Dissertationen zum Thema „DEMAND FOR REAL ESTATE“

Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 70-73).
Marketing is commonly mistaken in the real estate development industry for the practice of advertising and sales. In reality, marketing is a set of concepts and methods created primarily in the consumer packaged goods industry that start with a focus on the consumer. Many of these concepts and methods can be used in the real estate development process to create more thoughtful and competitive projects. This thesis focuses on the marketing concept of demand segmentation and whether the real estate development process could be better served through a more defined focus on identifying specific consumers through demand segmentation techniques. Specifically, this thesis will answer the following questions: What is the existing structure for real estate market analysis? What is the concept of demand segmentation and how might it apply to real estate development? How has consumer segmentation specifically been applied in real estate development ventures? What are some important considerations to be aware of when developing real estate for a specific consumer segment? To answer these questions, this thesis reviews current thinking on demand segmentation through a review of relevant, marketing related literature for both the real estate and consumer packaged goods industries. This thesis also examines three subject developments that are examples of completed real estate development projects that serve the specific needs of a deliberately identified demand segments.
(cont.) The intention of this thesis is to define current marketing practices, analyze how a concept commonly used in the consumer packaged goods industry can be adapted for real estate and discover a body of questions and conclusion that can advance the practice of demand segmentation on real estate development.
by Michael Burr Tilford.
S.M.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 66-69).
This thesis documents new methods for gauging supply and demand of data center capacity and addresses issues surrounding potential threats to data center demand. This document is divided between a primer on the composition and engineering of a current data center, discussion of issues surrounding data center demand, Moore's Law and cloud computing, and then transitions to presentation of research on data center demand and supply.
by Laird Bennion.
S.M. in Real Estate Development

Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 101-113).
This research paper attempts to address the opportunity and challenges for Vacation Residential Development in North Asia, with specific geographic focus on Japan first through an analysis of national and regional consumption, tourism and real estate trends, followed by examination of similar successful developments in the surrounding region and lastly, application of research findings to assess the feasibility for a vacation home development in Kanagawa (Japan), a prefecture filled with several coastal communities approximately thirty-five miles south west of Tokyo. The concept of vacation homes has not been as well received in Japan as in other developed regions, specifically Western Europe and North America. In the most recent housing survey conducted by the Japanese government, less than 1% of the housing stock could be considered as, "second dwellings" whilst in France and the US vacation homes make up roughly 10% and 3% (respectively) of the total housing stock. More recently in the past decade, there has been significant efforts made by both international and domestic developers to develop the vacation home market in the world's second largest economy. The hypothesis for this research is: demand for vacation residences in Japan will be driven by 1) the demographic shift within Japan, 2) emergence (and in some cases reemergence) of both the Japanese and surrounding regional Asian economies and 3) subsequently the large and growing concentration of high net worth individuals within the region.
(cont.) This thesis engages qualitative research with quantitative analysis of the market and existing developments around the globe. Research findings are then used as inputs to assess what product type and operating model should be built to properly capture demand. The thesis may be considered the precursor to a more intensive quantitative research applying urban econometric models to determine exact demand both nationally and within specific micro markets. The thesis is presented with the assumption that the reader has a good understanding of the geography and the economic, socio and political conditions in Japan; and is written with a bias in favor of real estate development in Japan. Lastly, best efforts have been made to aggregate and use the most recent and available data, but in some cases industry and public sector reports are not released on an annual basis. With regards to forex conversion, the rate used throughout this research is USD 1=JPY 113, the monthly last price average between 2001.09 and 2009.5.
by Michael M. Lam.
S.M.

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.
Cataloged from PDF version of thesis.
Includes bibliographical references (page 71).
This study conducted some interviews to professionals related to the Retail Logistics Industry, and gained understanding for Mexican E-commerce. After interviewing these professionals, six reasons for the delay of Mexican E-retail were identified. The reasons are: Lack of Confidence from the User, Increasing Unbanked Population, Undeveloped Infrastructure, Captive Retail Shoppers, Lag in General Development, and Shopping as a Form of Cheap Entertainment. Reliable information helps support the fact that general lack of development for internet retail in Mexico will soon take a shift. However, in order to avoid risks related to internet retail, Mexico must develop: Better Fiscal and Credit Regulations, Improved Implementations for Telecommunication Reforms, Increased Security Issues for Package Delivery, Superior E-retail Platforms, Enhanced Mitigation of Identity Theft, Cheaper Mobile Internet, Higher Relative Value of Time, Effective Taxation of Remittances, Upgraded Infrastructure, and Less Unbanked Population. Relying on some forecasts, the expected increase in demand for Mexican Logistic Real Estate Class A between 2015 and 2018, due to e-commerce, might range between 0.98 million to 1.65 million square feet (153,290 to 91,045 square meters). Top industry executives expect that 60 % of future E-Retail operations could be hosted in the Northern part of Mexico City. A rough guess regarding the rest of the E-Retail logistic potential could be: 15 % Monterrey, 15 Villahermosa, and 10 % Guadalajara. Nevertheless, Industrial Real Estate requirements related to E-Commerce are not written on stone. The Last Mile problem could be addressed in the next ten years with large fulfillment centers located in strategic positions on the outskirts, and fully linked to a huge network of small or medium warehouses located in central strategic locations in the cities. Intensive logistic operations could leverage the expensive rents in CBDs, so that industrial sorting facilities can be located there. The computed costs for this idea could range between 122 and 74 US cents. If the idea exposed on sub-chapter 4.6 is feasible, Suburban warehouses could be less required, increasing the demand for warehouses in the outskirts.
by Alejandro Rico Celis.
S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (page 54).
In early 2010, the hotel industry began a historic demand recovery. Across hotel sectors, demand growth pushed rooms occupied above the previous year's figure by more than 10% - almost doubling peak quarterly year-over-year growth. The hotel industry has recovered ahead of the economy for the first time in U.S. history, which is unusual considering the lodging industry has run in sync with all major economic trends in the past. GDP, which traditionally correlates strongly with hotel demand growth, has failed to capture the recovery's magnitude in recent years. International tourism, an economic indicator that saw a significant surge in 2010, was suggested to be one of the probable causes. The objective of this thesis is to identify external economic factors besides GDP that have meaningful impacts on lodging demand. Instead of analyzing the lodging industry as a whole, this thesis zooms into MSA level, compares rooms sold per capita among 54 MSAs throughout the United States, and tries to figure out between market differences and within market variations. The full-service hotel analysis and limited-service hotel analysis chapters use panel data model and four estimators to derive the most appropriate regression model for each hotel sector. The author examined the correlation and significance of each independent variable to identify meaningful demand drivers at overall, between, and within MSA level. The results show evidence that convention space, domestic enplanement, and international enplanement are all important economic factors for full-service hotels. However, none of them manage to deliver a meaningful explanation on the demand growth in limited-service sector. The economic development impact chapter access the economic impact to full-service demand from convention space addition, domestic airport expansion, international airport expansion, and conversion between domestic and international terminals. The author also tracked full-service lodging demand growth with enplanement growth for each of the 54 MSAs and combined their regression results together for advanced analysis. The thesis findings reveal that top-tier MSAs and large air transportation hubs have strong correlation between enplanement and full-service lodging demand. Further, the thesis delves deep into potential economic factors that may improve limited-service model.
by Jing Yu.
S.M. in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Pages 93 and 94 blank. Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (p. 90-92).
Prevalent methodologies utilized by resort second home development professionals to quantify demand for future projects are identified and critiqued. The strengths of each model are synthesized in order to formulate an original, composite methodology for demand quantification with industry-wide applicability. This "best practices" synthesized model is then applied to a real world case study and back tested in an effort to gauge its accuracy. After analysis of its performance, modifications are made and an innovative method for forecasting absorption is added to its framework. The resulting product of this effort is the creation of the Comprehensive Resort Second Home Demand Forecasting Model.
by Christopher J. Wholey.
S.M.in Real Estate Development

