David Scofield

David Scofield
Toronto Metropolitan University · Ted Rogers School of Management

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15
Publications
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126
Citations

Publications

Publications (15)
Article
Full-text available
We explore how trading networks among commercial real estate brokerage firms are formed, and the effects of network structure on centrality, assortativity and power in the six largest commercial real estate markets in the United State. Fitting the dynamic network formation model developed by Jackson and Rogers American Economic Review, 97(3), 890-9...
Article
Purpose Commercial real estate (CRE) is a major investment asset. Yet detailed information on the value of investible CRE in different cities is lacking. The authors propose an innovative method to measure the value of investible CRE using transaction datasets. Design/methodology/approach The authors take transaction prices and index them to produ...
Article
Full-text available
Despite heady growth in cross-border investment into commercial real estate over recent decades, there are few studies that examine differences in investment preferences between domestic and cross-border investors at a micro level. We address the gap by examining the characteristics of assets acquired by cross border investors in six major US metro...
Article
Employing a large sample of office sales in the United States, we examine the price distortion associated with dual brokerage, and how the distortion varies with the price of the building, market conditions, types of market participants, and geographic locations. We find that after controlling for observables, dual broker transactions are associate...
Article
Full-text available
This study explores how institutions affect the process of investment and the time it takes to buy and sell commercial property in Lagos, Nigeria. We isolate institutional factors that impact transaction efficiency and provide a snapshot of the process with average transaction times for the largest commercial real estate market in the most populous...
Article
Full-text available
This paper examines the Nigeria Land Use Act and considers how provisions of the Act inform and influence traditional landholding systems, the operation of the commercial real estate market, and the activities of the “omo-onile.” The research adopts a qualitative strategy and combines analysis of legal statute with in-depth, semi-structured intervi...
Article
Purpose The purpose of this paper is to understand what affects the liquidity of individual commercial real estate assets over the course of the economic cycle by exploring a range of variables and a number of time periods to identify key determinants of sale probability. Design/methodology/approach Analyzing 12,000 UK commercial real estate tra...
Article
Full-text available
Observations of significant differences in access to credit, loan terms and the volume of lending between demographically distinct groups of borrowers are often interpreted as evidence of potential ethnic, racial or gender discrimination by lenders. The competitive structure of credit markets and the accuracy of measuring individual credit risk ren...
Article
Are commercial real estate prices in metropolitan New York affected by the type or nationality of the investors involved in a transaction? Previous research has highlighted differences in pricing between in-state and out-of-state investors and between different types of investors, but there are few extant studies that consider the influence of nati...
Article
Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to tra...
Article
Purpose – Commercial real estate is a highly specific asset: heterogeneous, indivisible and with less information transparency than most other commonly held investment assets. These attributes encourage the use of intermediaries during asset acquisition and disposal. However, there are few attempts to explain the use of different brokerage models (...
Article
Purpose The purpose of this paper is to provide new insights into asset liquidity in direct commercial real estate investment in the UK. Transaction data provided by four institutional investors of commercial real estate are used to test for changes in asset liquidity as manifest in recorded times from price agreement to deal completion. Median tim...
Article
As is well established, commercial real estate is a highly specific asset: heterogeneous, indivisible and with less information transparency than most other commonly held investment assets. These attributes negatively affect the liquidity of real estate and encourage the use of intermediaries during asset acquisition and disposal. The cost of inter...
Article
Organization structures, comprised of actors and social capital networks, underpin the institutional commercial real estate investment process in the United Kingdom and the United States. These structures are similar in design and content. However, when intermediary costs are examined disequilibrium emerges. Unlike in the United States, both partie...

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