Value Property Premium: Is It Risker?
Release Date: April 2008
ARES Manuscript Prize Winner 2008- Office Buildings/Office Parks
A very few empirical studies based on aggregate market data have concluded the superiority of value property portfolios over growth property portfolios. This study revisits the value property premium anomaly by premising the analysis on Tokyo office property market data from 1997Q1 to 2007Q3; which shows that property investors could substantially improve their portfolio performance by investing in value office properties.