The Spatial Equilibrium of Intra-Regional Rates of Return and the Implications for Real Estate Portfolio Diversification

Terry V. Grissom, Ko Wang () and James R. Webb ()
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Terry V. Grissom: National Research Division Valuation Services PriceWaterhouse Houston, Texas 77002, http://www.pwcglobal.com/
James R. Webb: Department of Finance 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 1, 59-72

Abstract: This paper examines the rates of return for office buildings in four Texas cities to test for the presence of geographical patterns. The findings indicate that a geographical pattern does exist, both on an inter-city and intra-city basis. These results indicate a heightened emphasis on geographical diversification of real estate portfolios is warranted. Further research in the area of capital/real estate market segmentation in the structuring of real estate portfolios is strongly suggested.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1992
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