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Size-Tiered Economic Geography: 2009 Update
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06/30/2009
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This paper updates a previous study that addressed geographical diversity in institutional real estate and how such knowledge can be used to craft a diversified portfolio of assets capable of achieving superior risk-adjusted returns. Real estate investment remains highly concentrated in a handful of markets, which over time do not perform in tandem. As a result, our findings indicate that geographic diversity is highly beneficial as an investment strategy in the long run.
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Authors:
Adam Ruggiero
Robert Hess
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