CBRE - Key Persons
Amber comes to us as an internal CBRE hire, previously supporting the Starbucks Asset Management team in coordinating with real estate partners on renewal negotiations for each region. Prior to Starbucks, Amber provided support to enterprise-level systems at the Federal Aviation Administration and the United States Department of Transportation. She was also a part of the implementation of Agile practices in the FAA and the United States Department of Transportation and received her certificate as a Certified Scrum Agile Operator. She has proven knowledge and discipline in the System Development Lifecycle Process and experience working along a team of System Programmers/Developers, Quality Assurance, and clients. Amber's diverse experience makes her uniquely qualified to effectively communicate across a diverse group of business stakeholders.
Amber graduated with a Master of Science Degree in Accountancy and Bachelor's Degree in Business Office Management from the University of Phoenix and graduated with an Associate of Science Degree in Paralegal Studies from Metropolitan College. She was born in Madison, WI and currently resides in Edmond, OK. In her free time, Amber loves spending time with her awesome daughter (Jordan) and family, shopping, eating at their favorite Mexican/Italian restaurants, watching Halloween/Christmas movies, vacationing, and cheering on the Green Bay Packers, the New York Yankees, the Oklahoma Sooners, and the Oklahoma City Thunder.
Job Titles:
- Econometric Advisors As a Hotels Economist
- Economist
Aritri Banerjee has joined CBRE Econometric Advisors as a Hotels Economist. She holds a Ph.D. in Economics from the University of Houston with a research interest in development economics and econometrics. Aritri has previously worked as an Associate at Analysis Group, an international economics consulting firm where she was involved in performing economic research and econometric analyses for law firms and Fortune 500 companies. She has also taught undergraduate courses in economics at the University of Houston. Prior to graduate studies, Aritri has worked as an analyst developing statistical models in the retail and aviation industry.
Bridgette Deese is the Content Editor and Strategist for CBRE Econometric Advisors. In this role, she is responsible for providing strategic content output plans and ensuring all content is current, frequent and thoughtful. Bridgette is also responsible for working with CBRE Americas Research to provide EA insights for local, national and global CBRE reports.
Prior to her role with CBRE EA, Bridgette was a Communications and Media Manager within CBRE's Corporate Communications team. In this role, she led a team of public relations specialists in media relations, social media and internal and external communications throughout the Southeast.
Prior to joining CBRE, Bridgette was a reporter and columnist in metropolitan New Orleans. She earned her bachelor's degree in journalism from Auburn University.
Celeste joins CBRE Hotels and CBRE EA after nearly two decades on Wall Street as a highly decorated sell-side Equity Research Analyst. Celeste spent most of her career at Merrill Lynch, Bank of America Merrill Lynch, and BMO, covering more than two dozen stocks across multiple industries and across three full business cycles. At CBRE, Celeste will leverage her decades of client-facing research and relationship management experience to create customized solutions to address hotel investors', owners', operators', and developers' biggest challenges. A native New Yorker, Celeste resides in New York City and graduated with a Bachelor of Business Administration in Marketing from Hofstra University. Outside of work, Celeste is a licensed esthetician in the state of New York. A skincare maven, Celeste loves to travel, particularly around the U.S. for country music concerts and festivals, as well as baseball, football, and skiing.
Job Titles:
- Econometric Advisors As a Senior Research Analyst
- Economist With CBRE Econometric Advisors
- Economist, Office
Christina Tong is an Economist with CBRE Econometric Advisors. In her role as an economist, Christina is focused on thought leadership and responsible for forecasting and analyzing trends for the retail sector in the U.S. Christina works with other economists, including the industrial and logistics economist, to understand the impact that the retail, e-commerce, industrial and logistics sectors have on each other.
Christina joined CBRE Econometric Advisors as a Senior Research Analyst and was promoted to a Data Scientist, working with Professor Bill Wheaton and other Data Scientists on multiple projects that leverage econometrics and machine learning techniques.
Christina holds a Master of Economics and Finance from Brandeis University.
Job Titles:
- Economist With CBRE Econometric Advisors
- Economist, Retail
Daniel Diebel is an Economist with CBRE Econometric Advisors. Daniel is responsible for the forecasts, analysis and world-class research in the retail sector of commercial real estate. Daniel helps to improve the statistical time series models by applying causal inference and machine learning to glean actionable insights for EA's clients.
