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dc.contributor.authorGrissom, Terry V.
dc.contributor.authorHartzell, David J.
dc.contributor.authorLiu, Crocker H.
dc.description.abstractThis paper investigates whether a segmented market exists for industrial real estate with respect to risk and return characteristics. Given the existence of industrial market segmentation, the next issue examined is whether a submarket perspective or an integrated real estate market orientation provides better rate of return estimates for individual industrial properties using an Arbitrage Pricing Theory (APT) framework. The results support the existence of regional markets for industrial real estate. A submarket orientation rather than an integrated perspective is also found more appropriate in predicting returns on industrial real estate.
dc.rightsRequired Publisher Statement: © Wiley. Final version published as: Grissom, T. V., Hartzell, D. J., & Liu, C. H. (1987). An approach to industrial real estate market segmentation and valuation using the arbitrage pricing paradigm. Real Estate Economics, 15(3), 199-219. DOI: 10.1111/1540-6229.00428. Reprinted with permission. All rights reserved.
dc.subjectindustrial real estate market
dc.subjectArbitrage Pricing Theory
dc.titleAn Approach to Industrial Real Estate Market Segmentation and Valuation Using the Arbitrage Pricing Paradigm
dc.description.legacydownloadsLiu36_An_approach_to_industrial_real_estate.pdf: 2819 downloads, before Aug. 1, 2020.
local.authorAffiliationGrissom, Terry V.: Texas A&M University
local.authorAffiliationHartzell, David J.: University of North Carolina at Chapel Hill
local.authorAffiliationLiu, Crocker H.: Cornell University

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