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Holding Periods and Investment Performance: Analysing UK Office Returns 1983-2003

Alan Gardner and George Matysiak

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

Abstract: Drawing on a unique database of office properties constructed for Gerald Eve by IPD, this paper examines the holding periods of individual office properties sold between 1983 and 2003. It quantifies the holding periods of sold properties and examines the relationship between the holding period and investment performance. Across the range of holding periods, excess returns (performance relative to the market) are evenly distributed. There are as many winners as there are losers. The distribution of excess returns over different holding periods is widely spread with the risk of under-performance greater over short holding periods. Over the longer term, excess performance is confined to a narrow range and individual returns are more likely to perform in line with the market as a whole.

Keywords: Holding Periods; Investment Performance; Real Estate Investment Office Sector (search for similar items in EconPapers)
Pages: 18 pages
Date: 2005
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