面对面的互动、租户弹性和商业房地产性能

IF 2 3区经济学 Q2 BUSINESS, FINANCE

Real Estate Economics Pub Date : 2022-10-25 DOI:10.1111/1540-6229.12412

Chongyu Wang, Tingyu Zhou

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引用次数: 0

摘要

本文研究了面对面(FTF)互动对商业地产(CRE)绩效的影响。通过将租户、物业和CRE公司联系起来，我们构建了三种新颖的FTF测量方法，可以捕获租户远程工作、同事之间的内部通信以及与客户的外部联系。将COVID-19大流行作为对FTF经济的外生冲击，我们发现，拥有更能抵御社交距离的租户的物业的公司表现更好。然而，从长期来看，这些FTF效应会减弱。由于投资者能够在细粒度上收集有关租户如何运营的宝贵信息，因此我们的研究结果支持市场效率，并揭示了大流行后CRE的表现。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Face-to-face interactions, tenant resilience, and commercial real estate performance

We study the impact of face-to-face (FTF) interactions on commercial real estate (CRE) performance. By linking tenants, properties, and CRE firms, we construct three novel FTF measures that capture tenant remote working, internal communication between coworkers, and external contact with customers. Using the COVID-19 pandemic as an exogenous shock to the FTF economy, we find that firms holding properties with tenants that are more resilient to social distancing perform better. These FTF effects weaken over the long term, however. As investors are capable of compiling valuable information at granular levels regarding how tenants operate, our findings support market efficiency and shed light on postpandemic CRE performance.

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来源期刊

Real Estate Economics Multiple-

CiteScore

4.00

自引率

13.60%

发文量

期刊介绍： As the official journal of the American Real Estate and Urban Economics Association, Real Estate Economics is the premier journal on real estate topics. Since 1973, Real Estate Economics has been facilitating communication among academic researchers and industry professionals and improving the analysis of real estate decisions. Articles span a wide range of issues, from tax rules to brokers" commissions to corporate real estate including housing and urban economics, and the financial economics of real estate development and investment.