Every Thursday a business school professor, an expert in his or her field, will define five key terms on FT Lexicon, our online economics, business and finance glossary.

This week’s terms, defined by Neil Crosby, are:

Commercial property equivalent yield

Commercial property market rent

Property market value

Commercial property indices

Commercial property investment depreciation

Our Lexicon professor of the week, Neil Crosby, has been professor of real estate at Henley Business School, University of Reading, since 1994, having been previously reader/professor at Oxford Brookes and lecturer at Reading and Nottingham Trent Universities. Before that he was a property valuation practitioner in a combined residential and commercial property private practice firm based in Nottingham.

He specialises in commercial property appraisal and the commercial landlord and tenant relationship. He has undertaken a series of major research studies funded by the UK government and property industry in these areas since his return to Reading.

Prof Crosby has given keynote addresses to major academic and professional conferences including the World Valuation Congress in 1999 and the Pacific Rim Real Estate Society in 2000 and 2005. In 2002 he was awarded the International Real Estate Society’s annual achievement award for his work in real estate research, education and practice.

He has published more than 100 papers on the various topics listed above and the third edition of his textbook on property investment appraisal with Andrew Baum was published in 2007.

Compiled by Emmanuelle Smith

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