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August 1, 2016
Apartment "seasoning": A recipe for better investment performance?
Shannon Wright, Director, Edward F. Pierzak, Ph.D., Managing Director, TIAA Global Real Estate Strategy and Research

In this paper, we examine the relationship between apartment “seasoning,” as measured by property age, and total return investment performance using data from the NCREIF Property Index (NPI). In the case of Apartments  we find that “just the right amount” of seasoning may lead investors to the most satisfying investment result.

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March 31, 2016
Real estate: End of the Road?: Assessing the Likelihood of a US Commercial Real Estate Downturn
Martha Peyton, Ph.D., Managing Director, and Edward F. Pierzak, Ph.D., Managing Director, TIAA Global Real Estate Strategy and Research

Commercial real estate (CRE) performance has been “on a roll”.  Some investors fear that the “end of the road” for the real estate expansion may be approaching.  We explore the likelihood of a US real estate downturn in the next four quarters. Our findings support our “cautious optimism” regarding US CRE prospects; we do not see the “end of the road” for the expansion just yet.

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