Investor Rationality: An Analysis of NCREIF Commercial Property Data

Topics:
Property Analysis
Tags:
Analysis,
Storage,
Software,
Property,
Panel,
Hardware,
Enterprise Software,
Databases,
Data Management,
University Of Aberdeen
Source:
University of Aberdeen

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Overview: This paper analyzes MSA panels of industrial, office and retail properties from the NCREIF database over the last two decades. The NOIs and cap rates are highly volatile (the former much more so than market rent data provided by Torto-Wheaton), largely owing to limited numbers of underlying properties. It forms panels that start later and include multiple geographic MSAs in order to obtain sufficient property numbers. It provides evidence that real NOI 5-year future growth is negatively related to deviations of current real NOI from trend.

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Format: PDF | Size: 315KB | Date: Oct 2004 | Pages: 45


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