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Flight to quality? An investigation of the attributes of sold properties in hot and cold markets

Fuerst, F., McAllister, P. and Sivitanides, P., (2011) Flight to quality? An investigation of the attributes of sold properties in hot and cold markets. Working Papers in Real Estate & Planning. 07/11. Working Paper. University of Reading , Reading. pp37.

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This paper uses sales transaction data in order to examine whether flight from risk phenomena took place in the US office property investment market during the financial crisis of 2007-2009. The effect of the crisis on the pricing of property quality attributes, mainly summarized by the class category of each building, is investigated. In addition, the paper examines how turnover levels were affected by the market downturn and whether there were significant variations between different real estate quality types. The results of the hedonic regression models suggest that the price spread between Class, A, B and C grew significantly during the downturn. We also find that property attributes such as size, height and age are priced significantly different in ‘hot’ and ‘cold’ markets.

Item Type:Report (Working Paper)
Divisions:Henley Business School > Real Estate and Planning
ID Code:22726
Publisher:University of Reading
Publisher Statement:The copyright of each working paper remains with the author. If you wish to quote from or cite any paper please contact the appropriate author; in some cases a more recent version of the paper may have been published elsewhere


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