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Notes: Forest Land Values and Return on Investment

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Increases in forest land value are occasionally viewed as returns separate from investment returns due to timber harvesting. When treated in this manner, the combined investment return appears to be greater than that obtained from the timber harvest alone. Future forest land values can increase only if timber price increases are anticipated beyond the first rotation. However, such anticipated price increases will be capitalized into higher present land values rather than increase the rate of return. Observed differences in land values over time are consistent with capitalized economic rent theory and cannot be correctly attributed as increases in investment returns. Land shifted to alternative nonforest uses in the future may also demand higher prices. If anticipated, however, such increases will also be reflected in higher present land values. Forest Sci. 26:91-96.
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Keywords: Forest economics; land use; rate of return; timber price increase

Document Type: Miscellaneous

Affiliations: Professor, College of Forest Resources, University of Washington, Seattle, WA 98195

Publication date: 1980-03-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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