The rise of healthy buildings in the post‐COVID‐19 pandemic era
利用新冠疫情作为自然实验，研究健康建筑投资在疫情后的增长，发现健康建筑占比高的公司市场韧性更强、业绩更好，且人们更愿意前往健康建筑。
Abstract We exploit the COVID‐19 pandemic as a natural experiment to examine how health‐conscious infrastructure impacts commercial real estate. Using data from listed real estate companies globally and in the United States, we find a post‐pandemic surge in healthy building investments, especially in regions with higher pre‐pandemic health risks. Firms with greater pre‐pandemic healthy building shares showed stronger market resilience and superior post‐pandemic performance. Cell phone mobility data confirm these benefits, showing increased visits to healthy buildings after reopening, highlighting their perceived safety and appeal. Our findings underscore health‐centric infrastructure's role in shaping investment, performance, and mobility.