An Approach to Industrial Real Estate Market Segmentation and Valuation Using the Arbitrage Pricing Paradigm
研究工业房地产市场是否存在风险收益特征上的细分，并比较子市场视角与整体市场视角在套利定价框架下对工业地产回报率的预测效果。
This paper investigates whether a segmented market exists for industrial real estate with respect to risk and return characteristics. Given the existence of industrial market segmentation, the next issue examined is whether a submarket perspective or an integrated real estate market orientation provides better rate of return estimates for individual industrial properties using an Arbitrage Pricing Theory (APT) framework. The results support the existence of regional markets for industrial real estate. A submarket orientation rather than an integrated perspective is also found more appropriate in predicting returns on industrial real estate.