Two Decades of Commercial Property Returns: A Ncreif Index Using Independent Appraisals

50 Pages Posted: 9 Feb 1998

See all articles by David M. Geltner

David M. Geltner

affiliation not provided to SSRN

William N. Goetzmann

Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)

Date Written: January 1998

Abstract

This paper documents twenty years of performance of commercial real estate in the U.S. using a portfolio of properties that comprise the widely followed NCREIF Property Index (NPI). We develop an extension of the repeated-measures regression to examine the magnitude and duration of the of the crash in property values in the early 1990's. We find that total returns based upon income and capital were -15% over a three year period beginning in 1990.

JEL Classification: G1, G2

Suggested Citation

Geltner, David and Goetzmann, William N., Two Decades of Commercial Property Returns: A Ncreif Index Using Independent Appraisals (January 1998). Available at SSRN: https://ssrn.com/abstract=58123 or http://dx.doi.org/10.2139/ssrn.58123

David Geltner (Contact Author)

affiliation not provided to SSRN

William N. Goetzmann

Yale School of Management - International Center for Finance ( email )

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