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Determinants of Industrial Property Value


  • Larry J. Lockwood
  • Ronald C. Rutherford


This paper examines the determinants of industrial properly value. We use the factor‐analytic linear structural relations (LISREL) model to confront measurement problems associated with related work. A simultaneous test of the effects on property value of factors summarizing physical property, national market, local market, interest rate and location variables is performed. Findings indicate that the value of industrial buildings during 1987–1991 in the Dallas/Fort Worth area is primarily related to local market effects and to physical characteristics and location of the property.

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  • Larry J. Lockwood & Ronald C. Rutherford, 1996. "Determinants of Industrial Property Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(2), pages 257-272.
  • Handle: RePEc:bla:reesec:v:24:y:1996:i:2:p:257-272
    DOI: 10.1111/1540-6229.00690

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    References listed on IDEAS

    1. Hoag, James W, 1980. "Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-580, May.
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    Cited by:

    1. Peter Byrne & Stephen Lee, 2008. "Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales," Real Estate & Planning Working Papers rep-wp2008-02, Henley Business School, Reading University.
    2. Jasper Beekmans, 2011. "An indicator for decline of industrial estates," ERES eres2011_281, European Real Estate Society (ERES).
    3. Prashant Das & Patrick Smith & Paul Gallimore, 2018. "Pricing Extreme Attributes in Commercial Real Estate: the Case of Hotel Transactions," The Journal of Real Estate Finance and Economics, Springer, vol. 57(2), pages 264-296, August.
    4. Thomas O. Jackson, 2002. "Environmental Contamination and Industrial Real Estate Prices," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 179-200.
    5. Eli Beracha & William G. Hardin & Hilla Maaria Skiba, 2018. "Real Estate Market Segmentation: Hotels as Exemplar," The Journal of Real Estate Finance and Economics, Springer, vol. 56(2), pages 252-273, February.

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