Past and Future Sources of Commercial Real Estate Returns

Joseph L. Pagliari, Jr. and James R. Webb ()
Additional contact information
Joseph L. Pagliari, Jr.: Citadel Realty, Inc. Des Plaines, Illinois 60018, http://www.mortgagemag.com/guide/c004/c004729.htm
James R. Webb: Real Estate Research Center James J. Nance College of Business Cleveland State University Cleveland, Ohio 44115, http://www.csuohio.edu/finance_department/index.htm

Journal of Real Estate Research, 1992, vol. 7, issue 4, 387-422

Abstract: Historical commercial real estate returns are attributed to three fundamental factors: initial current yield, growth in net operating income, and changes in going-in versus going-out capitalization rates (i.e., pricing movements). Separating returns into these three factors appears to provide more insightful information than the traditionally reported income and appreciation returns. Using this three-factor model, a two-dimensional matrix of projected ten-year real yields is estimated for each major type of commercial real estate.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1992
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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