IDEAS home Printed from
   My bibliography  Save this article

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


  • 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)


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.

Suggested Citation

  • David Geltner & Peiling Wei & David C. Ling, 2007. "Indices for Investment Benchmarking and Return Performance Analysis in Private Real Estate," International Real Estate Review, Asian Real Estate Society, vol. 10(1), pages 93-118.
  • Handle: RePEc:ire:issued:v:10:n:01:2007:p:93-118

    Download full text from publisher

    File URL:
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    1. 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.
    2. 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.
    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.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Jeffrey Fisher & David C. Ling & Andy Naranjo, 2009. "Institutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 85-116.
    2. 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.

    More about this item


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

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


    Access and download statistics


    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:ire:issued:v:10:n:01:2007:p:93-118. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (IRER Secretary Office/Webmaster). General contact details of provider: .

    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.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.