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The research conducted at the Zell/Lurie Center falls into three categories --
basic, applied and "thought leadership." Basic research provides theories that
serve as the foundation for applied research; applied research, then,
empirically analyzes specific real estate issues. What we term "thought
leadership" research seeks to provide a conceptual framework within which
emerging issues can be analyzed.
Basic Research
Insofar as basic research, we have built an equity Real Estate Investment Trust
(REIT) data base fully capable of supporting current and future research. And,
assisted by an on-site Post-Doctoral Researcher and a Research Specialist, we
shall begin a new basic research thrust: an in-depth investigation of events at
the intersection of e-commerce and real estate. We are analyzing the effect of
web-based sales to determine to what extent they "crowd out" sales at physical
sites; we intend to extend this study through an in-depth analysis of the
potential impacts on different categories of goods. We will also research the
commercial brokerage industry, attempting to determine the extent to which the
"web" and e-commerce will fundamentally change the business model in this sector.
Applied Research
Our applied research efforts will continue in the area of real estate debt and
equity markets, where, among other initiatives, we will analyze changing linkages
between public and private real estate markets, as well as the changing roles and
behavior of institutional investors. We will place a significant emphasis on
international problems and opportunities in real estate, and hope to create an
effective research collaboration with universities in England and in Germany to
examine issues touching on corporate real estate topics common throughout our
respective geographic areas of interest. Finally, we shall not ignore our
spheres of traditional strength: housing policy, urban policy, and real estate
industry policy.
Thought Leadership
We recognize that research without dissemination is fruitless. Therefore, we
shall continue to use the Zell/Lurie Center funded Wharton Real Estate
Review to publish our seminal "thought leadership" research (cf. "The State of
the Web," by Gerald Lohse in IV.1, and "International Transparency in Real Estate
Markets" by Center member Jaques N. Gordon, to appear in IV.2), as well as to
publish our findings in the basic and applied research topics outlined above.
This year, we will continue a joint project with The Brookings Institution. There
will be a Brookings-Wharton "Papers on Urban Affairs" publication, modeled on
Brookings' successful "Papers on Economic Activity" series. This new publication
will target Brookings' usual audience of policy makers, selected academics, and
interested lay people.
Research Sponsors
Of course, none of the above initiatives would be possible without the
support and encouragement of our Research Sponsors,
listed here with our sincere thanks.
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