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Professor Neil Crosby

Professor of Real Estate

Neil Crosby 75e5pfioc

Specialisms

  • Property valuation, 
  • Commercial leases

Location

EM 160, Whiteknights Campus

Neil has been Professor of Real Estate at the University of Reading since 1994 having been previously Reader/Professor at Oxford Brookes and lecturer at Reading and Nottingham Trent Universities. Before that he was a practising valuation surveyor in a combined residential and commercial property consulting firm based in the UK where he qualified as a Chartered Valuation Surveyor in 1975.

Neil specialises in commercial property appraisal and the commercial Landlord and Tenant relationship and over the last 30 years has undertaken a series of major research studies funded by the UK Central and Local Government and the UK property industry into aspects of commercial lease regulation, valuation methods, client influence on valuations, depreciation, liquidity, effective and headline rental value indices, capitalisation rates, development viability and long term valuation.

Neil has given keynote addresses to major academic and professional conferences including the World Valuation Congress in 1999, the European Real Estate Society in 2014 and the Pacific Rim Real Estate Society in 2000, 2005 and 2014. In 2002 he was awarded the International Real Estate Society’s annual achievement award for his work in real estate research, education and practice and in 2014 was awarded the European Real Estate Society’s annual achievement award. His industry based activity includes current membership of the RICS Valuation Standards Board and past membership of the Consultative Committee of the Investment Property Databank and the Management Board of the Investment Property Forum. He was elected an Honorary Fellow of the Society of Property Researchers in 2014 and a Life Member of the Investment Property Forum in 2017.

In 2001 and 2008, Neil was a member of the UK Research Assessment Exercise sub-panel assessing the UK real estate academic output for the UK Government and is currently a member of the Research Excellence Framework sub-panel for the 2021 exercise. He sits on a number of academic journal Editorial Boards. He has published well over 100 papers on the various topics listed above and the third edition of his textbook on Property Investment Appraisal with Andrew Baum was published in 2007 with a 4th edition due out in 2018/19.

