The Stock Return Difference between Industrial REITs and Manufacturing Firms: Space Supply and Demand Effects

Hwahsin Cheng, Luis Mejia and Charles Tu

Journal of Real Estate Portfolio Management, 2006, vol. 12, issue 3, 249-260

Abstract: Executive Summary.This paper compares and studies the stock performance of industrial real estate investment trusts (REITs) and other industrial companies. The return difference between industrial REITs and manufacturing firms is modeled as a function of industrial space supply and demand. A graphical analysis illustrates the connection between the manufacturing goods and the industrial space markets, showing that performance differences between the two markets can be explained by changes in space supply and demand. An empirical analysis using aggregate industry data confirms this premise.

Date: 2006
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DOI: 10.1080/10835547.2006.12089741

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