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Commercial Real Estate Returns and Innovation

Author

Listed:
  • Xun Bian
  • Erik Devos
  • Zifeng Feng

Abstract

We investigate the relation between commercial real estate (CRE) returns and regional innovativeness and find that regions with more innovation exhibit higher total returns on commercial property. And, when we investigate the extent to which income return and capital return on commercial properties are related to local innovativeness, we report a positive relation between innovativeness and income return but little to no association between innovativeness and capital return. Our paper also provides some initial evidence, suggesting that local innovativeness is related to better future CRE performance. Overall, this paper suggests that innovativeness of a region is economically and statistically positively related to CRE returns, adding to a budding literature investigating CRE returns, as well as a large literature researching innovation.

Suggested Citation

  • Xun Bian & Erik Devos & Zifeng Feng, 2022. "Commercial Real Estate Returns and Innovation," ERES 2022_39, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:2022_39
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    More about this item

    Keywords

    commercial real estate; Innovation; Returns;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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