Qualifications

  • PhD 1985
  • MRICS 1975

Reference: Baum, A. E. , Crosby, N. and Devaney, S. (2021) Property investment appraisal. 4th edition. Wiley-Blackwell, pp320. ISBN 9781118399552
Reference: Crosby, N. , (2021) Assessing viability in planning under the National Planning Policy Framework 2019 for England. Guidance Note. Report. Royal Institution of Chartered Surveyors, London. ISBN 9781783214129
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. , Hordijk, A. and Crosby, N., (2021) Approaches for prudent property valuations across Europe. Report. University of Reading, Reading. pp89.
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. 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: 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. , (2019) Performance metrics, required returns and achieved returns for UK real estate development. Project Report. Royal Institution of Chartered Surveyors
Reference: Crosby, N. (2019) Development viability assessment and the provision of affordable housing. A game of “pass the parcel”? Town Planning Review, 90 (4). pp. 407-428. ISSN 1478-341X doi: https://doi.org/10.3828/tpr.2019.27
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: Crosby, N. and Wyatt, P. , (2019) Valuation of development property. Report. Royal Institution of Chartered Surveyors, London. pp59. ISBN 9781783213719
Reference: Crosby, N. and Wyatt, P. (2019) What is a ‘competitive return’ to a landowner? Parkhurst Road and the new UK planning policy environment. Journal of Property Research, 36 (4). pp. 367-386. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2019.1690028
Reference: Crosby, N. , Hutchison, N., Lusht, K. and Yu, S. M. (2018) Valuations and their importance for real estate investments. In: MacGregor, B. D., Schulz, R. and Green, R. K. (eds.) Routledge Companion to Real Estate Investment. Routledge, Abingdon. ISBN 9781138020788
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: Crosby, N. and Henneberry, J. (2017) Valuation and the evolution of new uses and buildings. In: Henneberry, J. (ed.) Transience and permanence in urban development. RICS Research Trust Real Estate Issues. Wiley Blackwell, Oxford, pp. 189-198. ISBN 9781119055655
Reference: Carduso, C., Crosby, N. , McTique, J. and Clarke, R., (2017) Long term value methodologies and real estate lending. Report. Investment Property Forum/CREFC Europe, London. pp28.
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: Sayce, S. , Crosby, N. , Garside, P., Harris, R. and Parsa, A., (2017) Viability and the planning system: the relationship between economic viability testing, land values and affordable housing in London. Project Report. Royal Agricultural University, Cirencester.
Reference: Crosby, N. , Jackson, C. and Orr, A. (2016) Refining the real estate pricing model. Journal of Property Research, 33 (4). pp. 332-358. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2016.1237539
Reference: Crosby, N. and Wyatt, P. (2016) Financial viability appraisals for site-specific planning decisions in England. Environment and Planning C: Government and Policy, 34 (8). pp. 1716-1733. ISSN 1472-3425 doi: https://doi.org/10.1177/0263774X16636118
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: Crosby, N. and Henneberry, J. (2016) Financialisation, the valuation of investment property and the urban built environment in the UK. Urban Studies, 53 (7). pp. 1421-1441. ISSN 1360-063X doi: https://doi.org/10.1177/0042098015583229
Reference: Crosby, N. and Wyatt, P. , (2015) Financial viability appraisal in planning decisions: theory and practice. Project Report. RICS Research Trust, London.
Reference: Crosby, N. and Wyatt, P. , (2015) Financial viability appraisals for site-specific planning decisions in England. Working Papers in Real Estate & Planning. 03/15. Working Paper. University of Reading, Reading. pp30.
Reference: Crosby, N. and Devaney, S. , (2013) Constructing an effective rental value index. Short Paper. 18. Report. Investment Property Forum, london.
Reference: Crosby, N. , McAllister, P. and Wyatt, P. (2013) Fit for planning? An evaluation of the application of development viability appraisal models in the UK planning system. Environment and Planning B: Planning and Design, 40 (1). pp. 3-22. ISSN 1472-3417 doi: https://doi.org/10.1068/b37181
