Major research prize for Real Estate & Planning academics
30 September 2015
INREV, IPF and SPR announce fourth research award winner of Nick Tyrrell Research Prize
Industry associations and sponsors, the European Association for Investors in Non-listed Real Estate Vehicles (INREV), the Investment Property Forum (IPF) and the Society of Property Researchers (SPR), have awarded the fourth Nick Tyrrell Research Prize to Professor Pat McAllister and Dr Anupam Nanda from Real Estate & Planning for their paper ‘Do Foreign Buyers Compress Office Real Estate Cap Rates?’. The paper uses data from DTZ’s – now Cushman & Wakefield - Investment Transaction Database to establish a significant negative effect between the activity of foreign investors and observable levels of capitalisation rates in 28 major European office markets.
The Nick Tyrrell Research Prize is awarded annually to innovative and high-quality, applied research in real estate investment. Dr Paul McNamara, Chair of the Judging Panel, commented ‘This highly relevant and accessible research, which assesses the implications of foreign investment on office market pricing across many European cities will fascinate investment practitioners and is a worthy winner of the 2015 Prize. It was selected from a total of 36 submissions - the highest number yet received for this increasingly prestigious award’.
The judging panel felt that the quality of submissions received this year was outstanding and, in addition to the winning paper three other entries, on topics ranging from the effects of supply constraints on English house prices, the effect of distance on investment returns and the impact of foreign investors on residential Parisian residential prices, were specifically commended by the judges.
The winning paper can be downloaded from the IPF website.