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Dr Steven Devaney

Associate Professor in Real Estate Appraisal

Research Division Lead: Real Estate & Planning

Steven Devaney 75edwqcmv

Specialisms

  • Commercial property investment, 
  • Property valuation, 
  • Property indices

Location

HBS 217, Whiteknights Campus

Steven Devaney re-joined Real Estate & Planning as an Associate Professor in June 2017. His teaching and research focus on commercial real estate appraisal and investment. One area of specific interest has been the construction of performance indexes for commercial real estate and he was involved in the development of Transaction Linked Indicators that are now published by MSCI.

Other research areas include the liquidity of private real estate markets and funds, and the property development industry. He has published in a range of academic journals including the Journal of Real Estate Finance and Economics, Journal of Property Research, Journal of Real Estate Research, Construction Management and Economics, Journal of Portfolio Management and the Journal of Business Ethics. He has also written research reports for the RICS Research Trust, the Investment Property Forum and the European Public Real Estate Association. In addition, he is interested in the history of property markets and his doctoral research, completed in 2010, focused on the history of the City of London office market.

Qualifications

  • PhD, University of Reading
  • BSc (Hons) Land Management, University of Reading

Current PhD students

Tayo Odunsi: Construction of a Nigeria house price index and an assessment of its relationship with household incomes. First supervisor.

Melanie Zhang: Impact of Heterogeneous Investors in Commercial Real Estate Market. First supervisor

