Supply Adjustments to Demand Shocks in the Commercial Real Estate Market
从理论上研究了商业房地产市场中供给如何对需求冲击做出调整，分析了在需求确定、不确定和自由进入条件下空间生产者的最优供给决策。
This paper contributes a theoretical investigation of real estate supply adjustments in the commercial real estate market. Simple theoretical linkages between the goods market (the demand side) and the space market (the supply side) are developed and then used to explain the optimal supply decisions of space producers. Propositions relating to how space production decisions are made under conditions of demand certainty, demand uncertainty and free entry are derived from optimization models. Under demand certainty, the adjustment of space supply is shown to be affected by whether an exogenous shock is perceived as mild or disastrous. Under demand uncertainty, construction based on pent‐up demand is shown to be suboptimal.