Schoonderbeek, Tijmen (2020) Logistics Real Estate Clustering: What’s in it for the investor? Master thesis.
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3. Revised Thesis - Tijmen Schoonderbeek - S3549402.pdf Download (658kB) | Preview |
Abstract
As a result of globalization, e-commerce and innovations in the logistics supply chain, investors interest in logistics real estate investments has steeply increased over the years. These are investments in buildings that take a vital component within the supply chain of firms and all require different types of building characteristics and locations. Many of these buildings are located within logistics parks, while some are stand-alone units. This thesis examines the possible benefits of buildings clustered in these logistics parks. Various performance indicators of investment returns are assessed using a hedonic price modeling approach. A first-differencing strategy is applied to control for observed and unobserved similarities among the assets. Initially, stand-alone properties are found to perform better compared to those assets. After controlling for confounding variables, stand-alone units are found not to outperform assets in logistics parks. The analysis therefore suggests that return measures should not be interpreted without accounting for the possible influence of unobserved property quality. The findings of this study are useful for investors who aim to develop the highest performing, low risk bearing portfolio in logistics real estate.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Real Estate Studies |
| Supervisor: | Daams, M.N. |
| Date Deposited: | 29 Jul 2020 13:03 |
| Last Modified: | 29 Jul 2020 13:03 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/3248 |
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