In this paper we analyze market segmentation by firm size in the commercial real estate transaction process. Using novel micro-level data, we look at the probability distribution of investors acquiring a specific bundle of real estate characteristics, distinguishing between investors based on the size of their real estate portfolio. We find evidence of market segmentation by investor size: institutional investors segment across property characteristics based on the size of their real estate portfolio. The probability that a large (small) seller will sell a property to a similar-sized buyer is higher, keeping all else equal. We explore potential drivers of this market segmentation and find that it is mainly driven by investor preferences. During the Global Financial Crisis (GFC), large investors were less likely to buy the ‘average’ property, as compared to the period before or after the crisis, indicating time-varying investor preferences.

在本文中，我们分析了商业房地产交易过程中按公司规模划分的市场细分。使用新颖的微观数据，我们研究了获得特定房地产特征捆绑的投资者的概率分布，根据其房地产投资组合的大小来区分投资者。我们发现了按投资者规模划分市场的证据：机构投资者根据房地产投资组合的规模对房地产特征进行细分。大型（小型）卖方将财产出售给类似规模的买方的可能性更高，而其他条件不变。我们探索了这种市场细分的潜在驱动因素，发现它主要是由投资者的偏好所驱动。在全球金融危机（GFC）期间，大型投资者购买“平均”房产的可能性较小，