Individual Assets, Market Structure And The Drivers Of Return

Steven Devaney and Colin Lizieri

Real Estate & Planning Working Papers from Henley Business School, University of Reading

Abstract: Much prior research on the structure and performance of UK real estate portfolios has relied on aggregated measures for sector and region. For these groupings to have validity, the performance of individual properties within each group should be similar. This paper analyses a sample of 1,200 properties using multiple discriminant analysis and cluster analysis techniques. It is shown that conventional property type and spatial classifications do not capture the variation in return behaviour at the individual building level. The major feature is heterogeneity - but there may be distinctions between growth and income properties and between single and multi-let properties that could help refine portfolio structures.

Keywords: Portfolio Structure; Return Generation Process; Real Estate (search for similar items in EconPapers)
Pages: 17 pages
Date: 2005
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Citations: View citations in EconPapers (5)

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Working Paper: Individual Assets, Market Structure and the Drivers of Returns (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:rdg:repxwp:rep-wp2005-18

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