Reference: Coleman, C. , Crosby, N. , McAllister, P. and Wyatt, P. (2013) Development appraisal in practice: some evidence from the planning system. Journal of Property Research, 30 (2). pp. 144-165. ISSN 1466-4453 doi: https://doi.org/10.1080/09599916.2012.750620
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: Hughes, C. and Crosby, N. (2012) The challenge of self-regulation in commercial property leasing: a study of lease codes in the UK. International Journal of Law in the Built Environment, 4 (1). pp. 23-44. ISSN 1756-1450 doi: https://doi.org/10.1108/17561451211211723
Reference: Crosby, N. and Devaney, S. , (2011) Depreciation of commercial investment property in the UK. Report. Investment Property Forum, london. pp28.
Reference: Crosby, N. and Hughes, C. (2011) The basis of valuations for secured commercial property lending in the UK. Journal of European Real Estate Research, 4 (3). pp. 225-242. ISSN 1753-9269 doi: https://doi.org/10.1108/17539261111183425
Reference: Crosby, N. and Hughes, C. , (2011) The basis of valuations for secured commercial property lending in the UK. Working Papers in Real Estate & Planning. 09/11. Working Paper. University of Reading, Reading. pp38.
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: Yuo, T. S.-T. , Lizieri, C. , McCann, P. and Crosby, N. (2011) Rental values in UK shopping malls. Urban Studies, 48 (8). pp. 1667-1679. ISSN 1360-063X doi: https://doi.org/10.1177/0042098010371391
Reference: Hughes, C. and Crosby, N. , (2010) Policy making without legislating: the self-regulation of commercial property leasing. Working Papers in Real Estate & Planning. 06/10. Working Paper. University of Reading, Reading. pp22.
Reference: Crosby, N. , McAllister, P. and Wyatt, P. , (2010) Fit for planning? An evaluation of the application of development viability appraisal models in the UK planning system. Working Papers in Real Estate & Planning. 10/10. Working Paper. University of Reading, Reading. pp39.
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: https://doi.org/10.1080/09599916.2010.499014
Reference: Crosby, N. and Hughes, C. , (2009) Monitoring the 2007 Code for leasing business premises. Regeneration and economic growth. 09ACST0599. Report. Department for Communities and Local Government, London. pp56. ISBN 9781409815578
Reference: Crosby, N. and Hughes, C. (2009) Kept out of reach. Estates Gazette (929). pp. 92-93. ISSN 0014-1240
Reference: Crosby, N. , Lizieri, C. and McAllister, P. , (2009) Means, motive and opportunity? Disentangling client influence on performance measurement appraisals. Working Papers in Real Estate & Planning. 09/09. Working Paper. The University of Reading, Reading. pp24.
Reference: Crosby, N. , Murdoch, S. and Webb, E. (2008) Landlords and tenants behaving badly? The application of unconscionable and unfair conduct to commercial leases in Australia and the United Kingdom. The University of Western Australia Law Review, 33 (2). pp. 207-250.
Reference: Crosby, N. , (2007) The market for retail tenancy leases in Australia. Discussion Paper. University of Reading, Reading. pp24. (Unpublished) (submission to Productivity Commission of the Australian Government)
Reference: Crosby, N. , (2007) The use of periodic valuations in indirect property investment. IPF research programme. Report. Investment Property Forum, London. pp13.
Reference: Crosby, N. (2007) Australian and UK small business leases — what can we learn from each other? Australian Property Law Journal, 14 (3). pp. 297-315. ISSN 1038-5959
Reference: Crosby, N. (2007) Awareness and protection of small business tenants in Australia and the UK - could the approach be any more different? Australian and New Zealand Property Journal, 1. pp. 91-98. ISSN 1836-6635
Reference: Baum, A. E. and Crosby, N. (2007) Property investment appraisal. 3rd edition. Wiley, pp328. ISBN 9781405135559
Reference: Crosby, N. , (2007) Small business legislation in Australia: does it provide a solution to part of the UK lease reform debate? Working Papers in Real Estate & Planning. 03/07. Working Paper. University of Reading, Reading. pp19.
Reference: Crosby, N. , (2007) German open ended funds: was there a valuation problem? Working Papers in Real Estate & Planning. 05/07. Working Paper. University of Reading, Reading. pp15.
Reference: Crosby, N. , (2006) An evaluation of the policy implications for the UK of the approach to small business tenant legislation in Australia. Report. The Education Trusts of the Royal Institution of Chartered Surveyors and the Investment Property Forum, London.
