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Institutional Property Tenure: Evidence from the NCREIF Database

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  • Jeffrey Fisher
  • Michael Young

Abstract

Executive Summary. This article examines holding periods for commercial real estate held by institutional investors in the NCREIF database in the United States and contrasts them with those found in a United Kingdom study using the IPD database. The similarity of results suggests that there may be fundamental reasons for the relatively long holding period for real estate that is global and related to differences in the relative liquidity and lease structures. Evidence is also found that holding periods have been declining over time and that the volume of transactions, and consequently holding periods, may be related to market conditions and structural changes in the management of real estate assets.

Suggested Citation

  • Jeffrey Fisher & Michael Young, 2000. "Institutional Property Tenure: Evidence from the NCREIF Database," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 6(4), pages 327-338, January.
    • Handle: RePEc:taf:repmxx:v:6:y:2000:i:4:p:327-338
    DOI: 10.1080/10835547.2000.12089617
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