With background to recent price growth in Swedish real estate and consequently real estate stocks, our aim is to examine the relationship between real estate price development and real estate stock price development. To test our hypothesis, that real estate price development have had an impact on the return of real estate stocks, we built a capital asset pricing model. We divide the return of real estate stocks into two parts, the return in relation to the Swedish market premium and the excess return that is given for the exposure of the real estate market. We found that real estate exposure would treat the investor with an additional return beyond the return given from stock market exposure; hence, real estate price development has contributed to real estate stock returns.

Purpose - The purpose of this paper is to apply the concept of business cycle and real estate cycle in term of their characteristics, period and sequence of the cycle to the Kuala Lumpur’s office market. Design/methodology/approach - The paper is based on previous literature review, facts, reports, and data in arriving at the conclusion of the study. Findings - This paper revealed the characteristics, period and sequence between business and real estate cycles to Kuala Lumpur’s office market. Research limitation/ Implications - The framework and flows of this paper act as an introduction for the paper. Lacks of literature and attention on the business and real estate cycles in Kuala Lumpur’s have created difficulties to gains information and data on this paper. Practical implications - This paper is important for the students, government and policy maker in order to further a research and develop a foundation for business and real estate cycles in Kuala Lumpur.

The interest in investing in commercial real estate has increased in recent years and as a result the need for making well informed investment decisions has increased as well. Investing in real estate is different from investing in other asset classes due to its longevity, spatial constraint, regulatory framework etc. and thus investing in commercial real estate requires knowledge of the specific attributes of the property itself as well as in the factors in the surrounding area that affect the property. Thus, the purpose of this thesis is to enlighten the reader of the various investment issues that arise when investing in commercial property and to give an account of how the investment decision is actually performed and what factors affect it. The research on how commercial real estate investments are made is firstly provided through a literature review that highlights several investment issues and illustrates of how investment decisions are made by conducting the market analysis. In the next section of the thesis, a practical market analysis follows conducted on the retail area of Stockholm that is based on the findings and suggested procedures in the literature review. The market analysis is designed to incorporate a qualitative research where the data is gathered and calculated and a quantitative research where the data compiled in the quantitative research is analyzed and interpreted. The analysis of the market analysis shows that there is a vast amount of data available to consider when executing the market analysis and that these data have to be carefully selected in the screening of the real estate market. It is vital to include only relevant factors that affect the demand for the specific property, and consequently the ability of the property to generate payoff, in order to for the market analysis to provide insightful and important guidance for the investment decision at hand. Even though the research  in this study provide important implications for investor on which demand factors that are important in a market analysis, the study is still limited by the inaccessibility to property specific demand factors such as rental contracts and repair and maintenance costs, which results in a suggestion of further research in this field in particular.

Para analisar a evolução da produção habitacional privada é necessário compará-la ao comportamento da demanda, que, neste caso, tem a formação de domicílios como uma de suas principais componentes. Analisando o mercado habitacional brasileiro, tem-se uma clara tendência de incremento no número de unidades produzidas após o final da década de 70, resultado do crescimento populacional e da forte atuação do Banco Nacional da Habitação (BNH), principal fomentador deste setor naquele período por meio do Sistema Financeiro de Habitação (SFH). No entanto, nas duas décadas subseqüentes, mesmo com a continuidade do incremento de domicílios no país, a produção de unidades experimentou um período de retração. Esta nova condição provocou um descolamento entre a produção habitacional privada e a sua principal componente de demanda: a formação de domicílios. Após a deterioração do ambiente econômico e a extinção do BNH, o mercado de empreendimentos imobiliários habitacionais sofreu com a falta de direcionamento de recursos para o setor. Esta condição somente se alterou a partir de 2002, com alterações na dinâmica do SFH e de uma melhora no ambiente econômico de forma geral, que, em conjunto, contribuíram para o regresso de recursos ao mercado habitacional e impactaram positivamente a produção de novas unidades. Em 2006 foram realizadas as primeiras aberturas de capital dos empreendedores do setor, o que trouxe ainda mais recursos para o mercado e elevou o nível da produção habitacional privada a outro patamar. Este trabalho realiza uma revisão bibliográfica sobre o tema demanda habitacional e suas interfaces com o ambiente econômico. A partir da análise da produção habitacional privada na cidade de São Paulo de 1998 até 2008 frente às variáveis condicionantes selecionadas: formação de domicílios, renda, oferta de recursos, custos do financiamento habitacional, preço e taxa de atratividade são interpretadas as fontes de distorção que provocaram o descolamento entre a formação de domicílios e a produção habitacional privada no período.
When analyzing the residential real estate market one of the main factors that influence its behavior is the demand, which has a strong relation with the household formation. According to the Brazilian housing market history, it is possible to notice an upward trend after the end of the 70´s, which was positively influenced by the population growth and the strong performance of the Banco Nacional da Habitação (BNH) - the main financial institution player responsible to support the sector in that period. However, in the next two decades, even considering the Brazilian household increase, the residential real estate market faced a decrease in the new offer of units causing a gap between the housing construction and its main demand component: the household formation. After the economic turmoil and the extinction of the BNH, the residential real estate market had no access to sources of funds to support the business. This scenario started to change in 2002, after an improvement in the Brazilian economic conditions and in the SFH, which ended up with an increase in the availability of funds to the sector, a better business environment and a growth in the housing construction. In 2006 the first developers went public bringing more funds to the sector and leading the housing construction to a new level. This paper analysis the academic works state of art regarding the housing demand and its interfaces with the economic environment. The causes of the gap between the housing construction and the household formation are identified according to the behavior of the variables selected: household formation, income, availability of funds, financing costs, price and capitalization rate.