Reference: Crosby, N. , (2006) Commercial lease reform in the UK: can we learn anything from Australia about the awareness of small business tenants? Findings in built and rural environments. Report. Royal Institution of Chartered Surveyors, London. pp8.
Reference: Crosby, N. , Hughes, C. and Murdoch, S. (2006) Exit strategies for business tenants. Journal of Property Research, 23 (3). pp. 215-235. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910600933848
Reference: Crosby, N. , Hughes, C. and Murdoch, S. (2006) Flexible property leasing and the small business tenant. Journal of Property Research, 23 (2). pp. 163-188. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910600800518
Reference: Crosby, N. and Devaney, S., (2006) Depreciation and its impact on the total return of UK commercial real estate, 1994-2003. Working Papers in Real Estate & Planning. 05/06. Working Paper. University of Reading, Reading. pp24.
Reference: Crosby, N. , (2006) Small business lease reform - can the UK learn from the Australian experience? Working Papers in Real Estate & Planning. 14/06. Working Paper. University of Reading, Reading. pp17.
Reference: Crosby, N. , Hughes, C. and Murdoch, S. , (2006) Exit strategies for business tenants. Working Papers in Real Estate & Planning. 03/06. Working Paper. University of Reading, Reading. pp23.
Reference: Crosby, N. , Hughes, C. , Lizieri, C. and Oughton, M., (2005) Messages from the Oracle: assessing the impact of major in-town shopping centres. Working Papers in Real Estate & Planning. 29/05. Working Paper. University of Reading, Reading. pp20.
Reference: Crosby, N. , Hughes, C. and Murdoch, S. , (2005) Monitoring the 2002 code of practice for commercial leases - final report. Regeneration and economic growth. Report. Department of Communities and Local Development, London. pp480. ISBN 1851127771
Reference: Crosby, N. , Hughes, C. , Lizieri, C. and Oughton, M. (2005) A message from the Oracle: the land use impact of a major in-town shopping centre on local retailing. Journal of Property Research, 22 (2-3). pp. 245-265. ISSN 1466-4453 doi: https://doi.org/10.1080/09599910500453848
Reference: Crosby, N. (2005) Direct investment in commercial real estate. Pacific Rim Property Research Journal, 11 (2). pp. 118-135. ISSN 1444-8921
Reference: Baum, A. , Callender, M., Crosby, N. , Devaney, S., Law, V. and Westlake, C., (2005) Depreciation in commercial property markets. Report. Investment Property Forum, London:. pp104.
Reference: Crosby, N. , Hughes, C. and Murdoch, S. , (2005) Are property agents to blame for upward only rent reviews? Working Papers in Real Estate & Planning. 25/05. Working Paper. University of Reading, Reading. pp18.
Reference: Crosby, N. , Hughes, C. and Murdoch, S. , (2005) Do small business tenants need protecting in commercial lease negotiations? Working Papers in Real Estate & Planning. 22/05. Working Paper. University of Reading, Reading. pp21.
Reference: Crosby, N. , Murdoch, S. , Hughes, C. and Mubanga, Y., (2004) The status of property valuations. ESRC, London. pp63.
Reference: Crosby, N. and McAllister, P. (2004) Deconstructing the transaction process: an analysis of fund transaction data. In: Lizieri, C. (ed.) Liquidity in Commercial Property: Research Findings. Investment Property Forum, London, pp. 22-39.
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.
Reference: Crosby, N. , Hughes, C. and Murdoch, J. , (2004) Influences on secured lending property valuations in the UK. Working Papers in Real Estate & Planning. 14/04. Working Paper. University of Reading, Reading. pp26.
Reference: Yuo, T. S.-T., Crosby, N. , Lizieri, C. M. and McCann, P. , (2004) Tenant mix variety in regional shopping centres: some UK empirical analyses. Working Papers in Real Estate & Planning. 02/04. Working Paper. University of Reading, Reading. pp29.
Reference: Crosby, N. , Hughes, C. and Murdoch, J. , (2004) Influences on secured lending property valuations in the UK. Working Papers in Real Estate & Planning. 04/04. Working Paper. University of Reading, Reading. pp25.
Reference: Crosby, N. and McAllister, P. , (2004) Liquidity in commercial property markets: deconstructing the transaction process. Working Papers in Real Estate & Planning. 07/04. Working Paper. University of Reading, Reading. pp25.
