Liquidity in private asset markets is notoriously variable over time. Therefore, indices of changes in market value that are based on asset transaction prices will systematically reflect intertemporal differences in the ease of selling a property. We define and develop a concept of...

This study examines the correlation of the frequency of the sale of investment-grade property with national, regional and local variables, including property- and owner-specific characteristics. More specifically, the study identifies the primary factors that "explain" intertemporal changes in...