Face‐to‐face interactions, tenant resilience, and commercial real estate performance
研究面对面互动对商业地产表现的影响，利用COVID-19作为外生冲击，发现持有对社交距离更具韧性的租户的地产公司表现更好，但长期效果减弱。
Abstract We study the impact of face‐to‐face (FTF) interactions on commercial real estate (CRE) performance. By linking tenants, properties, and CRE firms, we construct three novel FTF measures that capture tenant remote working, internal communication between coworkers, and external contact with customers. Using the COVID‐19 pandemic as an exogenous shock to the FTF economy, we find that firms holding properties with tenants that are more resilient to social distancing perform better. These FTF effects weaken over the long term, however. As investors are capable of compiling valuable information at granular levels regarding how tenants operate, our findings support market efficiency and shed light on postpandemic CRE performance.