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The Determinants of International Commercial Real Estate Investment

Author

Listed:
  • Alexander Groh

    (EM - EMLyon Business School)

  • Karsten Lieser

Abstract

We examine the determinants of international commercial real estate investment using a unique set of panel data series for 47 countries worldwide, covering the period from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity by determining both cross-sectional and time-series estimators, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investment, and also demonstrate that a lack of transparency in the legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations.

Suggested Citation

  • Alexander Groh & Karsten Lieser, 2014. "The Determinants of International Commercial Real Estate Investment," Post-Print hal-02313080, HAL.
    • Handle: RePEc:hal:journl:hal-02313080
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    Cited by:

    1. Arkadiusz Górski & Agnieszka Parkitna & Kamila Urbańska, 2021. "Identification of risks of investments into residential premises for rent in Poland," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 31(4), pages 53-68.
    2. Patrick Krieger & Carsten Lausberg & Kristin Wellner, 2018. "Einblicke in die Gründe für nicht-normalverteilte Immobilienrenditen: eine explorative Untersuchung deutscher Wohnimmobilienportfolios [Insights into the reasons for non-normal real estate returns:," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 4(1), pages 49-79, November.
    3. Fabozzi, Frank J. & Xiao, Keli, 2017. "Explosive rents: The real estate market dynamics in exuberance," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 100-107.
    4. Shi, Song & Wu, Shuping & Yang, Zan, 2023. "Competitive Advantages of Hong Kong Land Development Firms in Mainland China: A Tale of Initial Success and Subsequent Decline," Working Paper Series 23/8, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
    5. Xiao Ma & Zhe Zhang & Yan Han & Xiao-Guang Yue, 2019. "Sustainable Policy Dynamics—A Study on the Recent “Bust” of Foreign Residential Real Estate Investment in Sydney," Sustainability, MDPI, vol. 11(20), pages 1-20, October.
    6. Peng Liu & Nathan Mauck & S. McKay Price, 2020. "Are Government Owned Investment Funds Created Equal? Evidence from Sovereign Wealth Fund Real Estate Acquisitions," The Journal of Real Estate Finance and Economics, Springer, vol. 61(4), pages 698-729, November.
    7. Pupentsova Svetlana & Livintsova Maria, 2018. "Qualimetric Assessment of Investment Attractiveness of the Real Estate Property," Real Estate Management and Valuation, Sciendo, vol. 26(2), pages 5-11, June.
    8. Jędrzej Białkowski & Sheridan Titman & Garry Twite, 2023. "The determinants of office cap rates: The international evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(3), pages 539-572, May.
    9. Cohen Viktorija & Burinskas Arūnas, 2020. "The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and Reits," Ekonomika (Economics), Sciendo, vol. 99(1), pages 79-92, June.
    10. Lisha He & Mia M Bennett & Ronghao Jiang, 2022. "The uneven geography of real estate investment by Mainland Chinese state-owned and private enterprises in the U.S.: Local market conditions, migration, and ethnic networks," Environment and Planning A, , vol. 54(4), pages 653-675, June.
    11. Devaney, Steven & Livingstone, Nicola & McAllister, Pat & Nanda, Anupam, 2019. "Capitalization rates and transaction activity in international office markets: A global perspective," Global Finance Journal, Elsevier, vol. 42(C).
    12. Graeme Newell, 2021. "Future research opportunities for Asian real estate," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 25(2), pages 272-290, April.
    13. Jędrzej Białkowski & Sheridan Titman & Garry Twite, 2023. "The Determinants of Office Cap Rates: The International Evidence," Working Papers in Economics 23/01, University of Canterbury, Department of Economics and Finance.
    14. Nathan Mauck & S. McKay Price, 2017. "Determinants of Foreign Versus Domestic Real Estate Investment: Property Level Evidence from Listed Real Estate Investment Firms," The Journal of Real Estate Finance and Economics, Springer, vol. 54(1), pages 17-57, January.
    15. Steven Devaney & David Scofield & Fangchen Zhang, 2019. "Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities," The Journal of Real Estate Finance and Economics, Springer, vol. 59(3), pages 490-513, October.

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