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Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate

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Author Info

  • David Geltner

    ()
    (Department of Economics, Chinese University of Hong Kong, Hong Kong)

  • Peiling Wei

    (George Macomber Professor of Real Estate Finance, Department of Urban Studies & Planning, Massachusetts, Institute of Technology, Cambridge, MA 02139)

  • David C. Ling

    ()
    (William D. Hussey Professor of Real Estate , Department of Finance & Real Estate, Warrington College of Business Administration, University of Florida,ainesville, FL 32611-7160)

Abstract

In U.S. commercial real estate markets, a single index product produced by the National Council of Real Estate Investment Fiduciaries (NCREIF) has been used for both asset class research and for agent evaluation benchmarking. While the NCREIF Index is an invaluable tool for the U.S. real estate investment industry, in some respects its construction is not optimized for either research or the benchmarking function, though the gap between the reality and the ideal is arguably greatest on the research side. This paper first discusses the purpose of the ideal research index, the optimal depth and breadth of market coverage, and the type of information included in the research index database. This discussion is followed by an analysis of the ideal agent evaluation benchmark index, including the definition, purpose, and uses of evaluation benchmarking, the characteristics of the ideal benchmark index, market coverage and information onsiderations, and a comparison of benchmark indices in the private real estate market to comparable indices used to benchmark public securities.

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Bibliographic Info

Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 10 (2007)
Issue (Month): 1 ()
Pages: 93-118

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Handle: RePEc:ire:issued:v:10:n:01:2007:p:93-118

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Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Web page: http://www.asres.org/

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Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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Related research

Keywords: benchmarking; return performance; agent evaluation; private real estate investment;

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References

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  1. Geltner, David & Goetzmann, William, 2000. "Two Decades of Commercial Property Returns: A Repeated-Measures Regression-Based Version of the NCREIF Index," The Journal of Real Estate Finance and Economics, Springer, vol. 21(1), pages 5-21, July.
  2. Dirk Brounen & Piet Eichholtz & David Ling, 2007. "Trading Intensity and Real Estate Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 35(4), pages 449-474, November.
  3. David Geltner & David C. Ling, 2006. "Considerations in the Design and Construction of Investment Real Estate Research Indices," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 411-444.
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Cited by:
  1. Sampagnaro, Gabriele & Battaglia, Francesca, 2010. "Reliability and Heterogeneity of Real Estate Indexes and their Impact on the Predictability of Returns," MPRA Paper 23378, University Library of Munich, Germany.

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