Commercial Real Estate Analysis for Investment, Finance, and Development, 4th Edition

David M. Geltner is Professor Emeritus of Real Estate Finance at the Massachusetts Institute of Technology. He taught real estate investments for 13 years at the University of Cincinnati, and for 20 years at MIT where he held leadership positions in the Center for Real Estate and the Master of Science in Real Estate Development degree program. He is the recipient of the David Ricardo Medal of the American Real Estate Society, the James Graaskamp Award of the Pension Real Estate Association, and the John Quigley Medal for Advancing Real Estate and Urban Economics of the American Real Estate and Urban Economics Association. Geltner was the lead author of the prior three editions of this textbook.

Norman G. Miller is an Emeritus Professor at the University of San Diego and the University of Cincinnati, and Vice-President of the Homer Hoyt Institute, a think tank of global urban economic scholars and industry research directors. He is a housing, finance and capital markets expert. He started the Journal of Sustainable Real Estate, and served as the President of the American Real Estate Society.

Alex van de Minne received his PhD from the University of Amsterdam in 2015. After which, he tried his luck on the other side of the pond in the United States. Since then, he held both academic and industry positions in renowned institutes, including MIT, Moody’s, Real Capital Analytics, and the Federal Reserve of Philadelphia.

Piet Eicholtz is Professor of Finance and Real Estate at Maastricht University, where he chaired the Finance Department. His academic work, which is published internationally in academic and practitioner journals, focuses on real estate sustainability and climate risk, (long-term) real estate investment performance, REITs, and international real estate investment. His teaching in real estate and finance has won numerous awards and he is one of the initiators of the Global Real Estate Leaders Program. Besides his academic career, Eichholtz is an active entrepreneur, having started several companies. He also serves and served in advisory and non-executive roles with institutional investors and property developers.

Thies Lindenthal is the Grosvenor Professor of Real Estate Finance at the Department of Land Economy, University of Cambridge, England, and a professorial fellow at Pembroke College. His research interests are twofold: First, he analyzes property investments in the very long term, tracking rents, prices, and returns for up to 500 years. The second research line focuses on applied machine learning techniques to utilize high-dimensional “Big(ish)” data. Put differently, he uses images and other data that are too complex for spreadsheets to better understand property values, household preferences, and decisions made by very human and not always rational agents.

Lily Shen is an Associate Professor of Real Estate Finance at Clemson University and a visiting scholar at the Federal Reserve Banks. After witnessing the 2008 financial crisis, she dedicated her career to advancing real estate research aimed at fostering more resilient financial systems. Leveraging her experience in Silicon Valley, she has been at the forefront of integrating AI into real estate teaching and research. Her work has been featured in The Economist and The Washington Post, and published in leading academic journals, including the Journal of Financial and Quantitative Analysis, Management Science, and the Journal of Urban Economics.

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