Metrics using repeat sale data assume that frequently and infrequently sold properties are similar in capital expenditures, maintenance and other characteristics. Value-added investors concentrate on repositioning properties which requires capital investment and managerial skills. Returns using...

Data from the National Council of Real Estate Investment Fiduciaries (NCREIF) provide a unique setting to examine the inflation illusion hypothesis. NCREIF provides appraisal-based and transaction-based return series allowing comparison of market participants with specific valuation expertise to...

We investigate the relation between commercial real estate (CRE) returns and regional innovativeness and find that regions with more innovation exhibit higher total returns on commercial property. And, when we investigate the extent to which income return and capital return on commercial...

Land, capital and labor are the three primary components of production. This basic relation can be readily applied to the commercial property market where land in a primary location, capital improvements (buildings) built on the land, and dedicated employees impact performance and returns. The...

We investigate the relation between heat stress and commercial real estate (CRE) return and find a negative cross-sectional relationship. The total return on commercial property decreases when the local temperature is abnormally high. Furthermore, we show a negative cross-sectional association...