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,...

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...

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...

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...

This paper examines private real estate market liquidity dynamics using the recently introduced family of Transactions-Based Indices (TBIs) calculated from the NCREIF database. The paper derives a Liquidity Index from a combination of the TBI Price Index and the TBI Supply Index. Liquidity in...

Hedonic regressions are used for residential property price index (RPPI) measurement to control for changes in the quality-mix of properties transacted. This paper consolidates the confusing array of existing approaches and methods of implementation. It further develops an innovative form of...

Real estate indices often rely on strong constant quality assumptions. Hedonic techniques are more rigorous than median-price measures to control for quality of the assets in place or the quality of the assets that are put on the market at different times. We use a unique appraisal-based rent...

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...

We introduce new methodology for constructing real estate rent indices. Using unique data on contract rents from six Indian metropolitan markets, we pair subsequent rented units in the same building to create over 12,000 pseudo repeat rent pairs. We impose an autoregressive structure on the log...