The Cornell Center for Real Estate and Finance has developed a series of research reports in support of the real estate investment and finance community. CREF faculty perform research and publish on a wide variety of topics within the real estate and finance industry. The faculty includes experts in econometric models, real estate derivatives, and hotel management contracts.

Recent Submissions

  • Real Estate: Private Equity Investment in Shanghai 

    Liu, Peng; Loh, Terence (2021-10-22)
    In this case study, you are a consultant engaged to assess whether to invest in Project Innov Star, a Class A office project in Zhangjiang Shanghai, which currently is stalled. The hold up, and thus the opportunity to ...
  • Second Quarter 2021: Are We There Yet? 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-07-15)
    United States hotel prices have rebounded above their statistical lower bound in all regions except the Mountain states, signaling a return toward their pre-pandemic level—although we are not quite there yet. Prices of ...
  • The Phoenix Is Rising 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-04-19)
    Although the price of hotels along the east coast declined again this quarter the rate of decline has continued to lessen. Hotels in gateway cities reversed course, outperforming hotels in non-gateway cities. Our moving ...
  • A Glimmer of Hope Amidst a Hemorrhage 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2021-01-20)
    Prices of hotels along the east coast continue to drop, although the rate of decline has moderated. Hotels on the west coast enjoyed positive price momentum, both on a quarter-over-quarter or year-over-year basis. Hotels ...
  • Is It Time for Bottom Fishing? 

    Liu, Crocker; Nowak, Adam; White, Robert Jr (2020-10-12)
    The prices of hotels in all regions continue to hemorrhage, with hotels in the Middle Atlantic and South Atlantic regions particularly hard hit. In contrast, hotels in the Mountain states suffered the fewest losses. Hotels ...
  • Guide to Using the Free Rent Calculator 

    Liu, Peng; Su, Luoyi; deRoos, Jan A. (2014-02-01)
    In this step-by-step guide, we show you how to use the Free Rent Calculator, which provides an accurate, visual means to quantify the impact of concessions in commercial leases based on the market conditions and landlord’s ...
  • Calculating Damage Awards in Hotel Management Agreement Terminations 

    deRoos, Jan A.; Berman, Scott D. (2014-08-01)
    When a hotel management agreement is terminated without the consent of the manager, the law clearly allows the manager to recover damages (from the owner) as a result of the termination. In most cases, the owners and ...
  • Insights on Hospitality, Retailing, and Commercial Real Estate: 2014 Cornell Retail Real Estate Roundtable Proceedings 

    Lawrence, Benjamin; Liu, Peng (2014-12-01)
    Undeniably, the retail industry spectrum is broad,” said roundtable chair Peng Liu, as he opened the inaugural retail roundtable, held in New York City in June 2014. An associate professor of real estate at the Cornell ...
  • What is a Gateway City?: A Hotel Market Perspective 

    Corgel, Jack (2012-04-01)
    The United States Office of Management and Budget designates 366 American cities as metropolitan statistical areas (MSAs).2 Fifty of these 366 MSAs contain the majority of the nation’s hotel rooms. For purposes of investing ...
  • Demystifying Debt Yields 

    Corgel, Jack (2012-06-01)
    Like a thief in the night, debt yield ratios (DY) snuck into the offices of commercial mortgage lenders in the U.S. and took over loan sizing methodology. According to, It is the money center banks and investment ...

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