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- Publisher
- Springer Journals
- Copyright
- Copyright © 2004 by Kluwer Academic Publishers
- Subject
- Economics; Regional/Spatial Science; Financial Services
- ISSN
- 0895-5638
- eISSN
- 1573-045X
- DOI
- 10.1023/B:REAL.0000011157.78122.6c
- Publisher site
- See Article on Publisher Site
Abstract
This paper analyzes the rental term structure taking into account the opportunity costs faced by the tenant for varying lease lengths. The analysis involves the application of a multi-period stock inventory model. The implication of the model is that the term structure of rents is determined by a clientele effect that can bias the occupancy value derived from using rational-expectations in the term structure relationship. The model does, however, reveal the characteristic stock-inventory U-shaped function that will determine the optimal lease length for a given tenant.
Journal
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Oct 18, 2004