Keywords
transaction-based indices, commercial real estate, full-disclosure markets
Abstract
This study addresses the characteristics of a transaction-based index of commercial real estate as reported in a full-disclosure market. Prior research on transaction-based indices has enumerated various shortcomings for commercial real estate markets. This study circumvents many of these problems by using a large data set of commercial property transactions obtained for the Phoenix, Arizona metropolitan statistical area. The empirical analysis demonstrates that investors stand to gain considerable insight by comparing fulldisclosure, transaction-based indices with voluntarydisclosure, appraisal-based indices. The results suggest that full-disclosure indices avoid some of the institutional biases associated with other benchmarks of commercial real estate performance. In addition, some public policy issues emerge on the role of state mandated disclosure rules.
Original Publication Citation
Downs, D. and B. Slade, 1999, Characteristics of a Full-Disclosure Transaction-Based Index of Commercial Real Estate, The Journal of Real Estate Portfolio Management, 5:1, pp. 95 – 104.
BYU ScholarsArchive Citation
Downs, David H. and Slade, Barrett A., "Characteristics of a Full Disclosure, Transaction-Based Index of Commercial Real Estate" (1999). Faculty Publications. 8921.
https://scholarsarchive.byu.edu/facpub/8921
Document Type
Peer-Reviewed Article
Publication Date
1999
Publisher
The Journal of Real Estate Portfolio Management
Language
English
College
Marriott School of Business
Department
Finance
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