Daniel holds a master's in economics from the University of Colorado, Boulder, and a bachelor's in discrete mathematics from the University of Nevada, Reno. His dissertation work focused on market failures, pricing of unpriced goods, regulated versus unregulated markets, environmental economics, and consumer retail behavior.
Job Titles:
- Americas Director of Capital Markets Research
- Director of Capital Markets Research
- Director of Capital Markets Research, Americas
Darin Mellott is the Americas Director of Capital Markets Research. In this capacity, Darin works with other members of senior leadership to provide analysis and develop "house views" on global markets and economic conditions, with a focus on their impact on real estate in the U.S., Canada and Latin America. Beyond this, Darin leads and contributes to research and strategy efforts across the globe on behalf of clients, and has authored numerous white papers for the firm. He also represents CBRE with the media and at public forums on a frequent basis. Prior to his current role, Darin was CBRE's Director of Research and Analysis for the Southwest Region of the U.S.
Outside his formal responsibilities, Darin serves on various boards for prominent institutions and is often called upon to provide expert opinion on a wide range of issues beyond real estate, including public policy and economic matters. He also regularly provides economic and real estate insights to policymakers at the local, state and federal levels. Darin currently serves as a Senior Advisor to the Kem C. Gardner Policy Institute at the University of Utah and is a member of the Utah Economic Council.
Both in his native Utah and more broadly, Darin is recognized as a respected contributor to economic thought leadership and the business community. Recently, he was named a Forty Under 40 honoree by Utah Business, and Harvard Business School selected him to be a participant in the Young American Leaders Program-an extension of the school's U.S. competitiveness project aimed at promoting cross-sector collaboration to solve pressing issues and achieve shared prosperity in communities.
Darin completed his Master's Degree in Real Estate Finance at the University of Cambridge and received a Bachelor of Arts in Political Science from Brigham Young University.
Job Titles:
- Principal Research Data Scientist
Job Titles:
- Research Analyst
- Senior Research Analyst
- Research Analyst With CBRE's Strategic Investment Consulting
Henar Hellow is a Sr Research Analyst with CBRE'S Strategic Investment Consulting group, where she supports the data-driven analysis and investment recommendations the team undertakes for clients. Henar was previously the Sr Field Research Analyst at CBRE San Diego, where she engaged with brokerage teams at the point of sale. She helped drive the conversation on leveraging platform technologies in pitches and presentations at the local level, published quarterly reports on topics like venture capital and office trends, and worked closely with sales management and marketing to provide tightly coordinated support for local campaigns.
Prior to joining CBRE in 2018, Henar was a research analyst at the San Diego Workforce Partnership, where she led the development of several sector reports, which were published and presented at local industry conferences.
Henar received a Masters of International Affairs degree in international politics and environmental policy from the University of California, San Diego, and a double Bachelors of Arts in Asian Studies (Chinese Language) and Studio Arts from San Diego State University.
Job Titles:
- Senior Research Director, Office
Ian Anderson brings 20 years of commercial real estate and capital markets experience to his role as the Director of Research and Analysis for the Greater Philadelphia region. He is responsible for generating market insight and intelligence and ensuring that clients receive the most thorough, timely and strategic research information, in a way that guides decision making and identifies risks and opportunities. He also serves as a CBRE spokesperson on the commercial real estate environment.
Prior to this role, Mr. Anderson was the Director of Research for Grosvenor Fund Management in North America. His primary focus was to direct investment strategy by identifying the risks and opportunities of property sectors, metropolitan markets, and macroeconomic trends. During his tenure at Grosvenor, Mr. Anderson authored dozens of commercial real estate research reports, economic views, and market commentaries. Before joining Grosvenor, Mr. Anderson worked for a private residential developer and a community development financial institution.
Previously, Mr. Anderson worked for eight years at two of the largest mutual fund organizations in the U.S. His work focused on the sale and investment guidance for a variety of corporate retirement plan products.
Job Titles:
- Senior Director and Global Head of Industrial & Logistics Research
- Senior Research Director, Industrial & Logistics
James Breeze serves as Senior Director and Global Head of Industrial & Logistics Research. James is responsible for helping internal and external clients make real estate decisions by providing forward looking data and analysis. An accomplished public speaker and writer, James is a primary spokesperson on the industrial real estate environment.
