LIST OF TABLES


Table page

1 Incremental NPV of Apartment Exchange as a Percent of Replacement Property
 V alue ............................................................34

2 Incremental NPV of Non-Residential Exchange as a Percent of Replacement
 Property Value.................... .. ...... .................. 39

3 Description of Size of Exchange M market ............................................................. 43

4 Description of Apartment Property Sales by Markets ..........................................46

5 Description of Office Property Sales by Markets ..................................... 49

6 Description of Retail Property Sales by Markets............. ....................52

7 List of Regression Variables ......................... ......... ...........58

8 Summary Statistics of Apartment Data by M arkets............. ............................... 62

9 Differences in Mean Prices of Control Sample and Identified Groups of Interest
 for Apartment Properties.......... .................................66

10 Regression Statistics for OLS Model with Structural Characteristics and
 Submarket Dummies by Apartment Markets............... ..............69

11 Regression Statistics for OLS Model with Structural Characteristics, Submarket
 Dummies and Longitude, Latitude Coordinates by Apartment Markets .............75

12 Marginal Effects for Significant Coefficients for Variables of Interest................ 81

13 Summary Statistics of Office Data by Markets................................................ 86

14 Differences in Mean Prices of Control Sample and Identified Groups of Interest
 for Office Properties................ .... .............. 90

15 Regression Statistics for OLS Model with Structural Characteristics and
 Submarket Dummies by Office Markets....................... ..................93

16 Regression Statistics for OLS Model with Structural Characteristics, Submarket
 Dummies and Longitude, Latitude Coordinates by Office Markets ....................102