scholarly journals A First Look at the Impact of COVID19 on Commercial Real Estate Prices: Asset Level Evidence

2020 ◽  
Author(s):  
David C. Ling ◽  
Chongyu Wang ◽  
Tingyu Zhou
Keyword(s):  
Real Estate ◽  
Commercial Real Estate ◽  
Real Estate Prices ◽  
The Impact

scholarly journals The impact of sale and leaseback on commercial real estate prices and initial yields in the UK

2019 ◽  
Vol 36 (3) ◽  
pp. 245-271
Author(s):  
Danielle C. Sanderson ◽  
Farazia Shakurina ◽  
Jolene Lim
Keyword(s):  
Real Estate ◽  
Commercial Real Estate ◽  
Real Estate Prices ◽  
The Uk ◽  
The Impact

scholarly journals A First Look at the Impact of COVID-19 on Commercial Real Estate Prices: Asset-Level Evidence

2020 ◽  
Vol 10 (4) ◽  
pp. 669-704 ◽  
Author(s):  
David C Ling ◽  
Chongyu Wang ◽  
Tingyu Zhou
Keyword(s):  
Real Estate ◽  
Abnormal Returns ◽  
Commercial Real Estate ◽  
Asset Markets ◽  
Substantial Variation ◽  
Standard Deviation Increase ◽  
Policy Interventions ◽  
Percentage Points ◽  
Real Estate Prices ◽  
The Impact

Abstract This is the first paper to examine how the COVID-19 shock transmitted from the asset markets to capital markets. Using a novel measure of the exposure of commercial real estate (CRE) portfolios to the increase in the number of COVID-19 cases (GeoCOVID), we find a one-standard-deviation increase in GeoCOVID on day t-1 is associated with a 0.24 to 0.93 percentage points decrease in abnormal returns over 1- to 3-day windows. There is substantial variation across property types. Local and state policy interventions helped to moderate the negative return impact of GeoCOVID. However, there is little evidence that reopenings affected the performance of CRE markets.

scholarly journals Methodology for mapping the average transaction prices of residential premises using GIS

2016 ◽  
Vol 48 (4) ◽  
pp. 161-171 ◽  
Author(s):  
Martyna Sosnowska ◽  
Izabela Karsznia
Keyword(s):  
Real Estate ◽  
Open Data ◽  
Transaction Prices ◽  
Residential Properties ◽  
Choropleth Maps ◽  
Presentation Methods ◽  
Real Estate Prices ◽  
Gis Software ◽  
The Impact ◽  
Selection Of

Abstract Geographic information systems (GIS) and their tools support the process of real estate trading. Of key importance is the ability to visualise information about real estate in the form of maps of average real estate transaction prices. The following study presents a methodology for mapping average real estate transaction prices using GIS. The map development process comprised three main stages. In the first stage, the input data was processed and statistically analysed. Official data came from the Register of Real Estate Prices and Values, and open data from the National Register of Boundaries. The second stage involved the visualization of the data in the form of maps of average apartment prices using the cartographic methods of choropleth maps and diagrams. The commercial tool ArcMap 10.3 and the free Quantum GIS software were used in the design of the maps of average real estate transaction prices, to check the options for using these types of programs. As a result, eight maps were designed presenting the average transaction prices for residential properties in the Warsaw district of Ursynów in 2015. The final stage was the analysis of the designed maps. The influence of the selection of the reference units on the visualization content, and the impact of combining cartographic presentation methods on the complexity of the presentation of real estate information, were also analysed.

scholarly journals Cap rates and risk: a spatial analysis of commercial real estate

2018 ◽  
Vol 35 (1) ◽  
pp. 25-43
Author(s):  
Florian Unbehaun ◽  
Franz Fuerst
Keyword(s):  
Real Estate ◽  
Risk Perceptions ◽  
Large Scale ◽  
Risk Premia ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Data Series ◽  
Large Set ◽  
Content Type ◽  
The Impact

