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image of human brain and built in biases image of human brain and built in biases

Addressing built-in biases in real estate investment

October 2017

This research paper explores five of the most entrenched biases in the institutional real estate market, outlines their consequences, and proposes practical workarounds to minimize their effect.

Highlights

  • Commercial real estate markets provide fertile ground for behavioural biases to shape the decision-making and actions of participants. As a result, there is value to be gained by moving away from incomplete yet widely used frames of reference in favour of a behavioural approach to investing in the asset class.
  • A behaviourally-aware framework recognises that the views and (occasionally irrational) actions of market participants can have a significant bearing on market direction and fundamentals.

Home bias is the most prevalent in real estate

A tale of two markets: Prime European real estate has pulled away from the rest of the market

Authors

author portrait
Neil Cable Head of European Real Estate
Neil Cable is Head of European Real Estate at Fidelity International. In this role, he is responsible for the day-to-day management of the business, including overseeing the investment process, chairing the Investment Committee and directing business strategy.

Mr. Cable joined Fidelity in 2006 and has 27 years of experience in U.K. and European real estate investment. He has held senior roles in both fund management and research in some of the industry’s most respected institutions.