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Pat McAllister

Professor of Real Estate

PhD Programme Director

Pat Mc Allister 75e5pfiod

Specialisms

  • Real estate appraisal, 
  • Sustainable real estate, 
  • Development viability appraisal, 
  • Cross-border real estate investment

Location

HBS 221, Whiteknights Campus

Pat McAllister has a long-standing relationship with the University of Reading having been awarded both his MPhil and his PhD by the University. Pat returned to Real Estate & Planning in 2015, having previously taught at University College London, Oxford Brookes University, Heriot-Watt University and University of Greenwich. Pat was appointed Visiting Professor at TU Delft in 2017.

He has been involved in numerous research projects funded by or in collaboration with industry partners. He has published widely on a range of topics linked to real estate appraisal, development, management and investment. He has undertaken research projects for Real Estate Research Institute, the Nuffield Foundation, Economic and Social Research Council, the Investment Property Forum, Department of Energy and Climate Change, the Royal Institution of Chartered Surveyors and Ministry for Housing Communities and Local Government. Pat became a member of the RICS in 1992.

Qualifications

  • PhD, Real Estate and Planning, University of Reading
  • MPhil Land Economy, University of Cambridge
  • MPhil Land Management and Development, University of Reading
  • BA (Hons) in Geography, University of Kent

Current PhD students

Ernest Adu: Cross-Border Commercial Real Estate Development: A socio-economic analysis of development strategies and processes in Emerging Markets. Lead supervisor.

