Chervachidze, Serguei; Wheaton, William - In: The Journal of Real Estate Finance and Economics 46 (2013) 2, pp. 208-231
In this paper we revisit the many studies that have attempted to explain the determinants of commercial real estate capitalization rates. We introduce two new innovations. First we are able to incorporate two macroeconomic factors that greatly impact cap rates besides treasury rates and local...
