We examine how the COVID-19 pandemic and the shift to working from home (WFH) affected commercial real estate (CRE) prices in cities across the United States. We compare urban and suburban commercial property transactions before and after the onset of the pandemic. On average, urban prices drop...

Geographically and temporally granular housing price indexes are difficult to construct. Data sparseness, in particular, is a limiting factor in their construction. In this paper, we introduce a new methodology to construct Census tract level indexes on a quarterly basis that can accommodate...

We analyze the causal effect of air pollution (acute fine particulate matter) exposure on commercial real estate (CRE) market. We instrument for air pollution using changes in local wind direction to find that an increase in fine particulate matter exposure leads to a contemporaneous decrease in...

A common definition of liquidity in real estate investment is the ability to sell property assetsquickly at full value, as reflected by transaction volume. The present paper makes methodologicaland conceptual contributions in the study and understanding of liquidity. First, we extendthe Fisher...