Franz Fuerst - Professor of Real Estate & Urban Economics

01 About

Professor Real Estate & Urban Economics

University of Cambridge Department of Land Economy

Fellow Academy of Social Sciences

Franz Fuerst is Professor of Real Estate and Urban Economics at the University of Cambridge, where he serves as Fellow and Director of Studies at Trinity Hall and J M Keynes Fellow in Financial Economics.

Research Focus

Specializes in applied econometrics, using large-scale datasets to understand how the built environment influences economic outcomes through energy consumption, occupant health, and environmental risks.

Recognition

Award-winning research includes the 2024 Journal of Real Estate Research Best Paper Prize, 2022 ARES/CoStar Best Paper Award, and 2021 Nick Tyrrell Prize.

Industry Experience

Former BNP Paribas Real Estate professional, leading market research and consultancy for large-scale commercial real estate portfolio transactions.

Leadership

Co-Editor of Spatial Economic Analysis, Director of Graduate Programme in Land Economy, and Principal Investigator on international research projects.

Areas of Expertise

Sustainable Real Estate Climate Risk Economics Green Building Certification Applied Econometrics Urban Economics REIT Analysis Spatial Economics Machine Learning Applications

02 Research Areas

Click on any research area to explore related publications

Green Buildings & Energy Efficiency

Core research area

LEED, Energy Star, BREEAM certifications and market impacts

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Portfolio Management & REITs

Financial economics

Real estate investment trusts and portfolio strategies

Explore

Real Estate Valuation

Applied research

Green labels, market segmentation, and pricing

Explore

Climate Change

Current focus

Climate risk pricing and carbon emissions

Explore

Machine Learning

Methodological innovation

Interpretable ML for real estate analysis

Explore

Spatial Economics

Editorial focus

Urban form, employment centers, and spatial patterns

Explore

Recent Research Projects & Grants

2025 Active

CHRG Multimorbity

Econometric analysis of built environment factors contributing to multimorbidity patterns using UK Biobank and housing market data.

2024-25 Active

Commercial Real Estate Indices

Contributing to European handbook of commercial real estate indices and indicators for Eurostat harmonisation.

2024 Octopus Energy

Octopus Zero Bills Homes

Large-scale regression modelling to determine willingness to pay for guaranteed zero utility bill homes.

2022 SwissLife

Natural Hazards & Swiss Real Estate

Hedonic modelling of price effects of natural hazards including flooding and heat stress.

2020-21 Cambridge Grant

Health & Well-Being in Commercial Real Estate

Testing price effects of health and well-being features in office properties using certification data.

2014-18 €2 Million

EU Horizon 2020 - RentalCal

Major EU-funded research programme on rental market calibration and energy efficiency in residential buildings across Europe.

03 Recognition & Appointments

Recent Awards

Journal of Real Estate Research Best Paper Prize (2024)
ARES/CoStar Best Manuscript Award (2022) - with K. Minkow
Nick Tyrell Prize (2021) - with Z. Wang and N. Mansley
Pacific Rim Real Estate Society Best Refereed Paper Award (2017)
Emerald Highly Commended Paper Awards (2013, 2016)

Academic Positions

Fellow, Academy of Social Sciences
J M Keynes Fellow in Financial Economics
Cambridge University Land Society Fellow
Fellow/Associate, THRIVE Research Hub, University of Melbourne
Associate, RMIS Risk Chair, Institut Louis Bachelier, Paris

Industry Experience

BNP Paribas Real Estate - Market Research & Forecasting
Commercial portfolio transaction consultancy
Policy advisor on sustainable building standards
EU Horizon 2020 programme Principal Investigator

Editorial Roles

Co-Editor, Spatial Economic Analysis
Editorial Board Member, Journal of Sustainable Real Estate
Principal Investigator, EU Horizon 2020 RentalCal (€2m, 2014-18)
Research team coordinator for doctoral researchers

International Appointments

Visiting Professor, Hitotsubashi University Tokyo (2023)
Global Visiting Professor, Technical University of Munich (2022)
Visiting Professor, International Real Estate Business School, University of Regensburg (since 2010)
Visiting Professor, Reitaku University Tokyo (2020-2022)
Fellow, THRIVE Research Hub, University of Melbourne (since 2016)
Research Associate, CUNY Graduate Center (2003-2005)
Visiting Scholar, City University of New York (2000-2002)

Research Approach

My research applies econometric methods to understand the intersection of real estate markets, sustainability, and urban economics. I focus on using large-scale datasets to examine how environmental features and policies affect property values and investment decisions.

