Death of the high street: identification, prevention, reinvention

Location is of paramount importance within the retail sector, yet defining locational obsolescence remains overlooked, despite significant concerns over the viability of parts of the complex sector. This paper reviews the existing literature and, through this, explores retail locational obsolescence, including the multi-spatial nature of the driving forces that range from the global economy, local markets and submarkets, to individual property-specific factors; and, crucially, the need to disentangle locational obsolescence from other important concepts such as depreciation and functional obsolescence that are often mistakenly used. Through this, a conceptual model, definition and diagnostic criteria are presented to guide future studies, policy development and the allocation of resources. Importantly, three stages are presented to enable the operationalization of the model, essential to future academic and industry studies as well as the ongoing development of policy in this economically important, complex and contentious area

Risk Analysis in Land Development

Land development poses a different set of risks from income-producing property. This paper explores the nature of land development risk with particular reference to large-scale subdivision development. Because several major variables in land development analysis are correlated, meaningful risk analysis requires that intercorrelation be explicitly recognized and incorporated into simulations. A case study is presented which demonstrates the application of risk analysis to land development and the handling of intercorrelation among random variables. Copyright American Real Estate and Urban Economics Association.

REIT Advisor Performance

In this article, we examine whether the performance of real estate investment trusts (REITs) is correlated with advisor type. Seven categories of advisors are used in the analysis. All categories exhibit zero or negative performance measures and the average abnormal returns across advisor types are significantly different from each other. We conclude that advisor type is an important determinant of the returns realized by a REIT's shareholders. Additional analysis suggests that firm size and property location may partially explain REIT performance. Copyright American Real Estate and Urban Economics Association.

Integrating Research on Markets for Space and Capital†

This article discusses the importance of recognizing that there are two distinct but interrelated real estate markets: the market for tenant space and the market for investment capital. The use decision is made in the space market whereas the investment decision is made in the capital market. The article points out that past research has tended to focus on a separate analysis of each of these two markets. That is, research historically has focused on understanding how changes in supply and demand affect equilibrium in either the space market or the capital market as if each market was autonomous. A graphical framework is illustrated that can be used to examine the effect of an exogenous shock to market equilibrium from either the market for space or the market for capital. Copyright American Real Estate and Urban Economics Association.