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 $23 trillion in total value in the United States alone with roughly $8 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.

The Commercial Real Estate Data Alliance (CREDA) is a consortium of academics and industry professionals dedicated to achieving data parity with other major asset classes. Specifically, we believe that improved access to and understanding of available data in commercial real estate is key to fostering higher quality research and interactions between academia and industry, to the benefit of the entire CRE community.

CREDA is currently leading three new research data initiatives:

1. We are in Phase I of a three phase initiative to coordinate access among commercial data providers and academic researchers:

  • Phase 1 – Feasibility study to identify a limited sample of properties about which a variety of willing data providers 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

2. Providing access to academic researchers of proprietary data on industrial and office property leases.

3. Merging permitting and capital expenditure data for a large sample of U.S. commercial properties using proprietary data sources.

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

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

January 10, 2018

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

Within-Bank Spillovers of Real Estate Shocks

November 15, 2017

Working Paper

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

Why Are REITS Currently So Expensive?

August 15, 2017

Working Paper

For the last several years, the price of listed real estate stocks has been unusually high relative to dividends. I explore whether low interest rates or low risk premia can account for the
high valuation ratios and find that they cannot. More

Advisory Board

Jeffrey Fisher

Founder, Center for Real Estate Studies, Indiana University

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David Geltner

Associate Director of Research, Center for Real Estate; Professor of Real Estate Finance, Massachusetts Institute of Technology

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David Ling

McGurn Professor of Real Estate; Director, Master of Science in Real Estate Program, Hough Graduate School of Business, University of Florida

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Stijn Van Nieuwerburgh

David S. Loeb Professor of Finance; Director, Center for Real Estate Finance Research, NYU

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Jacob Sagi

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

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Rossen Valkanov

Zable Endowed Chair; Professor of Finance; Co-Director, Master of Finance Program, University of California at San Diego

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Nancy Wallace

Lisle and Roslyn Payne Chair in Real Estate Capital Markets; Professor and Chair of the Real Estate Group; Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California at Berkeley

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Affiliates

Brent Ambrose, Penn State University
Tom Arnold, ADIA
Itzhak (Zahi) Ben-David, Ohio State University
Shaun Bond, University of Cincinnati
Andrea Chegut, Massachusetts Institute of Technology
Jim Clayton, York University
Bob Connolly, University of NC - Chapel Hill
Dragana Cvijanovic, University of NC - Chapel Hill
John Duca, Federal Reserve Bank of Dallas & Oberlin College
Mike Eriksen, University of Cincinnati
Jeffrey Fisher, Indiana University
Andra Ghent, University of Wisconsin
Lu Han, University of Toronto
David Hartzell, University of NC - Chapel Hill
Preetesh Kantak, Indiana University
Constantine Kontokosta, Massachusetts Institute of Technology
John Krainer, Board of Governors of the Federal Reserve System
Jack Liebersohn, Ohio State University
Crocker Liu, Cornell University
Peng Liu, Cornell University
Greg MacKinnon, PREA
Tobias Mühlhofer, University of Miami
Joseph Nichols, Board of Governors of the Federal Reserve System
Joseph Pagliari, University of Chicago
Tomasz (Tomek) Piskorski, Columbia University
Tim Riddiough, University of Wisconsin
Spenser Robinson, Central Michigan University
Mauricio Rodriguez, Texas Christian University
Jacob Sagi, University of NC - Chapel Hill
Eva Steiner, Cornell University
Sheridan Titman, University of Texas - Austin
Susan Wachter, University of Pennsylvania