Nonlocal Office Investors: Anchored by their Markets and Impaired by their Distance
Nonlocal investors purchase and sell investment property in a distant metropolitan area. In this study, we identify capital value underperformance for nonlocal investors on both sides of the transaction, when they purchase and when they sell. The commercial real estate transactions data include a na...
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Published in | The journal of real estate finance and economics Vol. 50; no. 1; pp. 129 - 149 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
Published |
Boston
Springer US
01.01.2015
Springer Nature B.V |
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Abstract | Nonlocal investors purchase and sell investment property in a distant metropolitan area. In this study, we identify capital value underperformance for nonlocal investors on both sides of the transaction, when they purchase and when they sell. The commercial real estate transactions data include a national sample of office property occurring in more than 100 U.S. markets. Using propensity-score matched sample to control for selection bias, we find that nonlocal investors overpay on the purchase by an estimated 13.8 % and sell at an estimated 7 % discount. These disadvantages relative to local investors expand with the geographic distance separating investor and asset. Nonlocal investors fundamentally overvalue similar assets sold to each other relative to assets transacted between locals, and are less patient as sellers. The positive bias in overpayment is directly tied to office rent differentials between the asset and investor markets. |
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AbstractList | Nonlocal investors purchase and sell investment property in a distant metropolitan area. In this study, we identify capital value underperformance for nonlocal investors on both sides of the transaction, when they purchase and when they sell. The commercial real estate transactions data include a national sample of office property occurring in more than 100 US markets. Using propensity-score matched sample to control for selection bias, we find that nonlocal investors overpay on the purchase by an estimated 13.8 % and sell at an estimated 7 % discount. These disadvantages relative to local investors expand with the geographic distance separating investor and asset. Nonlocal investors fundamentally overvalue similar assets sold to each other relative to assets transacted between locals, and are less patient as sellers. The positive bias in overpayment is directly tied to office rent differentials between the asset and investor markets. Nonlocal investors purchase and sell investment property in a distant metropolitan area. In this study, we identify capital value underperformance for nonlocal investors on both sides of the transaction, when they purchase and when they sell. The commercial real estate transactions data include a national sample of office property occurring in more than 100 U.S. markets. Using propensity-score matched sample to control for selection bias, we find that nonlocal investors overpay on the purchase by an estimated 13.8_% and sell at an estimated 7_% discount. These disadvantages relative to local investors expand with the geographic distance separating investor and asset. Nonlocal investors fundamentally overvalue similar assets sold to each other relative to assets transacted between locals, and are less patient as sellers. The positive bias in overpayment is directly tied to office rent differentials between the asset and investor markets. Reprinted by permission of Springer Nonlocal investors purchase and sell investment property in a distant metropolitan area. In this study, we identify capital value underperformance for nonlocal investors on both sides of the transaction, when they purchase and when they sell. The commercial real estate transactions data include a national sample of office property occurring in more than 100 U.S. markets. Using propensity-score matched sample to control for selection bias, we find that nonlocal investors overpay on the purchase by an estimated 13.8 % and sell at an estimated 7 % discount. These disadvantages relative to local investors expand with the geographic distance separating investor and asset. Nonlocal investors fundamentally overvalue similar assets sold to each other relative to assets transacted between locals, and are less patient as sellers. The positive bias in overpayment is directly tied to office rent differentials between the asset and investor markets. |
Author | Gallimore, Paul Wiley, Jonathan A. Liu, Yu |
Author_xml | – sequence: 1 givenname: Yu surname: Liu fullname: Liu, Yu organization: Department of Real Estate, J. Mack Robinson College of Business, Georgia State University – sequence: 2 givenname: Paul surname: Gallimore fullname: Gallimore, Paul organization: School of Real Estate and Planning, Henley Business School, The University of Reading – sequence: 3 givenname: Jonathan A. surname: Wiley fullname: Wiley, Jonathan A. email: jwiley@gsu.edu organization: Department of Real Estate, J. Mack Robinson College of Business, Georgia State University |
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Cites_doi | 10.1111/j.1540-6229.2011.00308.x 10.1162/003355301753265561 10.1007/s11146-010-9282-z 10.1108/14635789710184989 10.1111/1080-8620.00022 10.1016/0749-5978(87)90046-X 10.1007/s11146-007-9034-x 10.2307/3172740 10.1016/0166-0462(93)90046-H 10.1111/j.1080-8620.2004.00085.x 10.1111/j.1468-0297.2006.01052.x 10.1080/095999196368808 10.1111/j.1536-7150.1978.tb02811.x 10.1111/j.1540-6229.2012.00341.x 10.1068/a44495 10.1080/095999198368509 10.1111/1540-6229.00749 10.1080/10835547.1988.12090567 10.1177/0042098007085966 |
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References | Lambson, McQueen, Slade (CR9) 2004; 32 Watkins (CR19) 1998; 15 Diaz, Wolverton (CR4) 1998; 26 Simonsohn, Loewenstein (CR14) 2006; 116 Vrooman (CR18) 1978; 37 Miller, Sklarz, Ordway (CR11) 1988; 3 Simonson, Tversky (CR15) 1992; 29 Black, Diaz (CR1) 1996; 13 Ihlanfeldt, Mayock (CR8) 2012; 44 Genesove, Mayer (CR6) 2001; 116 Northcraft, Neale (CR13) 1987; 39 Tversky, Kahneman (CR17) 1974; 185 Bokhari, Geltner (CR2) 2011; 39 Gallimore, Wolverton (CR5) 1997; 15 Turnbull, Sirmans (CR16) 1993; 23 Hansz, Diaz (CR7) 2001; 29 Neo, Ong, Tu (CR12) 2008; 45 Wiley (CR20) 2012; 40 Clauretie, Thistle (CR3) 2007; 35 Liu, Roberts (CR10) 2012; 44 I Simonson (9446_CR15) 1992; 29 K Ihlanfeldt (9446_CR8) 2012; 44 U Simonsohn (9446_CR14) 2006; 116 JA Wiley (9446_CR20) 2012; 40 P Gallimore (9446_CR5) 1997; 15 DH Vrooman (9446_CR18) 1978; 37 JA Hansz (9446_CR7) 2001; 29 PH Neo (9446_CR12) 2008; 45 GB Northcraft (9446_CR13) 1987; 39 N Liu (9446_CR10) 2012; 44 D Genesove (9446_CR6) 2001; 116 T Clauretie (9446_CR3) 2007; 35 C Watkins (9446_CR19) 1998; 15 S Bokhari (9446_CR2) 2011; 39 GK Turnbull (9446_CR16) 1993; 23 J Diaz III (9446_CR4) 1998; 26 VE Lambson (9446_CR9) 2004; 32 A Tversky (9446_CR17) 1974; 185 NG Miller (9446_CR11) 1988; 3 RT Black (9446_CR1) 1996; 13 |
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SubjectTerms | Asset acquisitions Asymmetric information Asymmetry Bias Commercial real estate Costs Economic models Economic statistics Economic theory Economics Economics and Finance Efficiency Financial Services Housing Institutional investments Investment Investors Literature reviews Market efficiency Prices Property Purchasing Real estate Real estate appraisal Real estate market Regional/Spatial Science Sales Studies U.S.A |
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Title | Nonlocal Office Investors: Anchored by their Markets and Impaired by their Distance |
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