Real estate industry is a new economic growth point and main industry in Chinese gross domestic product nowadays. This paper analyzes the trend of Chinese real estate market development to help investors to understand the current situation of Chinese real estate markets and policies better, so as to make better real estate investment decisions in China in the future. Because of oversaturated with investment and higher cost of investment there are more and more limitations in investing in big cities in China. With the rapid development of the economy, the huge inner demand of real estate is increasing in medium and small sized cities. Some investigations show that there are huge spaces of the appreciation in Chinese real estate market in medium and small sized cities. The author will describe and analyze the investment strategy and development of Fuxing Huiyu Real Estate Corporation as a case study. The demonstrated company is a public company with rapid growth in a medium sized city named Wuhan in the central part of China. Other investment companies or real estate companies could get some ideas by analyzing the development and decision making process of this company.

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O presente trabalho consiste no estudo dos determinantes econÃmicos que contribuem para a formaÃÃo dos preÃos do mercado imobiliÃrio da cidade de Fortaleza, Estado do CearÃ, na Ãtica dos agentes econÃmicos de demanda, fundamentado na teoria dos preÃos hedÃnicos ou preÃos implÃcitos. O modelo proposto pelo trabalho investiga preÃos implÃcitos na curva de utilidade de um agente de demanda segmentado em dois grupos: consumidor direto do bem habitaÃÃo e o investidor em imÃveis, que incorpora adicionalmente atributos econÃmicofinanceiros que medem o grau de risco e retorno na formaÃÃo dos preÃos hedÃnicos. O estudo estima os preÃos hedÃnicos atravÃs de uma regressÃo segmentada por tipo de imÃvel dos preÃos observados contra os diversos atributos distribuÃdos nos vetores de caracterÃsticas fÃsicas, locacionais, econÃmicas e financeiras. A amostra selecionada para estimaÃÃo do modelo à formada pelas transaÃÃes imobiliÃrias de lanÃamentos ocorridas na cidade (perÃodo de 1995 a 2003), bem como terrenos urbanos (perÃodo de 1995 a 1998), perfazendo o montante de 4.467 ocorrÃncias imobiliÃrias, sendo 876 apartamentos residenciais, 1969 flats, 539 terrenos e 1622 salas comerciais. O trabalho investiga ainda as principais caracterÃsticas do mercado imobiliÃrio, estima a funÃÃo de demanda imobiliÃria para a cidade de Fortaleza, fornecendo diagnÃstico da dinÃmica habitacional dessa metrÃpole e identifica o comportamento de risco imobiliÃrio dos bairros da cidade de Fortaleza.
The present work consists of the study of the economical determinants that contribute to the formation of the prices of the real estate market of the city of Fortaleza (CearÃ), in the optics of the economical agents of demand, based in the hedonic or implicit prices theory. The model considered for the work investigates implicit prices in the curve of utility of an agent of demand segmented in two groups: direct consumer of the good house and the investor in properties, that it incorporates economical-financial additionally that measure the degree of risk and return in the formation of the hedonic prices. The study esteem the hedonic prices through a regression segmented by type of property of the prices observed against the several attributes distributed in the vectors of physical, location, economical and financial characteristics. The sample selected for estimate of the model is formed by the real estate transactions of occured launchings in the city (period from 1995 to 2003), as well as urban lands (period from 1995 to 1998), totalize the sum of 4.467 real estate occurrences, being 876 residential apartments, 1969 flats, 539 lands and 1622 commercial rooms. The work still investigates the main characteristics of the real estate market, it esteem the function of real estate demand for the city of Fortaleza, supplying diagnosis of the habitation dynamics of that metropolis and identifies the behavior of real estate risk of the quarters of the city of Fortaleza.

O objetivo desta pesquisa é investigar a adequação da Análise de Mercado Imobiliário AMI ao caso do município de São Paulo. Em particular, na análise do chamado mercado econômico de moradias 5 a 10 salários mínimos de renda familiar, segmento que é tido como possuidor de renda superior à necessária para ser enquadrado nos programas oficiais, mas insuficiente para adquirir moradia produzida pelo mercado formal. Como uma política imobiliária urbana poderia criar as condições para que estas famílias pudessem ser atendidas pelo mercado formal, em áreas mais centrais da cidade? Para responder a esta questão é necessário compreender a dinâmica residencial deste mercado econômico, tema em que a pesquisa acadêmica tem sido incipiente. A tese concentrou-se na mensuração da demanda disponível por categorias de renda, que foi cruzada com a oferta de moradias pelo mercado. Os resultados indicam para o município de São Paulo, um parcial ajuste no centro das duas curvas, em 2006, e um descolamento nas pontas, ou seja, há uma importante demanda não atendida para a categoria de renda de 5 a 10 salários mínimos e uma sobre-oferta para rendas superiores a 30 salários mínimos. Em 2007, a melhoria nas condições de crédito aumentou em 30% o valor médio dos imóveis financiados, resultando em um deslocamento vertical da curva de oferta e, conseqüentemente, uma diminuição da demanda não atendida pelo mercado econômico. Aparentemente o uso da AMI foi adequado à realidade paulistana.
The purpose of this research was to study whether Real Estate Market Analysis has been adequate to the case of the municipality of São Paulo housing market. Particularly, to focus on the so called low cost housing between 5 and 10 minimum wages family income. This segment is understood as having income that is superior to those in the governmental housing programs but that is not enough to afford buying a house in the formal market. How a Real Estate development policy could create conditions for those families to afford to buy a house close to the more central areas of the city? In order to answer this question, it is necessary to understand the dynamics of low cost housing a subject somehow neglected in academics. The Dissertation has focused on the measurement of housing demand curve for different income brackets and comparing it with the housing supply curve. The results for São Paulo, for the year of 2006, indicated a partial alignment of the curves and a separation between them at the edges. It means that there is an important non-attended demand for the 5 to 10 minimum wages income bracket, and on the other hand, an over supply of housing for families with income over 30 minimum wages. For 2007, better credit terms resulted in 30 % increase in housing financing, shifting upwards the supply curve and, therefore, decreasing low cost housing demand. Real Estate Market Analysis seemed to be adequate for analyzing the São Paulo market.

