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Since the mid-2000s, the construction industry in the United States has faced a significant shortage of skilled labor. During the Great Recession, the industry lost nearly 1…

With home prices and rents hovering near record highs, and for-sale inventories and vacancies stuck near record lows, there is a significant housing shortfall. Most experts…

Storefronts often remain empty for months or years at a time, even in some of the world’s highest-rent retail districts. Between 2015 and 2019, for example, empty storefronts…

Why do storefronts remain empty for more than a year in some of the world’s highest-rent retail districts? Landlords with vacancies derive option value from two sources of…