The changing importance of sector and regional factors in real estate returns
Language: English Series: Journal of Property Research ; 24(1) March 2007, 55-69(15)Publication details: 2007Subject(s): Summary: Analyses the influence of sector and regional factors on commercial real estate performance. It is held that sector and property type effects are more important than those exerted by regional and geographical factors. Questions whether this hierarchy of importance is constant. This affects whether property managers taking a top-down approach will need to take account of regional effects when developing their portfolio strategy. Analyses monthly returns data from 1987 to 2002 on individual properties. Applies the dummy variable approach and cross-sectional dispersion. Shows that during calm periods, regional factors exert greater effect. Affirms that returns are predominantly influenced by sector factors.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L138501 (Browse shelf(Opens below)) | 1 | Available | 138501-1001 |
Analyses the influence of sector and regional factors on commercial real estate performance. It is held that sector and property type effects are more important than those exerted by regional and geographical factors. Questions whether this hierarchy of importance is constant. This affects whether property managers taking a top-down approach will need to take account of regional effects when developing their portfolio strategy. Analyses monthly returns data from 1987 to 2002 on individual properties. Applies the dummy variable approach and cross-sectional dispersion. Shows that during calm periods, regional factors exert greater effect. Affirms that returns are predominantly influenced by sector factors.