Conventional real estate price indices provide a single measure for the path of asset prices over time (controlling for the quality of the representative or average property). But it could be that properties have different price dynamics based on the price segment they are traded in. On the...

We introduce new methodology for constructing real estate rent indices. Using unique data on contract rents from six Indian metropolitan markets, we pair subsequent rented units in the same building to create over 12,000 pseudo repeat rent pairs. We impose an autoregressive structure on the log...

A common definition of liquidity in real estate investment is the ability to sell property assetsquickly at full value, as reflected by transaction volume. The present paper makes methodologicaland conceptual contributions in the study and understanding of liquidity. First, we extendthe Fisher...

The general purpose of a dynamic factor model (DFM) is to summarize a large number of time series into a few common factors. Here we explore a number of DFM specifications applied to 80 granular, non-overlapping indexes of commercial property prices in the US, quarterly from 2001 to 2017. We...

In this paper, we define a new construct for urban economic and investment analysis, which revisits the conventional wisdom that investment in real estate development is riskier than investment in stabilized property assets. This new construct, referred as a “Development Asset Value Index"...

This paper explores the question of whether real estate development (RED) projects systematically present positive net present value (NPV) and therefore, provide super-normal profit. Such projects are the products of a business operation that governs the exercise of the real call option on...

In this paper we propose a new methodology for the estimation of fundamental property-level investment real estate time series performance and operating data using real estate investment trust (REIT) data. The method-ology is particularly useful to develop publicly accessible operating...

Buildings are responsible for over one-third of all resource consumption, greenhouse gas emissions, and energy consumption. Commercial buildings represent approximately half of that total. In mature economies such as the United States, new construction annually represents only a small fraction...

Price indices based on repeat sales are the most widely used type of real estate index based on asset transaction prices. But such indices are particularly prone to revision. When a new period of transaction data becomes available and is used to update the repeat sales model, all past index...