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David Scotfield

David Scofield

Associate Professor
DepartmentReal Estate Management
OfficeTRS 3-070
Phone416-979-5000, ext. 552456


David Scofield is an Associate Professor at the Ted Rogers School of Management at Toronto Metropolitan University. His research interests include the microfoundations of real estate markets and exploring the effects of organization, networks and institutions on liquidity and transaction costs in commercial real estate. Recent studies include how market, asset and investor characteristics affect transaction frequency, transaction times, and asset liquidity in investment markets and the impact of the commercial brokerage on liquidity and transaction costs in New York City and London.

Dr. Scofield’s research has been funded by the Economic and Social Research Council (UK), the Investment Property Forum (London) and the University of Sheffield. His work has been published in academic and professional journals and he has been invited to present his findings at many international conferences. He has studied in Canada, Korea and England and has worked in all three world regions (Americas, EMEA, Asia Pacific). He was a permanent faculty member at the University of Aberdeen Business School before joining the TRSM at Toronto Metropolitan University.

Applied microeconomics; institutions, organizations and networks; strategy; research methods; real estate investment and development; and world cities.

Refereed Journal Articles
Scofield, D. & J. Xie. (2019). The Effect of Dual Brokerage on Commercial Real Estate Prices: Evidence from Office Sales in the U.S. Journal of Real Estate Research, 41(3): 347-378.
Devaney. S., D. Scofield & M. Zhang. (2018). Only the Best? Exploring Cross-Border Investor Preferences in US Gateway Cities. Journal of Real Estate Finance and Economics, 59: 490-513.
Agboola, A. & D. Scofield. (2018). Liquidity in Commercial Real Estate Investment: An Examination of Time to Completion in the Lagos Market. Journal of Property Research, 35(2): 164-184.
Agboola, A., Scofield, D. & Amidu, A. (2017). Understanding the Operation of Property Markets in Sub-Saharan Africa from a Dual Institutional Perspective: The Case of Lagos, Nigeria. Land Use Policy. 68: 89-96
Scofield, D. & Devaney, S. (2017). What Sells in a Crisis? Determinants of Sale Probability over a Cycle and Through a Crash. Journal of Property Investment and Finance, 35(6).
Nickerson, D. & Scofield, D. (2017). Property Risk, Foreclosure Costs, and Rational Lending Discrimination. International Finance and Banking, 4(1): 121-144.
Devaney, S. & Scofield, D.  (2017). Do ‘Foreigners’ Pay More? The Effects of Investor Type and Nationality on Office Transaction Prices in New York City. Journal of Property Research, 34(1): 1-18
Devaney, S. & Scofield, D. (2015) Liquidity and the Drivers of Search, Due Diligence and Transaction Times for UK Commercial Real Estate Investments, Journal of Property Research, 32(4): 362-383
Devaney, S., & Scofield, D. (2013), Broker Use and the Price of Liquidity in Commercial Real Estate Investment, Journal of European Real Estate Research, 6(3): 279-302
Scofield, D. (2013), Time to Completion Liquidity in UK Commercial Real Estate Investment: 2000-2008, Journal of European Real Estate Research, 6(1): 34-47.
Book Chapters
Scofield, D. (2015). Institutions and Markets in Commercial Real Estate Investment. In: VAIDYA, K. (ed.), Real Estate Investment and Management for the Curious: Why Study Real Estate Investment and Management. CAP, Canberra, Australia.
Scofield, D. (forthcoming). Global Cities, Local Practices: Practices of intermediation in commercial investment markets in London and New York. In: Hoyler, M., Christof Parnreiter, P. and Watson, A. (eds.), Global City Makers: Economic Actors and Practices in the World City. Edward Elgar, London.
Other Publications
Scofield, D. & S. Devaney (2015) Liquidity and Time to Transact in Commercial Real Estate Investment, 27, Investment Property Focus, London.
Devaney, S. & D. Scofield (2014) Time to Transact: Measurement and Drivers. Investment Property Forum, London.
Working Papers
Scofield, D. & Xie, J. The Effect of Dual Brokerage on Commercial Real Estate Prices: Evidence from Six US Markets (under review)
Agboola, A., & Scofield, D. Liquidity in Commercial Real Estate Investment: An Examination of Time to Completion in the Lagos Market (under review)
Devos, E., Scofield, D., Smith, G. & Speiler, A. Organization Capital and REIT Returns 

Real estate economics, real estate investment, global real estate markets, strategic real estate management, sustainability, and research methods.

Emerald Publishing Highly Commended Paper Award (2013) for “Broker Use and the Cost of Liquidity in Commercial Real Estate Investment”

Research Funding
Investment Property Forum, (UK) for Liquidity Pricing in Real Estate Markets
Economic and Social Research Council and the Investment Property Forum-CASE PhD Fellowship