Handbook on Commercial Property Price Indicators

Conference dates: Monday, 29 and Tuesday, 30 September 2014

Meeting room: Japan Tower, conference room Tokyo

Venue: European Central Bank, Frankfurt am Main

Workshop Agenda

9 a.m. Registration
9.15 a.m. Welcome address
  Session 1
CPPI Handbook: main conceptual issues
9.45 a.m. What is commercial property? Concepts and classification presentation
Chihiro Shimizu, Professor at Reitaku University and University of British Columbia

Discussant: Tjeerd Jellema, Head of Section General Economic Statistics, Macroeconomic Statistics Division, European Central Bank presentation
10.45 a.m. Coffee break
11.05 a.m. What should CPPIs measure? Price indices and other indicators presentation
David Geltner, Professor of Real Estate Finance at Massachusetts Institute of Technology

Discussants: Mick Silver, Principal Statistical Methodologist, International Monetary Fund presentation, Niall O’Hanlon, Head of Prices Division, CSO Ireland presentation
12.45 a.m. Lunch
  Session 2
CPPI Handbook: methods for compiling CCPIs
2 p.m. Transaction-based price indices presentation
Marc Francke, Professor of Real Estate Valuation at the University of Amsterdam

Discussant: Branko Pavlin, Senior Adviser at Price Statistics Department, Statistical Office of the Republic of Slovenia presentation
3.30 p.m. Appraisal-based price indices presentation
Marc Francke, Professor of Real Estate Valuation at the University of Amsterdam

Discussant: Jakob Holmgaard, Expert, Statistics Denmark presentation
4.15 p.m. Coffee break
4.35 p.m. Indicators based on stock market prices presentation
David Geltner, Professor of Real Estate Finance at Massachusetts Institute of Technology

Appraisal-based indicators of investment return presentation
Marc Francke, Professor of Real Estate Valuation at the University of Amsterdam

Discussant: Mick Silver, Principal Statistical Methodologist, International Monetary Fund presentation
  Session 3
CPPI Handbook: land/structures decomposition;
Data sources for CPPIs
9 a.m. Decomposing a CPPI into land and structures components presentation
Erwin Diewert, Professor at the School of Economics, University of British Columbia
Chihiro Shimizu, Professor at Reitaku University and University of British Columbia

Discussant: Niall O’Hanlon, Head of Prices Division, CSO Ireland presentation
10 a.m. Data sources for transactions and appraisals: Practical challenges/difficulties presentation
David Fenwick, International expert in price statistics

Discussant: Farley Ishaak, Statistical researcher, Statistics Netherlands presentation
11.15 a.m. Coffee break
11.30 p.m. Summing up and way forward presentation
David Baran, Expert in consumer price statistics
12.20 a.m. Lunch
  Session 4
CPPIs for the euro area
1.45 p.m. Overview - introduction - progress made: Use and usability of indicators for commercial property prices presentation
Andrew Kanutin, Principal Economist Statistician, General Economic Statistics, Macroeconomic Statistics Division, European Central Bank
2.30 p.m. Developments in the field of market data providers presentation
Ian Cullen, Advisory Director, MSCI / IPD
3.15 p.m. Coffee break
3.30 p.m. Developments in the field of national indices

Commercial property prices: A case study on Germany presentation
Jens Mehrhoff, Head of Section Business Cycle, Price and Property Market Statistics, Deutsche Bundesbank

Commercial Property Price Indicators for the German Real Estate Market – vdp Price Indices (not presented due to unforeseen circumstances) presentation
Andreas Kunert, Senior Analyst Immobilienmarktforschung, vdp Research GmbH
4.15 p.m. Over the horizon: from recommendations to improvements in implementation? presentation
Tjeerd Jellema, Head of Section General Economic Statistics, Macroeconomic Statistics Division, European Central Bank
5.00 p.m. Session summing up
Gabriel Quirós, Head of Division - Macroeconomic Statistics Division, European Central Bank
5.15 p.m. Workshop summing up
Joachim Recktenwald, Head of Unit - Price statistics, Purchasing power parities, Housing statistics, Eurostat
Gabriel Quirós, Head of Division - Macroeconomic Statistics Division, European Central Bank
5.45 p.m. End of workshop