Real Estate Economics - Readings

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The document outlines a syllabus for a course on urban economics and real estate markets. It lists various topics that will be covered each week along with required readings related to those topics.

The readings cover a wide range of topics related to urban economics and real estate markets including residential and commercial property prices and development, industrial and office location, retail development, government regulation, macroeconomic analysis of housing and non-residential markets, and regional growth.

According to the article 'Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area', factors like property size, age, and access to transportation infrastructure can determine industrial warehouse rents in a region.

Readings

In the table below, DiPasquale and Wheaton refers to the following textbook: DiPasquale, Denise, and William Wheaton. Urban Economics and Real Estate Markets. Upper Saddle River, NJ: Prentice Hall, 1995. ISBN: 9780132252447. WEEK # TOPICS 1 Introduction READINGS DiPasquale and Wheaton, chapters 1-2 DiPasquale and Wheaton, chapter 3 Residential land markets: prices and land use Waddell, Paul, Brian Berry, and Irving Hoch. "Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location." Journal of Real Estate Finance and Economics7, no. 2 (1993): 117-141. McMillen, Daniel, and John McDonald. "Reaction of House Prices to a New Rapid Transit Line: Chicago's Midway Line, 1983-1999." Real Estate Economics 32, no. 3 (2004): 463-486. DiPasquale and Wheaton, chapter 4 Residential development Song, Yan, and Gerrit-Jan Knaap. "New Urbanism and Housing Values: A Disaggregate Assessment." Journal of Urban Economics 54, no. 2 (2003): 218-238. Rosenthal, Stuart, and Robert Helsley. "Redevelopment and the Urban Land Price Gradient." Journal of Urban Economics 35, no. 2 (1994): 182-200. DiPasquale and Wheaton, chapter 5 4 Industrial location Shukla, Vibhooti, and Paul Waddell. "Firm Location and Land Use in Discrete Urban Space: A Study of the Spatial Structure of Dallas-Fort Worth." Regional Science and Urban Economics 21, no. 2 (1991):

WEEK # TOPICS

READINGS 225-253. Buttimer, Richard, Ronald Rutherford, and Ron Witten. "Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area." Journal of Real Estate Research 13, no. 1 (1997): 47-56. DiPasquale and Wheaton, chapter 5 Archer, Wayne, and Marc Smith. "Explaining Location Patterns of Suburban Offices." Real Estate Economics 31, no. 2 (2003): 139-164. Brennan, Thomas, Roger Cannaday, and Peter Colwell. "Office Rent in the Chicago CBD." Real Estate Economics 12, no. 3 (1984): 243260. Shilton, Leon, and Craig Stanley. "Spatial Patterns of Headquarters." Journal of Real Estate Research 17, no. 3 (1999): 341-364. DiPasquale and Wheaton, chapter 6 Eppli, Mark, and John Benjamin. "The Evolution of Shopping Center Research: A Review and Analysis." Journal of Real Estate Research 9, no. 1 (1994): 5-32. Wheaton, William. "Percentage Rent in Retail Leasing: The Alignment of Landlord-Tenant Interests."Real Estate Economics 28, no. 2 (2000): 185-204. Eppli, Mark, and James Shilling. "How Critical Is a Good Location to a Regional Shopping Center?"Journal of Real Estate Research 12, no. 3 (1996): 459-468. DiPasquale and Wheaton, chapter 13

Office location: edge cities

Retail development

Local government and land markets

Bogart, William, and Brian Cromwell. "How Much Is a Neighborhood School Worth?" Journal of Urban Economics 47, no. 2 (2000): 280305. Oates, Wallace. "Property Taxation and Local Public Spending: The Renter Effect." Journal of Urban Economics 57, no. 3 (2005): 419-