James brings 16 years of experience in commercial real estate from time spent as National Director of Industrial Research at Colliers International. During his nearly four years at Colliers, James produced a wide variety of thought-leadership pieces that were showcased in Bloomberg, the Wall Street Journal, New York Times, Bisnow, Globe Street, and many others.
JJames started his career at Cushman & Wakefield as an entry level analyst, quickly climbing the ranks to become an industrial broker in California's Inland Empire. After nearly three years as a broker, James returned to research, managing the industrial and office teams in Southern California and Arizona. James was also a member of the U.S. industrial research team.
Born and raised in the Inland Empire, James is a graduate of California State University - San Bernardino with a Bachelor of Arts in Business Administration and a Minor in Finance. James currently resides with his family in Phoenix, AZ.
Job Titles:
- Data Scientist With CBRE Econometric Advisors
- Senior Data Scientist
Jing Ping is a Data Scientist with CBRE Econometric Advisors. She is primarily responsible for developing large commercial real estate datasets and a suite of risk tools to be used throughout CBRE and the commercial real estate business.
Jing has a strong background in data science and machine learning; she worked as data scientist for the Huffington Post prior to joining CBRE. Jing built predictive models and machine learning tools for a wide range of big data projects.
Jing holds a bachelor's degree with a triple major in Economics, Mathematics and Statistics from The University of Minnesota Twin Cities and a master's degree in Data Science from the Center for Data Science at the Courant Institute of New York University.
Job Titles:
- Economist With CBRE Econometric Advisors
- Economist, Capital Markets
Jing Ren is an economist with CBRE Econometric Advisors in Boston. Her primary responsibilities include forecasting commercial real estate metrics for U.S. markets and conducting research on fundamental analysis of commercial real estate portfolio diversification. Her research interests also include attribution analysis and site selection.
Dr. Ren has a strong background in econometric modeling, and taught Econometrics at Brandeis University prior to joining CBRE. She holds a Ph.D. in economics from Brandeis University.
Joe joined CBRE in August 2017, having been active in the commercial construction industry and in sales and marketing since 2013.
Joe works closely with the investors, developers and financial institutions that leverage CBRE's research. He is responsible for growing CBRE Econometric Advisors' client base, fostering strong relationships with new clients as he extends to them our proprietary tools and data and our outlook on commercial real estate and the macroeconomy.
Previously, Joe was Director of Sales and Marketing at Associated Builders and Contractors. There he was awarded and nationally recognized for his client retention and sales growth in 2017, having grown the company's client base to a 30-year high. He cultivated positive relationships and expert knowledge of clients, while also developing effective marketing strategies for the association. Prior to joining CT ABC, he worked for two years in direct sales and sales operations roles.
Joe is a 2013 graduate of Stonehill College where he majored in Economics. During his time there, he held a variety of internships at Merrill Lynch and Segal Rogerscasey. Joe is a member of the St. Joseph's Society and a fourth degree knight of Columbus.
Job Titles:
- Head of Occupier Research for the Americas
- Vice President, Capital Markets and Occupier
Julie Whelan is the Head of Occupier Research for the Americas at CBRE. Julie's goals are to identify market trends impacting the occupier primarily in the office and industrial space and to interpret the economic and property markets for CBRE's clients in the Americas.
Julie has over a decade of experience in real estate market analysis and consulting. Prior to joining CBRE, she was the Vice President of Global Realty Services for State Street Corporation.
Julie holds a Bachelor's degree from Providence College and a Masters in Business Administration from Suffolk University.
Mark Gallagher is a Senior Strategist in the Investment Strategy Services (ISS) Group. Mr. Gallagher works closely with a variety of clients to provide customized real estate market research and to develop market strategies. With his past experience in the real estate lending markets, he has a background in developing and implementing risk analysis tools and portfolio management strategies.
Prior to joining CBRE, Mr. Gallagher was a Vice President at Centerline Capital Group, where he worked on high-yield debt acquisitions for the firm's managed funds, conducted CMBS acquisition due diligence, and underwrote agency multifamily mortgage originations. Previously, Mr. Gallagher was an Investment Officer in Real Estate Capital Markets for the John Hancock Real Estate Finance Group. At John Hancock, he worked on a team responsible for acquisitions and portfolio management of CMBS, real estate-backed CDOs, and real estate fund investments. He was also responsible for quantitative analysis and stress testing of CMBS and CDO structures. He also worked in the firm's real estate research group, where he was responsible for the development of real estate investment and market strategies.
