This paper explores the relationship between the macroeconomy and real estate returns. Equity REIT data are used as a proxy for real estate returns; however, the equity REIT returns are regressed against returns from the Standard and Poor's 500 Stock Index, saving the residuals. These residuals,...

This paper investigates the relationship between industrial property construction and the macroeconomy. The paper uses vector autoregressions to model this relationship, which allows the lags inherent in the construction process to be modeled. The results indicate that employment shocks account...