| The Spatial Equilibrium of
Intra-Regional Rates of Return and the Implications for Real Estate Portfolio
Diversification Author:
Terry V. Grissom, Ko Wang, and James R. Webb
Start Page: 59
End Page: 72
Volume: 7
Issue Number: 1
Year: 1992
Publication: Journal of Real Estate Research
Abstract: This paper examines
the rates of return for office buildings in four Texas cities to test for the presence of
geographical patterns. The findings indicate that a geographical pattern does exist, both
on an inter-city and intra-city basis. These results indicate a heightened emphasis on
geographical diversification of real estate portfolios is warranted. Further research in
the area of capital/real estate market segmentation in the structuring of real estate
portfolios is strongly suggested.
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