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This article addresses the dynamic relationship between the commercial property market and the real estate investment trusts market at the aggregate and property levels by undertaking a co-integration analysis. The results suggest that there exists a common long-run co-integrating relationship between the commercial property and real estate investment trusts markets at the aggregate and property levels. Any disequilibrium in this long-run relationship between these markets is corrected by movement in the real estate investment trusts market. Further, to address the extent of movement in these variables as part of one co-integrated system into permanent and transitory components, we use the Kalman filter by conducting a state-space model. The results show that the cyclical component in the real estate trusts market is large at the aggregate and property levels, which are consistent with co-integrations results.

Real Estate Investment Trusts and Commercial Property Markets in US