Characteristics of a Full-Disclosure, Transaction-Based Index of Commercial Real Estate

David Downs and Barrett Slade

Journal of Real Estate Portfolio Management, 1999, vol. 5, issue 1, 95-104

Abstract: Executive Summary. This study addresses the characteristics of a transaction-based index of commercial real estate as reported in a full-disclosure market. Prior research on transaction-based indices has enumerated various shortcomings for commercial real estate markets. This study circumvents many of these problems by using a large data set of commercial property transactions obtained for the Phoenix, Arizona metropolitan statistical area. The empirical analysis demonstrates that investors stand to gain considerable insight by comparing full-disclosure, transaction-based indices with voluntary-disclosure, appraisal-based indices. The results suggest that full-disclosure indices avoid some of the institutional biases associated with other benchmarks of commercial real estate performance. In addition, some public policy issues emerge on the role of state mandated disclosure rules.

Date: 1999
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DOI: 10.1080/10835547.1999.12089568

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