Face-to-face interactions, tenant resilience, and commercial real estate performance
Real Estate Economics
; 2022.
Article
in English
| Scopus | ID: covidwho-2161495
ABSTRACT
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. © 2022 American Real Estate and Urban Economics Association.
Full text:
Available
Collection:
Databases of international organizations
Database:
Scopus
Language:
English
Journal:
Real Estate Economics
Year:
2022
Document Type:
Article
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