Commercial real estate prices and COVID-19

IF 1.3 Q3 BUSINESS, FINANCE Journal of European Real Estate Research Pub Date : 2021-10-11 DOI:10.1108/jerer-04-2021-0024
Martin Hoesli, Richard Malle
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引用次数: 0

Abstract

Purpose

The article analyzes the effects of the coronavirus disease 2019 (COVID-19) pandemic on commercial real estate prices, with a particular focus on European markets.

Design/methodology/approach

The authors start by highlighting caveats to bear in mind when referring to direct real estate indices. The authors then analyze the behavior of commercial real estate prices during the pandemic, emphasizing differences across property types. For that purpose, the authors use data for both direct and listed real estate and further discuss changes in the main factors affecting commercial real estate pricing. The article then turns to discussing the likely trajectory of commercial real estate prices in the future.

Findings

The authors report that retail and hospitality properties and to a lesser extent office buildings have been affected the most by COVID-19, while the residential and industrial sectors have been less affected by the crisis. The authors maintain that the future trajectory of prices will vary across sectors and that the type and location of assets will become increasingly important in their valuation.

Originality/value

This paper provides for a better understanding of the behavior of commercial real estate prices during the COVID-19 pandemic.

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商业房地产价格与COVID-19
本文分析了2019冠状病毒病(COVID-19)大流行对商业房地产价格的影响,并特别关注了欧洲市场。设计/方法/方法作者首先强调了当提到直接房地产指数时要牢记的注意事项。然后,作者分析了大流行期间商业房地产价格的行为,强调了不同房地产类型的差异。为此,作者使用了直接房地产和上市房地产的数据,并进一步讨论了影响商业房地产定价的主要因素的变化。然后文章转向讨论未来商业房地产价格的可能轨迹。调查结果作者报告说,零售和酒店物业以及较小程度上的写字楼受COVID-19的影响最大,而住宅和工业部门受危机的影响较小。作者认为,未来的价格轨迹将因行业而异,资产的类型和位置将在其估值中变得越来越重要。本文旨在更好地理解2019冠状病毒病大流行期间商业房地产价格的行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.10
自引率
7.70%
发文量
18
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