This paper is one of the first empirical studies to investigate the impact of property management on the market value of a building. The outsourcing institute estimates that the real estate service industry has a total value of more than 340 billion dolalr. Within this industry property...

Natural disasters such as hurricanes, floods, heatwaves and wildfires are projected to become more prevalent in the foreseeable future. Climate risk is therefore increasingly recognized as an important factor by policy makers, the investment community, and financial markets. Due to the...

This study investigates the capitalization of climate shocks in commercial real estate owned and operated by sophisticated investors. We focus on Hurricanes Harvey and Sandy to quantify the price impacts of climate shocks on commercial buildings in the U.S. We find clear evidence of a decline in...

Constructing a novel database on the real estate holdings of public firms, we show that distressed firms sell their real estate assets at a discount relative to healthy firms. We find that distress discount in real estate assets is less pronounced for sellers with less liquidity-constrained...