Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPM
    • Awards
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • ADVANCED SEARCH: Discover more content by journal, author or time frame
The Journal of Portfolio Management
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Portfolio Management

The Journal of Portfolio Management

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPM
    • Awards
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

INTRODUCTION: Resilient Real Estate

Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon and Asieh Mansour
The Journal of Portfolio Management Special Real Estate Issue 2021, 47 (10) 11-24; DOI: https://doi.org/10.3905/jpm.2021.1.277
Jim Clayton
is a professor and the Timothy R. Price Chair and director of the Brookfield Centre in Real Estate & Infrastructure in the Schulich School of Business at York University in Toronto, Ontario, Canada
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Frank J. Fabozzi
is professor of finance at the EDHEC Business School in Nice, France
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
S. Michael Giliberto
is an adjunct professor in the Graduate School of Business at Columbia University in New York, NY
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Jacques N. Gordon
is global investment strategist at LaSalle Investment Management in Chicago, IL
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Youguo Liang
is head of global research and public markets in the Real Estate and Infrastructure Department at the Abu Dhabi Investment Authority in Abu Dhabi, United Arab Emirates
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Greg MacKinnon
is director of research at the Pension Real Estate Association in Hartford, CT
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
Asieh Mansour
is senior advisor to The Townsend Group in San Francisco, CA
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 
Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
EMEA: +44 0207 139 1600

Abstract

The editors of the special real estate issue introduce the articles contained in the issue and relate them to the concept of resiliency in real estate investments. COVID-19 had a major impact on returns to real estate. However, the resilience of property returns to COVID-19 varied significantly by location, by sector, and even across individual assets of the same property type in the same city. Resilient investments are those able to withstand the effect of not only acute disruptions in the market but also chronic longer-term threats. For real estate, these threats include pandemics, climate change, changing demographics, changes in tenant preferences, changes in technology, and even factors that are unknown and unpredictable at the moment but that may become important in the future. As some of these threats may not be insurable and may not be diversifiable, much of the work of risk management in creating resilient real estate portfolios will need to be at the property level. A number of approaches can be implemented to increase resilience at a property, but flexibility in building design may be among the most important.

Key Findings

  • ▪ COVID-19 had a major impact on returns to real estate. However, the resilience of property returns to COVID-19 varied significantly by location, by sector, and even across individual assets of the same property type in the same city.

  • ▪ Resilient assets are those able to withstand the effects of not only acute disruptions in the market but also chronic longer-term threats.

  • ▪ Traditional risk management often relied on diversification and insurance to control risks, but some long-term threats may not be insurable and may be nondiversifiable. Much of the work to create resilient real estate portfolios must be at the asset level, creating properties that can withstand long-term changes through their design.

  • © 2021 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Portfolio Management: 47 (10)
The Journal of Portfolio Management
Vol. 47, Issue 10
Special Real Estate Issue 2021
  • Table of Contents
  • Index by author
  • Complete Issue (PDF)
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Portfolio Management.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
INTRODUCTION: Resilient Real Estate
(Your Name) has sent you a message from The Journal of Portfolio Management
(Your Name) thought you would like to see the The Journal of Portfolio Management web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
INTRODUCTION: Resilient Real Estate
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2021, 47 (10) 11-24; DOI: 10.3905/jpm.2021.1.277

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
INTRODUCTION: Resilient Real Estate
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2021, 47 (10) 11-24; DOI: 10.3905/jpm.2021.1.277
del.icio.us logo Digg logo Reddit logo Twitter logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • RESILIENCE
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • News
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Sign In
  • Update your profile
  • Give us your feedback

© 2022 Pageant Media Ltd | All Rights Reserved | ISSN: 0095-4918 | E-ISSN: 2168-8656

  • Site Map
  • Terms & Conditions
  • Privacy Policy
  • Cookies