Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 13th Aug 2022, 10:01:02am IST

Session Overview
Real Estate After Covid
Thursday, 07/July/2022:
4:15pm - 6:00pm

Session Chair: Jacob Krimmel, Federal Reserve Board, United States of America
Location: Room B

Room in the Arts Building, Trinity College Dublin. Exact details to be confirmed by May 31

External Resource:
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Work from Home and Commercial Real Estate – Evidence from Stock Markets

Milcheva, Stanimira; Xie, Lingshan

University College London, United Kingdom;

We explore investor expectations about the effects of work from home (WFH) for the commercial real estate sector. We assess how differences in WFH exposure of listed real estate investment trusts (REITs) in the largest European economies – Germany, France and the UK – during the early stages of the Covid-19 pandemic affect their abnormal returns. We measure WFH exposure as REIT’s exposure to the office sector, central business districts (CBDs) and WFH tenants. To capture tenant’s strong commitment to working from home in the future, we construct a variable for tenant WFH intensity using tenant WFH announcements between March and June 2020. We show that REITs with higher WFH exposure have significantly negative abnormal returns independently of their domicile, sector specialization or CBD exposure. Equity investors look at REIT portfolio composition and WFH announcements by tenants to assess the likelihood of WFH in the long term and the associated drop in office demand.

Habitualization and the Evolving View of the Utility in Housing Factors

Smith, Brent; Gupta, Manu

Virginia Commonwealth University, United States of America;

Relying on a dataset of roughly 12 million residential transactions we examine how adoptions in technology and adaptations to work at home prior to and during the COVID Pandemic have profoundly altered the fabric of the housing market. Although schools, employment commute distance and access to consumer amenities remain important in the home purchase decision, their contribution to value, or utility, has dwindled and been supplanted by quality of life elements such as access to public space, internet and communication infrastructure, and recreation attributes. The traditional workplace demands that impose restrictions on residential choice have been supplanted, and in some cases eliminated, creating a vast expanse of alternatives to the traditional suburban enclaves. Our results support the idea that the mix of capitalized components in the housing product has been transformed. No longer can hedonic models be viewed as monotonic over time.

Evaluating The Effect of Post-COVID Measures on Indoor Air Quality in Primary Schools

Sun, Xudong; Eichholtz, Piet; Kok, Nils

Maastricht University, Netherlands, The;

The COVID pandemic that started in 2019 has made people more aware of the importance of indoor air quality (IAQ) and building ventilation systems, especially in schools. Governments and other public entities are investing large quantities of money in it. However, little is known about the performance of school buildings´ ventilation systems and their interaction with occupants’ behavior. This paper exploits exogenous closing and opening events in schools during the COVID pandemic, in combination with policy measures focusing on maximizing ventilation rates inside classrooms, to assess the effectiveness of building ventilation systems in primary schools. We created a network of IAQ sensors covering 252 classrooms from 27 primary schools in the Netherlands and continuously monitor IAQ metrics including CO2, fine particles, temperature, and humidity. Using data for the three school years between 2018 and 2021, we compare the performance difference between natural and mechanical ventilation systems. Using a fixed-effect strategy, our model results show a significant advantage of mechanical ventilation regarding general IAQ status. Results also show that after schools reopened, the IAQ of naturally ventilated classrooms significantly improved, suggesting a strong effect of behavioral interventions. Our results highlight the role of behavioral factors in affecting building IAQ performances.

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