Reference: Baum, A. E. , Crosby, N. and Devaney, S. (2021) Property investment appraisal. 4th edition. Wiley-Blackwell, pp320. ISBN 9781118399552
Reference: Crosby, N. , Devaney, S. , Lizieri, C. M. and Mansley, N. (2021) Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate. Journal of Property Research. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2021.1913441
Reference: Crosby, N. and Devaney, S. , (2020) Long-term value methodologies in commercial real estate lending : comparison of property market indices. Report. Investment Property Forum, London.
Reference: Crosby, N. , Devaney, S. , Lizieri, C. M., Mansley, N. and Wang, Z., (2020) Long-term value methodologies in commercial real estate lending - appendices. Report. Investment Property Forum, London.
Reference: Crosby, N. , Devaney, S. , Lizieri, C. M., Mansley, N. and Wang, Z., (2020) Long-term value methodologies in commercial real estate lending - main report. Long-term value methodologies and real estate lending. Report. Investment Property Forum, London. pp122.
Reference: Crosby, N. , Devaney, S. and Wyatt, P. (2020) Performance metrics and required returns for UK real estate development schemes. Journal of Property Research, 37 (2). pp. 171-193. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2020.1720269
Reference: Devaney, S. and Scofield, D. (2020) Estimating the value, ownership structure and turnover rate for investible commercial real estate from transaction datasets. Journal of Property Investment & Finance. ISSN 1463-578X doi: https://doi.org/10.1108/JPIF-05-2020-0052
Reference: Crosby, N. , Devaney, S. and Wyatt, P. , (2019) Performance metrics, required returns and achieved returns for UK real estate development. Project Report. Royal Institution of Chartered Surveyors
Reference: Crosby, N. and Devaney, S. (2019) Appraisal-based indices. In: MacGregor, B. D., Schulz, R. and Green, R. K. (eds.) Routledge Companion to Real Estate Investment. Routledge, Abingdon, pp. 172-191. ISBN 9781138020788
Reference: Devaney, S. , Scofield, D. and Zhang, F. (2019) Only the best? Exploring cross-border investor preferences in US gateway cities. Journal of Real Estate Finance and Economics, 59 (3). pp. 490-513. ISSN 1573-045X doi: https://doi.org/10.1007/s11146-018-9690-z
Reference: Devaney, S. , Livingstone, N., McAllister, P. and Nanda, A. (2019) Capitalization rates and transaction activity in international office markets: a global perspective. Global Finance Journal, 42. 100469. ISSN 1044-0283 doi: https://doi.org/10.1016/j.gfj.2019.04.003
Reference: Ametefe, F. K., Devaney, S. and Stevenson, S. A. (2019) Optimal composition of hybrid/blended real estate portfolios. Journal of Property Investment & Finance, 37 (1). pp. 20-41. ISSN 1463-578X doi: https://doi.org/10.1108/JPIF-04-2018-0022
Reference: Crosby, N. , Devaney, S. and Wyatt, P. (2018) The implied internal rate of return in conventional residual valuations of development sites. Journal of Property Research, 35 (3). pp. 234-251. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2018.1457070
Reference: Crosby, N. , Devaney, S. , Lizieri, C. and McAllister, P. (2018) Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn. Journal of Business Ethics, 147 (3). pp. 651-667. ISSN 1573-0697 doi: https://doi.org/10.1007/s10551-015-2953-1
Reference: Crosby, N. , Devaney, S. and Wyatt, P. , (2018) Residual land values: measuring performance and investigating viability. IPF Research Programme Major Report. Report. Investment Property Forum, London. pp56.
Reference: Devaney, S. and Xiao, Q. (2017) Cyclical co-movements of private real estate, public real estate and equity markets: a cross-continental spectrum. Journal of Multinational Financial Management, 42-43. pp. 132-151. ISSN 1042444X doi: https://doi.org/10.1016/j.mulfin.2017.10.002
Reference: Devaney, S. , McAllister, P. and Nanda, A. (2017) Determinants of transaction activity in commercial real estate markets: evidence from European and Asia-Pacific countries. Journal of Property Research, 34 (4). pp. 251-268. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2017.1383931
Reference: Crosby, N. , Devaney, S. and Wyatt, P. , (2017) The implied internal rate of return in conventional residual valuations of development sites. Working Papers in Real Estate & Planning. 03/17. Working Paper. University of Reading, Reading. pp14.
Reference: Devaney, S. , McAllister, P. and Nanda, A. (2017) Which factors determine transaction activity across US Metropolitan office markets? Journal of Portfolio Management, 43 (6). pp. 90-104. ISSN 0095-4918 doi: https://doi.org/10.3905/jpm.2017.43.6.090
Reference: Devaney, S. and Scofield, D. (2017) Do ‘foreigners’ pay more? The effects of investor type and nationality on office transaction prices in New York City. Journal of Property Research, 34 (1). pp. 1-18. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2017.1299197
Reference: Sanderson, D. and Devaney, S. (2017) Occupier satisfaction and its impact on investment returns from UK commercial real estate. Journal of Property Investment & Finance, 35 (2). pp. 135-159. ISSN 1463-578X doi: https://doi.org/10.1108/JPIF-10-2016-0077
Reference: Devaney, S. , Livingstone, N., McAllister, P. and Nanda, A. (2017) Institutional convergence in real estate markets: a comparative study of brokerage models and transaction costs. Journal of Real Estate Literature, 25 (1). pp. 169-188. ISSN 0927-7544
Reference: Devaney, S. , McAllister, P. and Nanda, A. , (2016) Which factors determine liquidity across US metropolitan office markets? Real Estate Research Institute (RERI)
Reference: Devaney, S. , Livingstone, N., McAllister, P. and Nanda, A. , (2016) Unravelling liquidity In international commercial real estate markets. Report. IPF Research Programme, London.
Reference: Pain, K. , Devaney, S. and Akakandelwa, N. (2016) Social networks and sales transactions in South African office markets. In: 16th AfRES Annual Conference, Addis Ababa, Ethiopia, pp. 291-312.
