Franz Fuerst - Professor of Real Estate & Urban Economics

01 About

Franz Fuerst is Professor of Real Estate and Urban Economics at the University of Cambridge, where he serves as Fellow and Director of Studies at Trinity Hall.

Leadership & Editorial Roles

Co-Editor, Spatial Economic Analysis
Director, Graduate Programme in Land Economy
Principal Investigator on international research projects
Coordinator of doctoral and postdoctoral research teams

Research Excellence

Professor Fuerst specializes in applied econometrics, using large-scale datasets to understand how the built environment influences economic outcomes through energy consumption, occupant health, and environmental risks. His award-winning research on sustainable real estate has garnered international recognition, including the 2022 ARES/CoStar Best Paper Award and the 2021 Nick Tyrrell Prize.

Industry Background

Prior to academia, Professor Fuerst worked at BNP Paribas Real Estate, leading market research and consultancy for large-scale commercial real estate portfolio transactions, bringing valuable industry perspective to his academic work.

Real Estate Finance Sustainable Buildings Climate Risk Spatial Economics Applied Econometrics Urban Economics

Recent Awards

2022 ARES/CoStar Best Paper Award
2021 Nick Tyrrell Prize

Editorial Leadership

Co-Editor, Spatial Economic Analysis

Academic Fellowships

Academy of Social Sciences
Trinity Hall & J.M. Keynes Fund

02 Research Areas

Click on any research area to explore related publications

Green Buildings & Energy Efficiency

Core research area

LEED, Energy Star, BREEAM certifications and market impacts

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Portfolio Management & REITs

Financial economics

Real estate investment trusts and portfolio strategies

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Real Estate Valuation

Applied research

Green labels, market segmentation, and pricing

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Climate Change

Current focus

Climate risk pricing and carbon emissions

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Machine Learning

Methodological innovation

Interpretable ML for real estate analysis

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Spatial Economics

Editorial focus

Urban form, employment centers, and spatial patterns

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03 Recognition & Appointments

Recent Awards

ARES/CoStar Best Paper Award (2022)
Nick Tyrell Prize (2021)
Pacific Rim Real Estate Society Best Paper Award
Emerald Outstanding Paper Award

Academic Positions

Fellow, Academy of Social Sciences
J.M. Keynes Fund Fellow
Cambridge University Land Society Fellow
Fellow, Thrive Research Hub, University of Melbourne

Industry Experience

BNP Paribas Real Estate - Market Research & Forecasting
Commercial portfolio transaction consultancy
Policy advisor on sustainable building standards
EU Horizon 2020 programme Principal Investigator

Editorial Roles

Co-Editor, Spatial Economic Analysis
Editorial Board Member, various journals
Principal Investigator, EU Horizon 2020 programme
Research team coordinator for doctoral researchers

International Appointments

Global Visiting Professor, Technical University of Munich
Visiting Professor, Hitotsubashi University Tokyo
Fellow, Thrive Research Hub, University of Melbourne
Previous posts at City University of New York

Research Approach

My research applies econometric methods to understand the intersection of real estate markets, sustainability, and urban economics. I focus on using large-scale datasets to examine how environmental features and policies affect property values and investment decisions.

04 Publications

2025

Blok, F.J., Fuerst, F. (2025). All downhill from here? Climate change and house prices in the Swiss Alps. Climate Risk Management, 49.
Blok, F.J., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230.
Minkow, K., Fuerst, F. (2025). Indoor and outdoor health factors in the pricing of commercial real estate: A hedonic analysis of U.S. office buildings. Journal of Environmental Management, 387.
Flagner, S., Schiavon, S., Kok, N., Fuerst, F., et al. (2025). Ten questions concerning the economics of indoor environmental quality in buildings. Building and Environment, 282.

2024

Li, Q., Zhang, E., Luca, D., Fuerst, F. (2024). The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes. Transportation Research Part D: Transport and Environment, 130.
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Li, Q., Luca, D., Fuerst, F., Wei, Z. (2024). Success in tandem? The impact of the introduction of e-bike sharing on bike sharing usage. Research in Transportation Economics, 107.
Anderson, J.T., Fuerst, F., Peiser, R.B., Seiler, M.J. (2024). iBuyer's Use of PropTech to Make Large-Scale Cash Offers. Journal of Real Estate Research, 46(1), 114-135.
Banerjee, A., Das, P., Fuerst, F. (2024). Are green and healthy building labels counterproductive in emerging markets? An examination of office rental contracts in India. Journal of Cleaner Production, 455.