Mr. Gallagher is a CFA charterholder. He joined CBRE in September 2008.
Mary leads efforts to deliver innovative analytical tools that accelerate growth for CBRE and its clients. She leads a team connecting market participants to CBRE's thought leadership and proprietary data in its forecasting platform. She has 15 years' experience in licensing tools and data as decision support. Ms. Suter's top priority is seamless research delivery and agile product development. Prior to CBRE, she spent six years leading a team licensing real estate property and transaction research to investors, lenders, valuation professionals and large data analytic firms like CoStar, Real Capital Analytics, CoreLogic, Black Knight Financial and Zillow. She also spent five years in real estate at a family brokerage learning the real estate business from the ground up. Early in her career she developed channel sales and marketing experience at BBN Planet/GTE Internetworking and Akamai Technologies. Mary is a seasoned leader and client care professional. She joined CBRE in 2014 and is a graduate of Hamilton College.
Job Titles:
- Senior Economist
- Economist
Matt is a senior macro economist, bringing more than a decade of institutional real estate experience and an advanced understanding of economic and financial modeling. Matt is responsible for forecasting and analyzing macro-economic trends in the U.S. and working with all sector economists to determine how the macro trends influence each property type.
Matt joined CBRE EA in February 2020 from Oxford Economics, EA's data partner, where he oversaw production of all city-level analytics across the Americas and played a major role in Oxford's product expansions and launches.
Matt earned his master's degree in real estate from the University of Reading (United Kingdom) and bachelor's degree in geography from the University of North Carolina at Charlotte.
Job Titles:
- Account Development Manager
- Marketing and Client Services Manager for CBRE Hotels Research / Econometric Advisors
Matt Mullen is Marketing and Client Services Manager for CBRE Hotels Research/Econometric Advisors. Based in Atlanta, Matt manages marketing efforts to position CBRE's Hotel research and data products as the industry standard, while ensuring our clients have access to the latest and most relevant resources for analyzing the performance of the lodging industry.
Job Titles:
- Head of Multifamily Research, Sr. Economist
- Senior Director - Americas Head of Multifamily Research, Senior Economist
- Senior Director and Americas Head of Multifamily Research
Matt Vance serves as Senior Director and Americas Head of Multifamily Research for CBRE. Matt is also a Senior Economist with the CBRE Econometric Advisors-the firm's data science and forecasting arm. His work is grounded in economic theory and designed to support a wide range of client investment strategies and market positioning.
In previous roles, Matt has led CBRE's research and thought leadership platform across the U.S. Midwest, Southwest and Mountain States regions. Before joining CBRE in early 2015, Matt held a research position with Real Capital Solutions (RCS), a highly entrepreneurial real estate investment management company. Prior to RCS, Matt was an instructor of economics at the University of Colorado Boulder.
Matt is currently a PhD candidate with the University of Reading's Center for Real Estate and Panning. He earned his master's degree in economics from the University of Colorado at Boulder-as well as a B.S. with a double major in mathematics and statistics, and a B.B.A in business economics from Grand Valley State University.
Michael has conducted real estate related research for roughly four years. Before joining CBRE EA, he was a research associate at the Paul Milstein Center for Real Estate at Columbia Business School and Bowery Valuation. He has performed academic research on a wide range of topics including health care policy, public infrastructure, housing prices, and commercial real estate. Michael holds a master's degree in Economics from George Mason University.
Job Titles:
- Economist With CBRE Econometric Advisors
- Economist, Apartment
- Economist, Multifamily
Nathan is an economist with CBRE Econometric Advisors. His primary responsibilities include forecasting and analysis of multifamily real estate metrics for the U.S. markets. Together with his colleagues, he works on improvements to EA's statistical models using his background in machine learning, Bayesian time series, vector auto-regression, and error correction models. He has published research on forecasting water demand and is currently interested in the dynamics between retail construction and apartment demand.
Nathan holds master's degrees in both mathematics and economics and is in the process of completing a PhD from the University of Washington, Seattle. Before joining CBRE, he was a research assistant at the University of Washington working in labor economics and policy effectiveness in education.
