About
Dr. Miller has numerous academic articles and books on housing, brokerage, mortgage risk,…
Articles by Norm
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Down zoning is a new weapon to take property value without compensation: read about the Berkeley case
Down zoning is a new weapon to take property value without compensation: read about the Berkeley case
By Norm Miller
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Price trends drive mortgage defaults more than credit scores or most other factors
Price trends drive mortgage defaults more than credit scores or most other factors
By Norm Miller
Contributions
Activity
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GRESB's Chief Innovation Officer, Chris Pyke, recently joined the ESG in Property podcast with hosts Adam Hinds and Jordan Relfe MRICS, to share his…
GRESB's Chief Innovation Officer, Chris Pyke, recently joined the ESG in Property podcast with hosts Adam Hinds and Jordan Relfe MRICS, to share his…
Liked by Norm Miller
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Laurie Goodman and I wrote a series of research papers about mortgage loss mitigation. Here is new paper aiming to clarify the development and…
Laurie Goodman and I wrote a series of research papers about mortgage loss mitigation. Here is new paper aiming to clarify the development and…
Liked by Norm Miller
Experience
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HOYT INSTITUTE FOR REAL ESTATE INC
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Education
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Activities and Societies: President, Alpha Rho Epsilon (Real Estate Society). Beta Gama Sigma, Phi Alpha Kappa. Intramural medals in Squash, Racquetball, Ice Hockey. Interned at the Economic Development Division of the State of Ohio. Worked in the library, as a life guard, appraiser, property manager, and broker.
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Publications
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Fat Tails and Risk Mitigation: Evidence from the Real Estate Market
Journal of Real Estate Portfolio Management
Recent evidence from the financial crisis of 2008 brings into question the stability of correlation assumptions and the effect this has on possible extreme outcomes. We present evidence of the unstable correlations between asset returns in recent years from several perspectives: listed real estate market and common stock market; publicly traded real estate and privately held real estate; public real estate return across property sectors; private real estate return across regions; and…
Recent evidence from the financial crisis of 2008 brings into question the stability of correlation assumptions and the effect this has on possible extreme outcomes. We present evidence of the unstable correlations between asset returns in recent years from several perspectives: listed real estate market and common stock market; publicly traded real estate and privately held real estate; public real estate return across property sectors; private real estate return across regions; and residential default rates across states and regions. Our findings suggest that returns on real estate assets exhibit unusual levels of skewness and asymmetric dependence (higher correlations in downside markets). Incorporating higher-order return distribution moments in portfolio selection and diversification decisions is important to all investors concerned with fat tail risks. Optimizing portfolios from the standpoint of loss mitigation seems easy to achieve with careful geographic diversification, but deep recession loss correlations defy the longer term trends. For this reason, new hedging instruments are required to truly mitigate downside risk.
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Implications of Office Space Downsizing
International Council of Shopping Centers
My article published by the premier resource organization for the retail real estate industry is a write-up on the research done by my professor Dr. Norm Miller. In it, I discuss the downsizing trend among very large space occupants due to increased productivity, big data and a shift in work space preferences by new generations. This downsizing is occurring even as the economy is beginning to bounce back which indicates this will persist for the long term. Interesting, is how the move toward…
My article published by the premier resource organization for the retail real estate industry is a write-up on the research done by my professor Dr. Norm Miller. In it, I discuss the downsizing trend among very large space occupants due to increased productivity, big data and a shift in work space preferences by new generations. This downsizing is occurring even as the economy is beginning to bounce back which indicates this will persist for the long term. Interesting, is how the move toward more productive and possibly greener space will reverberate out and affect all participants in the commercial real estate market.
Article was published in ICSC's Real Property Insights Volume 21 (2014). It's available in print & online to members as well free on the ICSC Research mobile app.
Honors & Awards
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James A Graaskamp Award
American Real Estate Society
The Graaskamp Award recognizes "extraordinary iconoclastic thought or action throughout a person's career in the development of a multi-disciplinary philosophy of real estate," according to the ARES. Specifically, it is given to a person who brings a research perspective that "breaks significantly from what was widely accepted or done previously in the real estate discipline." Dr. Miller's work on housing market analysis, brokerage, valuation and sustainability were particularly mentioned in…
The Graaskamp Award recognizes "extraordinary iconoclastic thought or action throughout a person's career in the development of a multi-disciplinary philosophy of real estate," according to the ARES. Specifically, it is given to a person who brings a research perspective that "breaks significantly from what was widely accepted or done previously in the real estate discipline." Dr. Miller's work on housing market analysis, brokerage, valuation and sustainability were particularly mentioned in the presentation of this award.
