The last three decades have seen substantial change in real estate portfolios of financial institutions. This paper begins by first charting this restructuring of the institutional real estate portfolio between industrial, offices and retail classes over the last thirty years in the UK. This...

This paper examines the evolution of the commercial property investment market over the last thirty years. The empirical core of this paper will quantify the changing nature of liquidity and transactions activity in the commercial property investment market in the UK since 1981 based on the IPD...

British high street shopping centres are suffering high vacancy rates and a large extent of the ‘blame’ is placed on the web. The UK has the greatest proportion of internet sales in the world and there are inevitable implications for existing high street shops, retail parks and out...

Commercial property markets in major cities of the world have experienced significant transformation by the global clamour for incorporation of sustainability in commercial buildings through the introduction of various local and international rating tools. The effect of this trend is the...

The global financial crisis was a sharp shock to real estate markets and while interest rates and government bond yields fell in response around the world, real estate yields (cap rates) have risen. The objective of this paper is to analyse the gap between government bonds (index-linked and long...

It has been argued that investors overlook investment opportunities in the real estate markets of the UK outside London. This paper examines the fundamentals of real estate markets in British provincial cities. It analyses the diversification potential for investing and differences in expected...

ERES:conference

The paper begins by reviewing a stylised urban commercial property yield cycle. It then considers endogenous and particularly exogenous influences on the cycle including the role of macroeconomic factors such as interest rate changes and the property investment climate. A central issue that is...

The classic property market cycle is conceptualised as a short term adjustment process generated by the interaction of occupation demand, the business cycle, the national credit cycle and supply lags consequent on the development cycle. Within the model yields are a function of the required rate...

This paper will question whether traditional cost approaches apply to the valuation of an airport now that they are no longer public utilities but very much commercial enterprises. In doing so, the research explores the business model, the ownership and the importance of non-aviation business...