Description

Appropriate for advanced undergraduate courses in Real Estate or Urban Economics and graduate-level business courses in Public Policy and Urban Planning. Also useful as a professional reference.

This up-to-date, highly-accessible text presents a unique combination of both economic theory and real estate applications, providing students with the tools and techniques needed to understand the operation of urban real estate markets. It examines residential and non-residential real estate markets—from the perspectives of both macro- and micro- economics—as well as the role of government in real estate markets.

Features

• offers the only combination of economic theory and real estate applications on the market.

• illustrates theoretical concepts with real-world applications, providing an important link between principle and practice.

  • constructs many examples using data depicted in charts and tables.

• adheres to an approach that is well-grounded in economic theory and analysis.

  • provides a detailed theoretical framework that promotes a broad, consistent approach to the operation of real estate markets.

  • makes theory accessible to students with limited economic backgrounds, but provides the many details—largely in footnotes—that more advanced students need.

• guides readers through a series of specific examples and step-by- step applications.

  • designs examples to be accessible to students of various levels, using refinements and elaborations of problems in helpful footnotes.

• provides a unique integration of residential and non-residential markets, portraying them as coexisting and often competing within one integrated land market.

• maintains a broad, sophisticated perspective of the development of urban areas, connecting the location decisions of businesses and households to the patterns of urban growth.

Table of Contents

I. INTRODUCTION TO REAL ESTATE MARKETS.

II. MICROECONOMIC ANALYSIS OF PROPERTY MARKETS.

 3. The Urban Land Market: Rents and Prices. 4. The Urban Housing Market: Structural Attributes and Density.
 5. Firm Site Selection, Employment Decentralization and Multi-Centered Cities. 6. Retail Location and Market Competition.

III. MACROECONOMIC ANALYSIS OF PROPERTY MARKETS.

 8. The Market for Housing Units: Households, Prices, and Financing. 9. The Market for Housing Services: Moving, Sales and Vacancy.10. The Cyclical Behavior of Metropolitan Housing Markets.
11. The Operation of Non-Residential Property Markets.12. Econometric Analysis of Metropolitan Office and Industrial Markets.

IV. THE IMPACT OF LOCAL GOVERNMENTS ON REAL ESTATE MARKETS.