IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2010_343.html
   My bibliography  Save this paper

The Analysis Of Tenant Risk In The Italian Real Estate Market

Author

Listed:
  • Duccio Martelli
  • Claudio Giannotti
  • Luigi Pischedda

Abstract

The volatility of tenant periodical cash flows produced by investment property can dramatically affect the expected return as estimated ex-ante, especially in recession times. Therefore tenant risk is a crucial factor for real estate investorsí strategies and asset allocation choices. The paper analyses the Italian institutional real estate market and aims at assessing tenant risk on the basis of lease events and market movements. The paper starts with a literature review of the major contributions in the field, produced by both academics (Ambrose B.W., Hendershott P.H., Klosek M.M., 2002; Crosby et al., 2000; McAllister, OíRoarty, 1999) and real estate institutions. Thanks to Investment Property Databank (IPD), who provides aggregate data of the Italian real estate market, the research offers an empirical analysis on actual leases signed in Italy in the years 2006 through 2008. The Italian lease market is further investigated in its features, in order to highlight different risk profiles across sectors and locations, with particular emphasis on break clauses. The results are compared with other IPD studies on other European markets, namely UK and France.

Suggested Citation

  • Duccio Martelli & Claudio Giannotti & Luigi Pischedda, 2010. "The Analysis Of Tenant Risk In The Italian Real Estate Market," ERES eres2010_343, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_343
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-343
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2010_343. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.