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Jensen, Therese, and Philip Söderman. "The impact of building regulations on the price of a property : A study on the construction and real estate industry's views on building regulations." Thesis, KTH, Byggteknik och design, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-302531.
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Sweden is currently experiencing major population growth, focused predominantly in and around its major cities. This has created an ongoing challenge for municipalities to ensure housing supply meets demand, in turn increasing the required rate of construction. Furthermore, new property prices are increasing which has led to lower and middle-income earners being pushed out of the market. The thesis examines the relationship between the sale price and unit construction price of new condominiums, and to what degree Swedish building regulations influence construction costs. The design of both new and re-developed housing is influenced by various Swedish laws, regulations and guidelines, where the Planning and Building Act and the National Board of Housing, Building and Planning's Building Rules govern, which are all recognized nationally. According to the Planning and Building Act, it is not permitted for municipalities to set their own requirements. However, the results of the study show that developers experience different interpretations of these rules and regulations when working within different municipalities, or even between different case officers within the same municipality. This then results in projects being difficult to plan, resulting in higher costs. Sweden has, when compared to other European countries, high production costs, which according to the literature review is considered to have a direct connection to construction requirements and market competition. Additionally, the results show that the requirements make it difficult to produce and implement standard designs and construction methods. This has led to the construction industry finding it difficult to develop in regards to construction technology and from a cost perspective. Lack of predictability has driven costs up when it comes to accessibility, housing design and fire protection. Finally, the study shows that lower production costs can lead to greater competition by making it easier for more developers to establish themselves in the market. This would result in more homes being built at lower production costs, which motivates developers to invest in new projects. As the results indicate that production costs do not affect final prices – but rather the willingness of developers to invest – a greater supply of housing would push down final prices.Befolkningen ökar ständigt i Sverige och framför allt i storstäderna. En pågående utmaning för landets kommuner är därför att se till att utbudet av bostäder möter efterfrågan och att det rådande underskottet på bostäder hämtas upp. För att göra det krävs en hög och jämn byggtakt. Vidare har de höga slutpriserna som i dagsläget föreligger på bostadsrätter, försatt låginkomsttagare utanför bostadsmarknaden och även skapat problem för medelinkomsttagare att förvärva en bostad. I detta examensarbete undersöks relationen mellan slutpriser på bostadsrätter och produktionskostnaderna för flerbostadshus samt om de svenska byggreglerna påverkar produktionskostnaderna. I förlängningen undersöker examensarbetet huruvida kraven i de svenska byggreglerna genererar merkostnader som i sin tur leder till dyrare priser på bostadsrätter. Hur ny- och ombyggnation ska utformas regleras i ett antal lagar, föreskrifter och allmänna råd, där Plan- och bygglagen och Boverkets Byggregler styr. Reglerna ska i sin tur verka nationellt och det är därmed enligt Plan- och bygglagen inte tillåtet för kommunerna att ställa egna särkrav. Dock visar resultatet av examensarbetet att byggbolagen upplever att det finns en viss tolkningsfrihet och lokala formuleringar av de rådande kraven. De menar att detta leder till att processen skiljer sig åt beroende på i vilken kommun nyproduktionen projekterats för samt vilken bygglovshandläggare som hanterar ärendet. Vidare resulterar detta i projekt som är svåra att planera och i vissa fall ger högre kostnader. Sverige har jämfört med övriga länder i Europa höga produktionskostnader vilket enligt litteraturöversikten anses ha en direkt koppling till bland annat kravställningarna och konkurrensen på marknaden. Dessutom presenterar resultatet att kravställningarna försvårar produktionen samt implementeringen av standardprodukter och innovationer. Detta leder till att byggbranschen generellt sett får det svårt att utvecklas industriellt, byggtekniskt och ur ett kostnadsperspektiv. Bristande förutsägbarhet är framför allt kostnadsdrivande när det handlar om tillgänglighet, bostadsutformning och brandskydd. Slutligen visar studien att lägre produktionskostnader kan leda till större konkurrens genom att det underlättar för fler byggbolag att etablera sig på marknaden. Detta skulle resultera i att fler bostäder skulle kunna byggas till lägre produktionskostnader vilket motiverar byggbolagen att investera i nya projekt. Eftersom resultatet tyder på att produktionskostnaderna inte påverkar slutpriserna utan snarare investeringsviljan hos byggbolagen, skulle också ett större utbud av bostäder pressa ned slutpriserna.
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Gunnelin, Åke. "Real options in real estate." Doctoral thesis, KTH, Fastigheter och byggande, 2000. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-2982.
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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
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Bohman, Michael. "Department of Real Estate and Construction Managemen Centre for Building and Real Estate Economy." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146884.
