Working Paper Series Kai Foerster, Ellen Ryan, Benedikt Scheid Pricing or panicking? Commercial real estate markets and climate change No 3059 Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. Abstract This paper provides the first study of climate risk pricing in euro area commercial real estate markets. We pay particular attention to changes in risk pricin ...