Dissertations / Theses on the topic 'Real estate development Victoria'
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Hemphill, Elizabeth Anne 1963. "An examination of the agent perspective of agent-principal relationship establishment : the case of real estate." Monash University, Dept. of Marketing, 2003. http://arrow.monash.edu.au/hdl/1959.1/5557.
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Sattarnusart, Warut. "Real Options in Real Estate Development Investment." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-98100.
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Real estate development investment requires a large capital funding but it has slow payback with many risks and uncertainties in the investment. The current approach by using NPV to evaluate this type of investment is not adequate anymore. This is because NPV does not thoroughly capture the uncertainties in the investment and the method ignores the management flexibility whether to postpone or abandon the project in the future. An alternative approach that addresses these issues is to use real options to evaluate this type of investment. The thesis uses the real option model that was proposed by McDonald and Siegel (1986) to evaluate real estate development investment. The model captures value and cost uncertainty in the investment and considers that managements have the flexibility to defer the investment into the future. The thesis analyzes the model critically by sensitivity analyses and shows that using the model requires the input parameters to be carefully determined, especially the ones that relate to unit rental rate. Furthermore, the paper uses Monte Carlo simulation to determine the optimal ratio between value and cost which suggests that the investment should be deferred or invested now. The result shows that, in general, a real estate project should be invested when the value of the project doubles the cost. Also, the result from the simulation allows investors to adjust the ratio according to their risk behavior. Lastly, the thesis performs another Monte Carlo simulation in order to quantitatively identify the effect of the real option model on the investment decision. The result shows that using only the traditional NPV to evaluate the investment can lead to the wrong investment decision more than 90% of the time. Therefore, using both real options and NPV together can improve investment decisions on the real estate development project.
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Juan, He. "China's real estate policies and real estate market responses." View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r3/juanh/hejuan.pdf.
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Lundgren, Berndt. "Real estate development a customer perspective /." Doctoral thesis, Stockholm : Skolan för arkitektur och samhällsbyggnad, Kungliga Tekniska högskolan, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-12158.
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Barman, Baabak, and Kathryn E. Nash. "A streamlined real options model for Real Estate Development." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42010.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 52-53).
This thesis introduces a streamlined model that incorporates the value of the real options that exist in real estate development projects. Real options add value to a project by providing developers with flexibility to minimize downside risk or take advantage of upside potential as conditions change from deterministic expectations. Though developers currently incorporate this value into their decision making using intuition and judgment, the model presented here provides a tool with which developers can value options in a rigorous and quantitative fashion. Though the model should not be used as a comprehensive land residual model, it serves as a powerful proof of concept for real options analysis in the field of real estate. Further, it can be used to measure the relative value and risk of projects with and without real options. The model is based on both the traditional economic and the more recent engineering real options methodologies. Both approaches have been applied to real estate development projects, but have not yet caught on due to their newness and complexity. The streamlined model incorporates the elements of both methodologies that are most applicable to current development practice. In addition, the model is simplified and tailored to existing valuation techniques. The added benefit of this "hybrid" approach is that it reduces the learning curve associated with real options analysis so as to encourage its adoption in the real estate field in the short term.
(cont.) The model uses Monte Carlo simulations in Excel and is targeted towards specific options scenarios commonly faced by developers; specifically, the options to phase a project, choose among multiple uses, and defer development. A case study demonstrates the model, and compares the results of building two phased buildings versus a single larger building on the same site. The results show that the phased program results in less risk and a higher expected net present value than the single building program, while the option to defer development adds significant value to both programs.
by Baabak Barman and Kathryn E. Nash.
S.M.in Real Estate Development
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Chan, Chi-yung Patrick. "Competitive strategy in real estate development : astudy of innovative differentiation in recent residential real estate /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940338.
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Park, Sun Jung Park S. M. Massachusetts Institute of Technology. "Data science strategies for real estate development." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/129099.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, September, 2020Cataloged from student-submitted PDF of thesis.
Includes bibliographical references (pages 43-45).
Big data and the increasing usage of data science is changing the way the real estate industry is functioning. From pricing estimates and valuation to marketing and leasing, the power of predictive analytics is improving the business processes and presenting new ways of operating. The field of affordable housing development, however, has often lacked investment and seen delays in adopting new technology and data science. With the growing need for housing, every city needs combined efforts from both public and private sectors, as well as a stronger knowledge base of the demands and experiences of people needing these spaces. Data science can provide insights into the needs for affordable housing and enhance efficiencies in development to help get those homes built, leased, or even sold in a new way. This research provides a tool-kit for modern-day real estate professionals in identifying appropriate data to make better-informed decisions in the real estate development process. From public city data to privately gathered data, there is a vast amount of information and numerous sources available in the industry. This research aims to compile a database of data sources, analyze the development process to understand the key metrics for stakeholders to enable decisions and map those sources to each phase or questions that need to be answered to make an optimal development decision. This research reviews the developer's perspective of data science and provides a direction that can be used to orient themselves during the initial phase to incorporate a data-driven strategy into their affordable multi-family housing.
by Sun Jung Park.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Leung, Keith Chin-Kee. "Beyond DCF analysis in real estate financial modeling : probabilistic evaluation of real estate ventures." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/87612.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.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 (pages 57-59).
This thesis introduces probabilistic valuation techniques and encourages their usage in the real estate industry. Including uncertainty and real options into real estate financial models is worthwhile, especially when there is an elevated level of unpredictability surrounding the investment decision. Incorporating uncertainty into real estate pro formas not only provides different results over deterministic models, it changes the angle of attack to real estate valuation problems. When uncertainty is taken into account, the focus shifts from simply maximizing financial returns, to modeling and managing uncertainty to make better ex ante finance and design decisions. The ability to add optionality in probabilistic financial modeling can enhance returns by curtailing losses during downturns and taking advantage of upside conditions. A step-by-step example is carefully crafted to demonstrate the simplicity with which uncertainty, Monte Carlo Simulations and Real Options may be included into real estate pro formas. The example is entirely Excel based and is separated into three parts with each progressively increasing in complexity. SimpleCo Tower establishes the familiar Discounted Cash Flow pro forma as a starting point. ModerateCo Tower describes how uncertainty and Monte Carlo simulations can be incorporated into a pro forma while illustrating the effect of non-linearity on financial models. ChallengeCo Tower reveals how real options can add value to an investment and how it should not be overlooked. The case study illustrates how the techniques outlined in this thesis can add significant value to real estate decisions without much added effort or investment in expensive software. The case study also shows how the use of real world data to model uncertainty can be put into practice.
by Keith Chin-Kee Leung.