2023

Lorenz, F., Willwersch, J., Cajias, M., Fuerst, F. (2023). Interpretable machine learning for real estate market analysis. Real Estate Economics, 51(5), 1178-1208. ARES/CoStar Best Paper Award
Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112.
Haddad, M.F.C., Blazsek, S., Arestis, P., Fuerst, F., Sheng, H.H. (2023). The two-component Beta-t-QVAR-M-lev: a new forecasting model. Financial Markets and Portfolio Management, 37(4), 379-401.
Felici, M., Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62.

2022

Lai, Y., Papadopoulos, S., Fuerst, F., Pivo, G., Sagi, J., Kontokosta, C.E. (2022). Building retrofit hurdle rates and risk aversion in energy efficiency investments. Applied Energy, 306.

2021

Fuerst, F., Warren-Myers, G. (2021). Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property? Climate Risk Management, 34.
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24).
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58. Nick Tyrrell Prize
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139.

2020

Fuerst, F., Haddad, M.F.C. (2020). Real estate data to analyse the relationship between property prices, sustainability levels and socio-economic indicators. Data in Brief, 33.
Fuerst, F., Haddad, M.F.C., Adan, H. (2020). Is there an economic case for energy-efficient dwellings in the UK private rental market? Journal of Cleaner Production, 245.

Click on a research area in the Research section to view related publications

Award-Winning Publications

2022 ARES/CoStar Best Paper Award
Lorenz, F., Willwersch, J., Cajias, M., Fuerst, F. (2023). Interpretable machine learning for real estate market analysis. Real Estate Economics, 51(5), 1178-1208.
2021 Nick Tyrrell Prize
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58.
Pacific Rim Real Estate Society Best Refereed Paper Award
For pioneering work on sustainable real estate valuation
Latin American Real Estate Society Best Working Paper Award
For research on emerging real estate markets
Emerald Outstanding Paper Award
Multiple awards for contributions to real estate economics literature

Green Buildings & Energy Efficiency

Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Akhtyrska, Y., Fuerst, F. (2021). People or systems: Does productivity enhancement matter more than energy management in LEED certified buildings? Sustainability, 13(24).
Fuerst, F., Haddad, M.F.C., Adan, H. (2020). Is there an economic case for energy-efficient dwellings in the UK private rental market? Journal of Cleaner Production, 245.
Cajias, M., Fuerst, F., Bienert, S. (2019). Tearing down the information barrier: The price impacts of energy efficiency ratings for buildings in the German rental market. Energy Research and Social Science, 47, 177-191.
Fuerst, F., Warren-Myers, G. (2018). Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices. Energy Economics, 74, 1-12.
Costa, O., Fuerst, F., Robinson, S.J., Mendes-Da-Silva, W. (2018). Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil. Journal of Cleaner Production, 184, 660-670.
Fuerst, F., Singh, R. (2018). How present bias forestalls energy efficiency upgrades: A study of household appliance purchases in India. Journal of Cleaner Production, 186, 558-569.
Busic-Sontic, A., Fuerst, F. (2018). Does your personality shape your reaction to your neighbours' behaviour? A spatial study of the diffusion of solar panels. Energy and Buildings, 158, 1275-1285.
Fuerst, F., Gabrieli, T., McAllister, P. (2017). A green winner's curse? Investor behavior in the market for eco-certified office buildings. Economic Modelling, 61, 137-146.
Busic-Sontic, A., Czap, N.V., Fuerst, F. (2017). The role of personality traits in green decision-making. Journal of Economic Psychology, 62, 313-328.
Szumilo, N., Fuerst, F. (2017). Income risk in energy efficient office buildings. Sustainable Cities and Society, 34, 309-320.
Fuerst, F., Oikarinen, E., Harjunen, O. (2016). Green signalling effects in the market for energy-efficient residential buildings. Applied Energy, 180, 560-571.
Fuerst, F., Shimizu, C. (2016). Green luxury goods? The economics of eco-labels in the Japanese housing market. Journal of the Japanese and International Economies, 39, 108-122.
Fuerst, F., McAllister, P., Nanda, A., Wyatt, P. (2016). Energy performance ratings and house prices in Wales: An empirical study. Energy Policy, 92, 20-33.
Adan, H., Fuerst, F. (2016). Do energy efficiency measures really reduce household energy consumption? A difference-in-difference analysis. Energy Efficiency, 9(5), 1207-1219.
Fuerst, F., McAllister, P., Nanda, A., Wyatt, P. (2015). Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England. Energy Economics, 48, 145-156.
Fuerst, F., van de Wetering, J. (2015). How does environmental efficiency impact on the rents of commercial offices in the UK? Journal of Property Research, 32(3), 193-216.
Szumilo, N., Fuerst, F. (2015). Who captures the "green value" in the US office market? Journal of Sustainable Finance and Investment, 5(1-2), 65-84.
Adan, H., Fuerst, F. (2015). Modelling energy retrofit investments in the UK housing market: A microeconomic approach. Smart and Sustainable Built Environment, 4(3), 251-267.
Fuerst, F., Kontokosta, C., McAllister, P. (2014). Determinants of green building adoption. Environment and Planning B: Planning and Design, 41(3), 551-570.
Fuerst, F., Van de Wetering, J., Wyatt, P. (2013). Is intrinsic energy efficiency reflected in the pricing of office leases? Building Research and Information, 41(4), 373-383.
Reichardt, A., Fuerst, F., Rottke, N.B., Zietz, J. (2012). Sustainable building certification and the rent premium: A panel data approach. Journal of Real Estate Research, 34(1), 99-126.
Fuerst, F., McAllister, P. (2011). Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values. Real Estate Economics, 39(1), 45-69.
Fuerst, F., McAllister, P. (2011). Eco-labeling in commercial office markets: Do LEED and Energy Star offices obtain multiple premiums? Ecological Economics, 70(6), 1220-1230.
Fuerst, F., McAllister, P. (2011). The impact of Energy Performance Certificates on the rental and capital values of commercial property assets. Energy Policy, 39(10), 6608-6614.

