Real Estate Commons^™

Who Bears The Burden: Tax Incidence And Water Governance In The Middle Rio Grande Conservancy District (Mrgcd) Within Bernalillo County, Michael W. Wilson

Economics ETDs

This study examines how property-value-based assessments within a large western irrigation and flood-control district distribute fiscal burdens across property owners. The empirical analysis is restricted to Bernalillo County within the Middle Rio Grande Conservancy District (MRGCD), using parcel-level administrative data from fiscal year 2025 merged with 2021 irrigation service records and geospatial information. The analysis classifies 34,397 parcels by irrigation status, agricultural valuation enrollment, and primary use to evaluate whether non-irrigating residential and commercial parcels, including renter-occupied properties that lack direct irrigation access, bear a disproportionate share of financial responsibility for a district whose first listed priority under their primary …

A Stadium In Our Backyard: Community Participation In Stadia Redevelopment Projects, Sofia Zazueta

Master's Theses

The Santiago Bernabeu in Madrid, Spain and the Chase Center in San Francisco, California are two stadium redevelopment projects that exemplify the stakeholder dynamics that come into play when developers pitch a multipurpose stadium located a few blocks away from people’s backyards. Urban development patterns must be in constant evolution to meet the needs and demands of the current generations. In cities, stadia redevelopment projects have entered the picture to reimagine the role that these structures once played. The stadium once used for the sole purpose of holding matches has become a venue that now hosts different events such as …

Green Building Certification And Global Warming: Between Environmental Performance And Greenwashing, Marcel Michalak

Student Theses 2015-Present

This paper addresses the role of green building certifications in addressing global warming. The growing trend of pursuing certificates, such as LEED or BREEAM, can be perceived as a great symbol of resilience and desire to improve the quality of our environment. Unfortunately, in the majority of cases, developers or companies use sustainable labels more as a marketing tool than a real commitment to environmental effectiveness. This paper explores whether green building certifications effectively reduce global warming and how they may serve as tools for greenwashing. Chapter One lays the foundation for why green building certifications exist and why they …

Monetary Policy Regimes And Commercial Real Estate A Comparative Analysis Of The Relationship Between Interest Rates And Capitalization Rates In The Post-Gfc And Post-Covid Periods, Brooke Matney

Honors Theses

This study analyzes the relationship between U.S. interest rates and capitalization rates within commercial real estate under different monetary policy regimes. Specifically, the research examines whether the relationship between interest rates and cap rates changed structurally between the post-Global Financial Crisis (GFC) period and the post-COVID tightening cycle. Using quarterly data from 2000–2025 obtained from Federal Reserve Economic Data (FRED), the study compares movements in the 10-Year U.S. Treasury yield and a constructed cap rate proxy derived from rental income and property price index data. Linear regression analysis was conducted across three monetary policy periods: the post-GFC expansionary environment (2010– …

The Price To Rent Ratio As An Indicator For Valuation In The U.S. Real Estate Market, Timothy C. Mahaffey

Honors Theses

This thesis investigates the usefulness of the price-to-rent ratio as a primary indicator of housing market valuation within fifteen Metropolitan Statistical Areas that have universities (MSAs). While traditional economic theory suggests that housing prices and rents maintain a stable long-run relationship, recent market volatility has challenged the reliability of this metric. This study utilizes a localized, trend-based analysis to determine the extent to which deviations in the price-to-rent ratio signal genuine market overvaluation or undervaluation.

The empirical results demonstrate a high degree of correlation between ratio deviations and home value trajectories. During the 2021–2022 period, all 15 analyzed cities experienced …

An Explanation Of Alternatives Within A Portfolio, Isaac J. Reitman

Finance Undergraduate Honors Theses

This thesis attempts to provide insight into the role of alternative investments within modern portfolio construction for accredited and institutional investors.

The asset classes discussed are as follows: private credit, private equity, venture capital, hedge funds, collectibles, and real estate.

