Patrick Lecomte

• Doctorate University of Paris
• Professor at University of Quebec in Montreal

Purpose The purpose of this paper is to fill a gap in the real estate academic literature by defining the essence of real estate in smart urban environments. Space has traditionally been a silent component of real estate. Smart technologies powered by Ubi-comp are turning space into an active part of real estate, which represents a paradigm shift f...

This article introduces the concepts of smart cities and smart buildings from the viewpoint of commercial real estate. It summarizes the current academic thinking on how the widespread implementation of digital technologies embodied by smart grids and digital skins impacts cities and buildings in two classic smart city models: ubiquitous city and a...

Purpose As smart technologies become an integral part of real estate in smart cities, the purpose of this paper is to explore the impact of ubiquitous computing on space users in smart real estate. Design/methodology/approach The analysis builds on two fields of knowledge rarely referenced in real estate studies: computer sciences and social scien...

This paper employs a new scoring framework designed by the Asia Pacific Real Estate Association (APREA) to examine the link between corporate performance and quality of corporate governance among externally managed REITs listed on the Singapore Stock Exchange (S-REITs). The empirical tests provide evidence supporting positive correlation between co...

This book introduces three innovative concepts and associated financial instruments with the potential to revolutionise real estate finance. The factorisation of commercial real estate with factor-based real estate derivatives is the first concept analysed in this book. Methodological issues pertaining to factors in real estate risk analysis are c...

The implementation of smart technologies in the built environment presents unprecedented opportunities and challenges for the real estate sector. Among the challenges is building occupants’ behavioural control due to smart buildings’ technological apparatus underpinned by pervasive computing. Since the early days of cybernetics, control stemming fr...

Purpose: Our aim in this study is to shed light on the relative importance of Chinese (Mainland China and Hong Kong: CH-HK) FDI in real estate (FDIRE) on the dynamics of Asia-Pacific (APAC) public real estate markets after the Global Financial Crisis. Design-methodology-approach: Using a parsimonious real estate asset-pricing model including macro...

As smart technologies become an integral part of real estate in smart cities, this paper explores the impact of ubiquitous computing on space users in smart real estate. The analysis builds on two fields of knowledge rarely referenced in real estate studies: computer sciences and social sciences.

This article studies the performances of publicly traded real estate companies (real estate investment trusts and listed property companies) from 14 countries covering North America, Europe, and Asia as proxied by FTSE EPRA/NAREIT Global Real Estate Indexes over the period from 2000 to 2015. We implement robust normalized risk-adjusted performance...

Purpose The purpose of this paper is to analyze and revisit the risk and performance of publicly traded real estate companies from 14 countries over the period 2000–2015, marked by the unprecedented Global Financial Crisis, in presence of errors-in-variables (EIV) and illiquidity (measured by serial correlation, following Getmansky et al. (2004))....

This paper fills in a gap in the real estate academic literature by defining the essence of real estate in smart urban environments. Space has traditionally been a silent component of real estate. Smart technologies powered by ubiquitous computing are turning space into an active part of real estate, which represents a paradigm shift for commercial...

This paper fills in a gap in the real estate academic literature by defining "the essence of real estate" in smart urban environments (after Graaskamp, 1977). Space has traditionally been a silent component of real estate. Smart technologies powered by Ubi-Comp are turning space into an active part of real estate, which represents a paradigm shift...

The aim of this paper is to compare the financial performance of “green” and “non-green” U.S. REITs from January 2010 to February 2016 using risk-adjusted performance measures based on multi-factor models. First, we use performance measures (including the generalized Treynor ratio) able to capture the variety of systematic risk sources related to r...

The aim of this chapter is to revisit the performance of Asian REITs before and after the sub-prime crisis using risk-adjusted performance measures based on multifactor models. First, we use performance measures (including the Generalized Treynor Ratio) able to capture the variety of systematic risk sources related to real estate in Asia. Second, w...

Purpose – The paper aims to conduct an empirical study of three models of property derivatives: index-based derivatives, factor hedges, and combinative hedges based on index and factors. The objective is to test whether the latter two models introduced by Lecomte dominate the index-based model used for existing property derivatives such as EUREX fu...

Executive Summary. Despite the large volume of foreign direct investments in Chinese commercial real estate markets, there has been little academic research done to analyze and characterize the risk structure of Chinese commercial properties. This paper examines the risk characteristics of direct property investments in Chinese first-tier cities. I...

Over the last 30 years, Chinese commercial real estate markets have joined the global universe of investable assets, as exemplified by vibrant skylines and the construction of startling new buildings in megacities such as Beijing and Shanghai. However, international investors who are often mesmerized by the Chinese economy’s historical growth and p...

This paper addresses the need for real estate investors to develop new, efficient ways to assess how variables and phenomena central to economic globalization (e.g., outsourcing) might impact their domestic portfolios and investment decisions. The paper proposes several innovative concepts that can be used to capture linkages between direct real es...

As national economies are becoming ever more global and interconnected, this paper addresses the need for real estate investors to develop new, efficient ways to assess how variables and phenomena central to economic globalization (e.g. outsourcing) might impact their domestic portfolios and investment decisions. By focusing on a set of globalizati...

Executive Summary. As index-based real estate deriv-atives are being introduced in the United States, this pa-per questions the validity of these instruments for hedging risks involved in commercial real estate markets. It first shows that the concept of index-based derivatives may not be appropriate for intrinsically heterogeneous assets such as r...

Executive Summary. Due to the heterogeneous nature of real estate assets, as well as the difficulty in selecting a reliable and representative underlying index, real es-tate markets are the last of the major asset classes not to have a liquid futures market. The design presented here for property futures contracts is based on a selection of NCREIF...