Reference: Oughton, M., Crosby, N. , Lizieri, C. M. and Palmer, S. , (2003) The local economic impact of regional in-town shopping centres. Report. Royal Institution of Chartered Surveyors, London. pp136.
Reference: Crosby, N. (2003) Accounting for leases – the problem of rent reviews in capitalising lease liabilities. Journal of Property Investment and Finance, 21 (2). pp. 79-108. ISSN 1463-578X doi: https://doi.org/10.1108/14635780310469094 <https://doi.org/10.1108/14635780310469094 >
Reference: Adair, A., Crosby, N. , Lim, L.C. and Watkins, C. (2003) The contribution of the RICS Cutting Edge Conference to commercial real estate research. Journal of Property Research, 20 (1). pp. 91-115. ISSN 1466-4453 doi: https://doi.org/10.1080/0959991032000051980
Reference: McAllister, P. , Baum, A. , Crosby, N. , Gallimore, P. and Gray, A. (2003) Appraiser behaviour and appraisal smoothing: some qualitative and quantitative evidence. Journal of Property Research, 20 (3). pp. 261-280. ISSN 1466-4453 doi: https://doi.org/10.1080/0959991032000162347
Reference: Yuo, T.S.-T., Crosby, N. , Lizieri, C. M. and McCann, P. , (2003) The management of positive inter-store externalities in shopping centres: some empirical evidence. Working Papers in Real Estate & Planning. 10/03. Working Paper. University of Reading, Reading. pp22.
Reference: Crosby, N. , Devaney, S., Key, T. and Matysiak, G. , (2003) Valuation accuracy: reconciling the timing of the valuation and sale. Working Papers in Real Estate & Planning. 06/03. Working Paper. University of Reading, Reading. pp17.
Reference: Dixon, T., Crosby, N. , Marston, A. and Pottinger, G. (2002) Can valuation factors be prescribed? The case of collective enfranchisement and leasehold extension of flats in England and Wales. Journal of Property Research, 19 (3). pp. 253-280. ISSN 1466-4453 doi: https://doi.org/10.1080/0959991022000016269
Reference: Crosby, N. , Murdoch, J. and Lavers, A. (2002) Expert valuation witnesses in the UK – problems and solutions. Journal of Property Investment and Finance, 20 (4). pp. 316-353. ISSN 1463-578X doi: https://doi.org/10.1108/14635780210435038
Reference: Adair, A., Crosby, N. , Lim, L. and Watkins, C. (2002) Valuation of property assets: an international research agenda. Pacific Rim Property Research Journal, 8 (2). pp. 84-93. ISSN 1444-8921
Reference: Baum, A. , Crosby, N. , Gallimore, P. , Gray, A. and McAllister, P. , (2002) Appraiser behaviour and appraisal smoothing: some qualitative and quantitative evidence. Working Papers in Land Management and Development. 04/02. Working Paper. Reading University, Reading. pp28.
Reference: Crosby, N. , French, N. and Oughton, M. (2000) Bank lending valuations on commercial property: does mortgage lending value add anything to the process. Journal of Property Investment and Finance, 18 (1). pp. 66-83. ISSN 1463-578X doi: https://doi.org/10.1108/14635780010316663
Reference: Crosby, N. , Lavers, A. and Murdoch, J., (1997) Contributory negligence involving overseas European banks in property valuation negligence cases in the UK. Working Papers in Land Management & Development. 04/97. Working Paper. University of Reading, Reading. pp38.
Reference: Crosby, N. , Lavers, A. and Foster , H., (1997) Commercial property loan valuations in the UK : implications of current trends in practice and liability. Working Papers in Land Management & Development. 02/97. Working Paper. University of Reading, Reading. pp37.
Reference: Crosby, N. , Lavers, A. and Foster , H., (1997) Commercial property loan valuations in the UK : the changing landscape of practice and liability. Working Papers in Land Management & Development. 01/97. Working Paper. University of Reading, Reading. pp34.

Long Term Value Methodologies in Real Estate Lending Analysis – Phase 2 project funded by the Investment Property Forum (with University of Cambridge) - £93,100

The Implicit Pricing of Property Attributes. RICS Education Trust 2012-2014 (with Jackson, Sheffield: Orr, Glasgow) - £7,500

Depreciation of UK and European Commercial Investment Property – 4 separate funded projects by the Investment Property Forum between 2004 and 2013 (with Devaney, Baum, Law, Nanda) – Circa £100,000+.

Monitoring the three separate UK Codes of Practice for Leasing Business Premises – 3 separate projcts funded by the UK Government (DETR, ODPM, CLG) between 1998 and 2009 (with Hughes, S. Murdoch, Markwell) – Circa £275,000.

The Status of Property Valuations – ESRC, February 2002 to May 2004 - £112,000 (with J. Murdoch).