{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/8165"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/8165","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"A repeat sales index for office buildings in New York City, 1900-2000","abstract":"This paper comments on one of the real estate and financial world's most common adages: that real estate is a safe long-term investment that will perform equal to or exceed other common investments, particularly over long stretches of time. With data drawn from a wide range of primary and secondary sources, a repeat sales index of large (250,000+ square foot) commercial building sales in the Midtown and Downtown sub-markets of New York City is created to illustrate how these properties have performed as an inflation-adjusted investment from 1900 through 2000. It differs from other papers that focused on hedonic modeling of building attributes and locational characteristics or that created appraisal-, lease- or property-share returns indices. Although our findings were not statistically significant, appreciation is found to be rather flat over time, appreciating on average between 1/4 to 2/3 percent per year and mirrors the findings of Eichholtz 1997 and Eichholtz & Geltner 2002. This suggests that while commercial office properties may provide investment opportunities when purchased and sold at the right points in the cycle, it tends to under-perform other investment options when carried over time.","abstract_html":"This paper comments on one of the real estate and financial world's most common adages: that real estate is a safe long-term investment that will perform equal to or exceed other common investments, particularly over long stretches of time. With data drawn from a wide range of primary and secondary sources, a repeat sales index of large (250,000+ square foot) commercial building sales in the Midtown and Downtown sub-markets of New York City is created to illustrate how these properties have performed as an inflation-adjusted investment from 1900 through 2000. It differs from other papers that focused on hedonic modeling of building attributes and locational characteristics or that created appraisal-, lease- or property-share returns indices. Although our findings were not statistically significant, appreciation is found to be rather flat over time, appreciating on average between 1/4 to 2/3 percent per year and mirrors the findings of Eichholtz 1997 and Eichholtz & Geltner 2002. This suggests that while commercial office properties may provide investment opportunities when purchased and sold at the right points in the cycle, it tends to under-perform other investment options when carried over time.","abstract_has_math":false,"creators":["Templeton, Cesarina A. (Cesarina Antoinette), 1971-","Baranski, Mark S. 1966-"],"institution":"Massachusetts Institute of Technology","degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":"Massachusetts Institute of Technology. Department of Urban Studies and Planning","school":null,"contributors":[],"advisors":["William C. Wheaton."],"committee_chairs":[],"committee_members":[],"year":2002,"date_issued":"2002","date_published":"2002","updated_at":"2026-07-22T22:22:10Z","subjects":["Urban Studies and Planning."],"languages":["eng"],"rights":["M.I.T. theses are protected by copyright. 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