Portfolio Management & REITs

Felici, M., Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62.
Haddad, M.F.C., Blazsek, S., Arestis, P., Fuerst, F., Sheng, H.H. (2023). The two-component Beta-t-QVAR-M-lev: a new forecasting model. Financial Markets and Portfolio Management, 37(4), 379-401.
Fuerst, F., Mansley, N., Wang, Z. (2021). Do specialist funds outperform? Evidence from European non-listed real estate funds. Research in International Business and Finance, 58.
Candelon, B., Fuerst, F., Hasse, J.-B. (2021). Diversification potential in real estate portfolios. International Economics, 166, 126-139.
Ambrose, B.W., Fuerst, F., Mansley, N., Wang, Z. (2019). Size effects and economies of scale in European real estate companies. Global Finance Journal, 42.
Krautz, S., Fuerst, F. (2015). Size signals success: Evidence from real estate private equity. Journal of Portfolio Management, 41(6), 73-81.
Cajias, M., Fuerst, F., McAllister, P., Nanda, A. (2014). Do responsible real estate companies outperform their peers? International Journal of Strategic Property Management, 18(1), 11-27.
Cajias, M., Fuerst, F., Bienert, S. (2014). Can investing in corporate social responsibility lower a company's cost of capital? Studies in Economics and Finance, 31(2), 202-222.
Fuerst, F., Matysiak, G. (2013). Analysing the performance of nonlisted real estate funds: A panel data analysis. Applied Economics, 45(14), 1777-1788.
Fuerst, F., Marcato, G. (2009). Style analysis in real estate markets: Beyond the sector and region dichotomy. Journal of Portfolio Management, 35(5), 104-117.

Real Estate Valuation

Banerjee, A., Das, P., Fuerst, F. (2024). Are green and healthy building labels counterproductive in emerging markets? An examination of office rental contracts in India. Journal of Cleaner Production, 455.
Anderson, J.T., Fuerst, F., Peiser, R.B., Seiler, M.J. (2024). iBuyer's Use of PropTech to Make Large-Scale Cash Offers. Journal of Real Estate Research, 46(1), 114-135.
Costa, O., Fuerst, F., Robinson, S.J., Mendes-Da-Silva, W. (2018). Green label signals in an emerging real estate market. A case study of Sao Paulo, Brazil. Journal of Cleaner Production, 184, 660-670.
Costa, O., Fuerst, F., Mendes-da-Silva, W. (2018). Are corporate office buildings priced differently? Journal of Property Investment and Finance, 36(4), 348-365.
Unbehaun, F., Fuerst, F. (2018). Cap rates and risk: a spatial analysis of commercial real estate. Studies in Economics and Finance, 35(1), 25-43.
Dalton, B., Fuerst, F. (2018). The 'green value' proposition in real estate: A meta-analysis. In Routledge Handbook of Sustainable Real Estate (pp. 177-200).
Chuangdumrongsomsuk, M., Fuerst, F. (2017). Determinants of Cap Rates in U.S. Office Markets. Journal of Real Estate Literature, 25(2), 267-282.
Weiner, D., Fuerst, F. (2017). The Dynamics of House Prices in Israel and the Effect of the Investor's Fear Gauge. Journal of Housing Research, 26(1), 95-117.
Fuerst, F., McAllister, P., Sivitanides, P. (2015). Flight to quality? An investigation of changing price spreads in commercial real estate markets. Studies in Economics and Finance, 32(1), 2-16.
Lin, P.-T., Fuerst, F. (2014). Volatility clustering, risk-return relationship, and asymmetric adjustment in the Canadian housing market. Journal of Real Estate Portfolio Management, 20(1), 37-46.
Lin, P.-T., Fuerst, F. (2014). The integration of direct real estate and stock markets in Asia. Applied Economics, 46(12), 1323-1334.
Fuerst, F., Grandy, A.-M. (2012). Rational expectations?: Developer behaviour and development cycles in the central London office market. Journal of Property Investment and Finance, 30(2), 159-174.
Fuerst, F., McAllister, P., Murray, C.B. (2011). Designer buildings: Estimating the economic value of 'signature' architecture. Environment and Planning A, 43(1), 166-184.
Fuerst, F., McAllister, P. (2010). Supply elasticities and developers' expectations: A study of European office markets. Journal of European Real Estate Research, 3(1), 5-23.

