Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk

Relative precipitation indexes in the Puczniew area

Wskaźniki opadu atmosferycznego w rejonie Puczniewa. Susze są jednymi z groźniejszych zjawisk atmosferycznych powodujących szczególnie duże straty w plonach roślin uprawnych. W artykule dokonano oceny intensywności oraz wieloletniej zmienności suszy w okresie wegetacyjnym (IV–IX) na terenie Puczniewa, wyznaczonej na podstawie względnego wskaźnika opadu (RPI) oraz wskaźnika standaryzowanego opadu (SPI). Analizie poddano dobowe sumy opadów z okresu 1953–2002. Większą częstość występowania okresów wegetacyjnych z silną suszą wykazał wskaźnik RPI niż wskaźnik SPI.Relative precipitation indexes in the Puczniew area. Droughts are one of the more dangerous atmospheric phenomena causing especially large losses in yield crops. The article assesses the intensity and long-term variability of drought during the growing season (April–September) in Puczniew, determined on the basis of the relative precipitation index (RPI) and the standardized precipitation index (SPI). Analysed daily precipitation from the period 1953–2002. A higher frequency of vegetation periods of drought showed a strong the RPI than the SPI