04 Media & Consultancy

Recent Keynote Speeches

India Management Research Conference December 12, 2024
NTFU Business Conference June 26, 2024
International AREUEA Conference (Panellist) June 26, 2024
Dokkyo University Japan International Forum December 8, 2023
Cluster Sustainable Real Estate, TU Munich January 18, 2023
SwissLife Asset Management November 14, 2022

Consultancy & Advisory Roles

Investment Research Group - VERT Asset Management
Climate Risk Advisor - ClimateWise Project
Advisory Board Member - Homburg Institute for Real Estate, Canada
Research Consultant - Pacific Star Mutual Fund
Former Senior Consultant - BNP Paribas Real Estate (2006-2007)
Expert Advisor - EU Commission DG Industry Roundtable on Sustainable Valuation
Policy Consultant - UK Government BEIS on Energy Efficiency Standards
Climate Risk Expert - UK Insurance Industry Roundtable

Policy Influence & Outreach

Professor Fuerst's research has been widely cited and adopted by leading international organizations and government bodies:

World Economic Forum

World Green Building Council

USA Department of Energy

UK Green Building Council

UK Department of BEIS

Green Building Council Australia

Regular contributor to UK Government consultations on Minimum Energy Efficiency Standards and member of multiple climate risk roundtables.

05 Publications

2025

Fuerst, F., Adams, S., Pivo, G. (2025). Investing in 'green' commercial real estate: Frameworks and metrics. Oxford Research Encyclopedia of Economics and Finance. Forthcoming.
Chong, C., Fuerst, F. (2025). Powered by proximity? The micro-locational behaviour of knowledge-intensive businesses. Journal of the Knowledge Economy.
Ertl, P., Fuerst, F. (2025). Physical climate risk in real estate: The wildfire risk exposure of US REITs. Cambridge Journal of Climate Research, 2(1), 195-213.
Blok, F.J., Fuerst, F. (2025). All downhill from here? Climate change and house prices in the Swiss Alps. Climate Risk Management, 49, 100728.
Blok, F., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230, 108485.
Minkow, K., Fuerst, F. (2025). Indoor and outdoor health factors in the pricing of commercial real estate: A hedonic analysis of US office buildings. Journal of Environmental Management, 387, 125312.
Flagner, S., et al., Fuerst, F. (2025). Ten questions concerning the economics of indoor environmental quality in buildings. Building and Environment, 282, 113227.

2024

Li, Q., Zhang, E., Luca, D., Fuerst, F. (2024). The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes. Transportation Research Part D: Transport and Environment, 130.
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Li, Q., Luca, D., Fuerst, F., Wei, Z. (2024). Success in tandem? The impact of the introduction of e-bike sharing on bike sharing usage. Research in Transportation Economics, 107.
Anderson, J.T., Fuerst, F., Peiser, R.B., Seiler, M.J. (2024). iBuyer's Use of PropTech to Make Large-Scale Cash Offers. Journal of Real Estate Research, 46(1), 114-135.
Fuerst, F., Banerjee, A., Das, P. (2024). Are green and healthy building labels counterproductive in emerging markets? An examination of office rental contracts in India. Journal of Cleaner Production, 455, 141838.

2023

Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112.
Haddad, M.F.C., Blazsek, S., Arestis, P., Fuerst, F., Sheng, H.H. (2023). The two-component Beta-t-QVAR-M-lev: a new forecasting model. Financial Markets and Portfolio Management, 37(4), 379-401.
Felici, M., Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62.

