Maria Ibanez is a doctoral student in the Technology and Operations Management unit at the Harvard Business School.
Maria’s research interests include service operations, market dynamics, decision making under uncertainty, process improvement, productivity, and supply chain management.
Prior to joining HBS, Maria conducted research at the University of Chicago with Professor Steven Levitt.
She previously worked as a research/teaching assistant, an investment analyst, and a Web developer. Maria has volunteered in Latin America, participating in medical brigades as well as acting as a consultant for small businesses in need of technical expertise. She earned a Master of Science in Applied Economics from Marquette University, and published her thesis in the Journal of Real Estate Finance and Economics with her advisor, Professor Anthony Pennington-Cross.
Commercial Property Rent Dynamics in U.S. Metropolitan Areas: An Examination of Office, Industrial, Flex and Retail Space
This paper is concerned with the market rental rate for space offered by commercial property and how that rental rate evolves over time. Rental rates reflect the value of the services provided by the property and can have a significant impact on the ability of its owners to make monthly debt obligations. We investigate commercial property rent dynamics for 34 large metropolitan areas in the U.S. The dynamics are studied from the second quarter of 1990 through the second quarter of 2009 and the results are compared across four property types or uses (office, industrial, flex, and retail). There is substantial heterogeneity in both the long and short run responses to changing demand and supply conditions. In general, the office market is the slowest to adjust back towards equilibrium while industrial and flex markets adjust back to the long run equilibrium very quickly. For industrial and office types, the speed of adjustment is substantially faster within quality segments and is strongest for grade A properties.
Keywords: Commercial Real Estate;
Real Estate Industry;
Maria’s research interests include market dynamics, decision making under uncertainty, process improvement, productivity, and supply chain management.
Keywords: operations management;