What Moves Retail Property Returns at the Metropolitan Level?

What Moves Retail Property Returns at the Metropolitan Level? In this article the determinants of metropolitan-level appraisal-based retail property returns are examined by estimating a six-equation model of retail construction starts, retail sales, stock-market returns, commercial mortgage rates, inflation, and the logarithm of stock-market volatility. Residuals from these equations are then used to explain actual movements in retail real estate returns. Our empirical procedure looks at both unadjusted and unsmoothed appraisal-based retail real estate returns. The general finding is that unsmoothed appraisal-based retail real estate returns lag significantly behind market conditions. Furthermore, the results suggest that very little of the variation in metropolitan-level appraisal-based retail real estate returns can be explained by macroeconomic news events. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

What Moves Retail Property Returns at the Metropolitan Level?

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Kluwer Academic Publishers
Copyright © 1998 by Kluwer Academic Publishers
Economics; Regional/Spatial Science; Financial Services
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