S.M. in Real Estate Development
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Cheung, Ka-leung. "Competitive strategies for the development of real estate agencies /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14038948.
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Wang, Qing S. M. Massachusetts Institute of Technology. "China's outbound real estate investment." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/108831.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017.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 (page 59).
Since 2013, investors from the People's Republic of China (PRC) have made significant strides in the global real estate market, especially in developed regions such as North America, Australia, and Western Europe. From 2014 to 2016, this trend became stronger, and by 2016 Q3, China became the top cross-border real estate investment country by transaction volume. We ask the following question: After the prosperity of the last three years, will the global investment trends of PRC investors remain steady or not? This thesis first reviews the progress made by PRC investors in recent years and the key reasons for it. It then discusses PRC investors investment preferences and strategies. The discussion then focuses on includes pragmatic considerations of tax matters and domestic regulatory problems in the PRC. The thesis concludes by exploring new trends in the market and speculating about the future of cross-border real estate investments by PRC citizens.
by Qing Wang.
S.M. in Real Estate Development
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Tang, Renjie S. M. Massachusetts Institute of Technology. "Real estate crowdfunding in China." Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123597.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 84-86).
As FinTech and online alternative finance has become a disrupter for the world, one of their subcategories, crowdfunding has a considerable potential to change the real estate industry. The study was to examine the real estate crowdfunding (short for RECF) in China and understand the present status of the industry, challenges, opportunities, and trends. The data mainly came from the Chinese crowdfunding websites, industry reports, and the RECF platforms; the methodology included fundamental data analysis, case study and comparison with the RECF in other regions such as US, UK, and Europe. The study started with an introduction of real estate FinTech, crowdfunding, and theoretical framework about RECF as well as the global RECF market to get a better understanding of the RECF in China.
Then the research examined the history, and current status about the platform models, players, and characteristics of the RECF in China; the two representative cases (Duocaitou and Kaishiba) were are analyzed in detail to interpret the drivers under their successes and problems in general. The study found out the possible challenges for the RECF industry in China, including the blurred regulatory environment, low diversification in types and locations of properties and immature platforms as well as low desire to expand globally. Finally, the research attempted to seek for potentials and recommendations that will ultimately lead to the successful future development of this industry. The study was subject to the limitations on accessibility to the database and timeliness of data in such a changing industry.
However, its findings and suggestions can be useful to players who are supposed to engage in the RECF ecosystem and intend to involve in the RECF in China such as regulators, real estate developers, institutional or retail investors, and RECF startups. Future researches are necessary to understand the effectiveness of risk management systems on the RECF platforms, the ways that the institutional players can involve in the industry, the globalization of the Chinese RECF, and mechanism of RECF ecosystem.
by Renjie Tang.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Jarebro, Oscar. "Lean for Real Estate management – A study of development opportunities within the Real Estate Management sector." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147374.
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The real estate industry is undergoing changes. Licensing of Real Estate Managers to ensure competence has in recent years been studied and proposed. Standardization through ISO certification has been studied for property management and studies identified a possible need for standardization. However, the author of this essay not encountered Lean or practices from other sectors applied nor widely investigated in the property sector. Simple efficiency and cost saving measures have most likely already taken place, much as the effect of the financial crisis. Energy saving measures are required and sought by political and environmental goals. Long-term sustainable thinking is something that is required and is recommended by industry personnel for running an efficient administration. Strategic actions will be important in order to raise revenue or reduce expected future costs. A good planning is essential to deal with the uncertainties associated with property management. Communication, competence and continuity have been shown to be the keys to an efficient operation. By examining the activities and challenges of property management, people have expressed development opportunities in several areas. A possibly necessary development, following one of the report's findings, show that the industry consider itself to be somewhat inferior comparing work for efficiency with other industries. Therefore there is a relevance of a survey of industry philosophies, in this case Lean. This work aims to disclose Lean and to investigate and analyze some of the industry's organizational challenges. Several interesting results have been obtained within the work with this paper. A relatively large proportion of respondents who participated in the survey believe that there is a positive effect of greater use of philosophies such as Lean - a perception that increases as Lean knowledge held by the respondent increases. Here, studies also show a spread depending on the position of the respondent, within the company and within the industry. For example: In questions about work concerning efficiency improvements and development opportunities.Fastighetsbranschen genomgår idag till viss del förändringar och utvecklas. Auktorisation av förvaltare för att säkerställa kompetens har under de senare åren undersökts och föreslagits. En standardisering genom ISO certifiering har undersökts för fastighetsförvaltningens del och identifierat ett möjligt behov av standardisering. Däremot har författaren till denna uppsats inte stött på Lean eller metoder från andra sektorer tillämpade eller i större utsträckning undersökta inom fastighetsförvaltning. Många enkla effektiviserings- och kostnadsbesparingsåtgärderna har redan tagit plats, mycket som effekt av finanskrisen. Energibesparingsåtgärder krävs och eftersträvas i politiska och miljömässiga mål. Ett långsiktigt hållbart tänkande är någonting som krävs och förordas av branschaktiva för att driva en effektiv förvaltning. Strategiska åtgärder blir viktiga för att kunna höja intäkter eller minska förväntade framtida kostnader. En bra planering är viktig för att hantera de osäkerheter som är förknippade med fastighetsförvaltning. Kommunikation, kompetens och kontinuitet har visats vara nycklar till en effektiv verksamhet. Genom att undersöka verksamheten och utmaningar för fastighetsförvaltning har personer uttryckt utvecklingsmöjligheter inom flera områden. En möjligtvis nödvändig utveckling då en av rapportens upptäckter visar på att branschen anser sig vara lite sämre vad gäller effektiviseringsarbete än andra. Därför finns en relevans av undersökning en av industrins filosofier, i detta fall Lean. Inom ramen för detta arbete får avses att upplysa om Lean och undersöka samt analysera några av branschens organisationsmässiga utmaningar. Flera intressanta resultat har erhållits i arbetet. En relativt stor del av respondenter som deltagit i undersökningen tror på positiva effekter av ökad användning av filosofier som Lean - En uppfattning som ökar när vetskapen om Lean hos de svarande ökar. Undersökningar visar även på en spridning beroende på position inom företagen, dels inom jämförelse av effektiviseringsarbete och dels inom var utvecklingsmöjligheterna anses finnas.