Reference: McAllister, P. (2025) A note of caution on the financial performance of the British housebuilding sector. Journal of Property Research. ISSN 1466-4453 doi: 10.1080/09599916.2025.2471271
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. (2025) Housebuilders’ landbanks: Inventory, asset or hoard? Land Use Policy, 152. 107503. ISSN 1873-5754 doi: 10.1016/j.landusepol.2025.107503
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. and Nase, I. (2023) Minimum energy efficiency standards in the commercial real estate sector: a critical review of policy regimes. Journal of Cleaner Production, 393. 136342. ISSN 0959-6526 doi: 10.1016/j.jclepro.2023.136342
Henley faculty authors:
Pat McAllister
Reference: Cooke, H. , Fiorentino, S., Harris, R., Livingstone, N. and McAllister, P. (2022) Corporate occupiers’ attitude to flex space in the post-Covid environment. Journal of Property Investment and Finance, 40 (5). pp. 493-507. ISSN 1463-578X doi: 10.1108/JPIF-02-2022-0011
Henley faculty authors:
Howard Cooke - Pat McAllister
Reference: Fiorentino, S., Livingstone, N., McAllister, P. and Cooke, H. (2022) The future of the corporate office? Emerging trends in the post-Covid city. Cambridge Journal of Regions, Economy and Society, 15 (3). pp. 597-614. ISSN 1752-1386 doi: 10.1093/cjres/rsac027
Henley faculty authors:
Pat McAllister - Howard Cooke
Reference: McAllister, P. (2020) Can brokers rig the real estate market? An exploratory study of the commercial real estate sector. Journal of Property Research, 37 (3). pp. 254-288. ISSN 1466-4453 doi: 10.1080/09599916.2020.1794935
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. (2020) Creating operational alpha? Operating models for real estate management. Property Management, 38 (4). pp. 565-583. ISSN 0263-7472 doi: 10.1108/PM-02-2020-0009
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. and Nase, I. (2020) The accuracy of consensus real estate forecasts revisited. Journal of Property Research, 37 (2). pp. 147-170. ISSN 1466-4453 doi: 10.1080/09599916.2020.1720784
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. and Nase, I. (2019) The impact of Minimum Energy Efficiency Standards: some evidence from the London office market. Energy Policy, 132. pp. 714-722. ISSN 0301-4215 doi: 10.1016/j.enpol.2019.05.060
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. (2019) The taxing problems of land value capture, planning obligations and viability tests: some reasonable models? Town Planning Review, 90 (4). pp. 429-451. ISSN 1478-341X doi: 10.3828/tpr.2019.28
Henley faculty authors:
Pat McAllister
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: 10.1016/j.gfj.2019.04.003
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. (2018) Fund management and governance. In: MacGregor, B. D., Schulz, R. and Green, R. (eds.) Routledge Companion to Real Estate Investment. Routledge, Abingdon. ISBN 9781138020788
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. , Shepherd, E. and Wyatt, P. (2018) Policy shifts, developer contributions and land value capture in London 2005–2017. Land Use Policy, 78. pp. 316-326. ISSN 0264-8377 doi: 10.1016/j.landusepol.2018.06.047
Henley faculty authors:
Pat McAllister - Peter Wyatt
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: 10.1007/s10551-015-2953-1
Henley faculty authors:
Neil Crosby - Pat McAllister
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: 10.1080/09599916.2017.1383931
Henley faculty authors:
Pat McAllister
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: 10.3905/jpm.2017.43.6.090
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. , Gabrieli, T. and McAllister, P. (2017) A green winner's curse? Investor behavior in the market for eco-certified office buildings. Economic Modelling, 61. pp. 137-146. ISSN 0264-9993 doi: 10.1016/j.econmod.2016.11.007
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. (2017) The calculative turn in land value capture: lessons from the English planning system. Land Use Policy, 63. pp. 122-129. ISSN 0264-8377 doi: 10.1016/j.landusepol.2017.01.002
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. , Street, E. and Wyatt, P. (2016) An empirical investigation of stalled residential sites in England. Planning Practice and Research, 31 (2). pp. 132-153. ISSN 1360-0583 doi: 10.1080/02697459.2015.1115658
Henley faculty authors:
Pat McAllister - Emma Street - Peter Wyatt
Reference: McAllister, P. and Nanda, A. (2016) Does real estate defy gravity? An analysis of cross-border real estate investment flows. Review of International Economics, 24 (5). pp. 924-948. ISSN 1467-9396 doi: 10.1111/roie.12228
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. , (2016) The calculative turn in land value capture: lessons from the English planning system. Working Papers in Real Estate & Planning. 01/16. Working Paper. University of Reading, Reading. pp22.
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. , McAllister, P. , Nanda, A. and Wyatt, P. (2016) Energy performance ratings and house prices in Wales: an empirical study. Energy Policy, 92. pp. 20-33. ISSN 0301-4215 doi: 10.1016/j.enpol.2016.01.024
Henley faculty authors:
Pat McAllister - Peter Wyatt
Reference: McAllister, P. , Street, E. and Wyatt, P. (2016) Governing calculative practices: An investigation of development viability modelling in the English planning system. Urban Studies, 53 (11). pp. 2363-2379. ISSN 1360-063X doi: 10.1177/0042098015589722
Henley faculty authors:
Pat McAllister - Emma Street - Peter Wyatt
Reference: Fuerst, F. , McAllister, P. , Nanda, A. and Wyatt, P. , (2015) Energy performance ratings and house prices in Wales: an empirical study. Working Papers in Real Estate & Planning. 05/15. Working Paper. University of Reading, Reading. pp40.
Henley faculty authors:
Pat McAllister - Peter Wyatt
Reference: Fuerst, F. , McAllister, P. , Nanda, A. and Wyatt, P. (2015) Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England. Energy Economics, 48. pp. 145-156. ISSN 0140-9883 doi: 10.1016/j.eneco.2014.12.012
Henley faculty authors:
Pat McAllister - Peter Wyatt
Reference: Wyatt, P. , McAllister, P. , Cousins, L., Pugh, H. and McAllister, R., (2014) Section 106 planning obligations in England, 2011-12. Project Report. HM Government pp84.
Henley faculty authors:
Peter Wyatt - Pat McAllister
Reference: Fuerst, F. , Kontokosta, C. and McAllister, P. (2014) Determinants of green building adoption. Environment and Planning B: Planning and Design, 41 (3). pp. 551-570. ISSN 1472-3417 doi: 10.1068/b120017p
Henley faculty authors:
Pat McAllister
Reference: Dabson, A. and McAllister, P. , (2014) Evolution and change in the serviced office sector: a decade later. Working Papers in Real Estate & Planning. 02/14. Working Paper. University of Reading, Reading. pp23.
Henley faculty authors:
Pat McAllister
Reference: Dabson, A. and McAllister, P. , (2014) The role of serviced offices in the corporate real estate supply chain. Working Papers in Real Estate & Planning. 01/14. Working Paper. University of Reading, Reading. pp24.
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. , McAllister, P. , Nanda, A. and Wyatt, P. , (2013) An investigation of the effect of EPC ratings on house prices. Project Report. HM Government pp41.
Henley faculty authors:
Pat McAllister - Peter Wyatt
Reference: McAllister, P. , Street, E. and Wyatt, P. , (2013) Shovel ready? An empirical investigation of stalled residential sites. Working Papers in Real Estate & Planning. 11/13. Working Paper. University of Reading, Reading. pp27.
Henley faculty authors:
Pat McAllister - Emma Street - Peter Wyatt
Reference: McAllister, P. , Street, E. and Wyatt, P. , (2013) Inside the black box: unravelling the development viability appraisal process. Working Papers in Real Estate & Planning. 12/13. Working Paper. University of Reading, Reading. pp35.
Henley faculty authors:
Pat McAllister - Emma Street - Peter Wyatt
Reference: McAllister, P. and Wyatt, P. , (2013) A good enough approach to setting planning obligations. Working Papers in Real Estate & Planning. 08/13. Working Paper. University of Reading, Reading. pp25.
Henley faculty authors:
Pat McAllister - Peter Wyatt
Reference: Wyatt, P. and McAllister, P. , (2013) Area-wide development viability appraisals: the concept of threshold land value within a UK planning context. Working Papers in Real Estate & Planning. 09/13. Working Paper. University of Reading, Reading. pp21.
Henley faculty authors:
Peter Wyatt - Pat McAllister
Reference: Bushnell, C., McAllister, P. , Nanda, A. and Ro, S. , (2012) An analysis of the determinants of cross-border real estate development flows. Working Papers in Real Estate & Planning. 06/12. Working Paper. University of Reading, Reading. pp20.
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. and McAllister, P. (2011) Eco-labeling in commercial office markets: do LEED and Energy Star offices obtain multiple premiums? Ecological Economics, 70 (6). pp. 1220-1230. ISSN 0921-8009 doi: 10.1016/j.ecolecon.2011.01.026
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. and McAllister, P. , (2010) What is the effect of eco-labelling on office occupancy rates in the USA? FiBRE Series. Report. RICS
Henley faculty authors:
Pat McAllister
Reference: Crosby, N. , Lizieri, C. M. and McAllister, P. M. (2010) Means, motive and opportunity? Disentangling client influence on performance measurement appraisals. Journal of Property Research, 27 (2). pp. 181-201. ISSN 0959-9916 doi: 10.1080/09599916.2010.499014
Henley faculty authors:
Neil Crosby - Pat McAllister
Reference: McAllister, P. (2009) Assessing the valuation implications of the eco-labelling of commercial property assets. Journal of Retail and Leisure Property, 8 (4). pp. 311-322. ISSN 1750-2098 doi: 10.1057/rlp.2009.12
Henley faculty authors:
Pat McAllister
Reference: Fuerst, F. and McAllister, P. (2008) Environmental certification for commercial real estate assets: the value impacts. In: COBRA RICS Construction and Building Research Conference, Dublin, Ireland.
Henley faculty authors:
Pat McAllister
Reference: Bond, S. A., Loizou, P. and McAllister, P. (2008) Lease maturity and initial rent: is there a term structure for UK commercial property leases? Journal of Real Estate Finance and Economics, 36 (4). pp. 451-469. ISSN 1573-045X doi: 10.1007/s11146-007-9096-9
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. , Newell, G. and Matysiak, G. (2008) Agreement and accuracy in consensus forecasts of the UK commercial property market. Journal of Property Research, 25 (1). pp. 1-22. ISSN 1466-4453 doi: 10.1080/09599910802397040
Henley faculty authors:
Pat McAllister
Reference: McAllister, P. , Hughes, C. and Gallimore, P. (2008) Principal-agent issues in asset acquisition: UK institutions and their investment agents. Journal of Property Research, 25 (4). pp. 269-283. ISSN 0959-9916 doi: 10.1080/09599910902837010
Henley faculty authors:
Pat McAllister
Reference: Gallimore, P. , Hughes, C. and McAllister, P. , (2006) Property stock selection: organization, incentives and information. Report. Investment property forum, London. pp75.
Henley faculty authors:
Pat McAllister
Reference: Dixon, T., Thompson, R., McAllister, P. , Marston, A. and Snow, J. (2005) Real estate and the new economy: the impact of information and communications technology. Real Estate Issues. Wiley-Blackwell, pp440. ISBN 9781405117784
Henley faculty authors:
Pat McAllister
Reference: Bond, S., Crosby, N. , Hwang, S., Key, T., Lizieri, C. , Matysiak, G. , McAllister, P. and Ward, C. W. R. , (2004) Liquidity in commercial property markets. Report. Investment Property Forum pp116.
Henley faculty authors:
Neil Crosby - Pat McAllister
Reference: Lizieri, C. M. , McAllister, P. and Ward, C. , (2003) Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance. Working Papers in Real Estate & Planning. 12/03. Working Paper. University of Reading, Reading. pp39.
Henley faculty authors:
Pat McAllister

