We propose a new method to estimate quality adjusted commercial property price indexes using real estate investment trust (REIT) data. Our method is based on the present value approach, but the way the denominator (i.e., the discount rate) and the numerator (i.e., cash flows from properties) are estimated differs from the traditional method. We estimate the discount rate based on the share prices of REITs, which can be regarded as the stock market\u27s valuation of the set of properties owned by the REITs. As for the numerator, we use rental prices associated only with new rental contracts rather than those associated with all existing contracts. Using a dataset with prices and cash flows for about 500 commercial properties included in Japa...
[[abstract]]This study investigates the explanatory capability of commercial office rental price and...
This paper develops a new methodology for constructing a real estate price index that utilizes all t...
The paper studies the problems associated with the construction of price indexes for commercial prop...
We propose a new method to estimate quality adjusted commercial property price indexes using real es...
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Esta...
While fluctuations in commercial property prices have an enormous impact on economic systems, the de...
First version: July 12, 2014, This version: Aug 28, 2014The paper studies the problems associated wi...
The SNA (System of National Accounts) requires separate estimates for the land and structure compone...
Using REIT return data, bond data, and property holding data, the authors construct property market ...
This paper is intended to recognize the performance of REITs in Japan (J-REITs) by conducting two ki...
Purpose – A useful instrument to understand and examine the inner workings of the property trade is...
This article reviews the state of the art in real estate price indexing and the state of knowledge a...
Conventional real estate price indexes provide a single measure for the path of asset prices over ti...
Property has the particularity of being a non-homogeneous good, and based on this, it is necessary t...
R21The paper uses hedonic regression techniques in order to decompose the price of a house into land...
[[abstract]]This study investigates the explanatory capability of commercial office rental price and...
This paper develops a new methodology for constructing a real estate price index that utilizes all t...
The paper studies the problems associated with the construction of price indexes for commercial prop...
We propose a new method to estimate quality adjusted commercial property price indexes using real es...
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Esta...
While fluctuations in commercial property prices have an enormous impact on economic systems, the de...
First version: July 12, 2014, This version: Aug 28, 2014The paper studies the problems associated wi...
The SNA (System of National Accounts) requires separate estimates for the land and structure compone...
Using REIT return data, bond data, and property holding data, the authors construct property market ...
This paper is intended to recognize the performance of REITs in Japan (J-REITs) by conducting two ki...
Purpose – A useful instrument to understand and examine the inner workings of the property trade is...
This article reviews the state of the art in real estate price indexing and the state of knowledge a...
Conventional real estate price indexes provide a single measure for the path of asset prices over ti...
Property has the particularity of being a non-homogeneous good, and based on this, it is necessary t...
R21The paper uses hedonic regression techniques in order to decompose the price of a house into land...
[[abstract]]This study investigates the explanatory capability of commercial office rental price and...
This paper develops a new methodology for constructing a real estate price index that utilizes all t...
The paper studies the problems associated with the construction of price indexes for commercial prop...