This project arose from the following observation: commercial real estate is an important specific asset class for investors (institutional investors, unlisted investment funds, listed real estate companies, developers, etc.), but scientific research in this area is still underdeveloped, particularly in France.
The Institut Louis Bachelier, with the participation of the Directorate General of the Treasury, has launched an academic research network of excellence dedicated to commercial real estate.
The purpose of this research network is to promote and develop scientific research at the French and European levels relating to commercial real estate, i.e. real estate held on behalf of third parties, in particular office space.
The commercial real estate research network, supported by the French Association of Real Estate Investment Companies (ASPIM), the company Iread (Immobilier Recherche Etudes Analyses Data) and the Institut de l’Epargne Immobilière et Foncière (IEIF) will work in partnership with the stock market and real estate index provider MSCI. One of its objectives is to establish more effective dialogue between the public authorities, the real estate industry and scientific research.
The governance of the network is structured around three committees with complementary missions.
A Steering Committee responsible for monitoring the progress of the work, composed of nine members:
An Orientation Committee responsible for defining the research topics to be called for.
A Scientific Committee responsible for evaluating research projects, composed of four members:
On 30 January 2019 the Institut Louis Bachelier launched an academic research network of excellence dedicated to real estate and related financial concerns (in particular, commercial real estate). Its purpose is to promote and develop scientific research at the French and European levels on the links between real estate and finance by integrating the physical nature of assets (location and geographical diversification, fixed costs, irreversibility).
In pursuit of this goal, the academic research network is based on the agreements that the Institute has signed and will sign with partners, with a view to making their data available for purposes of academic research, and is launching a call for research projects. This call is addressed to the entire relevant academic community without restriction in terms of disciplines. The projects selected will focus on themes deemed to be of major interest (see attached Appendix). Other themes may be selected on the basis of their innovative character and relevance.
The projects selected will be awarded a research grant of up to 4000 euros, along with seminars and conferences organised by the Institute in the framework of the network. Teams whose projects are selected will have access to the data collected with in this framework. In addition, discussions are under way for a special journal issue.
The selection of projects is intended to be wide-reaching, and aims to assure the partners making their data available of the academic value and quality of the projects. In submitting their application, project leaders, if selected, undertake to develop their project in conjunction (through meetings, seminars, and impromptu discussions) with other members of the network as well as with actors in the real estate market and public authorities involved in the network. Where appropriate, the responses to the call for projects may mention existing links that could be strengthened within the framework of the project presented.