Capitalytics

**Regression for Commercial Real Estate Price Index**

	Dependent variable (+/- SE):

	Commercial Real Estate Price Index

Constant	-231.251 (+/- 73.475)
	p = 0.005^***
Real GDP growth	-1.524 (+/- 0.213)
	p = 0.00000^***
Real disposable income growth	-5.410 (+/- 0.444)
	p = 0.000^***
Nominal disposable income growth	5.062 (+/- 0.381)
	p = 0.000^***
Unemployment Rate	-14.662 (+/- 0.964)
	p = 0.000^***
CPI Inflation Rate	-3.290 (+/- 0.756)
	p = 0.0003^***
Market Volatility Index	-0.490 (+/- 0.068)
	p = 0.00000^***
US Avg Retail Gasoline Price ($-gal; all grades, all formulations)	-8.804 (+/- 3.026)
	p = 0.008^***
30-year Treasury Yield	985.684 (+/- 96.219)
	p = 0.000^***
LN_30-year Treasury Yield	-1,589.958 (+/- 127.400)
	p = 0.000^***
1-month Treasury Yield	26.417 (+/- 5.799)
	p = 0.0002^***
LN_1-month Treasury Yield	-11.291 (+/- 1.630)
	p = 0.00000^***
1-year Treasury Yield	46.456 (+/- 10.874)
	p = 0.0003^***
1-year Treasury Yield_2	-14.333 (+/- 2.793)
	p = 0.00003^***
30-year Treasury Yield_2	-75.018 (+/- 8.638)
	p = 0.000^***

Observations	40
R²	0.994
Adjusted R²	0.991
Residual Std. Error	4.296 (df = 25)
F Statistic	302.852^*** (df = 14; 25)

Note:	^p<0.1; ^p<0.05; ^**p<0.01