New Think Tank Tackles Critical Challenges at the Intersection of Business and Society
Stijn Van Nieuwerburgh, the Earle W. Kazis and Benjamin Schore Professor of Real Estate at Columbia Business School, discusses his new research on the impact of remote work on the New York City commercial real estate sector.
New State-of-the-Art Learning Facilities Designed to Reimagine the Future of Business Education
The authors thank Jonas Peeters, Neel Shah, and Luofeng Zhou for excellent research assistance and CompStak for generously providing data for academic research. We would like to thank Chen Zheng (discussant), Cameron LaPoint (discussant) and seminar participants at AREUEA (DC), AREUEA International (Dublin), the USC Macro-Finance Conference, the Chinese University of Hong Kong finance seminar, National University of Singapore, Columbia Business School finance seminar, and the Urban Economics Association Conference (DC).
This article analyzes the hedging potential of real estate and especially looks at the impact of lease contracts in various countries around the world on the inflation hedge capability for both expected and unexpected inflation. The dataset consists of direct real estate rent and capital value data for 59 cities/MSAs in 25 countries between 1991 and 2020 to make international comparison over a long time period possible. The results indicate that real estate is a good hedge against inflation, and especially against unexpected inflation.