2022

Fuerst, F., Cajias, M., Lorenz, F., Willwersch, J. (2022). Interpretable machine learning for real estate market analysis. Real Estate Economics.
Lai, Y., Papadopoulos, S., Fuerst, F., Pivo, G., Sagi, J., Kontokosta, C.E. (2022). Building retrofit hurdle rates and risk aversion in energy efficiency investments. Applied Energy, 306.

2021

Fuerst, F., Warren-Myers, G. (2021). Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property? Climate Risk Management, 34.
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24).
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58. Nick Tyrrell Prize
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139.

2020

Fuerst, F., Haddad, M.F.C. (2020). Real estate data to analyse the relationship between property prices, sustainability levels and socio-economic indicators. Data in Brief, 33.
Fuerst, F., Haddad, M.F.C., Adan, H. (2020). Is there an economic case for energy-efficient dwellings in the UK private rental market? Journal of Cleaner Production, 245.

Click on a research area in the Research section to view related publications

Award-Winning Publications

2024 Journal of Real Estate Research Best Paper Prize
Anderson, J.T., Fuerst, F., Peiser, R.B., Seiler, M.J. (2024). iBuyer's Use of PropTech to Make Large-Scale Cash Offers. Journal of Real Estate Research, 46(1), 114-135.
2022 ARES/CoStar Best Manuscript Award
Co-authored with K. Minkow on health and well-being in commercial real estate
2021 Nick Tyrrell Prize
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58.
Pacific Rim Real Estate Society Best Refereed Paper Award
For pioneering work on sustainable real estate valuation
Latin American Real Estate Society Best Working Paper Award
For research on emerging real estate markets
Emerald Outstanding Paper Award
Multiple awards for contributions to real estate economics literature

Green Buildings & Energy Efficiency

Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24).
Fuerst, F., Haddad, M.F.C., Adan, H. (2020). Is there an economic case for energy-efficient dwellings in the UK private rental market? Journal of Cleaner Production, 245.
Cajias, M., Fuerst, F., Bienert, S. (2019). Tearing down the information barrier: The price impacts of energy efficiency ratings for buildings in the German rental market. Energy Research and Social Science, 47, 177-191.
Fuerst, F., Warren-Myers, G. (2018). Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices. Energy Economics, 74, 1-12.
Costa, O., Fuerst, F., Robinson, S.J., Mendes-Da-Silva, W. (2018). Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil. Journal of Cleaner Production, 184, 660-670.
Fuerst, F., Singh, R. (2018). How present bias forestalls energy efficiency upgrades: A study of household appliance purchases in India. Journal of Cleaner Production, 186, 558-569.
Busic-Sontic, A., Fuerst, F. (2018). Does your personality shape your reaction to your neighbours' behaviour? A spatial study of the diffusion of solar panels. Energy and Buildings, 158, 1275-1285.
Fuerst, F., Gabrieli, T., McAllister, P. (2017). A green winner's curse? Investor behavior in the market for eco-certified office buildings. Economic Modelling, 61, 137-146.
Busic-Sontic, A., Czap, N.V., Fuerst, F. (2017). The role of personality traits in green decision-making. Journal of Economic Psychology, 62, 313-328.
Szumilo, N., Fuerst, F. (2017). Income risk in energy efficient office buildings. Sustainable Cities and Society, 34, 309-320.
Fuerst, F., Oikarinen, E., Harjunen, O. (2016). Green signalling effects in the market for energy-efficient residential buildings. Applied Energy, 180, 560-571.
Fuerst, F., Shimizu, C. (2016). Green luxury goods? The economics of eco-labels in the Japanese housing market. Journal of the Japanese and International Economies, 39, 108-122.
Fuerst, F., McAllister, P., Nanda, A., Wyatt, P. (2016). Energy performance ratings and house prices in Wales: An empirical study. Energy Policy, 92, 20-33.
Adan, H., Fuerst, F. (2016). Do energy efficiency measures really reduce household energy consumption? A difference-in-difference analysis. Energy Efficiency, 9(5), 1207-1219.
Fuerst, F., McAllister, P., Nanda, A., Wyatt, P. (2015). Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England. Energy Economics, 48, 145-156.
Fuerst, F., van de Wetering, J. (2015). How does environmental efficiency impact on the rents of commercial offices in the UK? Journal of Property Research, 32(3), 193-216.
Szumilo, N., Fuerst, F. (2015). Who captures the "green value" in the US office market? Journal of Sustainable Finance and Investment, 5(1-2), 65-84.
Adan, H., Fuerst, F. (2015). Modelling energy retrofit investments in the UK housing market: A microeconomic approach. Smart and Sustainable Built Environment, 4(3), 251-267.
Fuerst, F., Kontokosta, C., McAllister, P. (2014). Determinants of green building adoption. Environment and Planning B: Planning and Design, 41(3), 551-570.
Fuerst, F., Van de Wetering, J., Wyatt, P. (2013). Is intrinsic energy efficiency reflected in the pricing of office leases? Building Research and Information, 41(4), 373-383.
Reichardt, A., Fuerst, F., Rottke, N.B., Zietz, J. (2012). Sustainable building certification and the rent premium: A panel data approach. Journal of Real Estate Research, 34(1), 99-126.
Fuerst, F., McAllister, P. (2011). Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values. Real Estate Economics, 39(1), 45-69.
Fuerst, F., McAllister, P. (2011). Eco-labeling in commercial office markets: Do LEED and Energy Star offices obtain multiple premiums? Ecological Economics, 70(6), 1220-1230.
Fuerst, F., McAllister, P. (2011). The impact of Energy Performance Certificates on the rental and capital values of commercial property assets. Energy Policy, 39(10), 6608-6614.

