Research Proposals
The IPF welcomes research proposals from those looking to undertake research in real estate investment. Proposals are considered by the IPF Research Steering Group, a committee of industry practitioners with a wealth of experience in both research and practice.
The research ideas that the IPF will consider progressing will be those that meet the IPF's overall aims to enhance the knowledge and understanding of property as an investment asset class (both to property professionals and to those outside property). These may support or develop new or existing forms of real estate investment or improvements in the functioning of the property investment market in the UK, possibly with reference to other asset classes or real estate markets in other jurisdictions. In terms of research themes, specific areas of interest are asset allocation, portfolio selection and asset management.
IPF Research Submissions Guidelines 2024
Current Tenders
Biodiversity Net Gain Regulations: Opportunities and Challenges
The requirement for new developments to achieve a mandatory Biodiversity Net Gain (BNG) of 10% was introduced in early 2024. The timing of the regulations is such that the full impacts are yet to be felt. This is, therefore, an opportune moment for the IPF Research Programme to commission a study that considers the current and future implications of BNG for institutional investors and developers.
It is expected that the project will utilise both primary and secondary research and will be divided into two key sections – an introduction to BNG followed by the research element that will uncover current and potential implications.
Given the nature of the project, a collaboration between consultants with biodiversity, investment and other relevant expertise is also welcomed.
For further details, see below:
Biodiversity Net Gain Regulations
Revisiting Depreciation of Commercial Investment Property in the UK
Depreciation is a crucial issue for real estate investors since it impacts both returns from and pricing of assets. Causes of depreciation include physical deterioration and various forms of obsolescence, the latter arising as technological, social or regulatory changes in the economy take place. This has generated a requirement for information on the rates of depreciation and expenditure affecting different property types, which can be used to inform analysis of the role of real estate in a multi-asset portfolio, as well as investment decisions at an individual asset level.
The IPF wishes to commission a study which aims to update and build on the previous depreciation research (reports in 2005 and 2011) but it may adopt a different approach and a wider coverage of asset types covered.
For further details, see below:
Revisiting Depreciation of Commercial Investment Property in the UK
Capital Market Trends Under Different Debt Availability Regimes
The current real estate investment market is believed to be very equity-driven, given the costs of debt are too high to be accretive in many cases. This has prompted considerable discussion about when debt costs will fall or property yields will rise enough to make debt accretive again, and thus see liquidity improve. However, in the past, there have been full decades when debt has not been accretive to returns but investment markets continued to function. It is also the case, in some other jurisdictions, that prime property yields are more permanently below bond yields.
How can debt costs be reliably measured, or estimated historically? Are there lessons to be learned from prior periods of varying debt costs, and could these then be applied to a future scenario where interest rates do not fall back as expected?
The IPF wishes to commission a study which will aims to highlight these issues and provide an understanding of the investment implications for investors.
For further details, see below:
Capital market trends under different debt availability regimes