Diversification Categories in Investment Real Estate

David J. Hartzell · John S. Hekman

266 citations0/0 files storedReal Estate Economics

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Housing Market and Economics Financial Markets and Investment Strategies Real estate and construction management

Abstract

This paper continues previous work evaluating the benefits of diversification and analyzes the various dimensions within the commercial real estate opportunity set. The database is large and extends through the 1982 downturn in property values. Due to the low levels of systematic risk, current distinctions by region and property type make little sense in a world of costly diversification. More exacting categories combining property type, SMSA growth rate and lease maturity offer promise for more efficient diversification within the real estate portfolio.

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1976The arbitrage theory of capital asset pricing 1977Asset returns and inflation 2021Short- Term Interest Rates as Predictors of Inflation 1984Real Estate Returns: A Comparison with Other Investments 1977Risk Reduction and Portfolio Size: An Analytical Solution 1984Real Estate Investment Funds: Performance and Portfolio Considerations

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1989Estimating Real Estate's Systematic Risk from Aggregate Level Appraisal‐Based Returns 1987Refining the Analysis of Regional Diversification for Income-Producing Real Estate 1997International Evidence on Real Estate Securities as an Inflation Hedge 1999Diversification Issues in Real Estate Investment 1988Owner-occupied homes, income-producing properties, and REITs as inflation hedges: Empirical findings 1996The Role of Real Estate in the Portfolio Allocation Process 1995Real estate portfolio diversification by property type and region

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