WEEK # TOPICS

READINGS 431. Wheaton, William. "The Incidence of Inter-Jurisdictional Differences in Commercial Property Taxes."National Tax Journal 37 (1984): 515527. DiPasquale and Wheaton, chapter 14 Coulson, N. Edward, and Robin Leichenko. "The Internal and External Impact of Historical Designation on Property Values." Journal of Real Estate Finance and Economics 23, no. 1 (2001): 113-124. Thorsnes, Paul. "Internalizing Neighborhood Externalities: The Effect of Subdivision Size and Zoning on Residential Lot Prices." Journal of Urban Economics 48, no. 3 (2000): 397-418. Frech, Harry, and Ronald Lafferty. "The Effect of the California Coastal Commission on Housing Prices." Journal of Urban Economics 16, no. 1 (1984): 105-123. DiPasquale and Wheaton, chapters 8-10 Eppli, Mark, and Monty Childs. "A Descriptive Analysis of U.S. Housing Demand for the 1990s."Journal of Real Estate Research 10, no. 1 (1995): 69-86. Gabriel, Stuart, and Frank Nothaft. "Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate." Journal of Urban Economics 49, no. 1 (2001): 121-149. Somerville, C. Tsuriel. "The Industrial Organization of Housing Supply: Market Activity, Land Supply and the Size of Homebuilder Firms." Real Estate Economics 27, no. 4 (1999): 669-695. Wheaton, William, and Gleb Nechayev. "The 1998-2005 Housing "Bubble" and the Current "Correction": What's Different This Time?" Journal of Real Estate Research 30, no. 1 (2008): 1-26. DiPasquale and Wheaton, chapters 11-12

Regulating development

Macro analysis of housing

10

Macro analysis of non-residential property

WEEK # TOPICS

READINGS Hakfoort, Jacco, and Robert Lie. "Office Space per Worker: Evidence from Four European Markets."Journal of Real Estate Research 11, no. 2 (1996): 183-196. Benjamin, John, Chris de la Torre, and Jim Musumeci. "Rationales for Real Estate Leasing versus Owning." Journal of Real Estate Research 15, no. 3 (1998): 223-238. Schwartz, Eduardo, and Walter Torous. "Commercial Office Space: Testing the Implications of Real Options Models with Competitive Interactions." Real Estate Economics 35, no. 1 (2007): 1-20. Wheaton, Willian, and Raymond Torto. "Office Rent Indices and Their Behavior over Time." Journal of Urban Economics 35, no. 2 (1994): 121-139. Grenadier, Steven. "Local and National Determinants of Office Vacancies." Journal of Urban Economics 37, no. 1 (1995): 57-71. Wheaton, William. "Real Estate 'Cycles': Some Fundamentals." Real Estate Economics 27, no. 2 (1999): 209-230. Wheaton, William, Raymond Torto, and Peter Evans. "The Cyclic Behavior of the Greater London Office Market." Journal of Real Estate Finance and Economics 15, no. 1 (1997): 77-92. Costello, James, et al. "Real Estate Risk: A Forward-Looking Approach." Real Estate Finance 18, no. 3 (2001): 20-28. Hopkins, Robert, et al. "Evaluating Real Estate Risk: Debt Applications." Real Estate Finance 18, no. 3 (2001): 29-41. Benjamin, John, G. Donald Jud, and Daniel Winkler. "The Supply Adjustment Process in Retail Space Markets." Journal of Real Estate Research 15, no. 3 (1998): 297-308. Roback, Jennifer. "Wages, Rents, and the Quality of Life." Journal of Political Economy 90, no. 6 (1982): 1257-1278. Holmes, Thomas. "The Effect of State Policies on the Location of Manufacturing: Evidence from State Borders." Journal of Political Economy 106, no. 4 (1998): 667-705. Figlio, David, and Bruce Blonigen. "The Effects of Direct Foreign Investment on Local Communities."Journal of Urban Economics 48,

11

Time series analysis of real estate markets

12

Regional growth and real estate markets

WEEK # TOPICS

READINGS no. 2 (2000): 338-363.

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