Job Titles:
- Global Head of Forecasting and Analytics
- Head of Forecasting, Global Economist
Dr. Blake is Global Head of Forecasting and Analytics at CBRE. His responsibilities include developing CBRE's globally consistent economic and real estate view. He also leads the development of CBRE's real estate performance outlook in EMEA and is closely involved in the coordination of CBRE's view on global real estate investment performance.
An economist with more than 30 years' experience in economic modeling and forecasting, Neil came to CBRE in 2012, from Oxford Economics, the economic forecasting consultancy. At Oxford Economics, he was Director of Economic Analysis and had primary responsibility for the analysis of international cities and regional services, commercial property, housing and retail markets, as well as global macroeconomic and financial sector analysis. Prior to joining Oxford Economics in 2008, Dr. Blake was a founding director of Business Strategies Limited, which became part of Experian in 2002.
Neil has extensive knowledge of economic modeling and forecasting, particularly with regard to real estate-related applications. These include modeling international property returns for leading investors, assessing the property market impact of a Eurozone breakup, work for the Barker Review on the economic effects of restrictions on housing supply, work for the European Commission on the cause of bubbles in the housing market and the RICS City Office Model. Also, "How Much Space?" and "Retail Voids" for the BCSC and the IPF Research Foundation's project on "Property and Inflation," interest rates in the long-term and the impact on property pricing, contributions to the development of an investment strategy for major investors, and modeling the link between economic development and the demand for commercial and residential space in the Middle East.
Neil is a member of a number of industry bodies, a frequent speaker at industry events, and a regular media spokesman for CBRE.
Job Titles:
- Economist
- Economist, Industrial
- Senior Economist With CBRE Econometric Advisors
Nicholas Rita currently serves as a Senior Economist with CBRE Econometric Advisors. Nicholas' core responsibility is to dissect and analyze key trends within the U.S. industrial property sector.
Prior to joining CBRE Econometric Advisors, Nicholas served as a National Research Manager for JLL, overseeing all research efforts for industrial capital markets. Before JLL, Nicholas served as a Senior Financial Analyst for Transwestern Phoenix's capital markets group. Nicholas holds a B.S. Economics from Arizona State University, an MBA from Grand Canyon University, and is currently enrolled in the M.S. Applied Economics program at Boston College.
Job Titles:
- Head of Hotels Research & Data Analysis
- Head of Hotels Research & Data Analytics, Sr. Research Director
As CBRE's Head of Hotels Research & Data Analysis, Rachael Rothman, CFA is responsible for data analysis, thought leadership, and leveraging CBRE's proprietary Trends® database, Hotel Horizons® Forecasts, and best in class brokerage and capital markets expertise to help hotel owners, brands, and management companies maximize profits while minimizing risks.
Ms. Rothman joined CBRE in March 2021 after a 20-year career as a public hotel company executive and equity analyst following the hospitality industry. Her executive experience spans work as Chief Financial Officer at Apple Hospitality REIT in 2019 and as Head of Corporate Strategy and Investor Relations at Playa Hotels & Resorts in 2018 to 2019.
Job Titles:
- Global Chief Economist and Head of Americas Research
- Specialist
Richard is a specialist in macro and real estate economics. He joined CBRE in 2014 as Executive Director and Global Chief Economist. Prior to taking up his position with CBRE Richard was a Director of Research for the Grosvenor Group an international business with circa $10bn of capital under management in real estate. He was also a non-Executive Director of Grosvenor Fund Management where he was involved in fund strategy, risk analysis and capital raising. Richard is the author of two books and numerous academic and industry papers. In 2012 he published ‘Real Estate and Globalisation' (Wiley Blackwell, Oxford), which explains the impact on real estate markets of the rise of emerging markets such as China and Brazil. He has extensive consulting experience and is a Visiting Professor in the Department of Construction and Project Management at the Bartlett School, University College London. He holds a PhD in economics from the University of Reading where he taught, in the Departments of Economics and Land Management, between the years of 1987 and 1998.
Job Titles:
- Chairman of Americas Research
- Chairman, Americas Research & Senior Economic Advisor
Spencer Levy is Chairman of Americas Research for CBRE and Senior Economic Advisor for CBRE. He plays an integral role in the development and implementation of the global research strategy and business plan. A CBRE veteran of more than 10 years, Spencer had previously served as Executive Managing Director in the company's Capital Markets division.
