CHAPTER 15

Movements in Office-Commercial Construction

In collaboration with Mackalister Gapinski and Karim Nassef

The real estate industry is notorious for its booms and busts. The year 1979 signaled the start of a strong commercial construction boom, unusually strong even for the real estate industry. Construction more than doubled from 1979 to 1985, significantly increasing as a share of gross domestic product (see Garner (2015)). The inevitable bust potentially signaled an end to “business as usual.” When analyzing economic data, it is important not only to examine how investment behavior affects the market, but also how the market affects investor behavior. How exactly do market drivers affect investment behavior and, furthermore, how is ...

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