Bourassa, S. C., & Hoesli, M. (2026). Real Estate Insights: Location matters – real estate submarkets in the work of Bryan MacGregor. Journal of Property Investment & Finance, 1–3. https://doi.org/10.1108/JPIF-02-2026-0026.
Abstract
Purpose
This paper highlights Bryan MacGregor's contribution to the literature on the definition of real estate submarkets in the context of hedonic house price analysis and commercial property investment diversification.
Design/methodology/approach
This paper provides a summary and discussion of Bryan's work on real estate submarkets, focusing on three of Bryan's published research papers.
Findings
Bryan's publications include an application of principal components analysis and cluster analysis to the definition of housing submarkets for hedonic modelling purposes. They also include studies of the usefulness of cluster analysis for commercial property investment diversification. Although Bryan is best known for his work on commercial property markets, his most-cited work is the paper on housing submarkets.
Originality/value
This paper calls attention to Bryan's contribution to research on real estate submarkets, particularly the analysis of housing submarkets.
Keywords
Bryan MacGregor; Real estate submarkets; Hedonic modeling; House prices; Commercial property portfolios