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Köpet av en bostadsrätt är för de flesta människor den största investering i deras liv. Som bostadsrättsinnehavare förvaltas huset och fastigheten av en bostadsrättsförening. För att finansiera driften och underhållet tar föreningen ut en avgift från bostadsrättsinnehavaren, en månadsavgift. Månadsavgiften, tillsammans med eventuella räntekostnader som uppstår om finansiering skett genom lån, utgör den sammanlagda boendekostnaden för bostadsrättsinnehavaren. Därför bör det vara av stor vikt att köparen försäkrar sig om att föreningen har god ekonomi och har skötts på ett bra sätt, för att undvika stora och oväntade höjningar av månadsavgiften vilket medför ökade boendekostnader. Den här uppsatsen syftar till att undersöka i vilken omfattning aktörer på bostadsmarknaden använder årsredovisningen som beslutsunderlag vid köpet av bostadsrätt samt att ge förslag på hur man kan göra årsredovisningen mer lättläst och förståelig. Data insamlades genom fastighetsekonomisk facklitteratur, myndigheter och organisationer som är verksamma inom området. Frågeställningarna ovan besvarades genom empiriska undersökningar i form av enkäter och intervjuer samt en jämförelsestudie av tre stycken bostadsrättsföreningar i Stockholms innerstad. Resultaten från enkäterna indikerade på att endast de med ekonomisk utbildning använde sig av och kunde tolka årsredovisningarna inför köpet av sin bostadsrätt. I de mer diskuterande intervjuerna framgick att även de med ekonomisk utbildning saknade kunskaperna som krävdes för att analysera föreningarnas årsredovisning på djupet, även om de hade större förståelse än de utan ekonomisk utbildning. Jämförelsestudien illustrerade hur nyckeltal kan användas för att analysera en bostadsrättsförenings ekonomiska status. Slutsatsen är att aktörer på bostadsrättsmarknaden utan ekonomisk utbildning inte använder sig av årsredovisningen som beslutsunderlag vid köp av bostadsrätter. De med ekonomisk utbildning använder sig av föreningens årsredovisning men saknar förmågan att analysera föreningens ekonomi på djupet. Uppsatsen föreslår att de behandlade nyckeltalen med tillhörande förklarande text bör presenteras i varje årsredovisning, förslagsvis under förvaltningsberättelsen. Det skulle medföra att samtliga aktörer på bostadsrättsmarknaden kan analysera föreningens ekonomi på djupet och försäkra sig om att göra ett välgrundat köp.The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s The purchase of a cooperative apartment is for most people the largest venture in their life. The housing cooperative is responsible for the running expenses and maintenance of the property and the house. To finance these costs, the owner of the cooperative apartment has to pay a monthly fee. The monthly fee, combined with possible interest costs if the apartment was funded by a loan, make the total accommodation cost for the cooperative apartment owner. Therefore it should be of importance to analyze the economic status of the housing cooperation prior the purchase. The purpose of this thesis is to examine the extent to which buyers use the annual reports of the housing cooperatives as decision-making material for the purchase, and provide suggestions on how to make the annual report more readable and understandable. Data were collected by literature, government agencies and other organizations in the real estate economic field. The questions above were answered through empirical research in the form of questionnaires and interviews, as well as a comparative study of three housing cooperatives in the inner city of Stockholm. The questionnaires indicates that only those with economic education made use of and could interpret the annual report when buying their cooperative apartment. The more discursive interviews showed that even those with economic education lacked the knowledge to analyze the association’s annual report in depth. The comparative study illustrated how key figures can be used to analyze the housing cooperative financial status. The conclusion is that actors on the cooperative apartment market that lack economic education does not use the annual reports at all as decision making materials. Even those with economic education lack the ability to analyze the housing cooperatives financial status in depth. The thesis suggests that the treated key figures with accompanying explanatory text should be presented in each annual report. It would mean that all actors in the cooperative apartment market could analyze the housing cooperation’s financial status in depth with ease.
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Conjeevaram, Navaneeth Raj. "Building the new urban India." Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/117304.
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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, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 69-75).
This thesis examines the rules and regulations influencing foreign investments in India's real estate sector. Specifically, this thesis discusses the Foreign Direct Investment Policy, The Foreign Exchange Management Act and the Reserve Bank of India's Foreign Exchange Management Regulations. Combined, they presents a comprehensive regulatory roadmap for the foreign investor evaluating an entry into the country's real estate sector.
by Navaneeth Raj Conjeevaram.
S.M. in Real Estate Development
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Lam, Kit-wah. "How Building Management Ordinance enhances the competitiveness of the private residential property management market? /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B35808196.
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Ng, Lin-chu Julie. "Management company's role & effectiveness in community building." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B22331359.
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Fisher, Jason (Jason Dean). "Innovative practice in the building process : a convergent development approach." Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/106759.
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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, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 60-61).
The current practice of building is a slow-moving, fragmented, and conflicted industry that operates on a variety of scales, emotions, professions and realities. The current practice of making buildings has the potential for innovation to align interests among otherwise adverse parties. Buildings are complex and dynamic physical realities, operating as economic, social, and emotional constructs in the urban environment. Buildings also constitute the single unifying element upon which all stakeholders in the process place their expectations. Financial, spatial, emotional, and civic success hangs in the balance of a zero-sum process. The background of the development process is presented, focusing on the current practices of real estate development and architecture and highlighting the critical relationship between each entity. Following the description of the underlying relationships and processes, three case studies of actual practices are presented as innovative and unique alternatives to the current process of building. Each case study outlines a potential integration and convergence of real estate development and architectural design, providing a new viewpoint from which to analyze current practice. Five principles of excellent development emerge from the case studies as decisive benchmarks to analyze the building process. Following initial background information and explicit understanding of current processes and potential innovative alternatives, this thesis proposes a new practice model of integrated real estate development and architectural design, the Convergent Model, which seeks to simplify the building process and align economic, social, and cultural goals within a truly interdisciplinary team of professionals. The process is a potential solution to the compounded and interconnected issues of current practice and is more likely to meet the five principles of excellent development. Finally, the Convergent Model is put into practice through a hypothetical demonstration project. The demonstration project consists of a comparison between a Baseline and a Proposal, two developments on the same site. The Baseline utilizes traditional practices and the Proposal employs the Convergent Model. The development processes are compared side by side and evaluated as an illustrative depiction of the potential for a new development process that is more capable of creating excellent buildings.
by Jason Fisher.
