TY - JOUR T1 - Modeling Office Returns at the Regional Level JF - The Journal of Portfolio Management SP - 103 LP - 110 DO - 10.3905/jpm.2000.103 VL - 27 IS - 1 AU - Susan Hudson-Wilson AU - Ruijue Peng AU - Oral Capps Y1 - 2000/10/31 UR - https://pm-research.com/content/27/1/103.abstract N2 - Investors have two problems using the National Council of Real Estate Investment Fiduciaries (NCREIF) data to make decisions. The first is that every day they are making bets based on what will happen, not what has already happened. Although the future of real estate is influenced by its past, performance in the future will not be the same. The second problem is the obvious fact that different economies and real estate markets across the country perform differently during the course of the business cycle. A national index misses these differences. ER -