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Some reflections on commercial real estate indices
[Vybrané úvahy nad indexy komerčních nemovitostí]

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  • Jaroslav Kaizr

Abstract

The article summarizes approaches to constructing real estate indices and considers the advantages and disadvantages of each type of index model. The first part is based on the current literature, the second part of the article is devoted to considerations of the construction of the Czech real estate index for the industrial sector. In conclusion, it summarizes areas of further research in the construction of such Czech index.

Suggested Citation

  • Jaroslav Kaizr, 2019. "Some reflections on commercial real estate indices [Vybrané úvahy nad indexy komerčních nemovitostí]," Oceňování, Prague University of Economics and Business, vol. 12(1), pages 29-41.
    • Handle: RePEc:prg:jnloce:v:12:y:2019:i:1:id:2019_1_03:p:29-41
    DOI: 10.18267/j.ocenovani.225
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    References listed on IDEAS

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    1. David C. Ling & Andy Naranjo & M. Nimalendran, 2000. "Estimating Returns on Commercial Real Estate: A New Methodology Using Latent-Variable Models," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(2), pages 205-231.
    2. Shaun A. Bond & Soosung Hwang, 2007. "Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggregation in Real Estate Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 35(3), pages 349-382, September.
    3. David Geltner, 1993. "Temporal Aggregation in Real Estate Return Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(2), pages 141-166, June.
    4. de Leeuw, Frank & Ekanem, Nkanta F, 1971. "The Supply of Rental Housing," American Economic Review, American Economic Association, vol. 61(5), pages 806-817, December.
    5. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February.
    6. Steven C. Bourassa & Eva Cantoni & Martin Hoesli, 2013. "Robust Repeat Sales Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 41(3), pages 517-541, September.
    7. repec:arz:wpaper:eres2010-235 is not listed on IDEAS
    8. Dean Gatzlaff & Cynthia Holmes, 2013. "Estimating Transaction-Based Price Indices of Local Commercial Real Estate Markets Using Public Assessment Data," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 260-281, February.
    9. Colin Lizieri & Stephen Satchell & Warapong Wongwachara, 2012. "Unsmoothing Real Estate Returns: A Regime-Switching Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 40(4), pages 772-804, December.
    10. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    11. David Geltner & David C. Ling, 2006. "Considerations in the Design and Construction of Investment Real Estate Research Indices," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 411-444.
    12. Richard V. Butler, 1982. "The Specification of Hedonic Indexes for Urban Housing," Land Economics, University of Wisconsin Press, vol. 58(1), pages 96-108.
    13. Fisher, Jeffrey D & Geltner, David M & Webb, R Brian, 1994. "Value Indices of Commercial Real Estate: A Comparison of Index Construction Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 9(2), pages 137-164, September.
    14. Daniel P. McMillen & Jonathan Dombrow, 2001. "A Flexible Fourier Approach to Repeat Sales Price Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(2), pages 207-225.
    15. Russell Chaplin, 1997. "Unsmoothing valuation-based indices using multiple regimes," Journal of Property Research, Taylor & Francis Journals, vol. 14(3), pages 189-210, January.
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    More about this item

    Keywords

    market structure; commercial property valuation; real estate index; commercial real estate market; real estate investment market; commercial property; industrial property; market behavior; struktura trhu; oceňování komerčních nemovitostí; nemovitostní index; trh s komerčními prostory; trh s nemovitostními aktivy; komerční nemovitost; průmyslová nemovitost; chování trhu;
    All these keywords.

    JEL classification:

    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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