Can Experts Predict Returns on Commercial Real Estate?
) (Center for Real Estate Studies, Warrington College of Business, University of Florida, P.O. Box 117168, Gainesville, FL 32611) Abstract We examine the ability of experts, specifically institutional owners and managers, to predict commercial real estate return performance in major metropolitan markets and on various property types. We find no evidence that the consensus opinions on investment conditions contained in Real Estate Research Corporation?s quarterly Real Estate Investment Survey are useful in forecasting subsequent return performance. In fact, we document that RERC?s surveys are backward looking. The implications of these findings for investors are discussed. Download InfoTo download: If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be pa