S.M. in Real Estate Development
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Clason, John C. (John Charles). "Building Information Modeling : value for real estate developers and owners." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42036.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 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 (p. 52-55).
The Architecture, Engineering, and Construction industry severely lags behind the manufacturing industry in terms of efficiency and productivity growth. This lag is a result of the fragmented nature of the industry and its resistance to adopting innovative technologies and processes that enable collaboration and efficiency. Building Information Modeling (BIM) is one of these innovations. Since building owners ultimately absorb every cost associated with a building project, they are in the best position to lead the AEC industry into an era of increased productivity through the adoption of collaborative practices and technologies such as BIM. However, owners cannot be expected to venture down this path unless they are aware of the potential value that the proper use of BIM can create for them. Therefore, this paper provides evidence of the value created for owners and developers by the use of BIM, and conveys that evidence in a framework that follows the actual phases and tasks of a real development project. Those phases are as follows: Market Research, Feasibility Analysis, Design, Construction, and Operations. In addition to actual examples of value creation, theoretical examples of future applications are discussed. The value created for owners and developers by implementing BIM on their projects is manifested primarily in the form of improved design quality and savings in time and money.
by John C. Clason.
S.M.in Real Estate Development
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Ford, Teri (Teri Leigh). "The relationship between the Massachusetts' building code and construction cost escalation." Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/120654.
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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, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 44-46).
Over the last twenty years in Massachusetts, there has been significant focus on a shrinking labor supply and material cost escalation as they relate to rising construction costs. However, there are other factors attributing to increased construction costs that are often overlooked. In these twenty years, four editions of the Massachusetts building code have been released; Massachusetts is currently governed by the 9 th edition. Since the 6 th edition was released in 1997, the code has expanded to include increased seismic requirements, improved fire prevention, and the energy stretch code. However, code changes are rarely included in the industry discussion when trying to explain rising costs. According to The Greater Boston Housing Report Card from 2015, "... the cost of developing urban projects in the Commonwealth increased by nearly 40 percent more than overall inflation" (Bluestone) since 2011. This suggests there is more at play than simply a high volume of work; and while there is no disputing the cyclic nature of the real estate market and the sheer economics of supply and demand, this conversation needs to be expanded to include regulatory influence - specifically building code. The building code in Massachusetts is reviewed and amended by a qualified, volunteer board of industry professionals called the Board of Building Regulations and Standards ("BBRS"). There is a public review process for code changes and avenues for the average person to request a variance or submit suggested amendments. However, this service is severely underutilized by the commercial industry. The intent of this paper is to analyze the relationship between the development and regulatory industries through the primary filter of cost management. Through this lens, I will look at the role of code ambiguity, the layers of regulatory enforcement, and the distribution of liability and the impact on construction cost. Based on interviews with industry professionals, I have identified the primary inefficiencies in the interactions between the two industries and developed three viable solutions to address some of the criticism. These solutions address the misalignment of interests between parties, the subjective assignment of liability, and the opaque, intimidating processes surrounding code variances and appeals.
by Teri Ford.
S.M. in Real Estate Development
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Lalloo, Aashen. "Board composition and company performance in the South African real estate sector." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59848.
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The drive behind a study of this nature was to provide an examination of the key elements that impact on company performance within the South African real estate investment sector is presented. Specific attention is paid to board size, age of the CEO, gender representation and the proportion of independent directors. A total of 33 publicly listed real estate investment firms on the Johannesburg Stock Exchange were studied. A quantitative analysis was carried out in order to determine the impact that certain dependent variables had on the performance of the company. Company performance was measured by the return on assets (ROA).
The research finds that board size is significantly negatively correlated to the firms' performance, which is line with similar international research. The paper also found that the percentage of independent directors serving on a board is positively correlated to its ROA.
Lastly, a comparison to other similar international studies is discussed in order to better contextualise the findings of this paper. The academic and real-world impact of the results is also examined.Mini Dissertation (MBA)--University of Pretoria, 2017.
pa2017
Gordon Institute of Business Science (GIBS)
MBA
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Beatty, Maximilian S. "Building towards an innovation economy : a pilot development proposal that leverages city and institutional partnership to reposition Baltimore." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/129107.
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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 164-169).
In the 1950s, Baltimore had reached its peak. The city's geographic location allowed it to thrive during the industrial age as a manufacturing and logistics hub for the United States. Since then, economic downturns, profound racial issues, dysfunctional leadership, and an urban exodus to the suburbs has left Baltimore struggling through a downward spiral. This thesis aims to validate and propose a solution for catalyzing the revitalization of Baltimore by leveraging strategic partnership and real estate development as a tool for change in the city. The thesis is comprised of four distinct sections. Section I provides a historical overview of the events and circumstances that shaped Baltimore. Section II presents a series of economic trends and forces that shape the development strategy for the city, which utilizes the biomedical research activity at Johns Hopkins to design and program effective urban centers. Section III proposes a pilot development project that makes an immediate impact on the East Baltimore community while supporting the growth of the biotechnology and life sciences industries locally to generate lasting benefits to the city. Finally, Section IV projects the future potential resulting from the execution of the proposed pilot and the formation of the cross-functional partnerships that are required for its delivery. The analysis focuses primarily on collaboration between the City, Johns Hopkins University, and a development partner driven by alternative measures of project success and outcomes. By aligning on desired commitments and returns, a highly efficient and productive form of project is made possible to trigger a transformation of Baltimore City.
by Maximilian S. Beatty.
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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Cheung, Shu-yan Edmond. "A study of the attributes for assessing the building quality of residential properties in Hong Kong /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B3802648X.
