Professor Franz Fuerst is Professor of Real Estate and Urban Economics at the University of Cambridge as well a Fellow/Director of Studies at Trinity Hall, Cambridge. He also holds fellowships at the Academy of Social Sciences, the J M Keynes Fund and the Cambridge University Land Society.

Professor Fuerst is principal investigator on a number of international research projects and coordinates a team of doctoral and postdoctoral researchers. Previous academic posts include Associate Professor in Real Estate Economics at the University of Reading, Research Associate at the City University of New York as well as the Technical University of Berlin. Outside of academia, he worked for BNP Paribas Real Estate and was responsible for market research and consultancy services around large-scale commercial real estate portfolio transactions. Professor Fuerst is the principal author of several widely cited and award-winning studies on the pricing of sustainable features in a number of international commercial and residential markets. Most recently, he won the 2022 ARES/CoStar best paper award for his joint analysis of healthy building certifications and the 2021 Nick Tyrell Prize for his work on specialist non-listed funds with two co-authors. Previously, he was awarded the Pacific Rim Real Estate Society Best Refereed Paper Award, Latin American Real Estate Society Best Working Paper Award, the Emerald Highly Commended Paper Award, the Emerald Outstanding Paper Award and the DTZ Research Institute Best Paper Award. He is also affiliated with a number of universities and research institutions worldwide, for example as a fellow of the Thrive Research Hub at the University of Melbourne and a visiting professor at several universities. He advises businesses and government authorities on real estate related matters and serves as Co-Editor of Spatial Economic Analysis.

RE02 - Real Estate Finance and Investment

RE03 – Real Estate Development

Paper 11 – Urban and Land Economics

2025

• Blok, F.J., Fuerst, F. (2025). Multiple Hazards and residential rents in Switzerland: Who pays the price of extreme natural events?, Ecological Economics, Volume 230, 108485
• Chong, C.; Fuerst, F. (2025): Powered by Proximity? The Micro-locational Behaviour of Knowledge-Intensive Businesses. Journal of the Knowledge Economy. Forthcoming. 

2024

• 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, Volume 107, 101476.
• 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, 4555/141838.
• Li, Q.; Luca, D.; Fuerst, F.; Zhang, E. (2024). The travel pattern difference in dockless micro-mobility: Shared e-bikes versus shared bikes, Transportation Research Part D: Transport and Environment, 130/104179.
• Akhtyrska, Y., & Fuerst, F. (2024). The effectiveness of climate change regulations in the commercial real estate market. Energy Policy, 185, 113916.

2023

• Li, Q., Fuerst, F., & Luca, D. (2023). Do shared E-bikes reduce urban carbon emissions? Journal of Transport Geography, 112, 103697.
• Felici, M., & Fuerst, F. (2023). The Heterogeneous Relationship of Owner-occupied and Investment Property with Household Portfolio Choice. Journal of Housing Economics, 62, 101964.
• Jackson T. Anderson, Franz Fuerst, Richard B. Peiser & Michael J. Seiler (2023) iBuyer’s Use of PropTech to Make Large-Scale Cash Offers, Journal of Real Estate Research, DOI: 10.1080/08965803.2023.2214467
• Haddad, M.F.C., Blazsek, S., Arestis, P. et al. (2023). The two-component Beta-t-QVAR-M-lev: a new forecasting model. Financial Markets and Portfolio Management, DOI: 10.1007/s11408-023-00431-4
• Fuerst, F., [with Elhorst, P...... & Yu, J.] (2023). Raising the bar (24). Spatial Economic Analysis, 17(2), 151-155. 18 (2), 153-157.

2022

• Fuerst, F. [with Cajias, M.; Lorenz, F.; Willertsch, J .] (2022): Interpretable Machine Learning for Real Estate Market Analysis. Real Estate Economics. DOI: 10.1111/1540-6229.12397.
• Fuerst. F. [with Lai, Y; Papadopoulos, S; Sagi, J; Pivo, G; Kontokosta, C] (2022) Building Retrofit Hurdle Rates and Risk Aversion in Energy Efficiency Investments. Applied Energy, 306B,118048
• Elhorst,..Fuerst, F., ... & Yu, J. (2022). Raising the bar (23). Spatial Economic Analysis, 17(1), 1-6.
• Elhorst,..Fuerst, F., ... & Yu, J. (2022). Raising the bar (22). Spatial Economic Analysis, 17(2), 151-155.

