The aim of this study is to examine whether securitized real estate returns reflect direct real estate returns or general stock market returns using international data for the U.S., U.K., and Australia. In contrast to previous research, which has generally relied on overall real estate market...

Using simulation analysis and property-level data for the U.S., we compare performance metrics for portfolios containing varying proportions of gateway and non-gateway markets. Risk-adjusted performance is found to be similar across types of markets. Gateway markets have higher appreciation and...

Using a large dataset of U.S. offices we analyze the relationship between investors' distance to their assets and the effective rent of these assets, and study the extent to which property managers can influence this relationship. We construct hedonic rent models to control for other known rent...

In this paper we study the relationship between cultural heritage and retail store dynamics at the neighbourhood level in the Netherlands. We analyze the total number of stores, number of vacant stores and number of stores by retail sub-industry in neighbourhoods, thereby focusing on the impact...

Housing is the largest component of most American households' wealth. Divergence of house prices directly affects wealth inequality. Using 5.9 million repeat sales of single-family houses, we find strong evidence that pricier houses had higher price appreciation rates from 2000 to 2015. Across...

Commercial buildings are a major asset class, over 30% of the value of the stock of all produced assets according to the BEA. Yet, US commercial buildings depreciation has not been comprehensively studied since the highly influential work of Hulten and Wykoff almost 40 years ago. This paper's...

Cost savings from efficiency gains are at the core of the green building business case. Significantly lower energy bills are said to be a major factor in the green rent premium that has been observed in earlier studies. Our study tests this relationship by, inferring energy costs from operating...

We study the impact of the 2005-2015 international student boom in US universities on local housing markets. By constructing a sample of American college towns characterizing rarely studied local markets in small urban areas, we show that international students exogenously sustained demand for...

We study the impact of remote work on the commercial office sector. We document large shifts in lease revenues, office occupancy, lease renewal rates, lease durations, and market rents as firms shifted to remote work in the wake of the Covid-19 pandemic. We show that the pandemic has had large...

Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery loans to small businesses following natural disasters. The rapid financial injection might enable viable firms to survive and grow or might hobble precarious firms with more...