Portfolio Management & REITs

Felici, M., Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62.
Haddad, M.F.C., Blazsek, S., Arestis, P., Fuerst, F., Sheng, H.H. (2023). The two-component Beta-t-QVAR-M-lev: a new forecasting model. Financial Markets and Portfolio Management, 37(4), 379-401.
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58.
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139.
Ambrose, B.W., Fuerst, F., Mansley, N., Wang, Z. (2019). Size effects and economies of scale in European real estate companies. Global Finance Journal, 42.
Krautz, S., Fuerst, F. (2015). Size signals success: Evidence from real estate private equity. Journal of Portfolio Management, 41(6), 73-81.
Cajias, M., Fuerst, F., McAllister, P., Nanda, A. (2014). Do responsible real estate companies outperform their peers? International Journal of Strategic Property Management, 18(1), 11-27.
Cajias, M., Fuerst, F., Bienert, S. (2014). Can investing in corporate social responsibility lower a company's cost of capital? Studies in Economics and Finance, 31(2), 202-222.
Fuerst, F., Matysiak, G. (2013). Analysing the performance of nonlisted real estate funds: A panel data analysis. Applied Economics, 45(14), 1777-1788.
Fuerst, F., Marcato, G. (2009). Style analysis in real estate markets: Beyond the sector and region dichotomy. Journal of Portfolio Management, 35(5), 104-117.

