Milstein Real Estate In the News

Columbia Business School's Professor Stijn Van Nieuwerburgh and NYU Stern's Professor Arpit Gupta were featured in a Bloomberg Opinion column examining the post-pandemic urban doom loop — a concept Van Nieuwerburgh coined and introduced in the landmark paper "Work from Home and the Office Real Estate Apocalypse," now published in the American Economic Review. In the piece, Van Nieuwerburgh warns that New York City faces deep fiscal trouble, citing an effective doubling of office property tax rates and no clear path to financial health. Gupta traces the historical roots of urban flight while noting encouraging signs in New York's office-to-apartment conversion pace. Both researchers see the doom loop as a continuing risk, driven by falling commercial real estate values, shrinking tax revenues, and the enduring shift to remote work — and underscore that while the economic fixes may be straightforward, the political will to implement them remains the critical missing ingredient.

Research by Columbia Business School’s Professor Stijn Van Nieuwerburgh was featured in Governing in an article examining how cities are responding to the rise of remote work. In the piece by Josh Goodman, Professor Van Nieuwerburgh and his co-authors’ research, Office Real Estate Apocalypse, is cited in discussions about the long-term economic and policy implications of declining office occupancy rates.

Columbia Business School’s Professor Stijn Van Nieuwerburgh provided expert commentary to The Daily Caller on the trend of companies leaving major urban centers. In the article by Geoffrey Ingersoll, Professor Van Nieuwerburgh discussed what he describes as an “economic doom loop,” in which declining commercial activity, rising vacancies, and population shifts reinforce economic challenges in cities.

Columbia Business School’s Professor Stijn Van Nieuwerburgh was featured in Pensions & Investments in coverage of his research on affordable housing. In the article by Jesse Pound, Professor Van Nieuwerburgh’s study An Alpha in Affordable Housing? is highlighted for its analysis of affordable housing as a potential recession hedge and investment opportunity for institutional investors. 

Professor Tomasz Piskorski is quoted.

Columbia Business School’s Professor Stijn Van Nieuwerburgh provided expert commentary to The Verge on Oracle’s infrastructure partnership with OpenAI. In the article by Elizabeth Lopatto, Professor Van Nieuwerburgh discussed the economic and strategic implications of large-scale investments in AI infrastructure and data center expansion. 

Columbia Business School’s Professor Stijn Van Nieuwerburgh provided expert commentary to The Real Deal on the impact of inflation and geopolitical tensions on commercial real estate. In the article by Elizabeth Cryan, Professor Van Nieuwerburgh discussed how rising costs and global uncertainty are shaping investment decisions and property valuations across the CRE market.

Professor Tomasz Piskorski authored an op-ed piece for MarketWatch on the private credit market.

Professor Tomasz Piskorski is quoted.

Columbia Business School’s Stijn Van Nieuwerburgh was featured in Bisnow discussing the CompStak Index and its role in measuring commercial real estate performance. Van Nieuwerburgh explained how traditional rent data can obscure true market conditions, particularly when landlords offer concessions that are not reflected in headline figures. His insights highlight the importance of more comprehensive data tools like the CompStak Index in accurately assessing office market trends and property values. 

Professor Tomasz Piskorski is featured

In an interview with Marketplace, Professor Tomasz Piskorski discusses his latest research on private credit.