Preferences of Institutional Investors in Commercial Real Estate
SSRN, ISSN: 1556-5068
2019
- 6Citations
- 1,329Usage
- 1Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
In this paper we analyze market segmentation by firm size in the commercial real estate transaction process. Using novel micro-level data, we look at the probability distribution of investors acquiring a specific bundle of real estate characteristics, distinguishing between investors based on the size of their real estate portfolio. We find evidence of market segmentation by investor size: institutional investors segment across property characteristics based on the size of their real estate portfolio. The probability that a large (small) seller will sell a property to a similar-sized buyer is higher, keeping all else equal. We explore potential drivers of this market segmentation and find that it is mainly driven by investor preferences. During the Global Financial Crisis (GFC), large investors were less likely to buy the ’average’ property, as compared to the period before or after the crisis, indicating time-varying investor preferences.
Bibliographic Details
http://www.scopus.com/inward/record.url?partnerID=HzOxMe3b&scp=85112541629&origin=inward; http://dx.doi.org/10.2139/ssrn.3501698; https://www.ssrn.com/abstract=3501698; https://dx.doi.org/10.2139/ssrn.3501698; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3501698; https://ssrn.com/abstract=3501698
Elsevier BV
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