Attention to ‘sustainability’ and energy efficiency rating schemes in the commercial property sector has increased rapidly during the past decade. In the UK, commercial properties have been certified under the BREEAM rating scheme since 1999, offering fertile ground to investigate...

We evaluate the economics of financial intermediation in alternative assets by investigating the allocation and performance of pension fund investments in real estate, the most significant alternative asset class for institutional investors. We document substantial heterogeneity in real estate...

Commercial buildings play a major role in determining U.S. greenhouse gas emissions, yet surprisingly little is known about the environmental performance of different buildings at a point in time or how the same buildings perform over time. By exploiting a unique panel of commercial buildings...