This paper analyzes the price adjustment process for rental office space in 17 cities across
the United States over the time period 1960 to 1975. The results confirm much of what …

… JACK B. CORGEL is a full professor at the School of Hotel Administration and served as the
first director of the school's Center for Hospitality Research. He consults with PKF Hospitality …

Variability of local economic conditions underlie, in part, the default and prepayment risks of
mortgages originated in a metropolitan area. In this study we examine the benefits of …

Appraisal-based return indexes may not approximate the true real estate return distributions
because of understated return volatility. Recovery of returns from reported, appraisal-based …

Pricing commercial real estate has its foundations in present value theory. Recent improvements
for accessing transaction data have stimulated interest in commercial property hedonic …

In a positive context, asset valuation models may be judged on the basis of their predictive
ability rather than on the number and elegance of the underlying assumptions. The Average …

This paper investigates the effects of age on the sale prices of hotel real estate. Value erosion
of commercial property due to the passage of time may be offset by renovation, although …

Because fees for property management services are based on gross rental collections rather
than on net operating incomes, property managers may not always act in the best interest …

Hotels constitute just over 10% of all commercial real estate. The objective this study is to
consolidate what is known about hotel markets. Modern approaches to property market …

… John B. Corgel is a professor at Cornell University and managing director of applied research
at The Hospitality Research Group. Chris Djoganopoulos is an associate in the Investment …