Oakland, Phoenix, Riverside/San Bernardino, San Diego, San Francisco, Seattle and

Tucson. Los Angeles is once again the largest market represented in the sample, based on

number of observations (2,150). The second largest represented market is Chicago, with

2,069 retail sales. The smallest sample represents the San Francisco metropolitan area

with 339 observations.

 Based on inspection of the summary statistics by market reported in Table 18, I

notice that property characteristics display substantial variation by market. For example,

properties in some markets tend to be much older than in others. Average property age is

74 years in San Francisco, 48 years in Chicago, 47 years in Oakland and 40 years in Los

Angeles. In contrast, properties in Las Vegas are only 14 years old on average, while

properties in Phoenix and Dallas are only 16 years old on average. The data indicate that

retail properties are the oldest in San Francisco, but also the smallest, having on average

only 8,079 sq. ft. of improvements and 9,960 sq. ft. of land. Naturally, the older San

Francisco properties are associated with limited parking only 5.89 spaces, compared to

an average for the entire retail sample of 57.19. The vintage effect discussed with

apartments and offices is strongly expressed in the San Francisco market, where on

average the price per square footage of improvements is $213. In contrast, across all

markets the average price per square foot is $126, while the lowest mean price/sq. ft. of

$88 is observed in Detroit. Houston contains the largest retail properties with an average

of 36,343 sq. ft. of improvements and 148,025 sq. ft. of land. Houston, however, is the

second cheapest market in the sample, after Detroit, with an average price of $93 per

sq.ft. The market with the newest retail properties sold once again Las Vegas, which is