References
- Adams, Z., & Füss, R. (2012). Disentangling the short and long-run effects of occupied stock in the rental adjustment process. The Journal of Real Estate Finance & Economics, 44(4), 570–590. https://doi.org/10.1007/s11146-010-9250-7
- Allen, F., & Gale, D. (1999). Bubbles, crises, and policy. Oxford Review of Economic Policy, 15(3), 9–18. https://doi.org/10.1093/oxrep/15.3.9
- Ambrose, B., & Nourse, H. (1993). Factors influencing capitalization rates. Journal of Real Estate Research, 8(2), 221–237. https://doi.org/10.1080/10835547.1993.12090706
- Bank of England. (2015) Financial stability report, December. https://www.bankofengland.co.uk/financial-stability-report/2015/december-2015
- Baum, A., Crosby, N., & MacGregor, B. (1996). Price formation, mispricing and investment analysis in the property market: A response to “A note on ‘the initial yield revealed: Explicit valuations and the future of property Investment’”. Journal of Property Valuation and Investment, 14(1), 36–49. https://doi.org/10.1108/14635789610107480
- BCBS. (2017). Basel III: Finalising post-crisis reforms. Bank for International Settlements. https://www.bis.org/bcbs/publ/d424.pdf
- Borio, C., Furfine, C., & Lowe, P. (2001). Procyclicality of the financial system and financial stability: Issues and policy options in marrying the macro- and microprudential dimensions of financial stability. Bank for International Settlements (BIS) Papers, 1–57.
- Brounen, D., & Jennen, M. (2009a). Asymmetric properties of office rent adjustment. The Journal of Real Estate Finance & Economics, 39(3), 336–358. https://doi.org/10.1007/s11146-009-9188-9
- Brounen, D., & Jennen, M. (2009b). Local office rent dynamics: A tale of ten cities. The Journal of Real Estate Finance & Economics, 39(4), 385–402. https://doi.org/10.1007/s11146-008-9118-2
- Bruneau, C., & Cherfouh, S. (2015). Long-run equilibrium for the greater Paris office market and short-run adjustments. Journal of Property Research, 32(4), 301–323. https://doi.org/10.1080/09599916.2015.1089310
- Brunnermeier, M. K., & Pedersen, L. H. (2009). Market Liquidity and Funding Liquidity. The Review of Financial Studies, 22(6), 2201–2238. https://doi.org/10.1093/rfs/hhn098
- Burston, B., & Burrell, A. (2015) What is fair value? IPF short paper 24. Investment Property Forum. https://www.ipf.org.uk/resourceLibrary/what-is-fair-value---april-2015--short-paper.html
- Callendar, M., Devaney, S., Sheahan, A., & Key, T. (2007). Risk reduction and diversification in UK commercial property portfolios. Journal of Property Research, 24(4), 355–375. https://doi.org/10.1080/09599910801916279
- Cardozo, C., Clarke, R., Crosby, N., & McTique, J. (2017). Prudent value methodologies and real estate lending. Report for the Property Industry Alliance. Investment Property Forum / Commercial Real Estate Finance Council Europe. http://www.ipf.org.uk/asset/D05FA2C5-487D4C76-997B57F3A3D72BAD/
- Chau, K. W., & Wong, S. K. (2016). Information asymmetry and the rent and vacancy rate dynamics in the office market. The Journal of Real Estate Finance & Economics, 53(2), 162–183. https://doi.org/10.1007/s11146-015-9510-7
- Chen, J., Hudson-Wilson, S., & Nordby, N. (2004). Real Estate Pricing: Spreads & Sensibilities: Why Real Estate Pricing is Rational. Journal of Real Estate Portfolio Management, 10, 1–22. https://doi.org/10.1080/10835547.2004.12089692
- Chervachidze, S., Costello, J., & Wheaton, W. (2009). The secular and cyclic determinants of capitalization rates: The role of property fundamentals, macroeconomic factors and “structural changes”. The Journal of Portfolio Management, 35(5), 50–69. https://doi.org/10.3905/JPM.2009.35.5.050
- Chervachidze, S., & Wheaton, W. (2013). What determined the great cap rate compression of 2000–2007, and the dramatic reversal during the 2008–2009 financial crisis? The Journal of Real Estate Finance & Economics, 46(2), 208–231. https://doi.org/10.1007/s11146-011-9334-z
- Clarke, R. J. (2018). The CRE Lending Black Hole: Steady gains followed by extreme pains. Report for the Property Industry Alliance Debt Group. Lipton Rogers. https://propertyindustryalliance.files.wordpress.com/2018/10/cre-lending-report-final.pdf
- Crosby, N., & Devaney, S. (2019) Appraisal-based indices In MacGregor, B. D, Schulz, R, and Green, R. K. (eds.), Routledge Companion to real estate investment (pp. 172–91). Routledge .
