanding the demand and supply for retail space is critically important to academics, professionals and others associated with owning, operating and financing retail space. The model and results provide evidence about how demand and supply for retail space respond to changes in retail sales, rental prices, land-use regulation and land availability, and the cost of capital. The results show inelastic price elasticities of demand and supply for retail space. This article focuses on ways to improve market analysis for proposed office projects, taking time and data limitations into account.