LinkedIn Article (07.21.2025) 🔗

This article discusses how the perceived stability of “safe” tenants in commercial real estate—such as Starbucks, Chipotle, or even the U.S. government—can mask significant hidden risks that investors often overlook. Using examples of cap rate shifts between Starbucks and Chipotle and the unexpected wave of federal lease cancellations under the DOGE initiative, the author illustrates how relying solely on backward-looking metrics and headline credit quality can be misleading. The piece emphasizes the importance of scrutinizing lease terms, such as early-termination clauses and co-tenancy provisions, which can materially affect income streams and asset values. Citing research showing measurable declines in property cash flows and CMBS bond prices tied to these overlooked risks, the article encourages investors to rethink how they price and assess tenant risk beyond surface-level assumptions. 

LinkedIn Article (07.12.2025) 🔗

This article discusses how early professional connections, particularly the first “handshake” in a career, can have a causal and lasting impact on career success, using evidence from a large study of residential real estate agents in Charlotte. By analyzing over 400,000 transactions and controlling for alternative explanations, the authors show that new agents randomly matched with more connected counterparts on their first deal were significantly more likely to survive, earn more, and stay longer in the industry — highlighting the power of early-stage mentorship, networks, and apprenticeship in shaping career trajectories. 

LinkedIn Article (04.28.2025) 🔗

This article discusses the author's experience relocating from Ithaca to Rochester, where they chose to rent rather than buy after encountering Rochester’s unique "delayed negotiations" system. In this process, sellers set a future date to review all offers simultaneously, creating intense competition and often driving sale prices above listing values. The article explains how this structure can lead to emotional overbidding and financial risks for buyers. Motivated by this observation, the author and colleagues conducted a study analyzing over 14 million housing transactions across 30 states, finding that homes purchased through bidding wars tend to deliver lower annualized returns and higher rates of mortgage default—an example of the "winner’s curse." The research further highlights that these risks are especially pronounced among low-income, less-educated, younger, and minority buyers, thereby exacerbating existing disparities in housing access and financial stability.

LinkedIn Article (04.26.2025) 🔗

This article reflects on the critical role of contingency clauses—particularly co-tenancy provisions—in commercial real estate leases, highlighted by the Mall of America’s legal battle over Sears' $10-per-year lease. It shows how once-attractive anchor tenant agreements can become liabilities when market conditions change, emphasizing the importance of carefully structured leases. Drawing from the author's dissertation and a co-authored research paper, it argues that strategic lease terms are essential tools for managing risk and maintaining shopping center value over time.