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Spatial Concentration of Institutional Property Ownership: New Wave Atomistic or Traditional Urban Clustering



NCREIF investors acquire property in counties that meet socioeconomic filtering criteria. In contrast to atomistic predictions, these investors acquire their apartment buildings, offices, retail facilities, and warehouses in density clusters. These clusters follow a model of a negative exponential demand curve, a model that previously explained the technologically caused density gradient of urban areas. Institutional investors signal their belief that clustering of properties is a value dimension.

Suggested Citation

  • Leon G. Shilton & Craig Stanley, 1996. "Spatial Concentration of Institutional Property Ownership: New Wave Atomistic or Traditional Urban Clustering," Journal of Real Estate Research, American Real Estate Society, vol. 12(3), pages 413-428.
  • Handle: RePEc:jre:issued:v:12:n:3:1996:p:413-428

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    References listed on IDEAS

    1. Wayne R. Archer, 1981. "Determinants of Location for General Purpose Office Firms within Medium Size Cities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 9(3), pages 283-297.
    2. Marilyn Rubin & Ilene Wagner & Pearl Kamer, 1978. "Industrial Migration: A Case Study of Destination by City-Surburban Origin within the New York Metropolitan Area," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(4), pages 417-437.
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    Cited by:

    1. Peter Byrne & Stephen Lee, 2006. "Geographical Concentration in the Institutional Market for Office Property in England and Wales," Real Estate & Planning Working Papers rep-wp2006-07, Henley Business School, Reading University.

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    JEL classification:

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


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