Hugh  Kelly Author of Evaluating Organization Development

Hugh Kelly

Member, Board of Regents
Realtor University

24-Hour Cities examines fourteen large US cities in depth. Some have emerged as outstanding urban centers attracting new residents, talented workers, and investment capital. Other places have been less successful. Until now, there has been little cross-disciplinary research probing why. This book tells that story using background from popular culture, personal interviews, and commentary on nightlife to flesh out the picture. All who care about cities will find this book thought-provoking.


Clinical Professor of Real Estate
NYU Schack Institute of Real Estate

Hugh Kelly teaches graduate courses in real estate economics, market study, and portfolio investment risk.

He heads his own consulting practice, Hugh F. Kelly Real Estate Economics, which serves national and international real estate investment and services firms, governmental organizations, law firms, and not‐for‐profit agencies. He was formerly chief economist for Landauer Associates.

Hugh has served as the Board Chair of the Counselors of Real Estate in 2014, and Board President of the Progress of Peoples Development Corporation, the affordable housing agency of Brooklyn/Queens Catholic Charities from 2006 to 2012. He is presently a board member for corporations holding and managing the property assets of the Brooklyn diocese.

Hugh’s book about 24-hour cities has recently been released by Routledge publishers.

Hugh has been the lead author of Emerging Trends in Real Estate for 2015 and 2016, and will again serve in this role for the 2017 edition. His columns on economics and real estate appear regularly in Commercial Property Executive and Real Assets Advisor magazines.

Kelly earned his B.A. from Cathedral College (Douglaston, New York) and his Ph.D. at the University of Ulster, (Belfast, Northern Ireland).

Areas of Research / Professional Expertise

    Real Estate. Urban Economics. Risk and Portfolio Management. Investment Strategy

Personal Interests

    Philosophy. Active Sports. Music and art.


Featured Title
 Featured Title - 24 hour Cities - Kelly - 1st Edition book cover


Real Estate Finance

The Influence of 24Hour Cities and Vibrant Centers (on Real Estate Values)

Published: Jan 16, 2016 by Real Estate Finance
Authors: Hugh Kelly and Emil Malizia
Subjects: Built Environment, Economics, Finance, Business & Industry, Area Studies

This paper examines the impact of urban characteristics, especially diurnal differences, on the value of commercial office buildings and multifamily rental apartment properities. It introduces the concept of the 18-hour city to the existing taxonomy of 24-hour cities and 9-to-5 cities

Real Estate Issues

Building a 24-hour City: Just Imagine Real Estate in 2030

Published: Jan 05, 2016 by Real Estate Issues
Authors: Hugh F. Kelly
Subjects: Built Environment, Economics, Finance, Business & Industry, Area Studies

The importance of cities has been affirmed since the times of the ancient Greeks. They have been centers of commerce, culture, and cult. And, importantly, centers of innovation. "Messiness" can be a positive urban feature, since the most dynamic cities are not "problem-free" but "problem solving."

j. Real Estate Portfolio Management

24-hour Cities and Commercial Office Building Performance

Published: Aug 01, 2013 by j. Real Estate Portfolio Management
Authors: Hugh Kelly, Alastari Adair, Stanley McGreal, Stephen Roulac
Subjects: Built Environment, Economics, Finance, Business & Industry, Area Studies

First peer-reviewed journal paper examining the hypothesis that 24-hour cities provide superior real estate investment performance. Rigorous examination of statistical data demonstrates such superior performance as measured by cumulative total return, rents, occupancy rates, operating expense efficiency, transaction pricing, and liquidity for the 1987 - 2011 time period

J. Economic Geography

Measuring Urban Agglomeration Economies with Office Rents

Published: Jan 22, 2010 by J. Economic Geography
Authors: Hugh Kelly and Matthew Drennan
Subjects: Built Environment, Economics, Finance, Business & Industry, Area Studies

Agglomeration benefits have been most frequently considered by examining land prices. But these are not readily observable in most localities. This paper proposes that commercial office rents - observable frequently and in detail as real estate data becomes more available - provides a useful measure of the value-adding impact of industry and worker agglomeration across US cities.