Reference: Xiao, Q. and Devaney, S. (2016) Are mortgage lenders guilty of the housing bubble? A UK perspective. Applied Economics, 48 (45). pp. 4271-4290. ISSN 1466-4283 doi: https://doi.org/10.1080/00036846.2016.1156231
Reference: Ametefe, F., Devaney, S. and Marcato, G. (2016) Liquidity review: dimensions, causes, measures and empirical applications in real estate markets. Journal of Real Estate Literature, 24 (1). pp. 1-29. ISSN 0927-7544
Reference: Crosby, N. , Devaney, S. and Nanda, A. (2016) Which factors drive rental depreciation rates for office and industrial properties? Journal of Real Estate Research, 38 (3). pp. 359-392. ISSN 0896-5803
Reference: Devaney, S. and Scofield, D. (2015) Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments. Journal of Property Research, 32 (4). pp. 362-383. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2015.1089924
Reference: Devaney, S. (2014) Measuring European property investment performance: comparing different approaches. Journal of European Real Estate Research, 7 (1). pp. 112-132. ISSN 1753-9269 doi: https://doi.org/10.1108/JERER-10-2013-0022
Reference: Crosby, N. and Devaney, S. , (2013) Constructing an effective rental value index. Short Paper. 18. Report. Investment Property Forum, london.
Reference: Devaney, S. and Scofield, D. (2013) Broker use and the cost of liquidity in commercial real estate investment. Journal of European Real Estate Research, 6 (3). pp. 279-302. ISSN 1753-9269 doi: https://doi.org/10.1108/JERER-06-2013-0010
Reference: Devaney, S. , (2013) Measuring European real estate investment performance: A comparison of different approaches. Working Papers in Real Estate & Planning. 10/13. Working Paper. University of Reading, Reading. pp23.
Reference: Devaney, S. , Xiao, Q. and Clacy-Jones, M., (2012) Listed and direct real estate investment: a European analysis. Report. European Public Real Estate Association, Brussels.
Reference: Devaney, S. and Roberts, D. (2012) Who gets the jobs? Factors influencing the employability of property and construction graduates in the UK. Construction Management and Economics, 30 (3). pp. 233-246. ISSN 0144-6193 doi: https://doi.org/10.1080/01446193.2011.654233
Reference: Crosby, N. , Devaney, S. and Law, V. (2012) Rental depreciation and capital expenditure in the UK commercial real estate market, 1993–2009. Journal of Property Research, 29 (3). pp. 227-246. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2012.679009
Reference: Crosby, N. and Devaney, S. , (2011) Depreciation of commercial investment property in the UK. Report. Investment Property Forum, london. pp28.
Reference: Laing, R., Buda, G., Devaney, S. and Roberts, D. (2011) Built environment higher education in Scotland: pressures, challenges and change in uncertain times. CEBE Transactions, 8 (1). pp. 41-59. ISSN 1745-0322
Reference: Devaney, S. and Martinez Diaz, R. (2011) Transaction based indices for the UK commercial real estate market: an exploration using IPD transaction data. Journal of Property Research, 28 (4). pp. 269-289. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2011.601317
Reference: Crosby, N. , Devaney, S. and Law, V. (2011) Benchmarking and valuation issues in measuring depreciation for European office markets. Journal of European Real Estate Research, 4 (1). pp. 7-28. ISSN 1753-9269 doi: https://doi.org/10.1108/17539261111129443
Reference: Devaney, S. (2010) Trends in office rents in the City of London: 1867-1959. Explorations in Economic History, 47 (2). pp. 198-212. ISSN 0014-4983 doi: https://doi.org/10.1016/j.eeh.2009.11.001
Reference: Baum, A. and Devaney, S. (2008) Depreciation, income distribution and the UK REIT. Journal of Property Investment and Finance, 26 (3). pp. 195-209. ISSN 1463-578X doi: https://doi.org/10.1108/14635780810871597
Reference: Lee, S. and Devaney, S. (2007) The changing importance of sector and regional factors in Real Estate returns: 1987-2002. Journal of Property Research, 24. pp. 55-69. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910701297671
Reference: Devaney, S. , Lee, S. and Young, M. S. (2007) Serial persistence in individual real estate returns in the UK. Journal of Property Investment & Finance, 25. pp. 241-273. ISSN 1463-578X doi: https://doi.org/10.1108/14635780710746911
Reference: Callender, M., Devaney, S. , Sheahan, A. and Key, T. (2007) Risk reduction and diversification in UK commercial property portfolios. Journal of Property Research, 24 (4). pp. 355-375. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910801916279
Reference: Young, M., Lee, S. and Devaney, S. (2006) Non-normal real estate return distributions by property type in the UK. Journal of Property Research, 23 (2). pp. 109-133. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910600800302
Reference: Devaney, S. and Lizieri, C. (2005) Individual assets, market structure and the drivers of return. Journal of Property Research, 22 (4). pp. 287-307. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910600558504

Projects in Appraisal and Management

This module consists of projects related to the appraisal and management of real estate assets. Since the nature of each topic will vary with changing market conditions and the importance...

Module code: RE3PAM

Investment Appraisal and Valuation

This module develops the theory and practice of appraisal for individual property investments, mainly in the context of the commercial and industrial real estate investment markets. It will consider different...

Module code: REMF45

RICS Research Trust, ‘Performance metrics, required returns and achieved returns for UK real estate development’, 2018-19

Investment Property Forum, ‘Long Term Value Methodologies in Commercial Real Estate Lending Analysis’, Ongoing

Investment Property Forum, ‘Residual Land Values: Measuring Performance and Investigating Viability’, 2017-2018

Investment Property Forum, ‘Unravelling Liquidity in Direct Commercial Real Estate Markets: An International Study’, 2015-2016

Investment Property Forum, ‘Time to Transact: Measurement and Drivers’, 2013-14

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