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Face‐to‐face interactions, tenant resilience, and commercial real estate performance

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  • Chongyu Wang
  • Tingyu Zhou

Abstract

We study the impact of face‐to‐face (FTF) interactions on commercial real estate (CRE) performance. By linking tenants, properties, and CRE firms, we construct three novel FTF measures that capture tenant remote working, internal communication between coworkers, and external contact with customers. Using the COVID‐19 pandemic as an exogenous shock to the FTF economy, we find that firms holding properties with tenants that are more resilient to social distancing perform better. These FTF effects weaken over the long term, however. As investors are capable of compiling valuable information at granular levels regarding how tenants operate, our findings support market efficiency and shed light on postpandemic CRE performance.

Suggested Citation

  • Chongyu Wang & Tingyu Zhou, 2023. "Face‐to‐face interactions, tenant resilience, and commercial real estate performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(6), pages 1467-1511, November.
    • Handle: RePEc:bla:reesec:v:51:y:2023:i:6:p:1467-1511
    DOI: 10.1111/1540-6229.12412
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