Abstracts for Vol. Volume 17, Numbers 1 and 2 are printed together in one book. These articles feature a short introduction by Glenn R. Mueller.
All articles listed here are available for download in portable document format.
Research has shown that commercial property markets are prone to overbuilding, however, there is a dearth of research on construction cycles at the MSA level. This article examines three techniques that can be used to examine the probability of overbuilding within the office sector. There is considerable variation across MSAs in terms of the risk of overbuilding. This has important implications for real estate investors from a tactical asset allocation viewpoint. Random appraisal error appears constant across both time and the institutional-grade investment universe, except during infrequent periods of real estate market gridlock.