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Gerrity, James F. IV (James Francis). "Analyzing the private development model for university real estate development." Thesis, Massachusetts Institute of Technology, 2009. http://hdl.handle.net/1721.1/55164.
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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. 86-87).
Universities within the Unites States have long been active in the real estate development market surrounding their respective campuses. However, beginning with the baby boom in the late 1950s, colleges have begun expanding their campuses at ever increasing rates to account for the influx of new students. In order to accommodate this increased need for campus expansion, universities have begun to look increasingly to private development firms as a means to facilitate the development of university real estate product. As these development partnerships between the institution and the private sector become more widespread, in what ways can private firms provide a benefit to the university by building facilities that utilize private market efficiencies of design and construction. The question will be answered by studying three cases of university - private sector development: Harvard University, The University of Pennsylvania, and the Massachusetts Institute of Technology. By focusing on two types of real estate product in particular, student housing and laboratory space, the case studies will compare product developed privately for each university to product developed by the university's internal facilities department. Financial, construction, and design metrics of privately and university developed products will be compared and contrasted to determine where and how private, market influence might provide the university with an advantage in developing real estate.
by James F. Gerrity, IV.
S.M.
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Guma, Anthony C. (Anthony Christian) 1975. "A real options analysis of a vertically expandable real estate development." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58644.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 64-66).
Like many great business ventures, grand successes in real estate development are often attributed to individuals with strong visions and talent, as well as a keen foresight on the future conditions which will ultimately decide the value of their projects. Even with the best forecasts and predictions, this type of a clear view of the future real estate market is typically difficult to bring into focus. By considering developments which provide the ability to react accordingly to the uncertainty of future forces, developers can better manage the risk associated with a potential weak market while also gaining the potential to benefit in a strong one. Flexibility of this type in real estate is generally known as a "real option." Even in dense urban centers with a limited amount of developable land, market uncertainty may still exist. Therefore, flexibility in that type of environment could allow a developer to be better positioned should a market improve or decline. One way to provide this type of flexibility on urban sites is to develop a given quantity of space initially with the option to add more vertically in the future. Although rare, such vertical expansions are quite feasible and the real option is quantifiable. This thesis investigates the value of providing a real option to vertically expand a structure in the future. Real option valuation is often regarded as a complex procedure and outside of typical real estate finance. This investigation will adopt a previously developed methodology based on familiar spreadsheet techniques and common valuation metrics such as net present value. To explore the use of this methodology and the potential value of vertical expansion, the Health Care Service Corporation headquarters in Chicago, IL is the basis of an analysis. This structure represents an existing building with the built-in option to expand vertically to almost twice its initial height.
by Anthony C. Guma.
S.M.in Real Estate Development
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Pearson, Jason R., and Kate S. Wittels. "Real options in action : vertical phasing in commercial real estate development." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/59496.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2008 [first author]; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, Center for Real Estate, 2008 [second author].Includes bibliographical references.
Real estate development is inherently a risky endeavor. Developers encounter varied risks during the different phases of a development project, from permitting to construction and through lease-up and stabilized operations. Flexibility allows a developer to mitigate some of these risks by capitalizing on potential upsides, and reducing the effects from possible downsides. Flexibility, and phasing specifically, enables a developer to manage risk more effectively by allowing a building to grow as market conditions warrant. This thesis investigates the determinants and implementation of vertical phasing, and suggests areas of applicability for vertically phased development. By "vertical phasing", we mean when a building is originally constructed to a certain height, but includes the intentional capacity for it to expand vertically in the future. Vertical phasing is an example of a real option "in" real estate development. A real option embodies a right, but not an obligation to pursue a future course of action. Flexibility, or real options, in real estate is important because it can add value to a project. The significant expansion of tall buildings is a recent phenomenon, though vertical phasing itself is not new. Expanding a one story building to two stories, for example, is a common example of vertical phasing. This thesis examines the decision and development process of major buildings that are constructed with the intentional ability to be expanded vertically in the future without disrupting the occupation and operations of the original building. While the intention is that the vertical expansion will take place at some appropriate time in the future, if such an opportunity never arises, the original building can exist by itself as a complete, fully functioning structure.
(cont.) Drawing from a study of four buildings in the United States and Canada, this thesis examines the context in which vertical phasing of buildings is employed. It first considers the various drivers that lead to vertical phasing. It then discusses the specific issues and challenges with respect to vertical phasing. This thesis argues that while vertical phasing of buildings is rare and complex, it is a viable method of development that has significant potential in enhancing the value of buildings. Specifically, vertical phasing is relevant to corporate real estate development, in which less quantifiable value drivers of a building are tangible and important. By evaluating the drivers and implementation of vertical phasing, this thesis shows that vertical phasing of buildings may be easier than commonly believed, and may be used effectively in corporate real estate development and possibly other sectors of the real estate industry.
by Jason R. Pearson and Kate S. Wittels.
S.M.in Real Estate Development
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Armerin, Fredrik. "Waiting in real options with applications to real estate development valuation." Licentiate thesis, KTH, Matematisk statistik, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-188145.
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In this thesis two dierent problems regarding real options are studied. The rst paper discusses the valuation of a timing option in an irreversible investment when the underlying model is incomplete. It is well known that in a complete model there is no nite optimal time at which to invest if the underlying asset, in our case the value of the developed project, does not pay out any strictly positive cash ows. In an incomplete model, the situation is dierent. Depending on the market price of risk in the model, there could be an optimal nite investment time even though the underlying asset does not pay out any strictly positive cash ows. Several examples of incomplete models are analyzed, and the value of the investment opportunity is calculated in each of them. The second paper concerns the valuation of random start American perpetual options. This type of perpetuate American option has the feature that it can not be exercised until a random time has occured. The reason for studying this type of option is that it provides a way of modelling the initiating of a project, e.g. the optimal time to build on a piece of land, which can not occur until a permit, or some other form of clearance, is given. The random time in the project application represents the time at which the permit is given. Two concrete examples of how to calculate the value of random start options is given.QC 20160607
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Cheung, Siu-sun David. "A study of the various methods of financing property development in the private sector in Hong Kong /." Hong Kong : University of Hong Kong, 1987. http://sunzi.lib.hku.hk/hkuto/record.jsp?B1233523X.
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Ng, S. K. "Real estate development opportunities in Shanghai : a reproduction of the Hong Kong model /." Hong Kong : University of Hong Kong, 1994. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25939452.