Real Estate Development

This module provides a course of study that focuses on the property development process. The module aims to provide students with an understanding of: different perspectives on the real estate...

Module code: REMB16

Real Estate Investment Appraisal

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: REMB05

Liquidity in International Real Estate Markets, Funded by IPF(£40,000) with Dr Anupam Nanda and Dr Steve Devaney (University of Reading) and Dr Nicola Livingstone (University College London), 2015

The Effect of Energy Performance on House Prices, Funded by Wales Low/Zero Carbon Hub (£5,000) with Franz Fuerst (University of Cambridge), Dr Peter Wyatt and Dr Anupam Nanda (both University of Reading), 2014.

The Impact of Cross-border Real Estate Investment on US Commercial Real Estate Capitalisation Rates, Funded by RERI ($15,000) with Dr Anupam Nanda (University of Reading), 2014

The Impact of Cross-border Real Estate Investment on European Commercial Real Estate Capitalisation Rates, Funded by DTZ Research Institute (£5,000) with Dr Anupam Nanda (University of Reading), 2014

The Value of Planning Obligations in England, Funded by DCLG (c£90,000) a consortium with University of Reading, Three Dragons, Hives Planning and David Locke Associates, 2011-12.

Hedonic Pricing Study to Determine whether Energy Efficiency Ratings and Council Tax Differentials Impact on Prices in the Domestic Building Sector, Funded by DECC (£32,000) with Franz Fuerst (University of Cambridge), Dr Peter Wyatt and Dr Anupam Nanda (both University of Reading), 2012.