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The Reaction of Multifamily Capitalization Rates to Natural Disasters

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  • Donald Bleich

    ()
    (California State University–Northridge, Northridge, CA 91330)

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    Abstract

    This study analyzes the effect of the Northridge Earthquake on capitalization rates in the multifamily building market in Los Angeles, California. The results indicate that the Northridge Earthquake had a negative impact and overall capitalization rates rose. This negative effect, however, was not uniform over the entire Los Angeles area. During the first year the impact was correlated with distance to the epicenter and proximity to areas with high concentrations of damage. This negative effect, however, proved to be a temporary phenomenon. By the third year after the earthquake the negative effects of the earthquake were not significant.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol25n02/03.133_144.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 25 (2003)
    Issue (Month): 2 ()
    Pages: 133-144

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    Handle: RePEc:jre:issued:v:25:n:2:2003:p:133-144

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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