2021

• Fuerst. F.; Warren-Myers, G. (2021): Pricing Climate Risk: Are Flooding and Sea Level Rise Capitalised in Australian Residential Property? Climate Risk Management, 34/100361.
• Akhtyrska, Y., Fuerst, F. (2021): People or Systems: Does Productivity Enhancement Matter More than Energy Management in LEED-certified Buildings? Sustainability 13 (24) https://doi.org/10.3390/su132413863
• 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. Vol, 58, 101434, https://doi.org/10.1016/j.ribaf.2021.101434
• Candelon, B;. Fuerst, F.; Hasse, J.-B. (2021): Diversification Potential in Real Estate Portfolios. International Economics. Vol 166, p 126-139..

2020

• Fuerst, F.; Haddad, M. (2020): Real Estate Data to Analyse the Relationship between Property Prices, Sustainability Levels and Socio-economic Indicators. Data in Brief. 33/106359
• Fuerst, F.; Haddad, M., Adan, H. (2020): Is there an Economic Case for Energy-efficient Dwellings in England's Private Rental Market?" Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2019.118642
• Elhorst, P., Abreu, M., Amaral, P.,...Fuerst, F... Yu, J. (2020): Raising the bar (15). Spatial Economic Analysis, 15(1), 115-119.
• Fuerst, F.; Kavarnou, D.; Singh, R.; Adan, H. (2020): Determinants of Energy Consumption and Exposure to Energy Price Risk: A UK Study. Zeitschrift für Immobilienökonomie. doi: 10.1365/s41056-019-00027-y

2019

• Ambrose, B.; Fuerst, F.; Mansley, N.; Wang, Z. (2019): Size Effects and Economies of Scale in European Real Estate Companies. Global Finance Journal. https://doi.org/10.1016/j.gfj.2019.04.004.
• Fuerst, F. & Dalton, B. (2019): Is there a Scientific Consensus on the Economic Viability of Sustainable Buildings? (in German). Z Immobilienökonomie. https://doi.org/10.1365/s41056-019-00041-0
• Fingleton, B.; Fuerst. F.; Szumilo, N. (2019): Housing Affordability: Is New Local Supply the Key? Environment and Planning A. http://dx.doi.org/10.1177/0308518X18798372.
• Fuerst, F.; Cajias, M.; 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

2018

• Fuerst. F.; Warren-Myers, G. (2018): Does Voluntary Disclosure Create a Green Lemon Problem? Energy-Efficiency Ratings and House Prices. Energy Economics. doi:10.1016/j.eneco.2018.04.041
• Fuerst, F., Singh, R. (2018): How Present Bias Forestalls Energy Efficiency Upgrades: a Study of Household Appliance Purchases in India. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2018.03.100
• Elhorst, P., Abreu, M., Amaral, P.,...Fuerst, F... Yu, J. (2018): Raising the bar (8). Spatial Economic Analysis, 13(1), 1-4. DOI: 10.1080/17421772.2018.1492823
• Warren-Myers, G.; Aschwanden,G.; Fuerst, F.; Krause, A. (2018): Estimating the Real Implications of Sea Level Rise for Public and Private Property Ownership, Occupation and Management. Risks, 6(2), 37; doi:10.3390/risks6020037
• Busic, 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. https://doi.org/doi:10.1016/j.enbuild.2017.11.009.
• Fuerst, F.; Unbehaun, F. (2018): Cap Rates and Risk: A Spatial Analysis of Commercial Real Estate, Studies in Economics and Finance, DOI:10.1108/SEF-11-2016-0267.
• Costa, O.; Fuerst, F.; Mendes-Da-Silva, W.; Robinson, S. (2018): Green Label Signals in an Emerging Real Estate Market. A Case Study of Sao Paulo, Brazil. doi.org/10.1016/j.jclepro.2018.02.281: Journal of Cleaner Production.
• Chuang, M.; Fuerst, F.;  (2018): Determinants of Cap Rates in US Office Markets, Journal of Real Estate Literature, 26/1, 267-282.
• Elhorst, P., Abreu, M., Amaral, P.,...Fuerst, F... Yu, J. (2018): Raising the bar (7). Spatial Economic Analysis, 13(1), 1-4. DOI: 10.1080/17421772.2018.1417680
• Costa, O.; Fuerst, F.; Mendes-Da-Silva, W.; (2018): Are Corporate Office Buildings Priced Differently?, Journal of Property Investment & Finance; DOI(10.1108/JPIF-01-2018-0004.

