Document Type

Thesis or dissertation

Date of this Version

5-10-2018

Advisor

Todd Sinai

Abstract

This paper constructs repeat-sales indexes using Real Capital Analytics (RCA) transaction data from central business districts (CBD) in Chicago, New York City (Manhattan), Philadelphia, Washington D.C., Los Angeles, San Francisco, and Boston. The indexes can be used to measure the historical returns of offices in these markets. This paper brings insight on whether public and private real estate should be treated as the same asset class. It was found that exposure to private real estate has a positive liquidity premium compared to public REITs. This was found by comparing RCA’s Manhattan Office Repeat-Sales Index to SL Green’s unlevered returns.

Keywords

Real Estate Indexes, Repeat-Sales, Private Real Estate, REITs

Included in

Real Estate Commons

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Date Posted:10 June 2018

 

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