Two Decades Of Commercial Property Returns: A NCREIF Index Using Independent Appraisals

50 Pages Posted: 9 Feb 1998  

David M. Geltner

University of Cincinnati - Lindner College of Business

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 M. and Goetzmann, William N., Two Decades Of Commercial Property Returns: A NCREIF Index Using Independent Appraisals (January 1998). Yale IFC Working Paper No. 98-01. Available at SSRN: https://ssrn.com/abstract=58123 or http://dx.doi.org/10.2139/ssrn.58123

David Geltner (Contact Author)

University of Cincinnati - Lindner College of Business ( email )

P.O. Box 210195
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513-556-4891 (Fax)

William N. Goetzmann

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

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New Haven, CT 06520-8200
United States
203-432-5950 (Phone)
203-436-9252 (Fax)

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