2017

•  Fuerst, F., Gross, S. (2017): The Commercial Performance of Global Airports. Transport Policy. doi: https://doi.org/10.1016/j.tranpol.2017.08.005
• Busic, A.; Fuerst, F., Czap, N. (2017): The Role of Personality Traits in Green Decision-Making. Journal of Economic Psychology, doi: http://dx.doi.org/10.1016/j.joep.2017.06.012.
• Dalton, B.; Fuerst, F. (2017): The Green Real Estate Premium: A Meta-Analysis. In: Wilkinson et al: The Routledge Handbook of Sustainable Real Estate. Routledge, 9781138655096.
• Elhorst, P., Abreu, M., Amaral, P.,...Fuerst, F... Yu, J. (2017): Raising the bar (6). Spatial Economic Analysis, 12(4), 347-52. DOI: 10.1080/17421772.2017.1372965
• Szumilo, N.; Fuerst, F. (2017): Income Risk in Energy-Efficient Office Buildings. Sustainable Cities and Society, 34, 309-320.
• 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.
• Szumilo, N.; Fuerst, F. , Laszkiewicz, E. (2017): The Spatial Impact of Employment Centres on Housing Markets. Spatial Economic Analysis, http://dx.doi.org/10.1080/17421772.2017.1339119.
• 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.
• Fuerst, F. (2017): Do Urban Economics and Real Estate Economics Still Matter? A Very Tentative Bibliometric Analysis. In Besecke et al: Perspectives on Urban Economics (non peer reviewed).
• Elhorst, P., Abreu, M., Amaral, P.,...Fuerst, F... Yu, J. (2017): Raising the bar (5). Spatial Economic Analysis, 12(4), 347-52. DOI: 10.1080/17421772.2016.12700

2016

• Fuerst, F.; Oikarinen, E.; Harjunen, O. (2016): Green Signalling Effects in the Market for Energy-Efficient Residential Buildings, Applied Energy, 180/560-571.
• Geiger, P.; Cajias, M.; Fuerst, F. (2016): A Class of its Own? The Role of Sustainable Real Estate in a Conditional Value at Risk Multi-Asset Portfolio. Journal of Sustainable Real Estate, 8, 190-214.
• 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, DOI: 10.1016/j.jjie.2016.01.003.
• Fuerst, F.; McAllister, P.; Nanda, A.; Wyatt, P. (2016):  Energy Performance Ratings and House Prices in Wales: An Empirical Study. Energy Policy,  DOI:10.1016/j.enpol.2016.01.024 92, 20-32.

2015

• Fuerst, F.; Adan, H. (2015): Do Energy Efficiency Measures Really Reduce Household Energy Consumption? A Difference-in-Differences Analysis, Energy Efficiency, DOI 10.1007/s12053-015-9418-3.
• Fuerst, F.; Krautz, S. (2015): Size Signals Success: Evidence from Real Estate Private Equity,  Journal of Portfolio Management, Real Estate Special Issue 2015, 1-9.
• Fuerst, F.; Adan, H. (2015): Modelling energy retrofit investments in the UK housing market: a microeconomic approach, Smart and Sustainable Built Environment, 4/3.
• 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, doi:/10.1080/09599916.2015.1047399.
• 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, 145-151.
• Fuerst, F.; Milcheva, S.; Baum, A. (2015): Cross-Border Capital Flows into Real Estate, Real Estate Finance. 31/3, 103-122.
• 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, doi:10.1108/SEF-10-2013-0155.

2014

• Fuerst, F. ; Wegener, M. (2014): Energy Efficiency of Buildings: A New Challenge for Urban Models. 

in Y. Jin (ed), Applied Urban Modelling: Assessing Pathways towards Energy Efficient and Climate-Wise Regions. Cambridge: British Academy. Forthcoming.

• Fuerst, F.;  Lin, P.-T. (2014): The Integration of Direct Real Estate and Stock Markets in Asia. Applied Economics. 46/12, 1323–133.
• Fuerst, F. ; Lin, P. T. (2014): Volatility Clustering, Risk-Return Relationship and Asymmetric Adjustment in Canadian Housing Markets. Journal of Real Estate Portfolio Management. 20/1, 37-46.
• Fuerst, F.; Cajias, M.; 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.; Kontokosta, C.; McAllister, P. (2014): Determinants of Green Building Adoption. Environment and Planning B. 41(3) 551 – 570.
• Fuerst, F.; Cajias, M.; McAllister, P.; Nanda, A. (2014): Do Responsible Real Estate Companies Outperform Their Peers? International Journal of Strategic Property Management. 18/1, 11-27.
• Fingleton, B. , Abreu, M. , Corrado, L., Fuerst, F. , Garretsen, H. , Igliori, D., ... Yu, J. (2014). [Editorial] . Spatial Economic Analysis , 9 (1), 1-8.

