Dr Steven Devaney

Associate Professor of Real Estate

Dr Steven Devaney

Dr Steven Devaney

Director: MSc Real Estate Flexible programmes
Real Estate & Planning
HBS 125, Whiteknights Campus
+44 (0) 118 378 4035



Steven Devaney re-joined Real Estate & Planning in June 2017. His teaching and research is focused on commercial real estate investment. Specific interests include the construction and evaluation of performance indices for commercial real estate and he was involved in the development of Transaction Linked Indicators for several European markets that are now published by MSCI. Other research areas include private real estate liquidity and real estate depreciation. He has published academic articles and research reports for bodies such as the Investment Property Forum and European Public Real Estate Association. In addition, he has research interests in the area of urban history 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

  • 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
  • Real Estate Research Institute, ‘Which Factors Determine Liquidity Across US Metropolitan Office Markets?’, 2015-2016
  • Investment Property Forum, ‘Time to Transact: Measurement and Drivers’, 2013-14
  • Investment Property Forum, ‘Depreciation of Commercial Investment Property in the UK’, 2011-2013
  • European Public Real Estate Association, ‘Relationships Between Listed Property and Direct Property Indices: A European Analysis’, 2011-2012

Current PhD students

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


View a full list of Dr Steven Devaney's Publications

Forthcoming Publications

Crosby, N., Devaney, S. and Wyatt, P., The implied internal rate of return in conventional residual valuations of development sites, Journal of Property Research, accepted 20th March 2018.

Key Publications

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): 651-667.

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): 251-268.

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.

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): 362-383.

Devaney, S. (2014), ‘Measuring European property investment performance: comparing different approaches’, Journal of European Real Estate Research, 7 (1): 112-132.

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): 227-246.

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): 7–28.

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): 269-289.

Devaney, S. (2010), ‘Trends in Office Rents in the City of London: 1867-1959’, Explorations in Economic History, 47 (2): 198–212.