Purpose This study aims to assess the impact of location on capitalization rates and risk premia. Design/methodology/approach Using a transaction-based data series for the five largest office markets in Germany from 2005 to 2015, regression analysis is performed to account for a large set of asset-level drivers such as location, age and size and time-varying macro-level drivers. Findings Location is found to be a key determinant of cap rates and risk premia. CBD locations are found to attract lower cap rates and lower risk premia in three of the five largest markets in Germany. Interestingly, this effect is not found in the non-CBD locations of these markets, suggesting that the lower perceived risk associated with these large markets is restricted to a relatively small area within these markets that are reputed to be safe investments. Research limitations/implications The findings imply that investors view properties in peripheral urban locations as imperfect substitutes for CBD properties. Further analysis also shows that these risk premia are not uniformly applied across real estate asset types. The CBD risk effect is particularly pronounced for office and retail assets, apparently considered “prime” investments within the central locations. Originality/value This is one of the first empirical studies of the risk implications of peripheral commercial real estate locations. It is also one of the first large-scale cap rate analyses of the German commercial real estate market. The results demonstrate that risk perceptions of investors have a distinct spatial dimension.

Does the commercial real estate industry need “more pussy on the block?”

2019 ◽  
Vol 37 (5) ◽  
pp. 627-637 ◽  
Author(s):  
Dustin C. Read
Keyword(s):  
Real Estate ◽  
Gender Bias ◽  
Second Generation ◽  
Commercial Real Estate ◽  
Real Estate Industry ◽  
Structured Interviews ◽  
Content Type ◽  
Local Chapter ◽  
Professional Credibility ◽  
The Impact

Purpose In a controversial 2018 interview, commercial real estate mogul Sam Zell insinuated that companies should promote their employees based exclusively on merit and avoid purposefully taking steps to get “more pussy on the block” in the name of gender equality. The comment was criticized not only for its crassness, but also for its failure to recognize the challenges many women working in the commercial real estate industry face in their efforts to obtain the same opportunities, compensation and status as similarly-qualified men. In an effort to overcome these disparities, the purpose of this paper is to focus on the pervasiveness of second-generation gender bias and stereotyping in the field through a qualitative analysis. Design/methodology/approach Semi-structured interviews were conducted with 39 women serving as local chapter presidents of a prominent commercial real estate trade group to explore the impact of gender on their career advancement and their experiences with second-generation gender bias. Findings The findings suggest unintentional discrimination often influences women’s careers by drawing their communication skills, professional credibility and commitment to the organizations for whom they work into question. Originality/value The research contributes to the existing literature by offering additional evidence that unintentional discrimination is common in male-dominated industries, such as commercial real estate. It also provides clear examples of social cues women perceive to heighten tension along gender lines and impinge upon their ability to ascend to leadership positions.

Mechanism Analysis of the Impact on Chinese Urban Rail Transit Construction on the Surrounding Real Estate Prices

2012 ◽  
Vol 178-181 ◽  
pp. 1866-1869
Author(s):  
Jian Liang Lv ◽  
Ying Jiang
Keyword(s):  
Real Estate ◽  
Land Development ◽  
Value Added ◽  
Urban Rail Transit ◽  
Rail Transit ◽  
Mechanism Analysis ◽  
The Real Estate ◽  
Urban Rail ◽  
Real Estate Prices ◽  
The Impact

This paper first studies the real estate prices and and its effecting factors, and point out the construction of urban rail transit effects large on its surrounding real estate prices. Then, the paper clarifies the theoretical basis of its effects, and finally analyzes mechanism that construction of rail transit can make its surrounding real estate value-added. The urban rail transit construction can improve surrounding property accessibility, the residents travel convenient, increasing the intense of land development, changing nature of land use, adjusting industrial layout, accelerating expanded urbanized areas, raising employment opportunities, promoting socio-economic prosperity and development. It provides reference for the reasonable allocation of late-stage value-added benefits, and people can get a comprehensive and systematic understanding of the impact of urban rail transit construction and its surrounding real estate prices.

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