O mercado imobiliário brasileiro está passando pelo maior boom que já ocorreu no mundo que, por sua vez, envolve uma complexa interação entre os agentes de oferta e de demanda. Os principais fatores que têm impactado a demanda por imóveis no período recente são o aumento da renda média e a expansão do mercado de crédito. Pelo lado da oferta, é a escassez de terrenos edificáveis, dificultada, ainda, pela legislação de proteção ao meio ambiente, justificando o alto déficit habitacional. O resultado dos três fatores que, juntos, pressionam a demanda para cima e a oferta para baixo, acarreta no aumento dos preços dos imóveis residenciais em todo o país. No caso específico do Rio de Janeiro, levam-se em conta as externalidades positivas geradas pelo aumento dos investimentos em infraestrutura para a realização da Copa do Mundo de 2014 e dos Jogos Olímpicos de 2016, incluindo a redução da violência em determinadas áreas com a implantação das Unidades de Polícia Pacificadora (UPPs).
The Brazilian real estate market is going through the biggest boom ever known in the world that, in turn, involves a complex interaction between the agents of supply and demand. The main factors that have impacted the demand for housing in recent years is the increase in average income and expansion of the credit market. On the supply side, is the lack of "buildable land", hampered also by the law of environment protection, justifying the high housing deficit. The result of three factors that, together, pushing the demand up and supply down, results in increased housing prices across the country. In the specific case of Rio de Janeiro, it takes into account the positive externalities generated by increased investment in infrastructure for holding the 2014 World Cup and 2016 Olympics, including the reduction of violence in certain areas by deploying Unidades de Polícia Pacificadora (Pacifying Police Units).

This study explores the concept of improved train infrastructure in Sweden and how it affects the attractiveness of cities. The research uses a difference-in-differences model to determine whether the construction of the Bothnia Line in northern Sweden has had an impact on real estate prices in the municipalities Nordmaling and Robertsfors between 2008-2016. By employing the hedonic price model, the study finds evidence that house-specific factors such total house size in square meters, location near water and size of backyard all play a role in determining the final purchase price of houses in the two municipalities. However, the findings of this study do not indicate that the launch or the subsequent investments on the Bothnia Line has had any measurable impact on the real estate prices in the region. This is in line with previous research on the project.

Main subject of this diploma thesis is real estate sector, his basic principles, structure and factors of influence. Diploma thesis is analysing actual post - crisis trends in real estate sector, origins and causes of these trends. Special attention is concentrated into the specific development and surroundings of real estate sector in Czech republic. The analysis of the sector transformation intensity is used for searching of future potential of real estate sector, future trends and appropriate measures for healthy growth of real estate sector and long - term sustainability of real estate sector projects. The next one of the main baselines of the thesis is research of behavioral changes of real estate market demand because of cyclicality of real estate market. The research shows context between real estate cycle and business cycle and analyses typical behavioral reaction of demand in various phases of real estate sector cycle.

This thesis investigates whether the phenomenon of companies that seek to disrupt markets through innovation play a role in the rise of coworking spaces. The city of Cape Town in South Africa was selected as the location for this study due to an increase in the establishment of coworking spaces and the appearance of the aforementioned phenomenon. The premise for this thesis is based on the demands for commercial real estate, which has changed as a result of the implementation of new technologies and the sharing economy. This change is argued to have altered the way companies utilise working environments which, in turn, amended the requirements of these companies. The study seeks to establish whether coworking spaces serve as adequate supply to these demands or whether the increase in the establishment of coworking spaces is unaffiliated. Grounded theory was used as the research method in this study. Semi-structured interviews were conducted with seven respondents that were all active founders of coworking spaces at the time of the study. Additional documentary evidence was collected in cases where it was available. An analysis of the responses indicates that there is a strong relationship correlation between the rise of disruptive innovation and the increase in available coworking spaces. This relationship correlation was based on the value that flexibility, affordability and community facilitation held for companies that associate with disruptive innovation. These companies were mainly start-ups, skunkworks teams, research and development departments and other forms of companies that primarily work within the industry of technology. Limitations to the study included that additional documentary evidence was limited due to poor record-keeping of active memberships by coworking space operators, in addition to restrictions that were placed on accessing company information such as revenue statements. The research findings provide academic support and market-related evidence to developers and investors within the real estate sector that could enable them to make more informed decisions relating to the supply of coworking spaces. Moreover, the findings shed light on the general views shared by the founders of the coworking spaces. These views should provide insight to those interested in the industry, and more specifically within the Cape Town region.

Many San Francisco residents who have achieved new wealth from the expansion of the technology industry are paying record high prices for homes. But the city is landlocked and has a limited housing supply. I study the impact of the technology boom on the increase of housing prices in the city and the outflow of the middle class, by analyzing housing supply and demand, regulations, neighboring towns, home ownership, and housing price potential solutions. I find that the increase in technology jobs creates an employment multiplier effect, decrease in housing supply, increased competition and all-cash offers, and income inequality. Policymakers and activist neighborhood groups need to focus on continually increasing housing supply through dense development incentives and legalizing in-law units.

The Indian urban rental market is complex and yet ever-changing, with the ups and downs of housing demand playing a fundamental role in the affordability and stability of the market. This paper determines the income and price elasticities of demand using the demand function and Slutsky equation, respectively, for the urban rental market in order to help craft suitable national housing policy. Through this analysis, it is determined that the urban rental price elasticity of demand is -0.93 and the income elasticity is 0.81, suggesting that rental price subsidies and private income taxes are the most effective policy measures to ensure affordability in urban India.

La presente investigación tuvo como objetivo, elaborar el estudio de demanda inmobiliaria que permitirá la apertura del mercado minorista y mayorista San Ignacio plaza en el Distrito de José Leonardo Ortiz – Chiclayo. Año 2017. Se concluyó, que es viable la apertura del mercado minorista – mayorista San Ignacio Plaza en al distrito de José Leonardo Ortiz como lo demuestran los resultados del estudio de la demanda potencial y efectiva. 651 puestos para el mercado minorista y de 431 puestos para el mercado mayorista. Lo que determino un total de 1,082 puestos. The objective of this research was to prepare the real estate demand study that will allow the opening of the retail and wholesale market San Ignacio Plaza in the District of José Leonardo Ortiz - Chiclayo. Year 2017 It was concluded that the opening of the retail market - wholesaler San Ignacio Plaza in the José Leonardo Ortiz district is feasible as shown by the results of the study of potential and effective demand. 651 positions for the retail market and 431 positions for the wholesale market. What determined a total of 1,082 posts.

The aim of this thesis is to analyze the influences acting on the real estate market and create their prognoses. The first part describes the distribution and development of the construction industry and real estate market. The second part involves the creation of case studies, which are compared to offer and demand individual factors.

