Commercial real estate and air pollution
利用风向变化作为工具变量，研究发现细颗粒物污染增加会即时降低商业房地产的市场价值和净收入，并增加资本支出，其中办公物业价值下降更明显，公寓物业净收入下降更突出。
Abstract We analyze the causal effect of air pollution (acute fine particulate matter) exposure on the commercial real estate (CRE) market. We instrument for air pollution using changes in local wind direction to find that an increase in fine particulate matter exposure leads to a contemporaneous decrease in CRE market values and (net) income as well as an increase in capital expenditures. Heterogeneous treatment analysis within a building‐level fixed effects framework uncovers that the negative effect on market values is concentrated in the office sector, consistent with the notion that air pollution‐induced decreases in CRE values are driven by a reduction in CRE assets’ productive capacity. Additionally, we document that the negative impact on (net) income is concentrated in the apartment sector, which is consistent with a broad set of local disamenity mechanisms identified in previous residential real estate literature.