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Högberg, Lovisa. "Building Sustainability : Studies on incentives in construction and management of real estate." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-157936.
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This thesis summarizes the results from several studies with connection to sustainability in construction and management of real estate. Here, the concept sustainability includes environmental, social and economic dimensions and focus is on the actors with the best possibilities to impact real estate, namely the real estate owners and the developers. The thesis consists of six papers. Real estate owners’ perception of and incentives and strategies for sustainability was studied in four ways: incentives for energy efficiency and other sustainability issues in connection to renovation (papers I and II), factors that characterize firms with an ambitious approach to energy efficiency (paper V) and economic incentives for energy efficiency (paper VI). Developers’ behavior and impact on sustainability was studied in two ways: how developers’ planning and construction methods may influence energy consumption for future residents (paper III) and how developers relate to requirements for building environmental certification levels (paper IV). The first paper aims to clarify how housing firms see and treat energy efficiency matters in connection to renovation of multi-family buildings constructed during the 1960’s and 70’s. Interviews with housing firms resulted in four ideal housing firm types illustrating that housing firms have more or less incentives to improve energy efficiency. The second paper aimed to study a model for renovation of buildings in a residential area in peripheral Stockholm and to assess how it considers environmental, social and economic sustainability as well as technical concerns. Paper V builds on the results in paper I and aims to identify factors, on a firm level as well as in the surroundings of the firm, that characterize housing firms who own multi-family buildings from the 1960’s and 70’s and who have an ambitious approach to energy efficiency. Paper VI uses information from energy performance certificates to study whether better energy performance increases the selling price of single-family homes, which would increase owners’ incentives to improve energy efficiency. Paper III takes its starting point in an indicated shift in developers’ planning and construction practices for laundry facilities in owner-occupied multi-family buildings. The paper aims to clarify whether a shift has actually occurred from communal laundry rooms to in-unit laundry appliances and to illuminate the impact this could have on residents’ energy consumption for laundry. Paper IV reports the study of how developers who have adopted the environmental certification system LEED relate to the requirements for specific certification levels and how updated requirements risk undermining developers’ incentives for sustainable construction.Den här avhandlingen sammanfattar arbetet från flera studier med koppling till hållbarhet inom bygg och förvaltning av fastigheter. Begreppet hållbarhet omfattar här tre dimensioner: miljömässig, social och ekonomisk hållbarhet, och fokus ligger på de aktörer som har mest möjlighet att påverka fastigheterna, nämligen fastighetsägare och projektutvecklare. I avhandlingen ingår sex uppsatser. Fastighetsägares uppfattning av och incitament och strategier för hållbarhet undersöktes på fyra olika sätt: incitament för energieffektivisering och andra hållbarhetsfrågor i samband med renovering (uppsats I och II), faktorer som karaktäriserar företag med ett ambitiöst förhållningssätt i energieffektiviseringsfrågor (uppsats V) samt ekonomiska incitament för energieffektivisering (uppsats VI). Projektutvecklares beteende och påverkan på hållbarhet undersöktes på två sätt: hur projektutvecklares planering och byggmetoder kan påverka energianvändningen för framtida boende (uppsats III) och hur projektutvecklare förhåller sig till kravnivåer i miljöcertifiering av byggnader (uppsats IV). Den första uppsatsen syftar till att belysa hur bostadsföretag ser på och behandlar energieffektiviseringsfrågor i samband med renovering av flerbostadshus byggda under miljonprogrammet. Baserat på intervjuer med bostadsföretag resulterade den explorativa studien i konstruktionen av fyra idealtyper av bostadsföretag med mer eller mindre incitament för att energieffektivisera. Den andra uppsatsen syftade till att undersöka en modell för renovering av miljonprogramshus i ett bostadsområde i Stockholms ytterområden och bedöma hur den tar hänsyn till miljömässig, social och ekonomisk hållbarhet tillsammans med tekniska överväganden. Uppsats V bygger på resultaten i uppsats I och syftar till att urskilja faktorer, såväl på företagsnivå som i företagets omgivning, som karaktäriserar bostadsföretag som äger flerbostadshus från miljonprogramsåren och som har en ambitiös hållning i energieffektiviseringsfrågor. Uppsats VI använder information från energideklarationer för att undersöka om bättre energiprestanda ökar försäljningspriset på småhus, något som skulle öka ägarens incitament för energieffektivisering. Uppsats III utgår från en indikerad förändring i projektutvecklares planering och byggmetoder av tvättinrättningar i flerbostadshus med bostadsrätt. Uppsatsen syftar till att klarlägga om en förändring har skett från gemensam tvättstuga till tvättmöjligheter i den egna bostaden och belysa vilken effekt det skulle kunna ha på de boendes energianvändning för tvätt. I uppsats IV klarläggs hur projektutvecklare som bygger enligt miljöcertifieringssystemet LEED förhåller sig till kraven för att uppnå nivåerna för att klassificeras och hur uppdaterade kravnivåer riskerar att undergräva projektutvecklarnas incitament för att bygga hållbart.
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Goldstein, Mark (Mark E. ). 1968. "The relationship between real estate investment trusts and building-centric telecommunications providers." Thesis, Massachusetts Institute of Technology, 2000. http://hdl.handle.net/1721.1/32188.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2000.Includes bibliographical references (leaves 55-57).
This exploratory paper will examine the business relationships that have developed between REITs and building-centric telecommunications providers (BCTPs), including what types of business relationships are being formed between them, why they are being formed and what is important about these relationships. It shall be demonstrated that though there are a number of driving forces behind the proliferation of the REIT/BCTP relationship, including direct economic benefits to REITs and the influence of Wall Street, it is the indirect economic benefits that ultimately drives this relationship.
by Mark Goldstein.