Nekilnojamo turto (NT) rinka yra visos ekonomikos svarbi sudedamoji dalis. NT kainos skirtingose pasaulio šalyse juda panašia kryptimi – iki 2007 metų jos augo abejose vandenyno pusėse. Tai specifinė rinka dėl investicinio prekės pobūdžio ir unikalumo. Šiame darbe apžvelgiama, kas yra turtas, kokia yra rinka, paklausa ir pasiūla, dalyviai bei ciklai, NT rinką įtakojantys veiksniai. Interpretuojama situacija susidariusi NT rinkoje JAV ir Lietuvoje. Ekonominės sąlygos lemia, kad NT rinka visame pasaulyje pasiekė bumą ir turi pergyventi nuosmukį. Bumas/burbulas – situacija, kai kainos rinkoje formuojamos pirmiausia dėl psichologinių veiksnių ir atitrūksta nuo jas aiškinančių fundamentalių faktorių. Burbulas sprogsta tada, kai investuotojai nebesitiki, kad kainos kils. Tada paklausa sumažėja ir NT rinka krenta žemyn. Nuosmukio pradžia ir viso ciklo trukmė sunkiai prognozuojama. Vidutiniškai NT rinka sugriūna 18 mėnesių iki bankų krizės. Infliacija, palūkanų norma, BVP, investicijų srautai, nuomos kainos, nedarbo lygis, migracija, progresas šalyje, lūkesčiai, poreikiai, informacijos srautas, globalizacija – tai veiksniai, kurie turi įtakos NT rinkos ciklui. NT rinka Lietuvoje atsilieka vidutiniškai 1,5-2 metų nuo JAV savo kainų pokyčiais. Šios dvi rinkos turi panašumų dėl augančios infliacijos, pirkimo-pardavimo sutarčių sumažėjo, BVP tendencijos augti, palūkanų normos pokyčio, nedarbo lygio mažėjimo, didėjančių tiesioginių investicijų. Nepaisant panašumų, lyginti šias dvi rinkas... [toliau žr. visą tekstą]
Real estate market is important for country’s economics. In different countries real estate prices are moving in the same direction- till 2007 it has been increasing in USA and Europe. Real estate’s specific market because it has an investment format and it is unique. In this paper it is reviewed real estate, its market, supply and demand, participants and cycles, indicators. There is made interpretation of the Lithuanian and USA markets situation. Economics conditions course, that in all the world real estate market has to reach boom and face the recession. Burble- it is a situation when prices lose a touch with fundamental bias because of the philological factors. Boom collapse when investors think that prices will not increase any more and demand reduce. It is difficult to forecast the start of the collapse and the length of the cycle. In the average after the collapse of real estate market in 18 months there is crisis of banks. There are many factors which are important for real estate cycle like inflation, interest and mortgage rate, GDP, investment flows, rent and unemployment rate, migration, progress in the country, expectations, media, and globalization. Real Estate market in Lithuania is 1,5-2 years behind the USA market. These two markets have some similarities like growth of inflation, number of contract decrease, GDP and interest rate changes, decline of unemployment rate, direct investment. Despite these similarities, there are many differences which show... [to full text]

his thesis deals with the supply and demand and the impact of advertising on these two microeconomic variables. The work is focused on describing the operation of supply and demand from marketing point of view and not from a microeconomic perspective. In the theoretical part of this work to explain the essence of marketing and advertising, that can well influence the need and demand for goods and services. I'm also concerned with marketing mix and communication mix, which is the theoretical basis for the establishment of marketing activities to promote services and products. The theoretical outline the development of communication campaigns, as each campaign must be properly planned so as to be successful. The aim of this thesis is to examine the functioning of supply and demand, and assess the impact of advertising on supply and demand. This issue in a practical example of the real estate agents Dachi,Ltd., based in Olomouc. Practically make a quantitative marketing research methods and hypotheses are tested using a test of goodness of fit chi-square.

In this diploma work I deal with the influence of interest rates on mortgage loans for the acquisition of families houses and flats in the city of Brno. In the theoretical part I focus on the basic concepts and laws related to mortgage and real estate market. In the practical part I use the findings from previous chapters and analyze interest rate trends and related factors. In the next part, the real estate market development in the past ten years. In the end I evaluate indicators during the period of ten years from entering the real estate market in Brno and should, in my opinion, a significant influence on the marketability of houses and flats. The final part I deal with the results of my questionnaire, on which I am trying to compile current profile of the typical customer applying for a mortgage loan.

The master´s thesis was chosen based on two main reasons. The first one was the importance of this issue as it concerns all of us. The second one was the fact that according to the gathered information, I would be able to give a qualified advice to the others concerning the housing. The residential market cannot be assessed individually; many factors that influence it must be taken into consideration. Its development depends on the economic situation of the state and the favorable development in the world that impacts the whole society. The prosperity of the state has an impact on other markets as well, especially the building market, employment and wages of the citizens. Furthermore, this influences the demand, prices and the overall development of the residential market. The aim of this paper is to predict the future market development, considering all the factors that affect it. The model scenarios are based on retained knowledge, information, data and facts. I tried to process this work clearly and understandably so that it would be beneficial not only to the professionals but to everyone interested in buying a new home.

