Estate owners' ensemble : Mapping commercial real estate concentration using Finnish firm ownership

The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures remain opaque. This paper uses comprehensive Finnish register data to construct firm-level ownership network and identify owners of CRE firms. We document that government entities are the most important ultimate owners, holding about 10% of the sector’s balance sheet. We show that government ownership predicts lower interest rate spreads on CRE bank loans, consistent with creditors perceiving such firms as less risky. Our results highlight the need to incorporate ownership structures into financial stability assessments and credit risk models.