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This article applies a parameter\u2010reduction approach to U.S. commercial real estate data, and estimates metro\u2010level total return indices by property types from 1997 to 2014. This article further evaluates the economic merits of the indices. Test results suggest that the estimated metro indices have significant explanatory power, both in\u2010 and out\u2010of\u2010sample, for local property returns.<\/jats:p>","DOI":"10.1111\/1540-6229.12229","type":"journal-article","created":{"date-parts":[[2017,12,21]],"date-time":"2017-12-21T05:22:46Z","timestamp":1513833766000},"page":"1004-1029","source":"Crossref","is-referenced-by-count":1,"title":["Benchmarking Local Commercial Real Estate Returns: Statistics Meets Economics"],"prefix":"10.1111","volume":"48","author":[{"given":"Liang","family":"Peng","sequence":"first","affiliation":[{"name":"Smeal College of Business The Pennsylvania State University  Chungcheongnam\u2010do University Park PA 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