Steven Devaney
Associate Professor
Real Estate
Henley Business School University of Reading
United Kingdom
Biography
Steven Devaney re-joined Real Estate & Planning in June 2017. His teaching and research is focused on commercial real estate investment. Specific interests include the construction and evaluation of performance indices for commercial real estate and he was involved in the development of Transaction Linked Indicators for several European markets that are now published by MSCI. Other research areas include private real estate liquidity and real estate depreciation. He has published academic articles and research reports for bodies such as the Investment Property Forum and European Public Real Estate Association. In addition, he has research interests in the area of urban history and his doctoral research, completed in 2010, focused on the history of the City of London office market.
Research Interest
Commercial property investment; Property valuation; Property indices
Publications
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Devaney S (2010) Trends in Office Rents in the City of London: 1867-1959 Explorations in Economic History, 47: 198–212.
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Devaney S, Martinez Diaz R (2011) Transaction Based Indices for the UK Commercial Real Estate Market: An Exploration Using IPD Transaction Data. Journal of Property Research, 28: 269-289.
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Crosby N, Devaney S, Law V (2011) Benchmarking and Valuation Issues in Measuring Depreciation for European Office Markets. Journal of European Real Estate Research 4: 7–28.
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Crosby N, Devaney S, Law V (2012) Rental Depreciation and Capital Expenditure in the UK Commercial Real Estate Market, 1993-2009. Journal of Property Research, 29: 227-246.
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Devaney S (2014) Measuring European property investment performance: comparing different approaches. Journal of European Real Estate Research 7: 112-132.
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Devaney S, Scofield D (2015) Liquidity and the Drivers of Search, Due Diligence and Transaction Times for UK Commercial Real Estate Investments. Journal of Property Research, 32: 362-383.
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Crosby N, Devaney S, Nanda A (2016) Which Factors Drive Rental Depreciation Rates for Office and Industrial Properties? Journal of Real Estate Research, 38: 359-392.
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Devaney S, Scofield D (2017) Do ‘foreigners’ pay more? The effects of investor type and nationality on office transaction prices in New York City. Journal of Property Research, 34: 1-18.
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Devaney S, McAllister P, Nanda A (2017) Which Factors Determine Transaction Activity across US Metropolitan Office Markets? Journal of Portfolio Management.
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Crosby N, Devaney S, Lizieri C McAllister P (2015) Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn. Journal of Business Ethics.
