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Holding Periods and Investment Performance: Analysing Office Returns

Alan Gardner, Gerald Eve and George Matysiak

ERES from European Real Estate Society (ERES)

Abstract: Do holding periods matter? Holding periods are an important factor impacting on the performance of asset classes that are traded in open markets. The length of time investors have held or intend to hold an asset has a major input into investors' considerations at both a strategic and tactical level. Property is assumed to have much longer holding periods than those in other financial markets, reflecting the costs of transaction, lack of liquidity and opportunities for active management. At a time when property has enjoyed a renaissance in a multi-asset investment context, investors require an assessment of the contribution that holding periods make to performance. Based on a specially constructed database at IPD, this paper reports how office holding periods have contributed to performance, providing results across funds types and locations.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2005-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2005_179

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