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Paper eres2003_184:
Cycles in Office Returns: Stockholm As Case Study & International Comparisons

id eres2003_184
authors Key, Tony; Gustafsson Christina; Aronsson Ylva; Franson Joakim
year 2003
title Cycles in Office Returns: Stockholm As Case Study & International Comparisons
source 10th European Real Estate Society Conference (10-13 June 2003) Helsinki, Finland
summary Long-run series on realised investor returns suggest that offices tend to show poor risk-adjusted returns relative to other property market sectors. The paper is an empirical test of the performance of the dominant office markets in four countries UK, Ireland, Sweden and France against alternative property investments in each country. The choice of countries for analysis is determined by the availability of portfolio-based returns series running back over a sufficient period to identify long-run returns characteristics. The comparisons show that in all four countries the cores of the office markets in the dominant financial centres have produced risk-adjusted returns inferior to those in other office markets, and other market sectors. On this evidence, the offices in major centres present the largest anomaly running against the standard theories on risk-return trade off in property investment performance. It would appear that returns have been systematically poor in the most liquid and best informed segments of the market, and that investors have maintained high in some countries rising exposure to markets with historically weak performance.
series ERES:conference
email tony.key@city.ac.uk
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ratings
session Session 2, Case Studies in Market Analysis 1
last changed 2008/12/29 19:09
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