Research On The Impact Of Digital Transformation On Esg Performance Of Real Estate Enterprises, Lung Tim Tong

Dissertations and Theses Collection (Open Access)

In the era characterized by the dual carbon goals driving the green transformation of industries and the exponential growth of the digital economy, the real estate sector is at a critical transformation juncture. From a policy-oriented perspective, building codes and energy consumption quota standards issued by the Ministry of Housing and UrbanRural Development and other regulatory bodies have rendered it imperative for real estate enterprises to reduce carbon emissions throughout the entire building life cycle. From the market demand side, consumers' preference for green and intelligent living environments has compelled real estate firms to break through traditional development models. The …

Middle Plaza Redesign, Marlo Lavacude-Klenck

City and Regional Planning

Middle Plaza Redesign presents a conceptual redevelopment of Middle Plaza, an 8.43-acre site located at 500 El Camino Real in Menlo Park, California. Originally developed as a mixed-use project in the 2010s, the redesign evaluates the site through the regulatory atmosphere, market conditions, and housing needs of 2025.

The project examines site conditions, market demand, state and local planning frameworks, and applicable development standards, including recent California housing legislation that eliminates parking minimums and streamlines environmental review. A financial feasibility analysis using proforma modeling evaluates two investment scenarios and demonstrates the economic challenges of delivering high-density rental housing despite regulatory …

A Study On The Relationship Between Traffic Spillover And Rental Rates Of Shopping Centre Stores Based On Consumer Movement Data, Hongjun Zhang

Dissertations and Theses Collection (Open Access)

This study is based on consumer movement trajectory data and examines the relationship between traffic spillover among stores within shopping centres and their rent ratios, responding to the practical limitation that traditional rental pricing mechanisms often overlook the dynamic structure of customer flows. Using micro-level consumer movement data and store rental data from three shopping centres in Shenzhen, Nanjing, and Chongqing, this paper constructs a store transition network reflecting customer movements between stores. Social network analysis is employed to measure stores’ network influence indicators (such as degree centrality, betweenness centrality, and structural holes) as well as traffic spillover indicators derived …

The Role Of Stakeholder Management In The Adaptive Reuse Of Historic Buildings: Balancing Social, Economic, And Community Interests, Karina G. Iavarone

Harrisburg University Dissertations and Theses

The adaptive reuse of historic buildings has emerged as a vital strategy for sustainable urban development. While such projects can preserve cultural heritage, revitalize communities, and stimulate economic growth, they often face significant challenges due to competing stakeholder priorities. The central problem addressed in this study is the lack of effective stakeholder management in adaptive reuse initiatives, which can result in project delays, inflated costs, and outcomes that overlook social sustainability.

The purpose of this qualitative, descriptive study was to explore how stakeholder management practices influence the success of adaptive reuse projects by balancing social, economic, and community interests. Three …

Two Essays On Out-Of-Town Home Buyers, Kamrul H. Talukdar

Graduate Studies Theses and Dissertations 2026

This dissertation analyzes the price premia paid by Out-of-Town (or non-local) home buyers. The first essay investigates the role of social connectedness in the price premia paid by non-local buyers in the residential housing market. Using over 74,000 residential transactions from Orange and Seminole counties, Florida between 2016 and 2019 and exploiting the Social Connectedness Index (SCI) constructed based on Facebook friendship links, I show that non-local buyers who come from regions which are more socially connected to the purchase location pay about 1.8% to 2.1% lower premia compared to those coming from less connected regions. This effect is attributed …

Short-Window Market Reactions To Real Estate M&A: A Comparative Event Study Of Reits And Real Estate Services Firms, Aryan Kaila

CMC Senior Theses

Existing research on real estate mergers has largely focused on REIT acquirers in isolation, typically finding near-zero bidder reactions in short event windows. There is little work that directly compares REITs with publicly listed real estate services (RES) firms that operate in the same market cycles and conditions but follow different business models. Using a transaction-level dataset of 137 U.S. mergers from 1994 to 2024, this study applies event-study methodology and cross-sectional regression analysis to investigate whether equity markets respond differently to acquisitions undertaken by REITs and real estate services firms. The estimates show that REIT acquirers experience notably more …

Women's Work And Wealth: Measuring The Impact Of Incremental Liberations, 1850-1870, Hannah Kelly

Williams Honors College, Honors Research Projects

Using a two-way fixed effects difference-in-difference model, this project analyzes data from the IPUMS Full Count census for 1850, 1860, and 1870 at a state level for 48 states. Four models assess the impact of property laws on women's real property holdings, labor force participation, household types, and real property values.

