Brice Barois (p), Leïly Hassaine-Bau (p)

Taiyo Nosaka

In the first decade of the 21st century, Mexico underwent significant institutional reforms aimed at fostering the creation of financial entities within the stock market to support the rapid expansion of the real estate sector. Among the most prominent instruments to emerge from this process are Real Estate Investment Trusts (FIBRAs), which transform rental properties into financial assets traded on the stock market. Inspired by the American Real Estate Investment Trust (REIT) model, these investment vehicles play a crucial role in managing income-generating properties across key segments of the productive sector, including offices, shopping centers, hotels, and industrial buildings.
This article explores the role of FIBRAs in the broader phenomenon of financialized urbanization, where real estate assets are increasingly shaped by financial market dynamics rather than traditional urban planning mechanisms. By conducting a comprehensive census and geo-referencing analysis of more than 200 properties under FIBRA management, the study provides a detailed examination of the spatial distribution and economic implications of these investment portfolios. Specifically, it investigates their impact on the structure of the tertiary sector, particularly within commercial and office real estate.
The findings highlight two major trends. First, the geographic concentration of FIBRA properties in municipal zones with high socio-economic status underscores their function in consolidating elite service-oriented urban enclaves, reinforcing spatial inequalities within Mexican cities. Second, a closer look at the actors and investment strategies within the FIBRA market in Monterrey reveals how the political, economic, and social elite—who form a tightly-knit and homogeneous group—strategically maneuver to maintain control over the entire real estate value chain. This process exemplifies the ways in which financialization does not merely influence real estate markets but also intensifies patterns of corporate accumulation and dispossession, aligning with critical perspectives on urban financialization (Mbiba, 2017).
Ultimately, the study sheds light on how financial actors, urban space, and capital accumulation intersect in the Mexican real estate market, offering insights into the broader implications of financialized real estate for urban development and socio-economic stratification.

Taiyo Nosaka (p), Kazunari Tanaka

João Pedro Saldanha Corrêa

1.Introduction
The role of the station square keeps changing with the times. According to the Ministry of Land, Infrastructure, Transport and Tourism, station squares are expected to be attractive and easy-to-use spaces, especially in terms of factors such as convenience, comfort, safety, and locality. Our goal is to create a distinctive and symbolic open space.

2.Objectives and Methods
The local character and the image of the station are important. In particular, the purpose of this study is to clarify the relationship between landscape planning for the station square and the cognitive characteristics of the color images. The methods used will be questionnaire surveys and online surveys.

3.Questionnaire
We investigated the color difference images of three stations: Omihachiman Station, Hikone Station, and Kusatsu Station. As a result, it was revealed that Hikone Station reflects the local mascot character.
The image of Omihachiman Station reflects the characteristics of the station square. The image of Kusatsu Station reflects the colors associated with the place name.
We conducted a second questionnaire survey to identify trends regarding color image formation. The survey targeted 30 others stations.
Brown and orange were extracted for the color image of Tokyo Station. A distinctive feature of Tokyo Station is the red brick exterior of the Marunouchi Station building. This shows a high degree of agreement with the colors extracted through the questionnaire survey. For this reason, the image of Tokyo Station is influenced by symbols such as the Marunouchi Station Building.
Blue is the most extracted color for the image of Universal City Station. This station is the closest to Universal Studios Japan (USJ). Blue is utilized as the brand image here. There is consistency between the color image and the theme color of USJ. The image of this station may be influenced by tourist spots.
Yellow is the most extracted for the color image of Funabashi Station. The colors match those used by the region's mascot, Funassyi. The color image of this station was influenced by the mascot character.
Pink is the most extracted for the color image of Sakurai Station. This is because of the place name. Contains Sakura, which has the image of pink color in Japan.

4. Conclusion
The fourth trend is that people’s perceptions are influenced by place names. We conduct an analysis of the landscape plan. We also consider the similarities and differences between the station image and the landscape plan.

