This study synthesizes relevant research and commentary on real estate cycles in a micro-decision-making context and discusses their strategic implications for investors and portfolio managers. It begins with an extensive review of the macro-economic, micro-economic and practitioner literature...

Traditional real estate valuation models stabilize cash flow variables in a single- or multi-year pro forma, assume efficient markets, and impute property return/risk expectations into a current overall market capitalization rate to determine value. This traditional valuation framework is biased...

Inflation and inflation cycles have been a major underlying reason for the financial successes and failures of real estate investors in recent history. These cycles have complex impacts on cash flow variables and thus on real estate returns and investment values. This study presents a decision...

Current technology and cost of on-site data transmission hardware, site communications channels, and interface equipment allow a firm the capability to routinely achieve both high speed and high quality of data transmission. However, the firm can easily exceed the capability of a common...

This study uses a structured analysis to systematically examine demand factors needed to support any increase in supply of real estate space. The recent changes in population, employment, income and sales are compared with the record of seven major types of construction activity in a...

Diversification of real estate portfolios has historically been accomplished by utilizing a geographic and/or property-type strategy. More recently, a number of economically based diversification categories have been proposed by industry researchers (see Hartzell, Shulman and Wurtzebach, 1987...

Previous work on real estate portfolio diversification by location began with geographic region diversification and moved to economically defined regions (a combination of economics and geography). This work takes the next step by removing the arbitrary geographic restriction and looking at the...

The rising interest-rate environment in early 1994 in the United States raised questions by investors as to how REITs will react to interest-rate movements. This study analyzes the movement of REIT price changes during past interest-rate cycles. The results indicate that REIT price movements...

The American Real Estate Society (ARES) started with the need for real estate academics to increase their applied research and teaching skills and grew rapidly as research practitioners realized the benefits of working with academics in their field. From its humble beginnings, ARES has grown to...

Real estate markets go through both physical cycles (demand and supply) that affect rental growth rates and financial cycles (capital flows to real estate) that affect property Prices (Mueller, 1995). This study develops a rental growth rate hypothesis based on a market’s position in the...