By quantifying the impact of various legal reforms on women's economic empowerment, this project fills a gap in the understanding of the intersection between law, society, and women's economic agency during a transformative period in pre-industrial American history. These impacts can implicate the effectiveness of legislative measures in advancing …

Exploring The Struggles Of Minorities In Low-Income Communities With Affording And Financing Housing In San Antonio, Daniel Maes

Honors Program Theses and Research Projects

Affordability of housing has emerged as a major socio-economic issue in San Antonio, Texas,

especially among minority groups and other low-income groups. This thesis provides an analysis of the underlying factors that lead to housing unaffordability and the systemic factors that deny

these groups of people a chance to live in stable and affordable houses. This paper combines both primary survey data of local residents and secondary governmental and academic data, which

allows identifying the intersection of income differences, increased property prices,

gentrification, and the lack of affordable housing to worsen the affordability crisis. The

evaluation of the perception of …

The Rising Age Of The First-Time Homebuyer: A Comprehensive Analysis Of Barriers For Emerging Adults, Stephanie Miller

Honors Projects

The average age of a first-time homebuyer in the United States was 38 years old in 2024. This is a significant increase compared to previous generations, who often achieved homeownership in their late twenties. This project examines structural, economic, and sociological barriers that prevent emerging adults, particularly recent college graduates, from entering the housing market. Through an analysis of national data from the National Association of Realtors, the U.S. Government Accountability Office, and Freddie Mac, this paper examines how inflation, limited housing inventory, stagnant wages, restrictive zoning policies, and increasing debt amounts have had disproportionate effects on young buyers. Regardless …

Property Management System, Abbas Kurnool

Electronic Theses, Projects, and Dissertations

The real estate industry generates and manages large amounts of data, including tenant information, lease agreements, property maintenance schedules, and financial transactions. Reliance on traditional manual methods often results in inefficiencies, fragmented data, and delays in decision-making. To overcome these challenges, this project presents the design and implementation of a Real Estate Property Management System (REMS) for Future Properties, a company aiming to optimize its operations through digital transformation.

The proposed system is developed on Microsoft Dynamics 365 as the core platform, integrated with the Microsoft Power Platform tools (Power Apps, Power Automate, and Power Pages). This integrated framework provides …

Trends And Predictive Modeling Of Real Estate Prices In Major Saudi Arabia Cities, Meshal S. Aldahas

Theses and Dissertations

his research examines historical trends and explanatory modeling of real estate prices in major Saudi cities, with a focus on Riyadh, Jeddah, and Dammam. Using a mixed-methods approach, the study integrates quantitative data from 2010–2023, including housing and macroeconomic indicators, with qualitative insights drawn from over 320 survey responses that captured consumer sentiment on affordability, job security, and housing policies. A combination of descriptive statistics, ARIMA and Exponential Smoothing techniques was applied to detect long-term patterns, seasonal variations, and market shocks. Predictive modeling was conducted using Linear Regression, Decision Trees, and Neural Networks, with results showing that job security consistently …

The Third Annual Hasslein Caed Collaborative, Marianne Nicole Bishai

Construction Management

This paper details the planning, development, and impact of the third annual Hasslein CAED Collaborative Student Competition. The intention of the Hasslein Cup is to engage the students of the five College of Architecture and Environmental Design (CAED) majors in an industry-like scenario. The five majors, Architecture, Architectural Engineering, City and Regional Planning, Construction Management, and Landscape Architecture, make up the workforce of the construction industry, yet there has been very little opportunity for the students to work together and replicate a professional scenario. The competition began from research conducted by Greta Stout, class of 2022, which explored the benefits …

Essays On Capital Structure And Ownership Structure, Yiqin Chen

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters about how ownership structure affects REITs’ capital structure and property transactions.