João Pedro Saldanha Corrêa (p), André Luis Squarize Chagas

Vasiliki - Alexandra Politi

The city of São Paulo, the center of the largest metropolitan region in Brazil, faces serious challenges regarding stormwater management. The city is frequently affected by seasonal storms and flooding, which are responsible for property loss and, occasionally, life. There is an urgent need for additional hydraulic infrastructure to mitigate these hazards. However, trade-offs with expenditures in other sectors, such as education and transportation, make it difficult to determine the optimal level of investment in water management and flood prevention. In this paper, we contribute to this assessment and related discussion by estimating the revenue loss incurred by the city’s treasury due to lower property tax revenues from houses in flood-prone areas.
To determine flood risk, we classify those houses located within the floodplains of storms with a 100-year return period as flood-prone. According to our estimates, based on census data, approximately 4.5% of the city’s population – amounting to 518,000 people – inhabit flood-prone areas. Furthermore, around 20.5 million square meters of housing space, or 4.05% of the city’s total, are in these areas.
To measure the effect of location in flood-prone areas on house prices, we employ a conventional hedonic pricing model, augmented to control for spatial effects. House price data comes from the ITBI records, a municipal tax levied on real estate transfers. Our database spans the period from July 1994 to July 2024 and contains 301,413 transactions involving 246.966 houses, most of which were transferred only once in the study period. Of the houses in the dataset, flood-prone represents 3.8%. The database contains information on property characteristics such as plot size, home size, and building age. To account for neighborhood characteristics, we consider distances to the city’s two main business districts, the nearest park, and the nearest train or subway station.
We ran two preliminary test regressions: a conventional linear model and an SLX model. The linear model estimates a direct effect of -474.07 BRL per square meter, leading to a total devaluation of 9.7 billion BRL across all flood-prone properties in São Paulo. The SLX model estimates a direct effect of -114.81 BRL and an indirect effect of -409.65 BRL per square meter.
We focus on revenue loss from the property tax, IPTU, which is based on property values. Since flood-prone houses are devalued compared to similar houses outside floodplains, this results in an implicit loss of tax revenue for the city’s treasury.

Vasiliki - Alexandra Politi (p), Antonis Rovolis

Daniel Felsenstein

Sustainability requirements are increasingly influencing corporate strategies and decision-making across various industries, driven by investor preferences, regulatory pressures, and market demand. The real estate sector, due to its significant environmental and social impacts on regional development and its integral role in every company’s value chain, is at the forefront of efforts toward a more sustainable future. In this context, corporate sustainability frameworks provide a structured methodology that enables companies to measure risks and track progress related to environmental, social, and governance (ESG) issues while, at the same time, several indexes support investors’ decisions by providing relevant benchmarks and rankings.
However, there is no shortage of options when it comes to such frameworks. From global to regional, general to sector-specific, and combinations of either, companies have to navigate and choose – often more than one – options that fit their needs.
In light of the recently implemented mandatory European Sustainability Reporting Standards (ESRS), we aim to trace the evolution of major sustainability frameworks and examine the preferences of selected public European real estate companies prior to adopting the ESRS. During this process, we will identify the prevailing frameworks in use and explore the potential influence of factors such as company size, geography, and asset type. Furthermore, we will evaluate our sample’s commitment—measured by consecutive years of reporting—and continuity—assessing whether the same framework(s) were maintained over the years. Finally, we will discuss whether the mandatory implementation of the ESRS is expected to act complementary to existing frameworks and facilitate companies with ESG reporting processes or simply add to their reporting requirements.

Daniel Felsenstein (p), Xieer Dai

Brice Barois

This paper quantifies the regional and local tax-revenue effects of new residential construction on non-residential land uses and its differential impacts on business tax revenue. Using spatial panel data for Israeli municipalities and spatial cointegration tests, we highlight a long-term spatio-temporal co-movement of residential and non-residential building starts. Fiscal deficit has a significant impact on commercial construction starts but shows almost no effect on residential construction. The paper simulates the regional property tax revenue redistribution effect of transfers from fiscally independent jurisdictions to fiscally-weak and peripherally-located municipalities. Counterfactual exercises show that the redistribution effect promotes housing starts in peripheral areas and discourages non-residential building starts.