Mr. Levy oversees the analytical activities of the CBRE research community within the Americas region and is responsible for the management of hundreds of professionals who are focused on producing market-leading insight and interpretative analysis on the latest real estate trends. Mr. Levy supports CBRE executives in their decision-making by providing insight into the impact of market trends related to strategic business planning, and analyst call preparation.
He serves as principal external spokesperson on real estate issues in the Americas region and has considerable media experience, providing market commentary for many national television, newspaper and internet outlets.
Mr. Levy joined CBRE in 2007 to lead the U.S. Eastern Division of the Capital Markets platform. Since then, he has assumed positions of increasing responsibility. As a part of senior management for the Capital Markets platform, Mr. Levy provided leadership for several areas in the United States and Latin America. Mr. Levy provided additional oversight of Retail, Auction and Investment Banking in the United States. He also directly serves a number of major clients.
Mr. Levy is a frequent speaker before industry groups, including NAIOP, ICSC, ULI and CREW. In 2010, he won CBRE's Gary J. Beban Teamwork Award, which acknowledges professionals who take a multi-disciplinary approach to client service. Mr. Levy currently serves on the Board of Directors of the Baltimore Leadership School for Young Women.
Prior to joining CBRE, he was a principal at Stifel Nicolaus (formerly Legg Mason Capital Markets), a leading investment bank serving the real estate industry, where he played a significant role in M&A, IPO and private capital-raising activities. Before that, he served as assistant general counsel at the Witkoff Group and was an attorney at Fried Frank Harris Shriver & Jacobson and Jones Day Reavis & Pogue.
Mr. Levy resides in Owings Mill, Md. with his wife and three children. He is a graduate of Cornell University and Harvard Law School.
Job Titles:
- Economist
- Economist, Office
- Senior Economist With CBRE Econometric Advisors
Stefan Weiss is a Senior Economist with CBRE Econometric Advisors. His primary responsibilities are centered around US office market fundamentals. Specifically, he is responsible for dissecting and interpreting the underlying macro and microeconomic trends shaping real estate decisions for occupiers, operators, and investors across the capital stack.
Prior to joining CBRE EA, Stefan served as a Director with the Janus Property Company, overseeing the development of the Taystee Lab Building in New York City. Before Janus, Stefan managed JLL's economic research and advisory efforts in the New York metro. Stefan holds a master's degree in International Economics and Finance from Brandeis University.
Job Titles:
- Research Analyst
- Senior Research Analyst
Vincent Planque, Senior Research Analyst, brings more than 18 years of commercial real estate experience. In his role with CBRE Econometric Advisors, Mr. Planque will be working with economists to enhance CBRE EA's position on ESG and climate risk.
Prior to joining CBRE EA, Mr. Planque was the Senior Analyst at Link Logistics, where he was responsible for transforming data into meaningful information using business intelligence and data visualization tools such as Microsoft Power BI. Before Link Logistics, he was the Senior Research Analyst for more than a decade at Cushman & Wakefield. During this time, he was responsible for tracking and reporting on market conditions, producing thought leadership materials on LEED-certified office buildings, coworking spaces, modern workplace environments, life-science industry and authoring white papers on various trends in commercial real estate. Prior to that, Mr. Planque was a research analyst with Costar Group.
He holds a Bachelor of Business Administration in Real Estate from Temple University.
Mr. Planque is a hockey and football (also known as soccer) fan. In his free time, he likes to run, cycle and spend time with those close to him, especially over good food and drink.
Job Titles:
- Senior Consultant at CBRE Econometric Advisors
William Wheaton is a Senior Consultant at CBRE Econometric Advisors and a Professor in the Departments of Economics, and Urban Studies and Planning, at the Massachusetts Institute of Technology (MIT). He served as Director of the Center for Real Estate at MIT from 1992 through 2003. Dr. Wheaton was first economist to apply economic methods to the forecasting of commercial real estate markets. His innovative perspective and integrated econometric modeling have provided a framework for decision-making that compliments other, more traditional approaches.
Dr. Wheaton attended Princeton University for his undergraduate degree and received his Ph.D. in Economics from the University of Pennsylvania. Dr. Wheaton co-authored the highly acclaimed textbook Urban Economics and Real Estate Markets, which is hailed as ground-breaking in the real estate economics field.