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Individual assets, market structure and the drivers of return

Devaney, S. and Lizieri, C. (2005) Individual assets, market structure and the drivers of return. Journal of Property Research, 22 (4). pp. 287-307. ISSN 1466-4453

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To link to this item DOI: 10.1080/09599910600558504

Abstract/Summary

Much UK research and market practice on portfolio strategy and performance benchmarking relies on a sector‐geography subdivision of properties. Prior tests of the appropriateness of such divisions have generally relied on aggregated or hypothetical return data. However, the results found in aggregate may not hold when individual buildings are considered. This paper makes use of a dataset of individual UK property returns. A series of multivariate exploratory statistical techniques are utilised to test whether the return behaviour of individual properties conforms to their a priori grouping. The results suggest strongly that neither standard sector nor regional classifications provide a clear demarcation of individual building performance. This has important implications for both portfolio strategy and performance measurement and benchmarking. However, there do appear to be size and yield effects that help explain return behaviour at the property level.

Item Type:Article
Refereed:Yes
Divisions:Henley Business School > Real Estate and Planning
ID Code:36493
Uncontrolled Keywords:Portfolio structure, real estate; return generation process
Publisher:Taylor and Francis

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