RT Journal Article
SR Electronic
T1 Modeling Office Returns at the Regional Level
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 103
OP 110
DO 10.3905/jpm.2000.103
VO 27
IS 1
A1 Susan Hudson-Wilson
A1 Ruijue Peng
A1 Oral Capps
YR 2000
UL https://pm-research.com/content/27/1/103.abstract
AB Investors have two problems using the National Council of Real Estate Investment Fiduciaries (NCREIF) data to make decisions. The first is that every day they are making bets based on what will happen, not what has already happened. Although the future of real estate is influenced by its past, performance in the future will not be the same. The second problem is the obvious fact that different economies and real estate markets across the country perform differently during the course of the business cycle. A national index misses these differences.