- Crosby, N., Devaney, S., Lizieri, C., & Mansley, N. (2022). Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate. Journal of Property Research, 39(1), 30–55. https://doi.org/10.1080/09599916.2021.1913441
- Crosby, N., French, N., & Oughton, M. (2000). Bank lending valuations on commercial property – Does European mortgage lending value add anything to the process?. Journal of Property Investment & Finance, 18(1), 66–83. https://doi.org/10.1108/14635780010316663
- Crosby, N., & Hordijk, A. (2021) Approaches for Prudent Property Valuations across. Europe. https://www.rics.org/globalassets/rics-website/media/upholding-professional-standards/sector-standards/valuation/approaches-for-prudent-property-valuations-across-europe-report-2021-05-10.pdf
- Crosby, N., & Hordijk, A. (2023). The implementation of long-term prudent valuation models across the UK and Mainland Europe for financial regulation purposes. Research Report for Investment Property Forum and Property Research Trust. https://www.ipf.org.uk/resourceLibrary/the-implementation-of-long-term-prudent-valuation-models-across-the-uk-and-mainland-europe-for-financial-regulation-purposes–march-2023–report.html
- Crosby, N., & Hughes, C. (2011). The basis of valuations for secured commercial property lending in the UK. Journal of European Real Estate Research, 4(3), 225–242 . https://doi.org/10.1108/17539261111183425
- De Francesco, A. J. (2008). Time-Series characteristics and long-run equilibrium for major Australian Office Markets. Real Estate Economics, 36(2), 371–402. https://doi.org/10.1111/j.1540-6229.2008.00217.x
- Duca, J. V., & Ling, D. C. (2018). The other (commercial) real estate boom and bust: The effects of risk premia and regulatory capital arbitrage. Journal of Banking and Finance, 112(2020), 105317. https://doi.org/10.1016/j.jbankfin.2018.03.006
- EC. (2021) Proposal for a regulation of the European Parliament and of the council amending regulation (EU) No 575/2013 (the Capital Requirements regulation or CRR). https://ec.europa.eu/commission/presscorner/detail/en/ip_21_5401.
- Englund, P., Gunnelin, Å., Hendershott, P. H., & Söderberg, B. (2008). Adjustment in property space markets: Taking long-term leases and transaction costs seriously. Real Estate Economics, 36(1), 81–109. https://doi.org/10.1111/j.1540-6229.2008.00208.x
- ESRB. (2015). Recommendation of the European systemic risk board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2) (2016/C 97/02). European Systematic Risk Board.
- ESRB. (2016) Recommendation of the European Systemic Risk Board of 31 October 2016 on Closing Real Estate Data Gaps(esrb/2016/14) (2017/C 31/01). https://www.esrb.europa.eu/pub/pdf/recommendations/2016/ESRB_2016_14.en.pdf
- ESRB. (2022, March). Review of the EU macroprudential framework for the banking sector : A concept note. European Systematic Risk Board.
