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Current research on sustainable property investment focuses mainly on property-level profitability of green buildings along with the development and implementation of eco-certifications. A second strand of studies investigates the company-level financial implications of corporate social...
Persistent link: https://www.econbiz.de/10013047240
Over the last years, prices for European office space have reached new peaks. This naturally provokes discussion about a possible overheating in the market. One approach to assess price development of real estate markets is the so-called "user cost approach". Typically, this approach is applied...
Persistent link: https://www.econbiz.de/10012053284
We argue that the competition for inelastically supplied capital results in a strong transmission of interest rates to the price of capital, weakening the conventional negative effect of interest rates on investment. We study this effect by exploiting geographic heterogeneity in the cash flow...
Persistent link: https://www.econbiz.de/10014236332
An enormous increase of initial rents in many German cities over the last decade has prompted the current grand coalition to implement a new rent control called "Mietpreisbremse" in 2015 (literally a brake on rental prices). This reform aims to stop exploding rents and to provide particularly...
Persistent link: https://www.econbiz.de/10011557784
This paper studies the geography of competition on Moscow commercial real estate market. We estimate the elasticity of office rental price to the prices of competing objects as a function of the geographical distance. We found that office real estate market in Moscow, although saturated, is...
Persistent link: https://www.econbiz.de/10011478332
In this paper we investigate the portfolio implications of liquidity costs and uncertainty aversion across asset classes. In many cases, financial securities such as equities trade in active markets in which equity owners can liquidate their holdings quickly and with little price concession. In...
Persistent link: https://www.econbiz.de/10013137104
Metrics using repeat sale data assume that frequently and infrequently sold properties are similar in capital expenditures, maintenance and other characteristics. Value-added investors concentrate on repositioning properties which requires capital investment and managerial skills. Returns using...
Persistent link: https://www.econbiz.de/10013073344
Using a sample of CCIM designees and candidates in an experimental setting, this study examines the impact of broker signaling in commercial real estate transactions. It also explores the effect of certainty of closure in commercial real estate transactions. Findings suggest brokers are able to...
Persistent link: https://www.econbiz.de/10012952946
There is a great instrument to diversify a real estate portfolio quickly and cost effectively: Derivatives on real estate indices! Furthermore, derivatives have a very important hedging function. The global financial crisis has underlined the importance of better risk management. Consequently,...
Persistent link: https://www.econbiz.de/10012961713
The real estate literature recognizes the real option to invest in capital expenditures (CAPEX) or sell a property but treats these options as independent. We show that these real options are interconnected. We provide empirical evidence that, consistent with the real option framework, CAPEX...
Persistent link: https://www.econbiz.de/10012901028