Real Estate: A Distinct Asset Class or an Industry Sector

Provided by: University of Washington
Format: PDF
Some observers have argued that real estate is simply another industry sector to be financed - not a distinct asset class. These advocates contend that if real estate had been evaluated with the same scrutiny of other asset classes, there would have been no need for a specific allocation to real estate in the first place, and institutional investors would have stopped investing during the mid-to-late 1980s when indicators showed that too much capital was flowing into the industry. The purpose of this paper is to explore the fundamental question of whether real estate is a distinct asset class.

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