Franz Fuerst - Professor of Real Estate & Urban Economics

01 About

Professor Real Estate & Urban Economics

Trinity Hall & Keynes Fellow Chair of Exam Board

Fellow Academy of Social Sciences

Franz Fuerst serves as J M Keynes Fellow in Financial Economics and Chair of Exam Board at Trinity Hall, Cambridge. His research applies econometric methods to understand how built environments influence economic outcomes through energy consumption, health impacts, and climate risks.

Research Focus

Employs large-scale datasets and econometric methods to understand built environment impacts on economic outcomes, health, and climate resilience.

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, and Principal Investigator on multiple 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

Portfolio Management & REITs

Financial economics

Real estate investment trusts and portfolio strategies

Real Estate Valuation

Applied research

Green labels, market segmentation, and pricing

Climate Change

Current focus

Climate risk pricing and carbon emissions

Machine Learning

Methodological innovation

Interpretable ML for real estate analysis

Spatial Economics

Editorial focus

Urban form, employment centers, and spatial patterns

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
Policy Consultant – UK Government BEIS Energy Efficiency Standards
Climate Risk Expert – UK Insurance Industry Roundtable

Policy Influence & Outreach

Research widely cited and adopted by leading organizations:

World Economic Forum – Climate risk and real estate research citations
World Green Building Council – Sustainability standards development
USA Department of Energy – Energy efficiency policy research
UK Green Building Council – Green building certification analysis
UK Department of BEIS – Minimum Energy Efficiency Standards consultation
Green Building Council Australia – Sustainable property valuation methods
UK Government – Regular contributor to energy efficiency consultations
Climate Risk Roundtables – Member of multiple industry advisory groups

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. DOI
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. Journal
Blok, F.J., Fuerst, F. (2025). All downhill from here? Climate change and house prices in the Swiss Alps. Climate Risk Management, 49, 100728. DOI
Blok, F., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230, 108485. DOI
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. DOI
Flagner, S., et al., Fuerst, F. (2025). Ten questions concerning the economics of indoor environmental quality in buildings. Building and Environment, 282, 113227. DOI

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. DOI
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185. DOI
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. DOI
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. DOI
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. DOI

2023

Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112. DOI
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. DOI
Felici, M., Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62. DOI

2022

Fuerst, F., Cajias, M., Lorenz, F., Willwersch, J. (2022). Interpretable machine learning for real estate market analysis. Real Estate Economics. DOI
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. DOI

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. DOI
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24). DOI
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. DOI Nick Tyrrell Prize
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139. DOI

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. DOI
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. DOI

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. DOI
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. DOI
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. DOI
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24). DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
Szumilo, N., Fuerst, F. (2017). Income risk in energy efficient office buildings. Sustainable Cities and Society, 34, 309-320. DOI
Fuerst, F., Oikarinen, E., Harjunen, O. (2016). Green signalling effects in the market for energy-efficient residential buildings. Applied Energy, 180, 560-571. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
Fuerst, F., Kontokosta, C., McAllister, P. (2014). Determinants of green building adoption. Environment and Planning B: Planning and Design, 41(3), 551-570. DOI
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. DOI
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. DOI
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. DOI
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. DOI

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. DOI
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. DOI
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. DOI
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139. DOI
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. DOI
Krautz, S., Fuerst, F. (2015). Size signals success: Evidence from real estate private equity. Journal of Portfolio Management, 41(6), 73-81. DOI
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. DOI
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. DOI
Fuerst, F., Matysiak, G. (2013). Analysing the performance of nonlisted real estate funds: A panel data analysis. Applied Economics, 45(14), 1777-1788. DOI
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. DOI

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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
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. DOI
Lin, P.-T., Fuerst, F. (2014). The integration of direct real estate and stock markets in Asia. Applied Economics, 46(12), 1323-1334. DOI
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. DOI
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. DOI
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. DOI

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. DOI
Blok, F.J., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230. DOI
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. DOI
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185. DOI
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. DOI
Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112. DOI
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. DOI
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). DOI

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. DOI
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. DOI

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. DOI
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. DOI
Szumilo, N., Laszkiewicz, E., Fuerst, F. (2017). The spatial impact of employment centres on housing markets. Spatial Economic Analysis, 12(4), 472-491. DOI

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.