S.M.
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Sundbom, David. "Green building Incentives : A strategic outlook." Thesis, KTH, Fastigheter och byggande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-39813.
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That there is great potential in the environmental benefits in the real estate area is obvious and theories from the research society on how to make them profitable for the real estate companies are many. However, it is still unclear which path to choose, in order to make theories become realities. The objective of this study is to anaalyze some of the strategic factors behind the choice of green buildings investments focusing on the Swedish market. The purpose is to understand the way real estate companies in Sweden manage the risks and opportunities in these green investments. The aim is to recognize the underlying framework for understanding the customers and their needs for a productive environemnt in commercial buildings. This thesis has concluded that the management of real estate companies is preceding the development of green buildings with caution. There are still knowledge barriers between management and actual real estate manager or rental department on how to communicate the "green" benefits for the building and the leases. The study also found evidence for the real estate companies problem to account and communicate the unique selling points (USP) of the "green" premium in a lease. Goverment policies and finacial incentives on credit arrangments are seen as to become more important for a positive development of conventional buildings into "green buildings". The ever growing importance of Corporate Social Responsibility might also become one of the driving factors for the development of more green buildings in Sweden.
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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.
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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, 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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Lopes, Jose Luis. "An investigation into the main information dimensions of corporate real estate management." Thesis, University of Reading, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266342.
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Yunqing, Liang. "Green Facility Management in a Shanghai Office Building : A Case Study of the "Asia Building"." Thesis, KTH, Fastigheter och byggande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-41503.
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This paper aims to explore how well green facility management has performed in Shanghai office building and finds the possible way to improve the situation. Together with two interviews, questionnaire based on benchmarking approach is conducted in a case study of the Asia Building, which lead to the conclusion that green facility management has done a fair work in Asia Building, and suggestions that laws and regulations related to green facility management should be established; governmental organization, the Trade Association of Shanghai Property Management, should take responsibility to improve the situation concerning to the issue; property management company should develop a healthy relationship with property owner and occupiers.
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Lam, Ching-mei. "Evaluation of the role of property manager in implementation of the mandatory building inspection scheme /." View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B40698233.
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Li, Heung-kwan. "Building a healthy community : the impact of property management in Hong Kong /." View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B38026909.
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Theunissen, Riette. "Green building strategy, investment and change in the South African real estate industry." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/52332.
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In the real estate industry the growth and growth opportunities for real estate funds are based on a macroeconomic level, but on a micro economic level the importance of new building investment, the quality of tenants and the length of lease contracts signed are the main determinants of real estate fund growth and return.
This research attempts to understand the perception and investment of green buildings in South Africa and whether real estate funds are focusing on green building investment as a strategic objective, as well as investigating the importance of tenants within the strategic framework. Furthermore the research attempts to investigate what changes would be required from a regulatory and other factors in order for the South African real estate industry to become more focused on green building investment.
The study found that the size of the real estate fund plays a significant role in whether or not real estate funds focus on green building investment as a strategic focus. The role and relationship with tenants furthermore adds to how important real estate fund view green building investment and finally the influence of regulation and the involvement of government, among other factors, plays a significant role in what the future will be holding for green building investment.Mini Dissertation (MBA)--University of Pretoria, 2015.
pa2016
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Seeney, Ronette C. (Ronette Chanel). "The unique challenges of building permanent supportive housing for female veterans : a comparative case study." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/111558.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2017.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 52-54).
In 2009, President Barack Obama and mayors around the country pledged to end veteran homelessness by 2015. Although their collaborative efforts led to a dramatic decrease in the rate of homelessness among veterans, the number of homeless female veterans peaked during the same period. The federal and state governments have increased the amount of permanent supportive housing units to address this rising homeless population, but experts have cited several reasons for stagnant rates of homelessness among female veterans. Many female veterans are unaware of housing opportunities, confused about identifying as a veteran, and/or perceive veteran housing as incompatible. Reasons for the perceived incompatibility of veteran housing by female veterans include the impression that it is an unsafe living environment, inaccessibility to supportive services such as childcare, and a lack of privacy. This thesis is a comparative case study of three veteran housing developments in Boston: Patriot Homes, New England Center and Home for Veterans (NECHV), and Brighton Marine. These cases explore how developers in Boston navigated the development process to provide housing for female veterans. This thesis examines such obstacles to building veteran housing as general development barriers, permitting issues, design requirements, and funding needs. Several recommendations for ending female veterans' homelessness are offered and focused on improving the development process using design, data, and policy.
by Ronette C. Seeney.
M.C.P.
S.M. in Real Estate Development
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Vanderweil, Peter. "Greening stadiums : study of environmentally responsible methods of building and retro-fitting stadiums." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/58641.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 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 (leaves 44-47).
Sustainable development for stadiums and arenas is a recent topic gaining interest throughout professional sports ownership groups worldwide. Stadiums have lagged behind in understanding the best practices surrounding the analysis and implementation of green building techniques due to their unique nature, while other more conventional building types have developed and implemented a standard system of practices with regards to sustainable design. Abnormal usage patterns, variable climate conditions, and slow changing operational structures with longstanding policies are all hurdles facing organizations as they attempt to make their stadiums greener. This thesis investigates and lists current examples of green friendly design and operations that exist in stadiums worldwide. It then considers an analysis of the LEED certification process, supply chain management, transportation infrastructure, recycling programs, and innovative design measures. The thesis also investigates the organizational and technical hurdles that many teams face in implementing these green features despite apparent widespread demand to adopt them. Many facets of greening stadiums have been implemented throughout the world, mostly using the existing framework that has been designed towards conventional buildings during recent years. Teams that have had the greatest success have shown a willingness to learn and understand the greening options available to them. This includes how these options fit into the physical confines of the stadium, its surrounding environment, and the overall business and social objectives of the organization. Successful adopters also strive to adapt their existing organizational and operational framework to position themselves to benefit from new techniques that could further enhance their stadium's overall green characteristics.
