Abstract
Executive Summary. Since the mid-1990s real estate experts have posited that so-called 24-hour cities would provide investors with superior risk-adjusted returns compared to 9-to-5 cities. This hypothesis, reportedly implemented by institutional investors, has not been examined rigorously until now. Hypothesized groupings of 24-hour and 9-to-5 cities (drawn from industry literature) are studied, against the background of the remaining 25 largest metro areas of the United States, and those groupings subjected to evaluation. Superior commercial real estate performance is observed in inflation-adjusted office rents, occupancy, and risk-adjusted return on office investment for the period 1987-2009, at the 0.01 level of statistical significance.
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