Chapter 1: The Influence of Ownership Structure on REITs’ Financing Decisions
This essay explores how ownership structure affects REITs’ financing decisions following natural disasters. The results show that REITs with high insider ownership tend to increase leverage in the aftermath of such events, while those with high institutional ownership, especially long-term institutional ownership, are more likely to reduce leverage. These findings provide further evidence of the monitoring role of institutional investors in shaping REITs’ financial strategies during times of crisis.

Chapter 2: …

The Impact Of Irrigation On Agricultural Land Values In The United States Southeast And An Analysis Of Farmland Prices In South Carolina, Christopher L. Thomas

All Theses

Land is a key component of the agriculture industry in the United States. According to the United States Department of Agriculture, farm real estate (land and buildings) accounted for 82.8% of total US farm sector assets in 2022, consequently making land the largest source of wealth in a farmer’s investment portfolio and the primary source of collateral used for farm operating loans. The Southeastern region of the United States has seen rapid farmland appreciation and intense population growth in recent years. This research investigates the rising farmland prices across the Southeast from both a regional and state-level perspective. Chapter Two …

Rebuilding The American Dream: Understanding And Alleviating First-Time Home Buyer Affordability Challenges In Northwest Arkansas, Samuel R. Butler

Economics Undergraduate Honors Theses

Homeownership is a cornerstone of the American Dream. It is linked to numerous socioeconomic benefits such as social cohesion, civic engagement, imbalance in opportunities, education, and public health. However, in recent years, housing affordability across the nation and in Northwest Arkansas has become challenging.

Part I of this thesis explains the importance of homeownership nationally and the deteriorating conditions of first-time homebuyers. It explains the key drivers of housing affordability over time, and it explains the connection between zoning and affordability.

Part II focuses on the housing market in Northwest Arkansas (NWA). I forecast the NWA housing demand, which highlights …

From Poolside To Profit Margins: A Deep Dive Into Playa Hotels & Resorts, Elisabeth Zygmunt, Hai Tran

Honors Thesis

From a consumer perspective, all-inclusive leisure travel requires few worries coupled with plenty of enjoyment and relaxation. However, from a managerial perspective, there are countless operations to run to ensure a positive guest experience. Playa Hotels & Resorts (NASDAQ: PLYA) is a leader in all-inclusive resorts in vacation destinations worldwide. Compared to some of the biggest names and players in the industry, Playa has a relatively small market cap of $1.49B. To maintain its growth trajectory, Playa must capitalize on the increasing popularity of all-inclusive models and consumer health concerns, along with continuing to expand its portfolio through collaborations with …

Does Artificial Intelligence Bias Exist In Mortgage Underwriting Software? Investigating Bias, Regional Disparities, And Fair Ai Models, Dorian Cornelius

Dissertations

This quantitative study closely emulated Zou and Khern's (2022) analysis of AI Bias in Mortgage Applications. They used the Home Mortgage Disclosure Act (HMDA) dataset from the Federal Financial Institution Examination Council's (FFEIC) website to review mortgage loan data from 2019 to determine if there was bias in the AI mortgage application approvals. Those researchers concluded that bias does exist in the AI mortgage underwriting software. Since their study, research has demonstrated that discrimination continues to exist in AI software. Therefore, this research expands on Zou and Khern’s study to determine if there are differences in the mortgage loan approval …

Synchronizing Work And Teaching Practices With The Spatial Dna Of Distributed Work And Learning, Manju Aishwarya Adikesavan

Dissertations, Theses, and Capstone Projects

Phygitality, the seamless and synergistic integration of physical and digital realms, is an indispensable and irrevocable part of contemporary office-based work. Phygitality facilitates spatially and temporally distributed or multi-local working where employees work from diverse locations such as their home, office, and third places at any time of day or night. It also makes nonterritorial working at temporary workspaces accessed on a session-by-session basis possible.

