Evaluating “Within Real Estate” Diversification Strategies

Abstract

Executive Summary. This article refines previous comparisons of “within real estate” portfolio diversification by adding controls to the experimental design to determine why one strategy is superior to another. Two “new” economic diversification methods were among the thirteen strategies tested. The best strategy used sixteen dimensions (four property types in four geographic regions). The return/risk ratio was found to be more important than correlation matrix in explaining the ranking of diversification strategies. The article also discusses how the data's time period and market membership affect the weighting recommendations.

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