Abstract
Executive Summary. The economic fundamentals of large metropolitan areas appear to influence the performance of warehouse properties located in these areas and may offer useful criteria for establishing real estate diversification categories. Economic fundamentals (centrality, diversity and resilience), as well as growth, stability, specialization, and other economic factors are used to establish diversification categories. Metropolitan areas are grouped by these categories, and warehouse property returns for these categories are compared. The differences in returns between categories for most economic factors are not statistically significant. The differences are statistically significant for stability and when centrality, diversity and resilience are used together.
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