Diversification Categories in Investment Real Estate
评估商业房地产多元化收益，分析不同分类维度，发现按区域和物业类型区分效果有限，提出结合物业类型、城市增长率和租约期限的更精确分类方法。
This paper continues previous work evaluating the benefits of diversification and analyzes the various dimensions within the commercial real estate opportunity set. The database is large and extends through the 1982 downturn in property values. Due to the low levels of systematic risk, current distinctions by region and property type make little sense in a world of costly diversification. More exacting categories combining property type, SMSA growth rate and lease maturity offer promise for more efficient diversification within the real estate portfolio.