Abstract
There is growing recognition among academics and practitioners that volatile macro, regional and local economic factors exert important influences on the cyclic behavior of real estate markets. Even though the economy itself may have changed, real estate cycles remain. The most recent example of the commercial real estate cycle occurred in the late 1980s and early 1990’s.The unusual and severely distressed state of the U.S. commercial real estate markets during this period has been followed with an upturn of these markets in the mid 1990’s.
1. A special thanks to Samir Dutt, Steven J.Manson , David Howe and David Sapoznikow for their research assistance, and the participants of the Real Estate PhD seminar at the Haas School of Business Administration, University of California at Berkeley for their invaluable suggestions. We also have benefited from many suggestions and comments from our colleagues and anonymous referees. We acknowledge and thank the Fisher Center for Real Estate and Urban Economics at the Haas School of Business for its generous support of this project . Of course, any remaining errors of omissions and/or commissions are our responsibility.
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Dokko, Y., Edelstein, R.H., Lacayo, A.J., Lee, D.C. (2001). Real Estate Income and Value Cycles: A Model of Market Dynamics. In: Brown, S.J., Liu, C.H. (eds) A Global Perspective on Real Estate Cycles. The New York University Salomon Center Series on Financial Markets and Institutions, vol 6. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-8642-9_4
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