Dr Steven Devaney

Associate Professor in Real Estate Appraisal

Dr Steven Devaney

Dr Steven Devaney

Research Division Lead - Real Estate & Planning
Real Estate & Planning
HBS 125, Whiteknights Campus
+44 (0) 118 378 4035



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.


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


Commercial property investment; Property valuation; Property indices

Selected Research Grants

  • 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

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


View a full list of Dr Steven Devaney's Publications

Key Publications

Devaney, S., Scofield, D. and Zhang, M. (2019). Only the Best Will Do? Exploring Cross-Border Investor Preferences in Six Major US Metros. Journal of Real Estate Finance and Economics, 59 (3): 490-513.

Crosby, N., Devaney, S., Lizieri, C. & McAllister, P. (2018). Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn. Journal of Business Ethics, 147 (3): 651-667.

Crosby, N., Devaney, S. & Wyatt, P. (2018). The implied internal rate of return in conventional residual valuations of development sites. Journal of Property Research, 35 (3): 234-251.

Devaney, S., McAllister, P. and Nanda, A. (2017). Which Factors Determine Transaction Activity across U.S. Metropolitan Office Markets? Journal of Portfolio Management, Special Real Estate Issue 2017, 43 (6): 90-104.

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): 1-18.

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): 359-392.