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| The Supply Adjustment Process in Retail Space
Markets Author: John Benjamin, G. Donald Jud, and Daniel T. Winkler Start Page: 297 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. |
