Commercial Real Estate

J Real Estate Finan Econ (2010) 41:103125 inside 10.1007/s11146-009-9190-2 spacial Statistics Applied to Commercial Real Estate Darren K. Hayunga · R. Kelley footstep Published online: 21 may 2009 © Springer Science + phone line Media, LLC 2009 Abstract Portfolio theory shows that diversi?cation place enhance the riskreturn trade-off. This study uses the impregnable location of commercial in truth domain airscrew along with spacial statistics to address the inherent problem of intend geographical diversi?cation based upon a set of economic and property-speci?c attributes, some of which are unobservable or must be proxied with noise. We ?nd that commercial real acres portfolios exhibit statistically signi?cant spatial correlation at distances ranging from adjacent slide fastener codes to neighboring metropolitan areas. given(p) the common structure research back up by a reserve from the Real Estate Research Institute. We thank an anonymous refer ee, Richard Buttimer, the editor, Jeff Fisher, David Geltner, Marc Louargand, Glenn Mueller, Tony Sanders, C.F. Sirmans, and seminar participants at the RERI conference, UNC-Charlotte, and UT-Arlington for their suggestions and guidance. particular thanks to Robert snowy of Real Capital Analytics for data. D. K. Hayunga (B ) Department of finance and Real Estate, University of Texas at Arlington, Box 19449, Arlington, TX 76019, USA e-mail: hayunga@uta.edu R. K. Pace LREC Endowed crownwork of Real Estate, Department of Finance, E.J. Ourso College of Business Administration, Louisiana State University, billy goat Rouge, LA 70803-6308, USA e-mail: kelley@spatial.us URL: www.spatial-statistics.com 104 D.K. Hayunga, R.K. Pace of colony found in the data series, we discuss feasible strategies for obtaining diversi?cation inside direct-investment real nation portfolios. Keywords Spatial statistics · Commercial real estate · Portfolio diversi?cation W ith the introduction of inef?ciencies into t! he real estate market...If you want to get a full essay, piece it on our website: BestEssayCheap.com

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