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Department of Land Economy

Environment, Law & Economics
Real estate finance, real estate investment, urban development, office markets, global capital flows.


Colin has over thirty years experience as a researcher, consultant and academic in property markets. Prior to joining Cambridge he taught at the University of Reading, at City University and the University of Toronto. Recognition of his work includes the award of the David Ricardo medal by the American Real Estate Society, "the highest recognition by ARES of scholarly work in the real estate discipline"; the International Real Estate Society Achievement Award for international real estate research “for outstanding achievement in real estate research, education and practice at the international level”; and election as an honorary fellow of the Society of Property Researchers “in recognition of an outstanding contribution in the field of property research”. Colin  chaired the World Economic Forum's Global Agenda Council on The Future of Real Estate and Urbanization 2014-2016. He has acted as a consultant to national governments, central banks, sovereign wealth funds and other major real estate actors and has acted as an expert witness in the Upper Chamber (Lands Tribunal) and the Australian Federal Courts. He was Head of Department until December 2019.


  • commercial real estate investment, risk and return
  • office market modelling and global office markets
  • international capital flows in real estate
  • the relationship between real asset prices and credit markets
  • real estate's role in urban development


Key publications: 
    • Zhu, B. and Lizieri, C. (forthcoming) Local Beta: Has Local Real Estate Market Risk Been Priced in REIT Returns? Journal of Real Estate Finance & Economics, forthcoming, online  
    • Crosby, N., Devaney, S., Lizieri, C. and Mansley, N. (2022) Modelling sustainable rents for estimation of long-term or fundamental values of commercial real estate, Journal of Property Research, 39(1). 30-55.
    • Zhu, B. and Lizieri, C. (2021) Connected Markets through Global Real Estate Investments, Real Estate Economics, 49(S2) 618-654
    • Allen, D., Lizieri, C. and Satchell, S. (2020) A Comparison of Non-Gaussian VaR Estimation and Portfolio Construction Techniques, Journal of Empirical Finance, 58, 356-368,
    • Allen, D., Lizieri, C. and Satchell, S. (2019) In Defense of Portfolio Optimisation What If We Can Forecast?, Financial Analysts Journal, 75(3), 20-38
    • Bao, H., Li, L. and Lizieri, C. (2019) City Profile: Chongqing (1997-2017) Cities, 94, 161-171.
    • Gong, C., Lizieri, C. and Bao, H. (2019) “Smarter information, smarter consumers”? Insights into the housing market, Journal of Business Research, 97, 51-64
    • Garza, N. and Lizieri, C. (2019) An empirical approach to urban land monopoly: a case study of the city of Barranquilla, Colombia, Urban Studies, 56, 1931-1950, DOI:
    • Lizieri, C. and Mekic, D. (2018) Real estate and global networks: drilling into the City of London, in Hoyler, M., Parnreiter, C. and Watson, A. (eds) Global City Makers, Cheltenham, Edward Elgar ISBN 978 1 78536 894 3
    • Monson, S., Bao, H. and Lizieri, C. (2018) A behavioral interpretation of the NAV discount puzzle in listed real estate companies, Journal of Real Estate Portfolio Management, 24(2) 151-166.
    • Crosby, N., Devaney, S., Lizieri, C. and McAllister, P. (2018) Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn, Journal of Business Ethics 147(3) 651-667
    • Garza, N. and Lizieri, C. (2016) Skyscrapers and the economy in Latin America, Journal of Property Research, 33(4) 269-292.
    • Garza, N. and Lizieri, C. (2016) A Spatial-Temporal Assessment of the Land Value Development Tax, Land Use Policy, 50, 449-460
    • Cremmers, M. and Lizieri, C. (2015) How Active is Your Real Estate Fund Manager? Journal of Alternative Investments, 18(1) 22-36
    • Lizieri, C. and Pain, K. (2014) International Office Investment in Global Cities: The Production of Financial Space and Systemic Risk, Regional Studies, 48(3), 439-455, DOI: 10.1080/00343404.2012.753434
    • Lizieri, C. (2013) After the Fall: Real Estate in the Mixed Asset Portfolio in the Aftermath of the Global Financial Crisis, Journal of Portfolio Management, 39(5), 43-59. DOI: 10.3905/jpm.2013.39.5.043