- Eurostat. (2017). Commercial property price indicators: Sources, methods and issues. European Union. https://op.europa.eu/en/publication-detail/-/publication/22b5dd78-e539-11e7-9749-01aa75ed71a1/language-en
- French, N. (2020) Pricing to market - an investigation into the use of comparable evidence in property valuation. TEGOVA. https://tegova.org/data/bin/a5eff013f34586_Report_on_Comparable_Evidence_in_Property_Valuation.Nick_French.June_2020.pdf
- Fuerst, F., & Marcato, G. (2011). Re-thinking commercial real estate market segmentation. SSRN Electronic Journal. Available at SSRN or. https://doi.org/10.2139/ssrn.1692953
- Gordon, M. J., & Shapiro, E. (1956). Capital equipment analysis: The required rate of profit. Management Science, 3(1), 102–110. https://doi.org/10.1287/mnsc.3.1.102
- Gourinchas, P.-O., & Rey, H. (2019) Global Real Rates: A Secular Approach. Econometric Modeling: Macroeconomics eJournal. https://www.semanticscholar.org/paper/Global-Real-Rates%3A-A-Secular-Approach-Gourinchas-Rey/3389346877cd2ea2986b1d0fdc75e197d61570bf
- Hendershott, P. H. (1996). Rental adjustment and valuation in overbuilt markets: Evidence from the Sydney office market. Journal of Urban Economics, 39(1), 51–67. https://doi.org/10.1006/juec.1996.0003
- Hendershott, P. H., Jennen, M., & MacGregor, B. D. (2013). Modelling space market dynamics: An illustration using panel data for US retail. The Journal of Real Estate Finance & Economics, 47(4), 659–687. https://doi.org/10.1007/s11146-013-9426-z
- Hendershott, P. H., Lizieri, C. M., & MacGregor, B. D. (2010). Asymmetric adjustment in the city of London office market. The Journal of Real Estate Finance & Economics, 41(1), 80–101. https://doi.org/10.1007/s11146-009-9199-6
- Hendershott, P. H., & MacGregor, B. D. (2005a). Investor rationality: An analysis of NCREIF commercial property data. Journal of Real Estate Research, 27(4), 445–476. https://doi.org/10.1080/10835547.2005.12091167
- Hendershott, P. H., & MacGregor, B. D. (2005b). Investor rationality: Evidence from U.K. Property capitalization rates. Real Estate Economics, 33(2), 299–322. https://doi.org/10.1111/j.1540-6229.2005.00120.x
- Hendershott, P. H., MacGregor, B. D., & Tse, R. Y. C. (2002). Estimation of the rental adjustment process. Real Estate Economics, 30(2), 165–183. https://doi.org/10.1111/1540-6229.00036
- Hendershott, P., MacGregor, B., & White, M. (2002). Explaining real commercial rents using an error correction Model with Panel Data. The Journal of Real Estate Finance & Economics, 24(1/2), 59–87.
- Hoesli, M., Lizieri, C., & MacGregor, B. (1997). The spatial dimensions of the investment performance of UK commercial property. Urban Studies, 34(9), 1475–94. https://doi.org/10.1080/0042098975529
- Ibanez, M. R., & Pennington-Cross, A. (2013). Commercial property rent dynamics in U.S. Metropolitan areas: An examination of office, industrial, flex and retail space. The Journal of Real Estate Finance & Economics, 46(2), 232–259. https://doi.org/10.1007/s11146-011-9347-7
- ICB. (2011) Final Report Recommendations, Independent Commission for Banking, September 2011. https://webarchive.nationalarchives.gov.uk/ukgwa/20120827143059/http://bankingcommission.independent.gov.uk///
- IPF. (2020). Long-term value methodologies in commercial real estate lending. Investment Property Forum.
- IVS. (2022). International valuation standards. IVSC.
- Jensen, M. C., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency cost and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
- JLL. (2022). Global real estate transparency index, 2022. Chicago.
- Jud, D., & Winkler, D. (1995). The capitalization rate of commercial properties and market returns. Journal of Real Estate Research, 10(5), 509–518. https://doi.org/10.1080/10835547.1995.12090801
- Ke, Q., & White, M. (2009). An econometric analysis of Shanghai office rents. Journal of Property Investment & Finance, 27(2), 120–139.