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Chovanec, Roman. "The Prague Real Estate Market." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-15645.
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This thesis is an analysis of the major segments of the real estate market in Prague. It covers office, retail, industrial, hotel and residential real estate and the investment market behind these segments predominantly from the perspective of an institutional investor. In the thesis, theoretical fundamentals behind real estate development are connected to the present state of the market. The thesis provides an overview of the supply and demand, prices, yields, vacancy rates and major trends or developments in each segment. The analysis of the present state of the market is also connected to the economic crisis. The thesis covers both the reasons behind the depressed and dormant state of the market and emerging trends into the years ahead.
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Cortabarria, Gonzalo G. 1964. "Industrial real estate development in Sao Paulo, Brazil." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/65244.
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Ledohowski, Lea J. (Lea Joel), and James J. Perrine. "Galileo Lofts : a real estate development feasibility study." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33184.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 176-179).
In August 2004, a development proposal titled "Galileo Lofts at MIT: Housing and Urban Park" was submitted to the Cambridge Redevelopment Authority for the provision of new housing and a public park on Parcel 7, in Kendall Square, Cambridge, MA. This study is a feasibility analysis of the development proposal. A market analysis and a marketability study were conducted to determine the appropriateness of the proposal for the East Cambridge, Kendall Square market. Demographic analysis identified two primary submarkets: 1) Cambridge Condo Submarket (i.e. demand for the location); 2) Loft Product Submarket (i.e. demand for the product type). To analyze supply and pricing, transaction data for the sale of condominiums within a one-mile radius of the proposed site, and data for the sale of comparable loft condominiums in the Greater Boston Area, were downloaded. Tests performed include descriptive statistics, regression analysis, and attribution analysis. A capital budget was estimated and a development model created to determine the financial feasibility of the proposal. Results indicated that the demand for residential products in the East Cambridge neighborhood priced for the "entry-level buyer" (i.e. up to $550,000) was not being met by current levels of supply, and it was predicted that demand for products priced at the entry-level would continue.
(cont.) It was also illustrated that demand for "luxury" products does exist in East Cambridge, but that the luxury consumer has demonstrated a preference for properties with high-end amenities and water adjacency. The Feasibility Analysis concluded that the proposed project is not viable in financial terms. It was suggested that the original proposal is not ideally suited to capture the demand in either the entry-level or luxury markets. The primary observations were that the planned residential units are too large to target the entry level buyer, and that the location, lack of amenities and rental townhouses at the ground level are expected to be problematic in the pursuit of the "luxury" buyer. It was recommended that the developers reduce the unit sizes in order to satisfy the requirements of the primary target market and redistribute the affordable rental units within the building to avoid a potential problem with marketability and management. These changes, however, would not be sufficient to turn the proposed Galileo Lofts at MIT into a financially viable project because 40% of the units are required to be affordable, and these units cost $180,000 more to produce than they would generate in sales revenue. Other relief would be needed: some suggestions are given.
by Lea J. Ledohowski and James J. Perrine.
S.M.
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Fernandez, Edouard James. "International real estate development--Mexico as an example." Thesis, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/66349.
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Chat, Siu-yan Laura. "A study on the potential for Industrial Real Estate Development in Tsuen Wan district in the context of the new port and airport development projects /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940508.
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Eisenberg, Oriel. "Real estate derivatives : products and prospects." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84177.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.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 (pages 78-79).
The paper reviews the development, structure and trade of past real estate equity hedging instruments. The reviewed products represent a wide array of real estate derivatives, covering multiple property types, index methodologies and trading domains. Based on a series of interviews with leading product developers, market makers, traders and scholars, the paper examines and defines the unique features of the different products and analyzes their value proposition, market conditions and performance. In order to gain an overall perspective on the prospects of real estate derivatives, the paper discusses types of market demand for real estate investing and hedging. In this context, we present real estate debt hedging instruments and compare their trade and use with past real estate equity products. In addition, we discuss recent regulatory acts and their influence on trading requirements and costs, market making and players as well as market efficiency. In the last chapter, the paper presents Pure Property, a current real estate hedging solution, marketed by NAREIT and FTSE. We research Pure Property and compare it to past products. The paper points on Pure Property's new concept and its implications on asset valuation, product functionality and trading liquidity. The paper studies the ETF structure of the product and its contribution to arbitrage activity. For the above-mentioned advantages, the paper predicts that Pure Property is likely to establish a liquid, real estate hedging market.
by Oriel Eisenberg.
S.M.in Real Estate Development
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Loong, Hon-biu. "The property development industry in Hong Kong, 1978-1984 : competition and adjustment /." [Hong Kong : University of Hong Kong], 1985. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12315321.
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Hui, Siu-wai Samuel. "A study on investment opportunities for real estate development in Shanghai, China /." Hong Kong : University of Hong Kong, 1994. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2593983x.
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Tang, Tian S. M. Massachusetts Institute of Technology. "Senior housing development in China." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/101319.
Full textAbstract:
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 PDF version of thesis.
Includes bibliographical references (pages 64-66).
The number of Chinese citizens aged 60 years and above is predicted to reach to 440 million by 2050, accounting for roughly 34 percent of the country's total population. The one-child policy has created a declining fertility rate. At the same time, the life expectancy of people keeps rising. The combination of low fertility and long life spans have moved China towards a rapidly aging society. To prepare for the aging society, the Chinese government has issued a series of policies to enhance the senior care industry. The government encourages private and foreign enterprises to invest and engage in senior care services in China. Chinese developers and operators are trying to import foreign practices into the Chinese context. Foreign experts are looking for business opportunities in this untapped market. Although China's senior housing market is undoubtedly appealing, industry players must address several issues before stepping into this market because it is still in infancy period compared to other developed countries. The study examines the key factors that influence senior housing development in China, and those essential elements that foster the industry in U.S.
by Tian Tang.
S.M. in Real Estate Development
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Yuen, Ying-lai Margaret. "Property management strategies and real estate design : a case study of Hong Kong /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14041303.
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Wong, Shing-yue Samuel. "Development strategies of property firms in Hong Kong : case study of Sino Group /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14724030.
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Li, Xiangyu S. M. Massachusetts Institute of Technology. "Beyond real estate : examining global real asset allocation frameworks for institutional investors." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/77125.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012.Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 85-87).
