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...

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...

Commercial real estate loans, in particular construction and land loans, have become a simultaneously one of the most significant sources of risk for regional and small banks while remaining one of the least understood and studied types of debt. The lack of loan-level data on land, construction,...

Tall buildings are central to facilitating sustainable urbanization and growth in cities worldwide. We estimate average elasticities of city population and built area to aggregate city building heights of 0.12 and -0.17, respectively, indicating that the largest global cities in developing...

We study the effect on economic outcomes resulting from reputation in a market and related locational advantage of intermediaries through the lens of brokered transactions in the commercial real estate market. Specifically, we explore how the locational advantage generated by a reputation for...

Identifying groups of comparable individual assets for a relative comparison of investment performance presents a major difficulty for direct real estate investors. The old adage ‘no two properties are exactly the same' expresses this problem, yet investment managers require reliable this...

Using a sample of 47,260 annual and 12,276 unique property observations during 2000 - 2011 we analyze the relationship between capital expenditures and performance by employing 2SLS models, in which capital expenditures are modeled as a function of property characteristics (age, square footage,...

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...

We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time. While the academic literature has emphasized Real Estate Investment Trusts...

This paper uses sales transaction data in order to examine whether flight from risk phenomena took place in the US office market during the financial crisis of 2007-2009. The effect of the crisis on the pricing of asset quality attributes, mainly summarized by the class category of each...