Real estate assets are often considered as illiquid due to capital and transaction barriers. As a response, real estate tokenizing is a rising phenomenon. Real estate tokenizing combines the benefits from the private and the public real estate market, by creating a product with direct real estate commitment to low capital requirements and efficient transaction processes. The product is called real estate token, a digital share of an asset. Real estate tokens enable hypothetical fractionalization of properties with means of blockchain technology and smart contracts. This study investigate the pros and cons of real estate tokenizing as well as the financial performance of publicly traded US residential real estate tokens. The study states that fractionalization of properties increases access and customizability of real estate investments. Furthermore, the blockchain technology and the smart contracts enable automatization of transaction processes and asset management. Altogether, the benefits may result in a higher liquidity. However, the study also states several drawbacks with real estate tokenizing, such as lack of management and deeds, scalability problems and liquidity paradoxes. Furthermore, this study shows that US residential real estate tokens underperform both S&P 500 and housing index in terms of risk-adjusted return. Moreover, the real estate token market seems to correlate more with the S&P 500 than with the housing market. The study concludes that the cons with real estate tokenizing exceed the pros, although the phenomenon has great potential in a more mature market. However, real estate tokenizing will face implementation obstacles when converting the real estate industry to blockchain technology. As such, the success of real estate tokenizing is dependent on the global view of blockchain technology.
Fastigheter betraktas ofta som illikvida på grund av kapital- och transaktionsbarriärer. Som svar på den bristande likviditeten är blockchainteknologi inom fastigheter, även känt som ”real estate tokenizing”, ett växande fenomen. Real estate tokenizing ämnar till att kombinera fördelarna från den privata och den publika fastighetsmarknaden genom att skapa en produkt med direkt fastighetsexponering till låga kapitalkrav och effektiva transaktionsprocesser. Produkten kallas ”real estate token”, en digital andel av en tillgång. Real estate tokens möjliggör hypotetisk fraktionering av fastigheter med hjälp av blockchainteknologi och smarta kontrakt. Denna studie undersöker för- och nackdelar med real estate tokenizing såväl som finansiell prestation av publikt handlade real estate tokens inom det amerikanska bostadssegmentet. Studien konstaterar att fraktionering av fastigheter ökar tillgängligheten och anpassningsbarheten i fastighetsinvesteringar. Vidare möjliggör blockchainteknologi och smarta kontrakt automatisering av transaktionsprocesser och förvaltning. Sammantaget kan fördelarna med real estate tokenizing leda till högre likviditet. Studien konstaterar emellertid också flera nackdelar med real estate tokenizing, såsom brist på management och panträtt, storskalbarhetsproblem och likviditetsparadoxer. Vidare visar studien på att publikt handlade real estate tokens inom det amerikanska bostadssegmentet underpresterar både S&P 500 och bostadsindex i termer av riskjusterad avkastning. Dessutom verkar marknaden för publikt handlade real estate tokens inom det amerikanska bostadssegmentet korrelera mer med S&P 500 än med bostadsmarknaden. Studien konkluderar att nackdelarna med real estate tokenizing överstiger fördelarna i dagsläget, även om fenomenet har stor potential på en mer mogen marknad. Real estate tokenizing riskerar dock att möta implementeringshinder när fastighetsbranschen ska konverteras till blockchainteknologi. Således är framgången för real estate tokenizing beroende av den globala synen på blockchainteknologi.

This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995. Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived. Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables. Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.

QC 20100611

This dissertation consists of five papers addressing variousreal estate performance issues (see full titles in italicsbelow). The dissertation is empirical in nature and the dataused in most of the empirical sections consist of figures forincome-producing property returns. Paper 1 was presented atseminar and accepted as a Licentiate Degree in Engineeringthesis. Papers 2 to 5 were all written jointly with others (thenames of the co-authors appear later in the dissertation).Paper 3 has been published in theJournal of Real Estate Research, and Papers 2, 4, and 5,are also intended for publication in academic journals.

The objective of Paper 1, entitledCapital Recovery and Long-run Profitability, was to findempirical and scientific support for adopting measurements ofprofitability featuring stability, simplicity and reliability,that could easily be implemented into existing administrativeroutines, and which could also support effectivedecision-making. The model was empirically tested throughanalysing the profitability of individual properties andproperty portfolios. The portfolios studied were put togetherfeaturing variation in property location, usage and initialperformance expectations.

Paper 2, entitledAn Investigation of Property Price Studies, constitutesan untraditional literature review covering articles whereprice equations in the real estate market have been estimatedusing regression techniques. This paper examines the degree towhich these studies follow good scientific practice whenreporting on the econometric issues. It also presents adescriptive overview of the prevalence of these articles in theliterature, and the significance of the various topicsaddressed by these studies. This paper was prepared in 1996 andexamines 145 articles published between 1990 and 1995 from 12highly regarded (see later) research journals on real estate,housing and urban economics.

Paper 3,entitledProperty Cycles, Speculative Bubbles and the Gross IncomeMultiplier, addresses the issue of whether or not theoccurrence of significant price increases during the upturn ina property cycle can be attributed to a speculative bubble. Thefindings of this study indicate that a speculative bubble mayhave driven the Swedish income-producing real estate marketduring the 1980s. This conclusion is based on an analysis ofpanel data where the state of the property cycle has beenmirrored by the value of the Gross Income Multiplier (GIM).

In Paper 4, entitledAnalysing Performance in a Constant Sample of Mixed-useProperties, property performance was analysed using annualtotal rate of return (TRR) data for a sample of 138 mixed-useincome-producing properties from 1979 to 1997. The empiricalanalysis using panel data models involve three-step analyses.In step 1, various different TRR definitions were compared andfound to provide almost identical results at the portfoliolevel. In step 2, regression analyses were used to explain thevariation in the TRR. The percentage of commercial space inparticular was found to have an important and cycle-dependentimpact. Regression has also been used for explaining theindividual deviation from the mean TRR. In step 3, maintenancecosts and investments were found to have a significanteffect.

In Paper 5, entitledRent Determinant and Rent Drift in a Housing Market underRent Control, residential rent 1990− 1997, wasstudied from an investor’s point of view. Estimations wereconducted using rent equations to analyse whether or not rentlevels varied between locations while other rent-affectingvariables were held constant, and found evidence suggestingthat they did. Annual increases in the effective rent chargedfor privately owned residential properties were compared withthe official increases set via official negotiation formunicipality owned residential housing to see whether excessiverent increases (indicating rent drift) could be found. Evidencewas found to support the existence of rent drift, and also thatthis rent drift is partly explainable in terms of investmentand maintenance.

Keywords: Depreciation, gross income multiplier, netoperating income, property performance, real estateprofitability, profitability, residential rent, total rate ofreturn,

Tesis para optar al grado de Magíster en Administración
No trae autorizaciones, para ser publicada en el Portal de Tesis Electrónicas de la U. de Chile.
Luque Arancibia, Paula [Parte I Análisis estratégico y de mercado],Román Ureta, Gonzalo Andrés [Parte II Análisis organizativo-financiero]
rescon es una consultora pensada para evitar o solucionar problemas de propiedad común, que afecten a inmobiliarias, comunidades y gestores de negocios inmobiliarios, en un mercado donde hay clientes insatisfechos y empoderados para legalizar sus requerimientos, lo cual conlleva a los oferentes a proteger su marca, en una ciudad donde la escasez de espacio incrementa la cantidad de proyectos en comunidad (ver anexo n°17). Agregar valor a los activos de los clientes, disminuir costos ocultos, evitar compensaciones y mejorar la imagen de marca, son algunos de los beneficios que el grupo objetivo podrá obtener, mediante una propuesta fundamentada en compromiso y profesionalismo. Con experiencia y know-how, la empresa responderá a una nueva necesidad, siendo pioneros en un incipiente mercado estimado de MM$1.100, donde obtener una participación del 20% al quinto año en la Región Metropolitana es factible, ya que el servicio no existe y se trata de un sector específico con escasos profesionales. Para cumplir con los objetivos de la compañía, se ha diseñado un plan de marketing multisegmento para proyectos en gestación y en marcha, que ofrece rapidez y profesionalismo a un precio competitivo, a través de una fuerza de ventas cercana y especializada. El modelo contempla una estructura de costos basada en colaboradores externos en función de las ventas, con tecnologías de gestión de clientes, y un centro de operaciones con una ubicación estratégica, que permitirá entregar un servicio de calidad optimizando el tiempo. El capital humano, su formación continua, y las relaciones con las instituciones que validan la información de la industria, son los factores críticos para el éxito de un proyecto fundamentado en el conocimiento, la empatía de sus personas y la calidad de servicio. Evaluado a 8 años, para llevar a cabo el negocio se requiere una inversión inicial de MM$30, la cual se estima recuperar al cuarto año de operación. Con bajos costos fijos y bajas barreras de salida, los flujos del modelo arrojan una TIR de 34,3%, mientras que el VAN es de MM$28 con una tasa de descuento de un 17,9%.

