Why do storefronts remain empty for more than a year in some of the world's highest-rent
retail districts? We construct and estimate a dynamic, two-sided model of storefront leasing …

We show that commercial mortgage borrowers behave opportunistically to attempt to obtain
principal reductions. We develop a model in which lenders cannot perfectly observe …

This study analyzes how lease expirations affect the performance of commercial real estate
(CRE) properties and how these patterns changed during the COVID-19 crisis. Even before …

We study the role that recourse plays in the commercial real estate loan contracts of the
largest US banks. We find that recourse is valued by lenders as a substitute for conventional …

We show the competing effects of a housing bubble on the real economy by developing a
multi-sector dynamic model with housing production. On the one hand, firms can sell or …

Although community leaders and policymakers are attentive to developments in commercial
real estate (CRE) within their regions, tracking the ebbs and flows of the wide span of …

Life insurers have significant exposure to commercial real estate primarily through direct
mortgage lending and commercial mortgage-backed securities. Recent developments in the …

Rising interest rates and structural shifts in the demand for space have strained CRE
markets and prompted concern about contagion to the largest CRE debt holder: banks. We …

We study the evolution of the private-label CMBS market from one dominated by broadly
diversified long-term, fixed-rate conduit securitizations to one dominated in 2021–22 by …

We show that commercial mortgage borrowers behave opportunistically to attempt to obtain
principal reductions. We develop a model in which lenders cannot perfectly observe …