Considerable recent attention has been devoted to constructing improved spatial diversification categories based on the economic characteristics of areas. This research compares Salomon Brothers' regional classification system to U.S. regions and the FRC regions using economic indicators related to real estate demand. Salomon's classification is shown to be the superior classification for reducing the variation of demand-side indicators. Several of Salomon's regions have higher internal variability than the U.S. as a whole and should be reconfigured. Spatial diversification systems may be improved generally by considering noncontiguous diversification criteria based on the economic fundamentals of metro areas and specifically by introducing metro-area size categories.
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