Real estate is often considered an asset to provide long term value enhancement and to protect institutional investors against inflation risk. It is a typical real asset due to the physical form and fixed geographic location with a steady return. However, real estate has its limitations. Risks associated with it such as lack of trading flexibility, special property management expertise required, and a growth prospect not always applicable towards the short term favor have impeded certain institutional investors from allocating major investment in real estate. In management of a dynamic investment portfolio, how institutional investors look at certain real assets is the key issue discussed in this thesis. Infrastructure, for instance, which can refer to roll roads, shipping or railways, is a comparable asset with real estate as it demonstrates a term with physical form and stable income stream. There are other types of real assets such as commodity, regulated utilities, and maritime assets which are also studied. This thesis delves into the dynamic structure of an institutional investment portfolio and targets to explore the following questions: What do real assets contribute to institutional investors' traditional stock-and-bond portfolio? What kinds of correlations do real assets have with typical equity and fix-income assets? How do institutional investors strategize their investment plan by allocating real assets in their global portfolio? The thesis is designed to study the underlying factors for determining the asset allocation framework from both a qualitative and a quantitative perspective. A quantitative analysis including mean-variance optimization, downside risk, correlations, risk parity and Value at Risk will test out how various asset allocation frameworks position real assets in a portfolio. The study also brings in selected real estate indexes to examine how different parings compare with each other and what impact does illiquidity exhibits on portfolio management. An interview-based research is designed to provide understanding of institutional investors' perspective on how they apply the theoretical framework to the real world practice and how they strategize the management of investment portfolios.
by Xiangyu Li.
S.M.in Real Estate Development
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Howard, Steven James. "Real estate development financial feasibility analysis : a computer model." Thesis, Georgia Institute of Technology, 1987. http://hdl.handle.net/1853/22359.
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Cheung, Ka-leung, and 張家亮. "Competitive strategies for the development of real estate agencies." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1995. http://hub.hku.hk/bib/B31266411.
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Meherik, Deryk. "Environmental liability, policy and technology in real estate development." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/32232.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Civil and Environmental Engineering, 2002.Includes bibliographical references (p. 139-142).
Under the Federal Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), 42 U.S.C. [paragraph]9601 et seq., "owner/operators" of contaminated real property may face cleanup costs that greatly exceed the value of the property. CERCLA liability is retroactive, is imposed without regard to fault, and - unless the defendant can prove divisibility - is joint and several. Moreover, owner/operators may also face liability under state cleanup statutes, under state tort law, and under the Federal Resource Conservation and Recovery Act, 42 U.S.C. [paragraph][paragraph]6901 et seq. Historically, this potential liability has had a dampening effect on the willingness of investors to acquire and develop property that is or may be contaminated with hazardous materials. As a result, the value of these so-called "Brownfields" properties has been diminished. This thesis explores two propositions regarding this form of environmental liability: 1) that the legislation is moving toward favoring and encouraging the developer of "Brownfields" real estate, and 2) that the most effective means for minimizing liability is a clear understanding of the laws, and an intelligent application of this understanding through the use of due diligence and transactional protections. This thesis attempts to provide information and analysis that would be especially useful to potential developers. Legislative activity was investigated and the relationship between public concern for health hazards and Congressional activity was studied and quantified to determine the nature of the correlation between these factors. The results indicate a correlation between public concern and Congressional hearings. This thesis also explores legislative concern with the interests of business and local government, as demonstrated by the increase in Congressional hearings leading to a modification of Federal environmental legislation to encourage development and remediation, and by the rapid growth of Brownfields development incentives in the individual States. As long as public concern does not return to the levels of the mid-1980's, it is likely that future legislation - at both the state and Federal level - will include additional incentives for the development of Brownfields and other contaminated property. The developments in environmental legislation indicate that environmental liability risks will continue to lessen, making such development more profitable and attractive to an increasing number of developers and other real property investors. Nonetheless, environmental liability does and should remain a legitimate concern in real estate development. There are key items - which could be considered a "checklist" - that a real estate developer needs to consider in the planning of transactions to undertake any development, especially any Brownfields development or rehabilitation project, to minimize his/her potential environmental liability.
by Deryk Meherik.
S.M.
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Kang, Jihun 1971. "Valuing flexibilities in large-scale real estate development projects." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/26739.
Full textAbstract:
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 147-150).
This thesis aims to develop a set of strategic tools for real estate development projects. The conventional tools such as the Discounted Cash Flow (DCF) method fail to incorporate dynamics of real estate development processes. As a result, their application to real world situation is quite limited. Two methods are introduced to deal with this inadequacy of the DCF method. Decision Tree Analysis (DTA) employs a management science approach to analyze flexibilities and corresponding strategies from management decision making perspective. Real Options Analysis (ROA) aims to apply theories of valuing financial derivatives to real assets and it allows investors to quantitatively analyze flexibilities. Each technique has advantages and shortcomings and should only be used for appropriate situations. DTA is suited for analyses of project specific risks that are not directly related to the overall market. ROA is a superior tool when risks are originated from the uncertainties of markets. Applying both tools in practice requires rather simplified assumptions, and it is crucial to understand them to make the analyses meaningful. The thesis finds that incorporating flexibilities in decision making into an analysis is especially important for large-scale and multi-phase projects. The DCF method treats the later phase projects as if they are fully committed at the present time. This assumption of full commitment is rarely the case in the real world practice, and as a result, the DCF method systematically undervalues future phases in multi-phase projects. The case study of New Songdo City reveals that the value of flexibility is a critical factor for the analyses of large scale projects, especially when there is a lot of market uncertainties involved. Based on the conventional DCF method, New Songdo City has a hugely negative NPV and should not be pursued. However, the ROA and the DTA approaches show that it has a potential for creating enormous value by incorporating flexibilities of the project.
by Jihun Kang.
S.M.
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Cox, M. Katherine. "Information technology : a competitive tool in real estate development?" Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/65203.
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Thompson, Kip G. "Corporate real estate strategies for structuring development joint ventures." Thesis, Massachusetts Institute of Technology, 1986. http://hdl.handle.net/1721.1/70164.
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Drubner, David Victor. "Intimidation lawsuits and the politics of real estate development." Thesis, Massachusetts Institute of Technology, 1990. http://hdl.handle.net/1721.1/65669.
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Zighan, Saad. "Servitization strategies in real estate development : evidence from Jordan." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/28524/.