(cont.) Greening the current and future stadiums of the world is a continuous process. Teams that begin to implement sustainable practices generally find the process infectious, where more ideas and programs are soon born from previous initiatives. Organizational and technical leadership are keys to driving innovation and change.
by Peter Vanderweil.
S.M.in Real Estate Development
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Tang, Wai-ming Gilbert. "A critical assessment of the impact of professional property management on office building leasing." Click to view the E-thesis via HKUTO, 2002. http://sunzi.lib.hku.hk/hkuto/record/B42576994.
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Cocking, Owen P. "Financial intermediation and real estate development : a new paradigm for the home building industry." Thesis, Massachusetts Institute of Technology, 1994. http://hdl.handle.net/1721.1/65227.
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Ho, Sing-hung Echo. "Governmental regulation in the property management industry : a case of the building management ordinance /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18812387.
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Lam, Kit-wah, and 林杰華. "How Building Management Ordinance enhances the competitiveness of the private residential property management market?" Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B4500853X.
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Hägg, Gustav, and Niklas Jonsson. "Brand building activities in Small Service Firms: A Qualitative Study on Swedish Real Estate Firms." Thesis, Halmstad University, School of Business and Engineering (SET), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-5220.
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Brand building is a highly researched phenomenon when it comes to large enterprises in product oriented industries. However, when it comes to small firms and especially the service industry branding is a relatively new topic. This article explores the field of small service firms and their efforts in building their brand. The starting point rests on the creation of an organizational identity which is the values and beliefs that concurrently creates the foundation for the firm´s internal procedures. The purpose of this study is to get an understanding on how small service firms build their brand. Therefore, this article uses a qualitative approach with multiple cases with responding firms ranging from 2 to 12 employees. This was done in the effort of finding patterns on how brand building is conducted in small service firms. The findings shows that brand building is an important aspect that small service firms place great efforts on and that despite shortages in resources they build their brand by using alternative methods that are less resource intensive. The respondents argue that they have the organization as a base when creating their marketing activities. Important characteristics are consistency, honesty, creativity, integrity and heritage. Together they build a foundation for a unification of the firm that is presented through the brand. A unified organization is then used as a way of branding themselves towards new customers with the help of both reputation gained and word-of-mouth.
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Alldén, Pontus, and Dev Joshi. "Building a Green Living : Measuring the green bond premium on the Swedish real estate market." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-54790.
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Background: With the first green bond being issued in 2008 as a joint venture between World Bank Organization and the Swedish bank SEB the financial instrument has made an impact on the financial markets. With a high demand for sustainable investments in Sweden partly due to policies a premium for the green bonds is to be expected at least according to theory. The real estate market has adapted to the increased demand for green investments by moving more towards green bonds, and rightfully so as it is one of the largest polluters seen by sector. In result, it is also one of the largest issuers of bonds which creates an excellent opportunity to research the industry as there is plenty of data available. Purpose: This report will examine the premium of green bonds in the Swedish real estate market. Furthermore, it will also examine the effects of Covid-19 and to what extent this pandemic had an impact on green bonds. Method: The thesis examines the Option Adjusted Spread (OAS) of 166 bonds of 9 different companies from the start of 2016 to December 2020 within the Swedish real estate market. Control variables such as Company risk, Market risk and Macroeconomic variables were used in an OLS regression to estimate the premium. The effect of the Covid-19 pandemic was also examined. Conclusion: After analyzing 53 green and 113 conventional bonds no significant results were found on how premium differs between green and conventional bonds. However more general findings were found that suggest bonds become more sought during the Covid-19. It was further found that the green bond market is rapidly growing and may in a few years be in a better position to be examined.
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Wedding, G. Christopher Crawford-Brown Douglas J. "Understanding sustainability in real estate a focus on measuring and communicating success in green building /." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2008. http://dc.lib.unc.edu/u?/etd,1643.
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Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2008.Title from electronic title page (viewed Sep. 16, 2008). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of Environmental Sciences & Engineering." Discipline: Environmental Sciences and Engineering; Department/School: Public Health.
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Ng, Lin-chu Julie, and 吳蓮珠. "Management company's role & effectiveness in community building." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31968120.
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Cheung, Shu-yan Edmond, and 張樹仁. "A study of the attributes for assessing the building quality of residential properties in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B45008838.
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Matshili, Humbulani Emmanuel. "Post occupancy evaluation of an office building : the case of country club estate, Johannesburg." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1018554.
