Real Estate


Over the past two decades institutional investors have experienced increased allocation to “alternative” private‐market assets like commercial real estate (CRE). Indeed, CRE comprises an estimated at $18 trillion in total value in the United States alone with roughly $6 trillion considered to be of institutional investment quality. With the growing allocations to CRE, investment professionals increasingly need access to quantitative tools and transparency on par with the other portfolio asset classes.

CREDA is an association of industry professionals and academics from multiple academic institutions who are committed to expanding access to commercial real estate data for academic research. Currently, CREDA is in Phase I of a three phase initiative to coordinate among commercial data providers and academic researchers:

  • Phase 1 – Feasibility study which will identify a small sample of properties about which a variety of willing data providers would likely have information. Primary goals are to assess the level of consistency across datasets and the feasibility of merging diverse data sources. We also seek to identify a set of important research questions to be explored in subsequent phases
  • Phase 2 – Scale the merging of datasets to obtain a large enough sample for meaningful academic research (e.g., 5,000 properties)
  • Phase 3 – Scale to full datasets

Further details on CREDA’s efforts are available in the report “Commercial Real Estate Data: Towards Parity with Other Asset Classes”.

Latest Real Estate Research

Within-Bank Transmission of Real Estate Shocks

October 19, 2016

Working Paper

We estimate the reaction of banks to capital losses induced by reductions in real estate prices. More

Commercial Real Estate Data: Towards Parity with Other Asset Classes

January 05, 2016

White Paper

Commercial real estate (CRE) lags behind other major asset classes in terms of data availability and transparency. More

CEO Compensation and Real Estate Prices: Are CEOs Paid for Pure Luck?

August 12, 2015

Working Paper

We study the sensitivity of CEO compensation to luck using real estate prices to differentiate changes in compensation due to pure luck from changes in compensation due to reactions to lucky events. More

Who We Are

Robert A. Connolly

University of North Carolina, Kenan-Flagler Business School

More

Dragana Cvijanovic

Assistant Professor of Finance, University of North Carolina, Kenan-Flagler Business School

More

David Hartzell

Steven D. Bell and Leonard W. Wood Distinguished Professor in Real Estate; Professor of Finance, University of North Carolina, Kenan-Flagler Business School

More

Jacob Sagi

Associate Professor of Finance, University of North Carolina, Kenan-Flagler Business School

More