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Servitization strategy has become more popular recently within academic literature. Achieving sustainable competitive advantage, based upon services provision, is claimed to be a viable proposition for modern businesses. A strategic view emerging from the literature is that offering services enables closer and longer-term customer relationships. This relationship directs organizations‘ marketing offerings toward customers‘ needs, and promotes a prompt response to dynamic changes in the business environment. There has, however, been little evidence captured on the application of aspects of servitization within real estate development. Prompted by the expected outcome of a servitization strategy, this research is conducted to investigate servitization in the context of the Jordanian real estate development to identify the prospects and challenges of servitization for the real estate development industry, and to examine the role of servitization as a source of competitive advantage through the lens of the Resource-Based View Theory. A qualitative case study research is adopted, and the principles of the Delphi study have been applied. The research examines eight real estate development companies managing multiple building projects in Jordan. Data was collected from the case studies in incremental multiple stages. The primary data was collected using a series of open-ended questions based on three rounds of Delphi: 42 interviews were carried out in the first round, followed by 23 interviews in the second round and 11 interviews in the third round. The findings indicate that service provision has become an essential element of the real estate development project. The output of the real estate development industry becomes systems of both project components and added services. These systems are the result of servitization strategies in the real estate development industry that shifts its focus from only designing and selling a physical output to delivering systems of services integrated to the project, which together are capable of adding more customer value. The research identifies several types of services, which are used to develop the four categories of servitization in the real estate development industry. These categories are referred to as project-oriented, product-oriented, customer-oriented and service-oriented. The research develops the value chain of servitization strategy and it was found that offering services in real estate development is an incremental process (e.g. based upon circular, iterative and on-going development). Offering basic services such as project-orientated services and product-orientated services adds more value for customers and makes the project more valuable. Providing these basic services has become one of the project performance dimensions to fulfil the market ―order qualifier‖ criteria. However, offering basic services will not ensure competitive success. More advanced services such as customer-orientated-services need to be provided to enhance the project‘s competitive advantage. Offering advanced services tailors the project toward customer needs and enhances customer satisfaction. These advanced services are considered the base of order-winner criteria to win the contract. Still, real estate development projects need to consider the longterm life of a project‘s outcomes. This long-term nature of projects requires service provision that supports project functionality and assures product stability. Offering after-sale services builds customer trust, inspires customer confidence and assures customers of reliable long-term support. It is these system solutions that shape the order-winning criteria. Realizing the important role of services, this research develops a model to put servitization strategy into action in the context of the real estate development industry. The research supports the application of the Resource-based View Theory. Offering services develops distinct capabilities necessary to achieve competitive advantage. This competitive advantage is achieved by adopting three main aspects; i. offering a comprehensive approach of project-service systems; ii. linking the strategic decisions of service provision to project operations management, and iii. collecting data and information that provide the organization with unique market insights. This research extends existing literature on servitization and its implication for building projects and providing insights to support future decision-makers in providing services in real estate development. Also, the research provides a comprehensive review of servitization strategy in the building sector and a platform base on which more indepth research into more focused topics of the servitization phenomenon could be carried out. Furthermore, the research has potential to contribute to other project-based businesses and develops cross-industry knowledge.
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Lam, Yuen-pik. "An analysis of the investment strategies of three major developers in Hong Kong /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36438418.
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Nam, Sangwook S. M. Massachusetts Institute of Technology. "Korean institutional investors and real estate investments." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92598.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.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 (pages 50-52).
Korean institutional investors comprise one of the major investor groups in the financial market. Given their characteristics and constraints, asset allocation of such institutional investors is dominated by 'traditional assets' such as stocks, bonds and cash. The recent global financial crisis increased uncertainty, and corresponding low interest rate trends have made it difficult for institutions to meet their own required returns. To accomplish higher and more stable return profiles, major institutional investors in Korea have begun restructuring asset allocation strategies, moving toward greater exposure in the real estate sector. In the context of this trend, where do Korean institutional investors stand on real estate investment? This thesis attempts to cast light on the current and future approaches to real estate investments by the major institutional investors in Korea, including major pension funds and insurance companies. To achieve this goal, the thesis is largely composed of two parts: (i) a prior investigation of real estate and Korean institutional investors with academic literatures and industry data and (ii) comprehensive interviews with Korean institutional investors and their external partners. As a prior investigation, academic literatures show that despite drawbacks, investments in real estate have clear benefits for institutional investors. The industry data clearly demonstrates that the growth of Korean investors' assets under management, intensifying competition in domestic markets, and recent low-interest market environments have all led Korean institutional investors to pay more attention to the global markets. Their real estate investment practices in the global market have been diversified in terms of the destination and property types. Analyzing key interview findings, the study reorganizes practical industry applications and compares them with the prior investigation. The thesis concludes that Korean institutional investors have attempted to establish their own asset allocation strategies based on each unique investment appetite and liability.
by Sangwook Nam.
S.M. in Real Estate Development
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Foo, Chester Ren Jie. "Biomass energy : a real estate investment perspective." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92608.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.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 (pages 75-76).
A central consideration in real estate is how value is created in real estate development and investment deals. A biomass power plant is not only an asset which generates revenues, but from a real estate perspective, it also creates additional value to the owners' existing farmlands. Biomass energy assets are similar to traditional real estate and infrastructure in a lot of ways. On the other hand, biomass energy assets are characterized by the feedstock fuel and multiple revenue generators such as sale of power, carbon credits and biomass ash. Furthermore, favorable regulatory policies make biomass energy assets more distinct and attractive. The current biomass investment market is a relatively young and evolving market. Southeast Asia has a huge potential for biomass investment. The market players are mostly dominated by investors and firms with specialized technical knowledge about renewable energy and/or traditional power production, and private equity and venture capital firms are not very active in this market. The lack of technical insight and information transparency are stopping these financial institutions from entering the market. Therefore the Biomass Valuation Model (BVM), developed in Excel®, allow the critical technical and financial components to communicate effectively, which would help to determine the viability of the biomass investment projects with greater certainty. The BVM would be able to generate financial outputs from the perspectives of real estate development, financial and economic conditions, and the biomass power generation technical process. This valuation model (BVM) would be helpful to investors, considering the amount of time and effort required in overcoming the technical barrier, hence providing investors the "first-mover" advantage in tapping into the biomass investment market.
by Chester Ren Jie Foo.
S.M. in Real Estate Development
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Spielman, Avi. "Blockchain : digitally rebuilding the real estate industry." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/106753.
Full textAbstract:
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 61-63).
