Understanding Commercial Real Estate : Just How Different from Housing Is It?

Joseph Gyourko

Commercial real estate capital structure looks to be quite weak due to high leverage combined with strong mean reversion in prices. The aggregate loan-to-value ratio on income-producing properties is about 75%. Estimated mean reversion in price appreciation of at least 25% over relatively short horizons suggests that normal change from the recent peak will leave little or no equity on average to cushion against any future negative shocks

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Year of publication:	February 2009
Authors:	Gyourko, Joseph
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Privater Haushalt \| Household \| Gewerbeimmobilien \| Commercial real estate \| Wohnungsmarkt \| Housing market \| Immobilienpreis \| Real estate price

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w14708
Type of publication:	Book / Working Paper
Language:	English
Notes:	System requirements: Adobe [Acrobat] Reader required for PDF files Mode of access: World Wide Web Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w14708 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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