Real Estate Valuation

Fuerst, F., Banerjee, A., Das, P. (2024). Are green and healthy building labels counterproductive in emerging markets? An examination of office rental contracts in India. Journal of Cleaner Production, 455, 141838.
Anderson, J.T., Fuerst, F., Peiser, R.B., Seiler, M.J. (2024). iBuyer's Use of PropTech to Make Large-Scale Cash Offers. Journal of Real Estate Research, 46(1), 114-135.
Costa, O., Fuerst, F., Robinson, S.J., Mendes-Da-Silva, W. (2018). Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil. Journal of Cleaner Production, 184, 660-670.
Costa, O., Fuerst, F., Mendes-da-Silva, W. (2018). Are corporate office buildings priced differently? Journal of Property Investment and Finance, 36(4), 348-365.
Unbehaun, F., Fuerst, F. (2018). Cap rates and risk: a spatial analysis of commercial real estate. Studies in Economics and Finance, 35(1), 25-43.
Dalton, B., Fuerst, F. (2018). The 'green value' proposition in real estate: A meta-analysis. In Routledge Handbook of Sustainable Real Estate (pp. 177-200).
Chuangdumrongsomsuk, M., Fuerst, F. (2017). Determinants of Cap Rates in U.S. Office Markets. Journal of Real Estate Literature, 25(2), 267-282.
Weiner, D., Fuerst, F. (2017). The Dynamics of House Prices in Israel and the Effect of the Investor's Fear Gauge. Journal of Housing Research, 26(1), 95-117.
Fuerst, F., McAllister, P., Sivitanides, P. (2015). Flight to quality? An investigation of changing price spreads in commercial real estate markets. Studies in Economics and Finance, 32(1), 2-16.
Lin, P.-T., Fuerst, F. (2014). Volatility clustering, risk-return relationship, and asymmetric adjustment in the Canadian housing market. Journal of Real Estate Portfolio Management, 20(1), 37-46.
Lin, P.-T., Fuerst, F. (2014). The integration of direct real estate and stock markets in Asia. Applied Economics, 46(12), 1323-1334.
Fuerst, F., Grandy, A.-M. (2012). Rational expectations?: Developer behaviour and development cycles in the central London office market. Journal of Property Investment and Finance, 30(2), 159-174.
Fuerst, F., McAllister, P., Murray, C.B. (2011). Designer buildings: Estimating the economic value of 'signature' architecture. Environment and Planning A, 43(1), 166-184.
Fuerst, F., McAllister, P. (2010). Supply elasticities and developers' expectations: A study of European office markets. Journal of European Real Estate Research, 3(1), 5-23.

Climate Change

Blok, F.J., Fuerst, F. (2025). All downhill from here? Climate change and house prices in the Swiss Alps. Climate Risk Management, 49.
Blok, F.J., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230.
Li, Q., Zhang, E., Luca, D., Fuerst, F. (2024). The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes. Transportation Research Part D: Transport and Environment, 130.
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Li, Q., Luca, D., Fuerst, F., Wei, Z. (2024). Success in tandem? The impact of the introduction of e-bike sharing on bike sharing usage. Research in Transportation Economics, 107.
Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112.
Fuerst, F., Warren-Myers, G. (2021). Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property? Climate Risk Management, 34.
Warren-Myers, G., Aschwanden, G., Fuerst, F., Krause, A. (2018). Estimating the potential risks of sea level rise for public and private property ownership, occupation and management. Risks, 6(2).

Machine Learning

Lorenz, F., Willwersch, J., Cajias, M., Fuerst, F. (2023). Interpretable machine learning for real estate market analysis. Real Estate Economics, 51(5), 1178-1208.
Lai, Y., Papadopoulos, S., Fuerst, F., Pivo, G., Sagi, J., Kontokosta, C.E. (2022). Building retrofit hurdle rates and risk aversion in energy efficiency investments. Applied Energy, 306.

Spatial Economics

Fratesi, U., Abreu, M., Bond-Smith, S., Corrado, L., Ditzen, J., Felsenstein, D., Franklin, R.S., Fuerst, F., et al. (2024). Location and spatial specificities: contributions from spatial economics. Spatial Economic Analysis, 19(4), 521-526.
Multiple Editorial contributions (2015-2023). Raising the bar series. Spatial Economic Analysis. [Various issues as Co-Editor]
Fingleton, B., Fuerst, F., Szumilo, N. (2019). Housing affordability: Is new local supply the key? Environment and Planning A, 51(1), 25-50.
Szumilo, N., Laszkiewicz, E., Fuerst, F. (2017). The spatial impact of employment centres on housing markets. Spatial Economic Analysis, 12(4), 472-491.

View complete publication list

06 Teaching & Supervision

Teaching

Director of the Graduate Programme at the Department of Land Economy. Current courses include:

RE02 - Real Estate Investment and Finance
REM6 - Real Estate Development
Paper 11 - Urban Land Economics

Research Supervision

Supervises doctoral students researching real estate economics, sustainable finance, and urban development. Past students have pursued careers in both academia and industry.