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A Global Tour of Commercial Property and REIT Markets

Author

Listed:
  • Frank Packer

    (Asia and the Pacific at the Bank for International Settlements)

  • Timothy Riddiough

    (University of Wisconsin School of Business)

  • Jimmy Shek

    (Asia and the Pacific at the Bank for International Settlements)

Abstract

Securitized equity interests in commercial property (the so-called listed REIT market) across a number of countries are analyzed. In so doing, we have pulled together financial as well as real economic data from a large number of different sources. On the real side, we focus particularly on office property construction, as data are fairly available in that sector. The comparison of REIT markets across countries reveals significant variation in terms of institutional characteristics, but many similarities in terms of financial performance. Office construction activity also displays some synchronicity across countries, with a general pattern of reduced levels and volatility in construction activity over the past two decades. Linkages between REIT market development and the dynamics of new construction activity are explored.

Suggested Citation

  • Frank Packer & Timothy Riddiough & Jimmy Shek, 2014. "A Global Tour of Commercial Property and REIT Markets," International Real Estate Review, Asian Real Estate Society, vol. 17(2), pages 241-274.
  • Handle: RePEc:ire:issued:v:17:n:02:2014:p:241-274
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    References listed on IDEAS

    as
    1. Bradford Case & Yawei Yang & Yildiray Yildirim, 2012. "Dynamic Correlations Among Asset Classes: REIT and Stock Returns," The Journal of Real Estate Finance and Economics, Springer, vol. 44(3), pages 298-318, April.
    2. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    3. Haibin Zhu, 2006. "The structure of housing finance markets and house prices in Asia," BIS Quarterly Review, Bank for International Settlements, December.
    4. Kerry D. Vandell, 1999. "The Mortgage REITs: Dynamos or Duds?," Wisconsin-Madison CULER working papers 99-03, University of Wisconsin Center for Urban Land Economic Research.
    5. Timothy J. Riddiough & Mark Moriarty & P.J. Yeatman, 2005. "Privately Versus Publicly Held Asset Investment Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 121-146, March.
    6. Chihiro Shimizu & Kiyohiko Nishimura, 2007. "Pricing Structure in Tokyo Metropolitan Land Markets and its Structural Changes: Pre-bubble, Bubble, and Post-bubble Periods," The Journal of Real Estate Finance and Economics, Springer, vol. 35(4), pages 475-496, November.
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    More about this item

    JEL classification:

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

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