- Ke, Q., & White, M. (2015). Retail rent dynamics in two Chinese cities. Journal of Property Research, 32(4), 324–340. https://doi.org/10.1080/09599916.2015.1092464
- Lee, S. (2001). The relative importance of property type and regional factors in real estate returns. Journal of Real Estate Portfolio Management, 7(2), 159–168.
- Lee, S., & Devaney, S. (2007). The changing importance of sector and regional factors in real estate returns: 1987–2002. Journal of Property Research, 24(1), 55–69. Lee, 2001. https://doi.org/10.1080/09599910701297671
- Lind, H. (2005). Value concepts, value information and cycles on the real estate market: A comment on Crosby, French and Oughton. Journal of Property Investment & Finance, 23(2), 141–147.
- McCartney, J. (2012). Short and long-run rent adjustment in the Dublin office market. Journal of Property Research, 29(3), 201–226. https://doi.org/10.1080/09599916.2012.689990
- McParland, C., McGreal, S., & Adair, A. (2000). Concepts of price, value and worth in the United Kingdom – towards a European perspective”. Journal of Property Investment & Finance, 18(1), 84–102. https://doi.org/10.1108/14635780010316672
- Mooya, M. (2016). Real Estate Valuation Theory. Springer Verlag.
- Mouzakis, F., & Richards, D. (2007). Panel data modelling of prime office rents: A study of 12 major European markets. Journal of Property Research, 24(1), 31–53. https://doi.org/10.1080/09599910701297713
- MSCI. (2022) Real Estate Market Size Report 2021-2022 (https://www.msci.com/documents/10199/8f62c2a3-8374-cbf9-a7d2-a8c2c5e63e62#:~:text=information%20on%20individual%20real%20estate,investment%20portfolios%20was%20%242.5%20trillion)
- Özdilek, Ü. (2016). Value Expectation, Expression and Estimation. Journal of Creating Value, 2(2), 245–256. https://doi.org/10.1177/2394964316674755
- Rachel, L., & Smith, T. D. (2015). Staff working paper No. 571 Secular drivers of the global real interest rate. Bank of England https://www.bankofengland.co.uk/working-paper/2015/secular-drivers-of-the-global-real-interest-rate.
- REFG and IPF. (2014) . A vision for Real Estate Finance in the UK. Real Estate Finance Group and Investment Property Forum.
- Reid, B. (2019). Risk reduction and tracking error in small commercial real estate portfolios. The Journal of Portfolio Management, 45(7), 130–140. https://doi.org/10.3905/jpm.2019.1.101
- Ricardo, D. (1821). On the Principles of Political Economy and taxation (3rd ed.). John Murray.
- RICS Europe. (2018) Bank lending valuations and mortgage lending value. RICS Professional Standards and Guidance, Europe. RICS Europe: https://www.rics.org/globalassets/rics-website/media/upholding-professional-standards/sector-standards/valuation/bank-lending-valuations-and-mortgage-lending-value-1st-edition-rics.pdf.
- Sivitanides, P., Southard, J., Torto, R. G., & Wheaton, W. C. (2001). The determinants of appraisal-based capitalization rates. Real Estate Finance, 18(2), 27–38.
- Smith, A. (1776). The wealth of nations.
- Stevenson, S. (2007). Exploring the intra-Metropolitan dynamics of the London office market. Journal of Real Estate Portfolio Management, 13(2), 93–98. https://doi.org/10.1080/10835547.2007.12089774
- Stiglitz, J. E. (1990). Symposium on bubbles. Journal of Economic Perspectives, 4(2), 13–18. https://doi.org/10.1257/jep.4.2.13
- Wheaton, W. C. (1999). Real estate “cycles”: some fundamentals. Real Estate Economics, 27(2), 209–230. https://doi.org/10.1111/1540-6229.00772
- White, M., & Ke, Q. (2014). Investigating the dynamics of, and interactions between, Shanghai office submarkets. Journal of Property Research, 31(1), 26–44. https://doi.org/10.1080/09599916.2013.765500