A Global Tour of Commercial Property and REIT Markets
Author
Start Page / End Page
Volume
Issue Number
Year
Publication
Frank Packer, Timothy Riddiough, Jimmy Shek
241 / 274
17
2
2014
International Real Estate Review
Abstract
Securitized equity interests in commercial property (the so-called listed REIT market) across a number of countries are analyzed. In so doing, we have pulled together financial as well as real economic data from a large number of different sources. On the real side, we focus particularly on office property construction, as data are fairly available in that sector. The comparison of REIT markets across countries reveals significant variation in terms of institutional characteristics, but many similarities in terms of financial performance. Office construction activity also displays some synchronicity across countries, with a general pattern of reduced levels and volatility in construction activity over the past two decades. Linkages between REIT market development and the dynamics of new construction activity are explored.
Keywords
Securitization, REITs, Commercial real estate, Office property, Cross-Country comparison