Problem: Problemet som legat till grund för intresset och inriktningen med denna magisteruppsats är då tidigare kontorsfastigheten Skatteskrapan skulle byta ägare och användningsområde. En planerad ombyggnad ställde till problem med avseende på uppskattningen av ombyggnadskostnader. I slutändan handlar problemet om ett värderingsproblem. Detta problem tillsammans med andra ex-empel där fastigheter bytt användningsområden har väckt ett intresse att göra en ingående undersökning av det svenska fastighetsvärderingsområdet. Denna uppsats är indelad i fem olika delundersökningar. Initialt sker en presentation av svenska metoder för fastighetsvärdering. Vidare under-söks olika faktorer som har olika värdepåverkande effekter på fastighetsvärdet. Därefter genomförs en undersökning av hur nya användningssituationer kan vålla värderingsproblem samt hur ett värde fastställs i en sådan situation. Nästa steg består utav en undersökning av internationella värderingsmetoder. Studien avslutas sedan med en undersökning av nya trender som utvecklats inom fastighetsvärderingen.

Syfte: Syftet med denna magisteruppsats är att studera fenomenet fastighetsvärdering via svenska fastighetsvärderare för att erhålla en förståelse för hur de resonerar vid valet av värderingsmetod och bestämmer det slutliga värdet. Dessutom är syftet också att belysa relationen mellan svenska och internationella värderingsmetoder för att utröna likheter och skillnader.

Metod: Vi har valt en kvalitativ metod i form av åtta intervjuer. En förstudie, i form av en intervju, görs med professor Stellan Lundström, vilken ämnar till att ge en uppdaterad bild av forskningen inom området. Därefter hålls sju intervjuer med auktoriserade fastighetsvärderare. Värderarnas synpunkter analyseras sedan tillsammans med resultat från förstudien, teoretiskt ramverk samt tidigare studier. Analysen är baserad på en modifierad tankemodell som är skapad av forskaren Jan Matts-son. Genom denna modell har sedan fem viktiga nivåer, knutna till uppsatsens problemområde, analyserats.

Slutsats: Vi fann att de svenska värderingsmetoderna i stort sett utgörs av tre olika metoder. Dessa är avkastningsmetod, ortsprismetod samt produktionskostnadsmetod. De viktigaste värdepåverkande faktorerna var fastighetens läge samt dess skick och standard. Även hyreskontrakten och vakanser påverker till stor del. Beslut om ny användningssituation kan tas av olika anledningar. Det största problemet relaterat till denna förändring är uppskattningen av framtida kostnader, där ombyggnadskostnader utgör den största svårigheten. De internationella värderingsmetoderna är överlag de samma som de svenska. Kulturella skillnader föreligger i vilka metoder som används i olika situationer. De viktigaste nya trenderna är effekten av de internationella redovisningsstandarderna. En annan trend är det ökade användandet av automatiska analysverktyg.

Problem: The underlying problem within this Master of Science thesis is the emanating issues from the changed owner and usage situation of the former Tax Department. A planned reconstruction led to difficulties in estimating the reconstruction costs. In the end this problem is an appraisal issue. This problem led to an interest to make a thorough investigation of the area of Swedish real estate appraisal. The thesis is constituted by five different subinvestigations. Initially an exploration is made concerning Swedish real estate appraisal methods. Further, factors affecting the real estate value are examined. This is followed by an investigation of what appraisal issues that might occur in a new usage situation and how the value is estimated in such a situation. The relation between Swedish and International appraisal methods is then illuminated. The final investigation is concerning what new trends that have occurred on the Swedish real estate appraisal market.

Purpose: The purpose of this Master of Science thesis is to study the phenomenon real estate appraisal via Swedish real estate appraisers to gain an understanding of how they reason when choosing appraisal method and determine the real estate value. Additionally, the aim is also to highlight the relation between Swedish and International real estate methods to reveal differences and similarities.

Method: We have chosen a qualitative method taking the form of eight interviews. A total of eight interviews are performed. The study is offset by a pre-study with a professor at RIT, Stellan Lundström. The aim with this interview is to get an updated view of the latest research within real estate appraisal. This is followed by seven interviews with certified real estate appraisers. The results from the interviews with the appraisers are analysed together with the pre-study, theoretical framework and previous studies. The analysing process is based upon a modified thought model, originally developed by the researcher Jan Mattsson. The analysing process is presented in five steps that all are connected to the modified thought model and related to the problem area of this Master of Science thesis.

Conclusion: We found that the Swedish appraisal methods generally are constituted by three methods. These are the avkastnings method, the ortspris method and production cost method. The most influent factors on the real estate value are the location as well as the condition and standard. Also the rent contracts and vacancies to some extent affect the value. A rather large problem originates in the estimation of future costs, where the estimation of reconstruction costs is referred to as the largest issue. The international appraisal methods are equivalent to the Swedish methods. The largest differences are of cultural kind mostly caused by differences in legislation. New trends that are presented are the impact of the international accounting standards (IAS). Another significant trend is the increased use of automatic real estate analysis tools.

