Indexes of commercial property prices face much scarcer transactions datathan housing indexes, yet the advent of tradable derivatives on commercial propertyplaces a premium on both high frequency and accuracy of such indexes. Thedilemma is that with scarce data a low-frequency return index (such...

Purpose – The purpose of this paper is to demonstrate the potential value of significant vertical phasing – that is, the addition of five or more stories to an existing building – as a valuable real option in real estate development, in particular for corporate real estate...

Using REIT return data, bond data, and property holding data, the authors construct property market segment-specific indices of asset returns. The authors show that these pure-play indices can be employed to make pure, targeted investments in the commercial real estate market while retaining the...