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Richard Ratcliff Award
American Real Estate Society
For pioneering work in the area of sustainable real estate.
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Distinguished Fellow NAIOP
NAIOP
One of the founding Distinguished Fellows with NAIOP until the end of 2013 when it was time to bring in some new blood. A great experience working with some very sophisticated commercial real estate professionals.
Organizations
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ARES
Past President and Board Member
- PresentLife member and founder of the Journal of Sustainable Real Estate
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Hoyt Institute for Real Estate
V.P. and Faculty Member of Advanced Studies Institute
- PresentThe only post-doc think tank for real estate research, decisions, strategies, regulation and policies that brings in thought leaders from around the world. Now an educational pioneer for institutional investors.
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AREUEA
Past Board Member and Membership Director
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ICSC
Academic Research Committee
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NAIOP
Distinguished Fellow
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PREA
Research Committee
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Recommendations received
4 people have recommended Norm
Join now to viewMore activity by Norm
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Here's another great podcast by Jeff Frick . He's interviewing Sacha Connor who delivers some terrific hands-on advice for virtual team interactions.…
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The New York Times recently released a news article supporting housing deregulation as a "panacea policy" to fix the housing sector and the economy…
The New York Times recently released a news article supporting housing deregulation as a "panacea policy" to fix the housing sector and the economy…
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Get ready for the world’s largest ever conversion of an office skyscraper in London ✔️ Radical plans have been unveiled to transform 8 Canada Square…
Get ready for the world’s largest ever conversion of an office skyscraper in London ✔️ Radical plans have been unveiled to transform 8 Canada Square…
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ZipThaw requires almost no maintenance and is totally dry -- which makes it light enough to carry.
ZipThaw requires almost no maintenance and is totally dry -- which makes it light enough to carry.
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CBRE has a new workplace in Carlsbad! Similar to our San Diego UTC Headquarters, through CBRE's #Workplace360 Program we've designed collaborative…
CBRE has a new workplace in Carlsbad! Similar to our San Diego UTC Headquarters, through CBRE's #Workplace360 Program we've designed collaborative…
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“That's one thing that we love about real estate versus other asset classes. It's an inherently measurable asset class.” Read more about…
“That's one thing that we love about real estate versus other asset classes. It's an inherently measurable asset class.” Read more about…
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It’s a daunting market for potential first-time home buyers, who don’t have the cash from the sale of an existing home to bring to the closing table.…
It’s a daunting market for potential first-time home buyers, who don’t have the cash from the sale of an existing home to bring to the closing table.…
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Join us for our 𝘙𝘦𝘴𝘪𝘭𝘪𝘦𝘯𝘤𝘦 𝘢𝘯𝘥 𝘊𝘭𝘪𝘮𝘢𝘵𝘦 𝘙𝘪𝘴𝘬 𝘔𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵 webinar on Thursday, July 18th, to understand the importance…
Join us for our 𝘙𝘦𝘴𝘪𝘭𝘪𝘦𝘯𝘤𝘦 𝘢𝘯𝘥 𝘊𝘭𝘪𝘮𝘢𝘵𝘦 𝘙𝘪𝘴𝘬 𝘔𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵 webinar on Thursday, July 18th, to understand the importance…
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🚀 Boost Your Listings' Appeal in Record Time 📱 Virtual Site Visits: Your Secret Weapon for Faster Pre-List Services Need a quick estimate?…
🚀 Boost Your Listings' Appeal in Record Time 📱 Virtual Site Visits: Your Secret Weapon for Faster Pre-List Services Need a quick estimate?…
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In the 1950s American cities were hubs of manufacturing activity. By 2010 they were driven by finance and business services. Chances are that by…
In the 1950s American cities were hubs of manufacturing activity. By 2010 they were driven by finance and business services. Chances are that by…
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