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Both the real estate brokerage and the real estate investment trusts (REIT) industries have experienced dramatic structural and institutional changes in the last few years. These changes have brought the issue of operating efficiencies to the forefront. In this article, we summarize and critically review the operating efficiency literature for the real estate industry. In particular, we focus on X-efficiency, economies of scale and economies of scope for the real estate brokerage services market and for REITs. In addition, we attempt to identify future research paths that may extend and improve the current literature on real estate managerial efficiencies.
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Anderson et al. (2000) studied this question.
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