Youre planning to develop an retail project in the Times Square are of Manhattan and come across the following market projection data for the years between 2010 and 2012. You plan to start your project immediately if there is enough demand for it and it will take 2 years to complete. Construct a basic demand model and tell me either how much excess supply or how much excess demand is projected to exist in the market in 2012.

Current Stock	Construction Completions	Construction Starts	Gross Absorption	Vacancies	Net Absorption
20,000,000	3,000,000	2,000,000	30,000,000	4,000,000	26,000,000
SQUARE FEET

2,000,000 in excess demand

2,000,000 in excess supply

1,000,000 in excess supply

1,000,000 in excess demand

None of the above