Doctoral Dissertation Research: Securitization and Institutionalization in Commercial Real Estate Finance: Changing the Geography of Capital

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Lindahl, David U. of Washington In recent decades the commercial real estate industry has undergone important structural transformations, including globalization of capital sources, the globalized securitization of assets, and the development of new types of financial intermediaries. There have been major changes in sources of capital being used to fuel the investment process. This proposal will develop a technical approach to document the behavior of key institutions making commercial real estate capital supply decisions. It will aim to develop an understanding of the consequences of these actions in selected regional economies. The survey entails an investigation of major suppliers of capital to the real estate industry as well as local investment players in four metropolitan areas. In addition the research will include case studies of specific commercial properties in the metropolitan areas to examine the local outcomes of these global processes. The results will improve of knowledge of the investment mechanisms at work and their consequences in such markets.