Hoesli, MartinJohner, Louis2022-12-152022-12-152022Hoesli, M & Johner, L 2022, 'Portfolio Diversification across U.S. Gateway and Non-Gateway Real Estate Markets', Journal of Real Estate Research, vol. 44, no. 4, pp. 523-552. https://doi.org/10.1080/08965803.2022.20389020896-5803ORCID: /0000-0003-2173-1200/work/147046583https://hdl.handle.net/2164/19732Acknowledgments We are grateful to the Real Estate Research Institute (RERI) for having supported this project financially. Our RERI mentors, Martha Peyton and Greg MacKinnon, seminar participants at the Royal Institute of Technology in Stockholm (Sweden), the University of Neuchâtel (Switzerland), and the European Commercial Real Estate Data Alliance (E-CREDA) annual conference provided many useful comments and suggestions. Two anonymous reviewers provided very constructive remarks that have much improved the quality of the article. We also thank NCREIF for providing us with the data. Jeff Fisher was very helpful in helping us secure those data and provided many valuable inputs regarding the data as well as the method that NCREIF used until recently to produce its TBI. The usual disclaimer applies. Funding This article was supported financially by the Real Estate Research Institute.3018623434340004engCommercial Real EstateGateway MarketsNon-Gateway MarketsDiversificationRisk-Adjusted PerformanceDownside RiskHF5601 AccountingSupplementary InformationHF5601Journal article10.1080/08965803.2022.2038902444