Eres : Digital Library : Works

Paper eres2014_99:
Market Liquidity and Commercial Real Estate Asset Prices: Transaction-Based Evidence tor Prime, Secondary and Regional Office Markets

id eres2014_99
authors Schoenmaker, Dennis; Arno Van der Vlist
year 2014
title Market Liquidity and Commercial Real Estate Asset Prices: Transaction-Based Evidence tor Prime, Secondary and Regional Office Markets
source 21st Annual European Real Estate Society Conference in Bucharest, Romania
summary This paper measures the effects of local market liquidity on asset prices. It offers a framework for decomposing asset prices into cash-flow and market liquidity effects. Furthermore, we test for prime, secondary, and regional market differences, it also tests for the lower-end and upper-end price market. For this, we use transaction-based data for office markets in the Netherlands over 1990-2011. The results reveal that market liquidity increases asset prices by approximately 0.8 to 7.0 percent. The market liquidity effect is much more modest in the secondary and regional market compared to the prime market. The market liquidity effect is the strongest on the upper-end of the real estate market and the weakest for the lower-end market.
series ERES:conference
email d.a.j.schoenmaker@rug.nl
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2014&type=session&theme=Q &slot=2770
discussion No discussions. Post discussion ...
ratings
session Q : Real Estate Valuation
last changed 2014/10/21 21:51
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