Doctor of Philosophy(PhD)
This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

Les entreprises de promotion immobilière sont devenues depuis plusieurs années des acteurs importants de l’aménagement urbain. Elles s’orientent progressivement vers de nouveaux secteurs et enjeux de la production de la ville. Ainsi seraient-elles passées de leur métier d’origine à celui « d’opérateurs urbains ». Cette évolution se situe au croisement de l’exigence d’une compréhension des évolutions du marché de l’aménagement des villes, liée au retrait ou au changement de mode d’intervention des acteurs publics, et d’une rentabilité financière qui structure l’action de ces entreprises. Cela représente un changement de paradigme, pour certaines entreprises de promotion immobilière, dans leur façon de penser et d’appréhender la production la ville ainsi que dans leur positionnement au sein des organisations qui se structurent pour aménager les villes. Dans le champ de l'aménagement urbain, ce positionnement s’organise souvent au travers de la mobilisation des notions d’innovation et d’expérimentation. Cette mobilisation peut s’élaborer dans le cadre d’organisations spécifiques de l’action collective où les promoteurs immobiliers sont régulièrement présents. C’est le cas, par exemple, des consortiums publics-privés réunissant des acteurs institutionnels, des grands groupes internationaux de promotion immobilière, des startups et des experts, entre autres. Ces organisations qui sont elles-mêmes présentées comme novatrices s’organisent pour produire un ensemble de dispositifs dits innovants, qui vont du think-tank au projet urbain. Nous nous intéressons en particulier au projet urbain, car l’investissement des promoteurs immobiliers y est singulier : il s’articule de plus en plus couramment autour de la fonction de coordinateur du projet lors de ses différentes phases. Nous avons étudié des projets urbains présentés, par les promoteurs immobiliers, comme innovants en France dans la commune d’Issy-les-Moulineaux et au Mexique au sein de la délégation Miguel Hidalgo. Les façons dont l’innovation et l’expérimentation sont mobilisées, au sein de ces contextes, traduit des ambitions et des perspectives tout à fait différentes. À Issy-les-Moulineaux, le discours de la collectivité territoriale et des promoteurs immobiliers de l’écoquartier du Fort s’articule plutôt autour de la référence aux multiples variantes de la ville intelligente et des nouvelles technologies alors qu’à Miguel Hidalgo, il s’agit avec le projet Plaza Carso, d’un renouvellement de la rhétorique sécuritaire autour du concept, déjà bien connu, du « all included ». Ce que nous avons également pu observer, en France comme au Mexique, c’est que ces projets ont le plus souvent vocation à être positionnés sur le segment de marché du haut de gamme afin, entre autres, d’amortir les investissements qu’ils ont engendré. Ainsi, nous les identifions comme des « projets urbains de standing ». Il s’agit d’opérations qui, au travers de leurs ambitions, de leur médiatisation et des moyens financiers mobilisés par les acteurs du projet, se distinguent des autres modalités d’intervention sur le territoire. Nos questions de recherche reposent sur l’idée que les projets urbains de standing sont des analyseurs des transformations à l’œuvre dans la façon de concevoir et de gérer la ville, car ils reposent sur un investissement important des grandes entreprises de promotion immobilière, sur une évolution de leurs relations avec les responsables politiques locaux et, plus généralement, sur l’ambition de capter des comportements émergents et de commercialiser des produits innovants. On assiste à un processus qui relève en même temps d’un phénomène marketing et d’une évolution des enjeux et des normes de la production du projet urbain. Celui-ci, envisagé comme un laboratoire in vivo, participe, en France comme au Mexique, du développement d’un urbanisme dérogatoire dont l’une des finalités et de libérer l’action de certains opérateurs privés de l’aménagement urbain
Real-estate companies became important stake holders within the city planning process. They moved to new stakes and spaces of urban planning. We suggest that one of the reasons of these new challenges is that some big real-estate companies are focused the themes of innovation and experimentation and are more and more characterized by their involvement within the public – private organizations. This search for innovative proposals has led several organisational transformations within the mix of urban project stakeholder groups. The hegemonic tendency of the real-estate companies can be organized around several phases of urban projects: conception, construction, monitoring, management, etc. Its means that some real-estate companies are not only in charge of the construction phase of urban projects – like they use to be – because they also conquered new phases that participate to the elaboration and to the operational process of urban projects. This recent evolution is linked with strategic views, coming from these companies, on the way they think about urban planning and on the notion of quality of life. It represents, for this type of companies, a change of paradigm in the way of conceiving the production of urban space, but it also represents an evolution of the internal organization of public – private partnership. As several members of a French real-estate companies put it during our interviews, this change involves a new title: they evolve from real estate developers to “urban operators”. We saw, in our fieldwork, that it has led to various developments, such as: a change of temporal perspective, from short term commitment they move towards mid or long-term outlooks. Being “urban operators” also means that they have to be very cognisant about new lifestyles, new kinds of behaviours and needs, because it affects their marketing power. Thirdly, companies are sensitive and even greedy about information that concerns how people react to their proposals. This has led to several organizational transformations with, for instance, the emergence of new kinds of “research and development” areas, specific investments funds, contracts with social science researchers, etc. We studied two contexts in particular: flagship urban projects within the urban renovation process in France and in Mexico. With two cases: Plaza Carso in Mexico and the eco neighbourhood du Fort in Issy-les-Moulineaux near Paris. The ranking of flagships projects is a strong trigger for innovation. Plaza Carso and the Fort are characterized by a very strong involvement of real-estate companies that rebuilt the relationship with the local authorities. In both situations, real-estate companies had benefitted from legal specificities, and even legal liberalization in the Mexican case, to develop the project

This thesis provides a discussion and analysis of the factors that influence real estate return. The result is a combination of capital growth and rental profit, which are affected predominantly by changing location values, leverage, interest rates, and property use. These are analysed separately and brought together with formulas for calculating the total return, and demonstrations for how this return may be affected by changes in the underlying parameters.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1998.
Includes bibliographical references (leaves 75-76).
Whether in a bid to remain competitive or designed to elevate a populations standard of living, countries around the world are seeing the necessity to deregulate their financial systems and open their markets to international commerce. Real estate, traditionally a local investment to enhance individual financial wealth, has become a domestic and international vehicle for speculative institutional and private investment. This statistical study utilizes time series data on office market rents, public real estate stock indices and gross domestic product from 17 markets around the globe in an effort to shed light on national and international real estate trends. Specifically, the study searches for divergence within a domestic setting public and private real estate markets. Eights global markets consumer price index deflated office market rental rates from 1970 to 1998 are regressed against a publicly traded real estate corporation's stock or property index's performance. Next, an understanding of a local economies effect on the private real estate markets performance is sought by regressing the same time series of deflated office market rental rates against the economies gross domestic product. Finally we look for the existence of international real estate market correlation by examining trends in office market rental rates from 1970 to 1998 in all 17 global markets. Public real estate cycles in most global settings lead private market cycles in the majority of markets studied. In addition GDP appears to not affect a countries office markets performance. Analysis suggests market segmentation exists internationally for private real estate markets in most countries.
by Darin Richard DePasquale.
S.M.