Conference on Frictions in Real Estate and Infrastructure Investment
–Insights from New Data and Methods–
Date: November 2-3, 2023
Venue: Conference Facility at the Federal Reserve Board in Washington, D.C.
Organizer: Borrelli Institute for Real Estate Studies at Penn State Smeal College of Business
(Brent Ambrose, Liang Peng, Eva Steiner, and Jiro Yoshida)
Co-Organizer: Federal Reserve Board
(Raven Molloy and Joseph Nichols)
Overview: The highest and best use of land in the United States is changing in numerous ways. The growing popularity of remote work arrangements has reduced the demand for commercial real estate in many traditional job centers. Population growth, demographic changes, and shifts in the desirability of different locations have altered the location of housing demand. Growing environmental risks require either expensive retrofits to make existing buildings more resilient or the relocation of economic activity to more sustainable locations. A transition to green energy involves substantial changes to infrastructure in place. The economic responses to these changes in the optimal location and quality of structures have been slow and uneven. Challenges in adapting to changes in optimal land use can be seen in the decreasing affordability of housing, sluggish productivity growth in the construction sector, and underinvestment in infrastructure. In part, slow responsiveness to shifts in optimal land use is related to frictions in real estate and infrastructure investment. Such frictions include local resistance to higher building density or changes in the character of the built environment, shortages of skilled labor in high-demand locations, coordination issues with public investment providers, and many more. At the same time, we have seen an explosion in granular information about the economy, the built environment, and land use, along with innovative analytical tools to leverage those new data sources. These data sources and tools can help identify the underlying frictions impeding real estate investment, as well as improve our understanding of how and why optimal land use is changing.
The objective of this conference is to bring together scholars at the cutting edge of research related to changes in the optimal location and quality of structures, the frictions impeding adjustment to these changes, and the effects of these frictions. In doing so, we also hope to showcase the use of new data and innovative analytical methods, as well as research that provides practical insights for policymakers and practitioners.
The 1½ day conference is structured to facilitate active exchanges between all participants. It includes research paper presentations in an interactive seminar format, a keynote address, and panel discussions. The panel discussions will bring together academics, policy experts, and industry practitioners to discuss practical topics relevant to the conference.
To confirm your participation in the conference, please take a moment to register by clicking on the following link: 2023 Conference on Frictions in Real Estate and Infrastructure Investment (qualtrics.com)
Following registration, you will receive an email from the Board’s visitor registration system with entry instructions. This link must be completed to gain access to the Board’s buildings.