Diversification Issues in Real Estate Investment |
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| Authors: | Michael J. Seiler James R. Webb F. C. Neil Myer |
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| Affiliation: | (1) Department of Finance, Hawaii Pacific University, Honolulu, HI, 96813;(2) Center for the Study of Real Estate Brokerage and Markets, Department of Finance, James J. Nance College of Business, Cleveland State University, Cleveland, OH, 44115;(3) Department of Finance, Cleveland State University, James J. Nance College of Business, Cleveland State University, Cleveland, OH, 44115 |
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| Abstract: | Real estate asset management has been and will continue to be a topic of great interest. Specifically, does real estate warrant inclusion in an efficient portfolio? And if so, how much should be invested in real estate? This article reviews the extant literature in the area of real estate diversification and helps identify the reasons that there exists so much divergence in the answer to the question, “How much in real estate?” Moreover, diversification as it relates to real estate is discussed in reference to both mixed-asset portfolios and for diversification within the real estate asset class. Directions for future research are also discussed. |
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