ISA Banner

Globalization and the Real Estate Industry: Issues, Implications, Opportunities

Bardhan, Ashok and Kroll, Cynthia A. (2007) Globalization and the Real Estate Industry: Issues, Implications, Opportunities. [Industry Studies Working Paper:2007-04]



Globalization has reached the local and "non-tradable" bastion of real estate. In the last decade, cross-border transactions, portfolio and direct investments have surged in real estate, impacting prices, volumes and industry structure. A significant share of U.S. builders, brokers, consulting firms, real estate finance firms and investors have extended their areas of operation beyond local markets to a world-wide base. This paper draws on prior research, published data, trade publications, an industry workshop, interviews and a short survey to present a preliminary overview of how real estate is globalizing. The paper reviews questions of measurement of international trade and investment in real estate, theoretical issues surrounding the interplay of globalization and real estate, the impact on the real estate supply chain, issues of risk diversification and contagion, and the global competitiveness of the U.S. real estate industry, particularly in emerging economies. A survey of industry leaders indicates that while Europe has historically been a strong base for U.S. real estate activity, Asian markets now offer diversification opportunities due to rapid economic growth, urbanization, demographic trends and demand backlog. We point to some future research questions, such as the link between banking, capital markets and real estate in the context of global financial integration, competitiveness in global markets and employment generation, and the impact of offshoring and global sourcing on U.S. industrial agglomerations, among others.

Industry Studies Series #:2007-04
Item Type:Industry Studies Working Paper
Uncontrolled Keywords:industry studies, industry studies working paper, industry studies association, industry studies research
ID Code:122
Deposited By:Mr Robin Peterson
Deposited On:23 Feb 2010 14:45
Last Modified:07 Jun 2010 10:45

Repository Staff Only: item control page