Research and knowledge creation

The W. P. Carey Center for Real Estate and Finance conducts applied and academic research on residential and commercial real estate. We examine socioeconomic, policy, legal, and market trends that impact economic growth and address critical real estate challenges in the region and beyond.

Explore selected research below, demonstrating our mission to be at the forefront of real estate thought leadership and serve as a bridge between academia and practice.

Engaging with the real estate community

We actively share our practical and academic research through collaboration with leading real estate experts, public engagement, and briefings with policymakers. By fostering strong connections with the business community, we contribute to enhanced public understanding of real estate issues and provide decision-makers in government, business, and academia with valuable information from competing perspectives.

Broker survey and forum

Expectations for the metro Phoenix market are moderately strong. While there has been an increase in uncertainty regarding the federal government, brokers feel more favorable about the direction of interest rates, rents, and vacancies than they did earlier in the year.

Bob Martin Research Economist, W. P. Carey Center for Real Estate and Finance

Survey Methodology

The center has tracked and discussed Commercial Broker Market Sentiment in the metro Phoenix area for 12 years. Recently, the Broker Survey has been revamped and expanded to better suit industry needs. It now consists of 168 questions across seven asset classes. Survey results are shared with brokers as well as news and business outlets.

225 commercial brokers responded to the newly updated survey in October 2025. A new Broker Sentiment Index was revealed at the Broker Forum in October 2025. The findings of the most recent Broker Survey report and forum coming November 2025.

Find an extensive list of Broker Survey reports since 2020:

State of Housing in Arizona report

The W. P. Carey Center for Real Estate and Finance collaborates with the Arizona Research Center for Housing and Economic Solutions (ARCHES) to produce the State of Housing in Arizona Report. This annual report offers a comprehensive, data-driven look at Arizona's housing landscape. It explores statewide trends and county-specific insights about housing availability, affordability, and demand.

Recent publications and acceptances

Find a list of recent publications and acceptances in premier outlets below. The selected research is applied, reflects the interdisciplinary nature of real estate, and helps inform real estate practices and policies in Arizona and globally.

Ana-Maria Tenekedjieva, Sangmin Oh, and Ishita Sen

Forthcoming at Journal of Finance

This publication highlights how risk pricing is distorted in the $15 trillion housing insurance market due to starkly different regulations across states. As a result, this leads to homeowners in less regulated states subsidizing premiums in more heavily regulated ones.

Tenekedjieva's additional work explores taxpayer exposure to insurer insolvency, the potential inflation of premiums stemming from lax regulators, and underinsurance in the face of rising prices and increased risks.