    • Yuo, S-T and Lizieri, C. (2013) Tenant Placement Strategies within Multi-Level Large-Scale Shopping Centers, Journal of Real Estate Research, 35(1) 25-51.
    • Lizieri, C., Satchell, S. and Wongwachara, W. (2012) Unsmoothing Real Estate Returns: A Regime-Switching Approach, Real Estate Economics, 40(4), 775-807. DOI: 10.1111/j.1540-6229.2012.00331.x
    • Lizieri, C., Marcato, G., Ogden, P. and Baum, A. (2012) Pricing Inefficiencies in the Private Real Estate Market Using Total Return Swaps, Journal of Real Estate Finance and Economics, 45(3), 774-803, DOI: 10.1007/s11146-010-9268-x
    • Scott, P. and Lizieri, C. (2012) Consumer house price judgements: new evidence of anchoring and arbitrary coherence, Journal of Property Research, 29(1) 49-68 DOI 10.1080/095999916.2011.638144
    • Lizieri, C. (2011) Global Cities, Office Markets and Capital Flows in International Handbook of Globalization and World Cities, Derudder, B., Hoyler, M. & Taylor P. (editors), Edward Elgar
    • Yuo, S-T, Lizieri, C., McCann, P. And Crosby, N. (2011), Rental Values in UK Shopping Malls, Urban Studies, 48(8) 1667 - 1680
    • Crosby, N., Lizieri, C. and McAllister, P. (2010) Means, Motive and Opportunity? Disentangling Client Influence on Performance Measurement Appraisals, Journal of Property Research, 27(2), 181-201
    • Hendershott, P, Lizieri, C and MacGregor, B (2010) Asymmetric Adjustment in the London Office Market, Journal of Real Estate Finance and Economics, 41, 80-101.
    • Lizieri, C. (2009) Towers of Capital: Office Markets and International Financial Services Oxford: Wiley-Blackwell
    • Hoesli, M., Lizieri, C. and MacGregor, B. (2008) The Inflation Hedging Characteristics of US and UK Investments: A Multi-Factor Error Correction Approach, Journal of Real Estate Finance and Economics, 36(2) 183-206.
    • Lizieri, C., Satchell, S. and Zhang, Q. (2007) The Underlying Return Generating Factors for REIT Returns: An Application of Independent Component Analysis, Real Estate Economics, 35, 567-596.
    • Devaney, S & Lizieri, C. (2005) Individual Assets, Market Structure and the Drivers of Return, Journal of Property Research, 22, 287-307
    • Knight, J, Lizieri, C. & Satchell, S. (2005)  Diversification When It Hurts? The Joint Distributions of Real Estate and Equity Markets, Journal of Property Research, 22, 309-323.   
    • Crosby, N, Hughes C, Lizieri, C & Oughton, M. (2005) A Message from the Oracle: The Land-Use Impact of a Major In-Town Shopping Centre, Journal of Property Research, 22(2-3), 245-265.
    • Collett D, C Lizieri & C Ward (2003) Timing and the Holding Periods of Institutional Real Estate Real Estate Economics 31(2), 205-222.
    • Lizieri C (2003) Occupier Requirements in Commercial Real Estate Markets Urban Studies, 40, 5/6, 1151-1169.
    • Lizieri C, P McAllister & C Ward (2003) Continental Shift? An Analysis of Convergence Trends in European Real Estate Equities, Journal of Real Estate Research, 25(1), 1-22
    • Gibson V & C Lizieri (2001) Friction and Inertia: Corporate Change, Real Estate Portfolios and the UK Office Market, Journal of Real Estate Research, 21(1/2) , 59-79
    • Hamelink, F., Hoesli, M. Lizieri C. & MacGregor B. (2000) Homogenous Commercial Property Market Groupings and Portfolio Construction in the UK, Environment & Planning A, 32(2) 323-344
    • Lizieri C., Baum A. & Scott, P. (2000) Ownership, Occupation and Risk: A View of the City of London Office Market, Urban Studies, 37(7) 1109-1129


Other publications: 

Teaching and Supervisions


Topics currently taught include real estate economics, corporate finance, real estate securities & securitisation, and research design & research methods..

Research supervision: 

My current and recent research students are examining office market dynamics, global real estate risk factors, debt covenants, mortgage markets and spatial variations in risk, land values and urban development; and risk in portfolio strategy - with a geographical focus that includes China, South America, the US, the UK and global markets in general. My major focus, however, is on office markets and the role of real estate capital in urban development.

Professor Colin  Lizieri

Contact Details

Email address: 
(01223) 337114