Staff Profile:Professor Colin Lizieri

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Qualifications:

BA(Hons) University of Oxford (Geography)
PhD London School of Economics (Economics / Geography)
Fellow of the Royal Institution of Chartered Surveyors

Profile

Colin is a real estate economist whose research and teaching interests focus on modelling the development of world cities and office markets, and on innovation in real estate investment and finance. His teaching portfolio covers investment appraisal, real estate finance, investment economics, portfolio strategy and research methods. He is a member of the Investment Property Forum research committee, has acted as an expert advisor to the UK and Norwegian Governments, the Corporation of London, the City of Toronto and numerous private sector organisations and has appeared as an expert witness on real estate matters.

Recent Awards and Prizes

• Elected honorary fellow of the Society of Property Researchers, 2005 "in recognition of an outstanding contribution in the field of property research".
• Elected honorary fellow of the Royal Institution of Chartered Surveyors in 2004.
• Presented with 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", 2004
• 2002, ARES Manuscript Prizes, for the best paper on office markets (with Byrne, Worzala) and the best paper on international real estate investment and portfolio management (with McAllister, Ward).

Selected Recent Publications

• 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.
• McAllister P & Lizieri C (2006) Monetary Integration and Real Estate Markets: the Impact of the Euro on European Real Estate Equities, Journal of Property Research, 23(4) 281-304.
• 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.

Research Projects

• Recently completed "Towers of Capital", a book on office markets and international finance for Blackwell Publishing's Real Estate Issues series.
• Investment Property Forum's Pricing Property Derivatives research project: follow up work on modelling and explaining margins and spreads in the developing property index swaps market in the UK.
• Research with Professors Bryan MacGregor (Aberdeen) and Patric Hendershott (San Diego) on office market rental adjustment processes, hidden vacancies and supply and demand responses.

Recent External Work and Consultancy

• Colin acted as advisor to the Norwegian Ministry of Finance and the Government Pension Fund (Global) over their decision to allocate up to 10% of their fund to real estate assets.
• Colin acted as an expert witness in the Lands Tribunal in the landmark Sportelli case on leasehold enfranchisement, with the decision confirmed in the Court of Appeal.
• Colin acted as an expert advisor on the Barker Review of Land Use Planning and the Economy, reporting to HM Treasury.
• Colin advised a major UK bank on risk appraisal and commercial real estate lending as part of the Basel II process.