There are tremendous potential applications for blockchain technology, an innovative distributed ledger database system, within the real estate industry. This paper will explore one aspect-recording property titles- by comparing the benefits and limitations of a blockchain with those of the current record keeping system. This paper will begin with a brief overview of the current state of the title recording system in the U.S. followed by a deeper look into the procedures of one rapidly growing American city, Nashville (Davidson County), Tennessee. The goal is to understand current real estate title systems and technologies in order to identify their benefits and limitations. Next, this paper will introduce the concept of blockchain technology, starting with a high level technical overview of how the technology works, as well as its benefits and limitations. It will also examine Bitcoin, which operates on the largest blockchain, as a potential model, whose practical applications may be adapted in creating a more efficient and safer title registry system. Recommendations will then be made for possible methods of implementing a blockchain-based registry and how its use might change the way real estate title transactions are handled in Davidson County, TN in order to determine if the collective benefits outweigh the costs. The research to date leads to the following conclusions: A blockchain title recording system is the future of title record keeping and would provide immediate benefits over the current title recording system, with additional benefits accruing in the future as blockchain technology grows in acceptance. However, at the moment, these benefits do not yet outweigh the costs and challenges associated with implementing a prototype blockchain title registry system in Davidson County, or elsewhere in the country. That being said, steps can, and should be taken now to lay the foundation for a blockchain system.
by Avi Spielman.
S.M. in Real Estate Development
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Yella, Phanidhar. "Idiosyncratic risk in US commercial real estate." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/106454.
Full textAbstract:
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 35).
Commercial Real Estate price performance is captured at the aggregate (or market) level by a price index such as Moody's RCA CPPI Index. However, individual property performance could be significantly different from the aggregate index performance (both national and metro indices) due to several property related reasons which are different from the factors affecting the market. For example, a tenant's lease termination, an excellent property manager securing attractive leases, unusual operating expenses are some of those (unobserved) property specific characteristics that affect property performance. Specifically, the RCA CPPI Index tracks all sales transaction pairs and using them, constructs a regression model that represents the price index that best fits the sale transactions. The difference between the individual property sales pair performance and that predicted by the aggregate index is captured by the residual of the regression model and represents idiosyncratic risk which is different from the market risk as represented by the aggregate index. Idiosyncratic risk can be quite important for real estate investors. In the absence of derivative contracts for synthetic investment, no one can invest in the aggregate market as a whole. The objective of this thesis is to quantify the idiosyncratic risk (dispersion) of individual CRE transactions in the US from the observed RCA-CPPI national and metro level (regional) indices' performance during the period 2001-15. In this regard, the thesis tries to capture the basic dynamic nature of how the idiosyncratic price dispersion tends to evolve over time as well as by property type and by metro market. Also, the thesis seeks to understand the potential drivers behind the dispersion.
by Phanidhar Yella.
S.M. in Real Estate Development
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Stroud, Ryan Michael. "Informatics for real estate : urban technology databases." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113468.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017Cataloged from PDF version of thesis.
Includes bibliographical references (pages 63-64).
Big Data Analytics is a term that represents an entire spectrum of analytical applications utilizing significant quantities of data, ranging from optimization at one end of the spectrum, to gaining new insights at the other end of the spectrum. This thesis focuses on the latter, leveraging private, public, and manually developed databases at the MIT School of Architecture and Planning's Center for Real Estate's Real Estate Innovation Lab (REIL) to observe, dissect, and ultimately improve our collective understanding of the current state of urban technology databases. The thesis seeks to explore how companies are providing data within the realm of the built environment, through a study of the information products that they offer. To preserve the confidentiality of the original commercial databases and limit the scope of the investigation, the dataset for this study contains only the data fields from 31 unique databases provided by 14 commercial real estate data aggregators. In essence, the dataset for this thesis is a database of databases, stripped of their numerical information and focused on a study of the variation in data. For analysis this employs computational, statistical, and graphical methods to interpret the information provided by the commercial real estate data aggregators. With an increasingly digital future ahead, this thesis proposes a general framework for examining numerous databases and their respective approaches to the built environment. This thesis also explores the merits of specific processes and presentation methods that translate an immense and disparate array of information into user-friendly analytical tools.
by Ryan Michael Stroud.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Murphy, Kevin M. (Kevin Michael). "Sustainable and energy-efficient development interventions and their application toward net-zero or net-positive energy and water building development." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/111401.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, June 2017."September 2016." Cataloged from PDF version of thesis.
Includes bibliographical references (page 94).
The built environment consumes more than 40% of the energy used around the world and nearly 70% of the electricity used in the United States. These same buildings use 25% of the world's fresh water resources and contribute 50% of global waste. In order to make the buildings we inhabit more resource-efficient, strategies are being employed through the use of technology, materials, and design in order to achieve a new standard of environmental impact, called net-zero buildings. To date, only a few dozen buildings in the United States have achieved net-zero or net-positive energy and water status, where they capture as much or more energy and water through renewable energy resources and water collection and reuse mechanisms as they use on an annual basis. This thesis examines the many energy- and water-efficient systems, design solutions, and materials that work together to create more sustainable structures and presents case studies for two highly-efficient developments. These net-zero interventions are then compared to the highest-scoring Leadership in Energy and Environmental Design (LEED) buildings across the United States in an attempt to detail the similarities and differences in the goals of each system. Research of the top 10 highest-rated investor-owned buildings shows a significant gap in performance between the systems and design elements used to achieve LEED Platinum status and the energy and water interventions that are necessary to reach net-zero consumption goals. The gap in performance between LEED and net-zero design is related to regulatory hurdles, technological advancements, and the sophistication of design teams. Combined, these influence the commercial diffusion of net-zero development projects and can be used to understand how the built environment can start to meet sustainability goals.
by Kevin M. Murphy.
S.M. in Real Estate Development
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So, Chun Kit (Chun Kit Timothy). "Game theory and real options : analysis of land value and strategic decisions in real estate development." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84171.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.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 (pages 82-84).
