This study focuses on the possibility of higher risk in commercial real estate markets due to the “linked ownership” network, which is measured by the common holdings of properties in different urban real estate markets by the same investor. Using data from 2007 to 2016, our results show that commonality in ownership can explain the significant comovement in international office market performance and add additional information to other matrices constructed by geographic distance, mergers and acquisitions capital flow, currency unit, and even overlapping occupiers located in those cities. The transmission mechanism is most pronounced and persistent during the global financial crisis period.

中文翻译：

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通过全球房地产投资建立联系市场

这项研究的重点是由于“联系所有权”网络而导致的商业房地产市场较高风险的可能性，该网络通过同一投资者在不同城市房地产市场中共同持有的财产来衡量。使用2007年至2016年的数据，我们的结果表明，所有权的共有性可以解释国际办公市场表现的重大变化，并为其他矩阵（由地理位置，并购资本流，货币单位，甚至重叠的占用者构成）添加更多信息在那些城市。在全球金融危机期间，传导机制最为明显和持久。