Climate Change

Blok, F.J., Fuerst, F. (2025). All downhill from here? Climate change and house prices in the Swiss Alps. Climate Risk Management, 49.
Blok, F.J., Fuerst, F. (2025). Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events? Ecological Economics, 230.
Li, Q., Zhang, E., Luca, D., Fuerst, F. (2024). The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes. Transportation Research Part D: Transport and Environment, 130.
Akhtyrska, Y., Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185.
Li, Q., Luca, D., Fuerst, F., Wei, Z. (2024). Success in tandem? The impact of the introduction of e-bike sharing on bike sharing usage. Research in Transportation Economics, 107.
Li, Q., Fuerst, F., Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112.
Fuerst, F., Warren-Myers, G. (2021). Pricing climate risk: Are flooding and sea level rise risk capitalised in Australian residential property? Climate Risk Management, 34.
Warren-Myers, G., Aschwanden, G., Fuerst, F., Krause, A. (2018). Estimating the potential risks of sea level rise for public and private property ownership, occupation and management. Risks, 6(2).

Machine Learning

Lorenz, F., Willwersch, J., Cajias, M., Fuerst, F. (2023). Interpretable machine learning for real estate market analysis. Real Estate Economics, 51(5), 1178-1208.
Lai, Y., Papadopoulos, S., Fuerst, F., Pivo, G., Sagi, J., Kontokosta, C.E. (2022). Building retrofit hurdle rates and risk aversion in energy efficiency investments. Applied Energy, 306.

Spatial Economics

Fratesi, U., Abreu, M., Bond-Smith, S., Corrado, L., Ditzen, J., Felsenstein, D., Franklin, R.S., Fuerst, F., et al. (2024). Location and spatial specificities: contributions from spatial economics. Spatial Economic Analysis, 19(4), 521-526.
Multiple Editorial contributions (2015-2023). Raising the bar series. Spatial Economic Analysis. [Various issues as Co-Editor]
Fingleton, B., Fuerst, F., Szumilo, N. (2019). Housing affordability: Is new local supply the key? Environment and Planning A, 51(1), 25-50.
Szumilo, N., Laszkiewicz, E., Fuerst, F. (2017). The spatial impact of employment centres on housing markets. Spatial Economic Analysis, 12(4), 472-491.

View complete publication list

05 Teaching & Supervision

Teaching

Director of the Graduate Programme at the Department of Land Economy. Current courses include:

RE02 - Real Estate Finance and Investment
RE03 - Real Estate Development
Paper 11 - Urban and Land Economics

Research Supervision

Supervises doctoral students researching real estate economics, sustainable finance, and urban development. Past students have pursued careers in both academia and industry.

Professional Development

Contributes to executive education programs on ESG integration, climate risk assessment, and real estate investment strategies.

Research Supervision Areas

Sustainable Real Estate Investment

Climate Risk and Property Markets

Urban Economics and Spatial Analysis

Real Estate Finance and Capital Markets

PropTech and Innovation

Behavioral Real Estate Economics

06 Contact

Email

ff274@cam.ac.uk

Address

Department of Land Economy
17 Mill Lane
Cambridge CB2 1RX, UK

Research Profiles

SSRN IDEAS/RePEc ResearchGate CRERC