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Quantitative easing and global commercial real estate price spillovers

Author

Listed:
  • Bing Zhu
  • Dorinth van Dijk
  • Dennis Bonam
  • Gavin Goy

Abstract

The effectiveness of unconventional monetary policies (UMPs) and their international spillovers to global asset prices and capital flows have dominated policy discussions. This paper is the first to document the effect of UMP on global commercial real estate (CRE) markets. Even though the size of CRE as asset class is substantial, the subject has received very limited interest in research studying the effect of monetary policy. We empirically find that a domestic UMP significantly impacts US CRE pricing through credit supply. We additionally document persistent price effects on foreign non-US CRE markets. This effect largely stems from global CRE market spillovers. In fact, global CRE market spillovers are found to amplify the original domestic UMP effect on US CRE prices. We aim to enrich our empirical findings with a two-country DSGE-model that includes CRE pricing.

Suggested Citation

  • Bing Zhu & Dorinth van Dijk & Dennis Bonam & Gavin Goy, 2025. "Quantitative easing and global commercial real estate price spillovers," ERES eres2025_180, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2025_180
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    JEL classification:

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

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