This thesis investigates the use of the game theory and the real options theory in real estate development at the strategic level, trying empirically to explain different economic observations among different metropolitan cities and different property types. The real options theory provides a rich theoretical framework to analyze investment values in real estate development. It takes the market uncertainty into consideration, while the widely used neoclassical NPV valuation method takes a deterministic approach. A simplified real options valuation model is set up in this thesis to calculate the option premium value of waiting for developers. However, since it is done in a monopolistic setting, the strategic interaction aspect of real estate development will be analyzed using the game theory model. The interaction of the game theory model and the real options model will provide a comprehensive and powerful framework to study the timing strategy of developers. Using data spanning quarterly from 1995 to 2013 among 5 property types (single-family house, apartment, industrial, office, and retail) and 44 MSAs, this thesis analyzes the relationships empirically between the volatility of underlying assets, the land cost ratio, the option premium value, and the timing of development. The aims of the study are twofold. First, the study compares different market characteristics among different MSAs and different property types from the option game theoretic perspective. Second, it analyzes the effect and the use of the game theory and the real options theory in the context of real estate development.
by Chun Kit So ( Timothy So )
S.M.in Real Estate Development
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Rice, Justin L. (Justin Lynn). "Multifamily site development : Bishop Arts District, Dallas, TX." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113742.
Full textAbstract:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 59-60).
This thesis explores the development potential and land value of a vacant parcel of land listed for sale in Dallas, TX. Further, this thesis proposes three different multifamily rental site plan designs for the parcel in an effort to maximize the value of both the development and the land. The site is located just two blocks from Dallas' popular Bishop Arts retail district. This area has seen a renaissance and has become a desirable location to live over the last several years for residents who might not have considered the location previously. The development potential of the site is restricted by its zoning designation, which does not allow for mixed-use developments, its height restrictions, its parking requirements and its lack of scale - the site is quite small and rectangular. The zoning of this and the surrounding parcels aims to create an urban residential area that is walkable and pedestrian friendly, reducing traffic overall. Pedestrian permeability and the character of the Bishop Arts District should be considered in the design. Seen through the lens of a real estate developer evaluating a business opportunity, this document is formatted in sections focusing on the economic and real estate potential of the city of Dallas, the Bishop Arts area and the parcel itself, the parcel's zoning and parking issues, alternative design schematics for the parcel, and prevailing financial metrics of Dallas, Bishop Arts and the multifamily sector as they relate to each design's projected financial performance. This thesis concludes with a determination of the ultimate land value as dictated by the most financially successful site plan.
by Justin L Rice.
S.M. in Real Estate Development
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Lai, Tak-keung Peter. "Potential risk to private developers in undertaking public/private joint effort development projects." [Hong Kong : University of Hong Kong], 1990. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13064939.
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Ruusuvirta, Mehmet, and Thomas Lundgren. "Department of Real estate and Construction management." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147644.
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In Sweden there is a situation where buildings are constructed at a relatively low rate, while the need for more households is growing relatively quickly. In this thesis the following surveys are conducted; we want to investigate the time required for each process, how the number of building permits for each plan evolve during the process and the number of investigations carried out in connection with the process. The hypothesis is that the developers want to get as many development rights as possible. However, it is the municipality's responsibility to test the suitability of the project in accordance with the law and guidelines which can result in fewer development rights than the builder's preference in the final detailed plan. We have examined 32 plans and concluded that the number of development rights does not drop during the process. Some of the investigations necessary are determined by law, while in some cases by the municipality require various additional studies for a project to be carried through. The survey shows that the number of investigations is approximately 3 per studied plan. The average time spent has been more than 2.5 years for all studied plans. The results of this study indicate that there may be a correlation between the numbers of building permits; the number of investigations and the time required for each process, further studies on this topic are invited.I Sverige råder en situation där det byggs relativt lite, samtidigt som behovet efter mer bostäder växer relativt snabbt. I detta examensarbete kommer följande undersökningar genomföras; beräkna snittet på tidsåtgången för detaljplaneprocessen, studera utvecklingen av antalet byggrätter i processen från start till laga kraft vunnen plan samt undersöka antalet utredningar som görs i samband med detaljplaneprocessen. Hypotesen är att byggherrarna vill få fram så många byggrätter som möjligt. Det är emellertid kommunens ansvar att pröva projektets lämplighet i enlighet med lagen och de riktlinjer som finns vilket kan resultera i att färre byggrätter än de byggherren önskade vinner laga kraft i den slutgiltiga planen. Vi har enligt ett visst urval granskat 32 detaljplaner och kommit fram till att antalet byggrätter inte sjunker under processens gång. Vissa av utredningar som krävs är lagstadgade, medan det i vissa fall från kommunens sida krävs olika extra utredningar för att ett projekt skall drivas igenom. Snittet för tidsåtgången har blivit dryga 2,5 år för alla studerade planer. Undersökningen visar att antalet utredningar är cirka 3,37 per studerad detaljplan. Resultatet av denna undersökning pekar på att det kan finnas ett samband mellan antalet byggätter, antalet utredningar och tidsåtgången, varför vidare studier i ämnet uppmanas.
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Burgett, Bonnie L. (Bonnie Leigh), and John R. McDonald. "Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84179.
Full textAbstract:
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.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 (pages 145-152).
This thesis systematically evaluates how rapid developments in the nascent crowdfunding industry, combined with recent regulatory changes, will impact the commercial real estate markets. The phenomenon of crowdfunding, defined as raising numerous small amounts of capital from a large number of people, or the crowd, has been accelerated by the recent passage of the Jumpstart Our Businesses Start-up Act (JOBS Act). The JOBS Act legalizes and facilitates the sale of securities used to crowdfund equity and debt investments, giving rise to a proliferation of new crowdfund entrants in various business sectors, including the commercial real estate arena. This thesis first gives a detailed analysis of the JOBS Act legislation and how it alters the current regulatory and business landscape. The focus then turns to the commercial real estate markets, tracing the evolution of commercial real estate as an institutional asset class and the influence large, institutional investors such as pension funds and real estate investment trusts exert on this market. The authors also examine the impact on the average investor and conclude that these large institutional investors have bifurcated the market, leaving the average investor unable to gain exposure to "hard" commercial real estate assets. The authors then link the research to crowdfunding, first with a chapter on the emerging and dynamic crowdfund industry in general, and then on specific commercial real estate crowdfunding sites, also discussing sites related to this sector. The authors strengthen this primary research with field investigations, conducting interviews with real estate developers, investors, and securities lawyers specializing in regulatory law. They concurrently surveyed 138 well-vetted real estate professionals (the MIT Center for Real Estate alumni). The thesis then projects the size of the potential dollar value of the commercial real estate crowdfund market based on existing value and turnover in the commercial real estate markets. The final chapter imagines what this market will look like in 2015; concluding that crowdfunding will have a profound effect on the commercial real estate market.
by John R. McDonald and Bonnie L. Burgett.
S.M.in Real Estate Development