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Most organisations nowadays want to build offices that are cost effective, but at the same time they forget to consider the impact of IEQ on the occupants’ wellbeing and performance. These offices are equipped with air-conditioners, which may impact negatively on performances if not monitored, controlled and maintained. An occupant’s performance may be accelerated or reduced, based on the effectiveness of IEQ in the office buildings. It is imperative that the employer or management create a work environment that is conducive to the occupants’ needs, so that the occupants may be able to improve their work performance that often yields increased productivity. The main aim of the study was to investigate the efficiency of a building’s Indoor Environmental Quality (IEQ) and how it affects workers with regard to productivity. The objectives of the study were: to determine the level of satisfaction of the occupants in terms of the IEQ, evaluate the effects that the current IEQ of the building has on the productivity of the occupants, and proffer solutions to identified problems so that the building performance can be improved, and similar future buildings can be improved upon in terms of IEQ. Post Occupancy Evaluation (POE) was utilised to conduct the evaluation. This will help stakeholders and managements to ensure that past mistakes committed are not repeated in the future buildings. POE analyses IEQ related to Indoor Air Quality (IEQ), thermal comfort, occupant’s satisfaction and occupant performance and productivity. There is a correlation between different indoor parameters of the occupants’ satisfaction, health and productivity at the workplace. For these correlations to complement each other successfully, IEQ factors must be conducive to human wellbeing. Workplace environments are perceived as unsafe and unhygienic. This situation is caused by poor planning of workstations, low indoor air quality, inappropriate lighting in the office, lack of ventilation and insufficient safety measures. In particular, findings of this study demonstrate the low level of occupants’ satisfaction with regard to office buildings in the Country Club Estate, Johannesburg. The results from this study show that POE is perceived to be completely new to occupants of the Country Club Estate. Management or stakeholders have a huge task ahead to address the benefits of implementing POE and to face the consequences if POE is not implemented.
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Li, Heung-kwan, and 李向群. "Building a healthy community: the impact of property management in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B45008929.
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Schäfer, Carsten. "Asset Dividing Appraisal Model (ADAM) - Direct Real Estate Investment Evaluation." Doctoral thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-191784.
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The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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Stephenson, Robert Miller. "Quantifying the effect of green building certification on housing prices in metropolitan Atlanta." Thesis, Georgia Institute of Technology, 2012. http://hdl.handle.net/1853/50137.
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The buildings sector consumes approximately 40% of energy in the United States, and presents a major opportunity for reducing society's energy consumption and environmental impact. Given the potential downside impacts of climate change and resource depletion, it is imperative that the construction industry deliver buildings that meet owner requirements while using less energy and natural resources. In response to this challenge, the construction industry has adopted voluntary green building programs that provide guidelines for construction projects wishing to reduce their environmental impact. Green building programs also present the opportunity for those pushing beyond the status quo to receive increased recognition and market visibility; however, certification under these programs is not without an added cost. The added cost of certification varies by project, but building owners and builders must be able to justify this added cost through increased market recognition and sales and leasing prices. Given the relatively low recognition of a price premium for green certified residential properties by the real estate appraisal community and financial institutions, a need exists to demonstrate the added market recognition of these homes. Through the development of a hedonic regression pricing model this study isolates the effects of green building certification on housing sales prices, in order to prove the hypothesis that a significant increase in sales price is associated with green certified housing.
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Tang, Wai-ming Gilbert, and 鄧偉明. "A critical assessment of the impact of professional property management on office building leasing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2002. http://hub.hku.hk/bib/B42576994.
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Brown, Nils W. O. "Managing high environmental performance? : Applying life cycle approaches and environmental certification tools in the building and real estate sectors." Doctoral thesis, KTH, Miljöstrategisk analys (fms), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-201614.
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The main aim of this thesis is to demonstrate and critically assess life cycle approaches’ and environmental certification (EC) tools’ potential for supporting decisions for improved environmental performance in the building and real estate sectors. Using life cycle approaches, the thesis shows that for new build and renovation cases aiming for low operational energy use that embodied global warming potential (GWP) due to material production can constitute a large portion of a building’s lifetime GWP. Therefore life cycle based information about materials’ embodied GWP needs to be made available to and utilized by design process decision makers. It was also shown that applying the Swedish EC tool Miljöbyggnad was useful in highlighting potential positive and negative changes in indoor environmental quality arising from renovation packages aiming at significant operational energy use reduction in existing multifamily buildings. However such renovation packages are not profitable from a property owner perspective. Miljöbyggnad may be useful when designing policy instruments to overcome this. The thesis also showed that EC and related environmental enhancements contribute to achieving property owners’ and tenants’ overall strategic objectives for value creation. For property owners this arises for example through lower energy costs and attracting desirable tenants. For tenants, value creation arises as support for internal and external environmental communication. For the further development of life cycle approaches’ and EC tools’ application to buildings and real estate it is important to consider how they can be adapted to consider ‘distance to sustainable’ targets referencing for instance the planetary boundaries approach. It is also interesting to investigate how valuation of buildings and real estate may be performed in a way that expands from the current narrow focus on the economic perspective to also include environmental and social perspectives.QC 20170210
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Dugo, Isabella <1995>. "Finance embraces sustainability: An empirical analysis of the financial performances of ETFs investing in sustainable real estate and green building." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/20153.
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This thesis focuses on the topic of impact finance, and it provides an analysis of the financial performances of Exchange Traded Funds (ETFs) that integrate the principles of impact investing in their investment portfolios. The main purpose of this thesis is to analyse whether sustainable investments allow the investors to mitigate some risks, as well as to investigate how the integration of ESG criteria affects the returns of ETFs in bear and bull market conditions.
The first part of the thesis provides an analysis of the current state of the art of sustainable investing, as well as a review of the most recent regulation about the evolution of impact investing. The focus of the analysis are the Real Estate and the Building & Construction industries, which have been selected as interesting sectors, given their importance in national economies and the environmental impact that construction activities generate all over the world.
Moreover, the impact of screening strategies and the potential mitigation of risks derived from the allocation of capitals to sustainable investments are discussed, together with the literature review about the comparison of the financial performances of ESG and traditional investments.
Finally, an empirical analysis of the selected ETFs is presented. The analysis is based on the application of the Fama and French multi-factor models, which are used to evaluate and compare the financial performances and the exposure to risk of different funds investing in sustainable real estate and green building in Europe and in North America, before and after the Covid-19 pandemic.