This dissertation examines how phygital, multi-local, and nonterritorial working reshape individual and group work behaviors, organizational spatial practices, work-centric settings, non-work-centric settings, neighborhoods, cities, and regions. The Spatial DNA of Distributed Work encapsulates a conceptual …

Comprehensive Data-Driven Analysis Of Nyc Real Estate Transactions: Insights Into Pricing Dynamics, Neighborhood Evolution, And Socioeconomic Influences, Ruiming Xu

Dissertations, Theses, and Capstone Projects

This project provides a comprehensive analysis of New York City’s real estate market, focusing on its historical evolution, shifting demographics, and the significant impact of the COVID-19 pandemic on housing trends. Utilizing data from trusted sources like Zillow, the NYC Department of Finance, and the U.S. Census Bureau, the study investigates how property values have changed over time, highlights neighborhoods undergoing notable transformations, and identifies the economic, cultural, and social factors driving these changes. The research aims to reveal the complex forces shaping the market while offering insights into its future direction and the reasons behind current trends. A key …

The Jamaica Now Leadership Council: A Study Of Stakeholder Participation In The Revitalization Of Downtown Jamaica, Queens, Melva M. Miller

Dissertations, Theses, and Capstone Projects

Urban revitalization in the United States has often been characterized by uneven community development, where marginalized communities bear the costs while receiving limited benefits. This dissertation examines how the dynamics of stakeholder participation impacts the practice of Community Economic Development (CED), focusing on the Jamaica Now Leadership Council (JNLC) as a case study. Formed to oversee the Jamaica Now Neighborhood Action Plan, the JNLC represents a model of inclusive, stakeholder-driven urban development aimed at addressing historical disinvestment and promoting equitable economic growth in Downtown Jamaica, Queens.

The study explores how power dynamics, stakeholder histories, and role expectations shape participation in …

Expectations Versus Reality In New Cairo's Gated Communities: An Interdisciplinary Analysis Of Socio-Spatial Features, Ala'a Marwan

Theses and Dissertations

This research aims to introduce a new framework to identify the disparities between gated community residents’ experiences and real estate developers' visions towards the development. As New Cairo experiences significant growth, many residents are increasingly relocating to gated communities. It has become crucial to assess users’ expectations before moving and their lived experience post-moving to allocate the gaps between their expectations and reality, otherwise, the GC developments will grow apart from users’ updated preferences. The research focuses on the socio-spatial qualities such as accessibility to services and facilities, community interaction, and vast green areas between buildings for privacy, all of …

Harvest Gold Distillery, Alexis Mackey, Alexander Grecco, Cole Smith, Maggie Patterson, Blake Benko

Williams Honors College, Honors Research Projects

The goal of our research project is to establish and grow Harvest Gold Distillery: a corn-based liquor distillery in Ohio that aims to produce and sell high-quality spirits while offering unique services that enhance outreach in the community. The motivation behind this business venture is rooted in one of our team member’s family traditions; Alex’s family makes homemade liquors, which has fostered an in-depth understanding of the distillation process. Alex’s firsthand experience with the craft provides a solid foundation, yet we recognize that starting a distillery involves significant challenges and requires thorough research in several functions of business. This project …

An Analysis Of Commercial Real Estate, Amanda Christine Fowler

Honors Program Theses

Commercial real estate is typically described as comprising four sectors: office, retail, industrial, and multifamily. Each sector is affected by economic changes and consumer spending differently. This research shows the general overview of the sectors and trends affecting the market, a discussion of the factors driving commercial real estate prices such as inflation, interest rates, unemployment, and employee engagement. A review of the factors affecting regions in the United States is also included. A focus is set on office rental prices for the purpose of the analysis.

Repurposing The Land Of An East Los Angeles Church: The Discovery Of How Small And Medium Sized Churches Through Affordable Housing Can Combat Homelessness While Revitalizing Its Nonprofit Status, Donald Cook, Donald Ray Cook Ii

Doctor of Ministry Projects and Theses

In order to live, humans need to sleep; therefore, sleep is mandatory, but unfortunately, everyone does not have the option of sleeping inside. Subsequently, many homeless encampments have developed in many countries. The perspective that people have often determines their response to homelessness. One person might view a homeless encampment as a problem that needs to be removed while someone else can view it as an opportunity to serve the least of these. Not only did Adam and Eve experience homelessness when removed from the Garden of Eden, but Mary, Joseph, and Jesus experienced first-hand the rollercoaster of inadequate housing. …