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 several new research data initiatives:

1. We are nearing the end of 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. Merging permitting and capital expenditure data for a large sample of U.S. commercial properties using proprietary data sources. More

3. Launching a data merging methodology initiative based on the Unique Building ID (UBID) concept by the Department of Energy in conjunction with LightBox to be posted sometime this summer.

4. Studying the impact of climate risk on CRE debt underwriting partnering with LightBox, FirstStreet.Org, and UNC Gillings School of Global Public Health.

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

Latest Real Estate Research

Private Real Estate Returns, Style Drift, and Procyclical Risk Taking

May 20, 2020

This paper documents that development exposure is an important determinant of private real estate returns and market risk exposure. It also documents that open-end private real estate funds have time-varying, procyclical market risk exposure through their development activities. More

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

May 04, 2020

This paper examines the impact of the COVID-19 pandemic on commercial real estate prices. We construct a novel measure of real estate investment trusts’ (REITs’) exposure to the growth in COVID-19 cases at the asset level. We document a negative relationship between this geographically weighted case growth and risk-adjusted returns. More

Commercial Real Estate as an Asset Class

November 29, 2018

Working Paper

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 (REITs), about two thirds of CRE is owner-occupied. We next study the return properties of CRE indices, indices on particular property types, and discuss what is known about the returns to individual properties. We briefly discuss CRE debt before turning to property derivatives. More

Advisory Board

Jeffrey Fisher

Professor Emeritus of Finance & Real Estate, Indiana University; Visiting Professor, Johns Hopkins Carey School of Business


David Geltner

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


David Ling

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


Stijn Van Nieuwerburgh

Earle W. Kazis and Benjamin Schore Professor of Real Estate, NYU


Jacob Sagi

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


Rossen Valkanov

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


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



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, Warwick Business School, the University of Warwick
John Duca, Federal Reserve Bank of Dallas & Oberlin College
Mike Eriksen, University of Cincinnati
Jeffrey Fisher, Indiana University
Andra Ghent, University of NC - Chapel Hill
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