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At CompStak, we are excited to see how our data helps illuminate the complexities of urban economics in commercial real estate.
“Dynamic Urban Economics” by Brian Greaney, Andrii Parkhomenko, and Stijn Van Nieuwerburgh, examines the economic forces driving urban development and how these forces influence the commercial real estate market.
The full abstract of the paper can be found below, offering a glimpse into the depth of research that leverages the precision and accuracy of CompStak data to assess market changes.
“We develop a dynamic urban model combining features of quantitative spatial and macro-housing models. It includes multiple locations, forward-looking households, commuting, costly migration, uninsurable income risk, housing tenure choice, and housing frictions. The model operates in continuous time, with shocks and choices occurring at discrete intervals. This “mixed time” approach enables efficient computation of steady-state equilibria and transition dynamics, even with thousands of location pairs. Using a model of the San Francisco Bay Area, we show how forward-looking behavior, spatial frictions, and transition dynamics reshape estimated effects of spatially heterogeneous shocks and policies, traditionally studied with static models.”
Download the full paper here.
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