This paper documents twenty years of performance of commercial real estate in the U.S. using a portfolio of properties that comprise the widely followed NCREIF Property Index (NPI). We develop an extension of the repeated-measures regression to examine the magnitude and duration of the of the...

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...