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dc.contributor.advisorAlex van de Minne.en_US
dc.contributor.authorSibor, Daniel(Daniel William)en_US
dc.contributor.otherMassachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.en_US
dc.coverage.spatialn-us---en_US
dc.date.accessioned2020-03-09T18:38:50Z
dc.date.available2020-03-09T18:38:50Z
dc.date.copyright2019en_US
dc.date.issued2019en_US
dc.identifier.urihttps://hdl.handle.net/1721.1/124039
dc.descriptionThesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019en_US
dc.descriptionCataloged from PDF version of thesis.en_US
dc.descriptionIncludes bibliographical references (page 41).en_US
dc.description.abstractCross-border investment in United States commercial real estate has grown at an astounding rate - nearly tenfold - since the turn of the century. Yet little remains quantitatively understood about the practical effects of this unprecedented shift. Using Granger causality testing, this paper explores how cross-border transactional volume impacts and interacts with commercial real estate prices within the four largest metropolitan real estate markets in the United States, and on an aggregate nationwide basis. Both rigorous testing and visual analysis of historical price indices and cross-border volume revealed unidirectional causality in all markets tested, but in different directions. For the total United States and New York City, causation appears to flow from price to cross-border volume. In Washington, DC, Los Angeles, and San Francisco, causation appears to flow from cross-border volume to price. Each direction of causality may support various strands of conventional wisdom regarding cross-border capital flows into the United States. However, the geographic specificity of the results suggests that the lessons of any one market are rarely applicable to another. Through qualitative interviews with cross-border investors and industry experts, this paper also examines the motivations, priorities, and decision-making processes which may help explain the results obtained.en_US
dc.description.statementofresponsibilityby Daniel Sibor.en_US
dc.format.extent53 pagesen_US
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsMIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582en_US
dc.subjectCenter for Real Estate. Program in Real Estate Development.en_US
dc.titleAll real estate is local : causality between cross-border investment and United States commercial real estate pricesen_US
dc.title.alternativeCausality between cross-border investment and United States commercial real estate pricesen_US
dc.typeThesisen_US
dc.description.degreeS.M. in Real Estate Developmenten_US
dc.contributor.departmentMassachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Developmenten_US
dc.identifier.oclc1102321127en_US
dc.description.collectionS.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estateen_US
dspace.imported2020-03-09T18:38:50Zen_US
mit.thesis.degreeMasteren_US
mit.thesis.departmentREDen_US


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