The Integration of Retail Space Markets

Donald Jud, Tony Wingler and Daniel Winkler

Journal of Real Estate Portfolio Management, 2002, vol. 8, issue 1, 79-92

Abstract: Executive Summary. This study estimates optimized portfolios on an efficient frontier of real estate investment in the retail sector of fifty-eight metropolitan markets (MSAs), using quarterly sample data covering 1987-2000. The efficient opportunity sets and associated percentage allocations are determined for the entire sample of fifty-eight MSAs, as well as for subsets for each region of the country. Findings indicate that some regions offer much higher performance in a risk / return occupancy context than others. Also, the occupancy risk / return performance improves substantially when allocations are not limited to particular regions, suggesting that the retail space markets are relatively segmented.

Date: 2002
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DOI: 10.1080/10835547.2002.12089654

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