2013

• Fuerst, F.; McAllister, P.; Nanda, A.; Wyatt, P. (2013):  An investigation of the effect of EPC ratings on house prices. Department of Energy and Climate Change, Report, 17 June 2013.
• Szumilo, N.; Fuerst, F. (2013): The Operating Expense Puzzle US Green Office Buildings. Journal of Sustainable Real Estate, Vol.5.
• Fuerst, F. ; Matysiak, G.A. (2013): Analyzing the Performance of Non-Listed Real Estate Funds: A Panel Data Analysis. Applied Economics.45/14, 1777-1788.
• Fuerst, F., Wyatt, P., van de Wetering, J. (2013): Is intrinsic energy efficiency reflected in the pricing of office leases? Building Research and Information. 41/4, 1–11.
• Fingleton, B. , Abreu, M. , Corrado, L., Fuerst, F. , Garretsen, H. , Igliori, D., ... Yu, J. (2013). [Letter to the editor] . Spatial Economic Analysis , 8 (4), 419-424.

2012

• Fuerst, F. and Grandy, A-M. (2012): Rational Expectations? Developer Behaviour and Development Cycles in the Central London Office Market. Journal of Property Investment & Finance.30/2, 58-68.
• Reichardt, A.; Fuerst, F.; Rottke, N.; Zietz, J. (2012): Sustainable Building Certification and the Rent Premium: A Panel Data Approach. Journal of Real Estate Research. 34/1, 99-126.

2011

• 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.
• Fuerst, F., McAllister, P. (2011): Eco-Labeling, Rents, Sales Prices and Occupancy Rates: Do LEED and Energy Star Labeled Offices Obtain Multiple Premiums? Ecological Economics. 70/6, 1220-1230.
• Fuerst, F., McAllister,P., van de Wetering, J. and Wyatt, P. (2011) Measuring the financial performance of green buildings in the UK commercial property market: Addressing the data issues. Journal of Financial Management of Property and Construction . 16/2, 163 - 185
• Fuerst, F.; Gross, S.; Klose, U. (2011): The Sky is the Limit? - The Determinants and Constraints of European Airports' Commercial Revenues. Journal of Air Transport Management.17/5, 278-83.
• Fuerst, F., McAllister, P., Murray, C (2011): Designer Buildings: An Evaluation of the Economic Value of Signature Architecture. Environment and Planning A , 43/1, 166-184.
• Fuerst, F.and McAllister, P. (2011): Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values. Real Estate Economics. 39/1, 1-25.
• Fuerst, F., McAllister, P., Wyatt, P., van de Wetering, J. (2010): Establishing a Data Framework for Measuring the Price Effects of Eco-certification. RICS Research Report.

2010

• Fuerst, F. and McAllister, P. (2010): Supply Elasticities and Development Oscillations: a Study of European Office Markets. Journal of European Real Estate Research. 3/1, 5-23.
• Fuerst, F. and McAllister, P. (2010): What is the Effect of Eco-Labeling on Office Occupancy Rates in the USA? RICS FiBRE Series, January 2010.

2009

• Fuerst, F. and Marcato, G. (2009): Style Analysis in Real Estate Markets: Beyond the Sectors and Regions Dichotomy. Journal of Portfolio Management, 35/5, 104-117
• Fuerst, F. (2009): Building Momentum: An Analysis of Investment Trends in LEED and Energy-Star-Certified Properties. Journal of Retail and Leisure Property, Vol. 8/4.
• Fuerst, F.and McAllister, P. (2009): An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates. Journal of Sustainable Real Estate, 1/1, 49-64.
• Fuerst, F. (2009): .Defining the Scope of Real Estate Management: A Comparison of International Practices and Standards. Real Estate Review, 38/1.
• Fuerst, F. and Matysiak, G. (2009): Drivers of Fund Performance: A Panel Data Analysis. INREV Quarterly Research Report, September 2009.

Online working papers

Link to the research of Dr Franz Fuerst on

• Social Science Research Network: http://ssrn.com/author=377440
• IDEAS/RePEc: http://ideas.repec.org/e/pfu29.html
• ResearchGate: https://www.researchgate.net/profile/Franz_Fuerst 
• Google Scholar: https://scholar.google.com/citations?user=diGRMwwAAAAJ

Yana Akhtyrska

Floris Blok

Xinyan Huang

Qiumeng Li

Katharina Minkow

Ramandeep Singh

Hassan Adan

Mark Burke

Ante Busic

Odilon Costa

Marco Felici

Michel Haddad

Jan-Otto Jandl

Donald Stevens

Nikodem Szumilo

Climate Change

Energy

Economics

Modelling

Sustainability

Public Engagement

Public Policy