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Implicit Liquidity Premiums in the Disposition of RTC Assets

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Abstract

Recent research investigated the relationship between physical factors and the asking price of industrial buildings. We extend prior research by including physical, locational, financial, and economic variables to determine the factors that influence the sales price. This research provides an initial valuation framework for appraisers and is a first step toward the development of an industrial property index. Eleven variables - building size, office space, dock doors, ceiling height, age, distance to the Dallas/Fort Worth Airport, county of sale, industrial cap rate, prime rate, tenant type, and date of sale - are found to explain the sales price of industrial property.

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  • Frank A. Fehribach & Ronald C. Rutherford & Mark E. Eakin, 1993. "Implicit Liquidity Premiums in the Disposition of RTC Assets," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 365-376.
    • Handle: RePEc:jre:issued:v:8:n:3:1993:p:365-376
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    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.
    2. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
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    JEL classification:

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

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