Furthermore, the extension of the Fama and French six factor model is presented, with the addition of a sustainability factor that measures the portfolio's exposure to sustainable companies and to potential ESG risks.
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Lam, Ching-mei, and 林菁薇. "Evaluation of the role of property manager in implementation of the mandatory building inspection scheme." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B45009302.
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Burga, Campos Esteban, Salas Kenneth Orlando Escalante, Cruz Elizabeth Giulianna Hinostroza, and López Richard Salazar. "Fideicomiso de titulización para Inversión en Renta en Bienes Raíces “Fibra”." Master's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/626427.
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En el Perú se ha observado una desaceleración económica que ha afectado el crecimiento del sector construcción, si a esto sumamos la falta de gestión para proyectos de infraestructura por la falta de capacidad de las autoridades de turno, esta desaceleración del país ha afectado el sector público como privado generado por escándalos de corrupción en el país. A pesar de este clima adverso, el país mantiene una economía estable y una proyección de crecimiento positivo.
Para el gobierno es muy importante impulsar el crecimiento económico a través del desarrollo de infraestructura y la generación de inversión, por ello ha creado una serie de medidas que generan nuevas formas de inversión inmobiliaria a través del mercado bursátil. Es así que desde el año 2016 ha venido publicando una serie de normas que crean y regulan los Fideicomisos de Titulización para Inversión en Renta de Bienes Raíces (FIBRA), que en otros países son conocidos como REITs.
Con el desarrollo de este trabajo de investigación daremos a conocer esta nueva forma de financiamiento alternativo para inversión en bienes inmobiliarios denominado FIBRA, el cual democratiza el sector inmobiliario, además de ofrecer una serie de beneficios tributarios para inversionistas y para los propietarios de los inmuebles, quienes podrán convertir su predio en un activo líquido y diversificar su inversión.In Peru, there has been an economic slowdown that has affected the growth of the construction sector, if we add to this the lack of management for infrastructure projects due to the lack of capacity of the authorities on duty, this slowdown in the country has affected the public sector as private generated by corruption scandals in the country. Despite this adverse climate, the country maintains a stable economy and a positive growth projection. It is very important for the government to boost economic growth through infrastructure development and investment generation, which is why it has created a series of measures that generate new forms of real estate investment through the stock market. Thus, since 2016, it has been publishing a series of regulations that create and regulate the Securitization Trusts for Real Estate Investment Investment (FIBRA), which in other countries are known as REITs. With the development of this research work we will announce this new form of alternative financing for real estate investment called FIBRA, which democratizes the real estate sector, in addition to offering a series of tax benefits for investors and for property owners, who can convert their property into a liquid asset and diversify their investment.
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Bozorgi, Alireza. "A Framework for Integrating Value and Uncertainty in the Sustainable Options Analysis in Real Estate Investment." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/26333.
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Real estate professionals, such as investors, owner-occupants, and lenders who are involved in the investment decision-making process are increasingly interested in sustainability and energy efficiency investment. However, current tools and techniques, both technical and financial, typically used for assessing sustainability on their own are unable to provide comprehensive and reliable financial information required for making high-quality investment decisions. Sustainability investment often includes non-cost benefits, value implications, as well as substantial risk and uncertainty that current methods do not simultaneously incorporate in their assessment process.
Through a combined quantitative and qualitative approach, this research creates a new systematic assessment process to consider both cost and non-cost savings and therefore the true financial performance of a set of sustainable options in the context of value and risk, while explicitly deriving and including various uncertainties inherent in the process. The framework integrates assessment tools of technical decision-makers with those of investment decision-makers into a single platform to improve the quality of financial performance projections, and therefore, investment decisions concerning sustainable options in real estate.
A case study is then conducted to test and demonstrate the numeric application of the proposed framework in the context of a non-green office building. The case study presents how to connect the technical outcomes to financial inputs, present the information, and estimate the true financial performance of a green retrofit option, where incremental value and uncertainty have been modeled and included. Three levels of financial analysis are performed to estimate the distribution of financial outcomes including: 1) Cost-based level-1: only energy related costs savings were considered; 2) Cost-based level-2: the non-energy cost savings, including heath and productivity, were also considered; and 3) Value-based level: the value implications of the green retrofit option were considered in addition to items in level 2. As a result of applying the proposed framework when evaluating sustainability investment options, many investment opportunities that were otherwise ignored may be realized, and therefore, the breadth and depth of sustainability investment in real estate will increase.Ph. D.
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Phometsi, Mothusi. "Economic evaluation of flexible partitions." Thesis, Georgia Institute of Technology, 2010. http://hdl.handle.net/1853/34774.
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Corporate Real Estate (CRE) investors are often confronted with a need for flexibility in buildings. They often embark on costly renovations to accommodate changing use requirements. When new needs arise, landlords and tenants often risk loss due to inability to easily switch to configurations that can meet those needs. The main cause for this problem is lack of a planning model that can allow buildings to easily evolve over time allowing decision-makers to hedge investment positions against risk due to uncertainty.
The emergence of Real Options (RO) theory in the 1970's has led to debates in search of a better planning model for real projects. The success of RO application in building construction (BC) hinges on the development of models that can be used to assess economic performance of flexible design options (FDO) in building systems. For building interior spaces, there is currently no model that can value flexibility of partition systems. The purpose of this study is to present a model that can be used to value flexibility in mutually exclusive partition systems over a project's life span. The proposed model uses decision tree representation, stochastic forecasting and random sampling of decision-path scenarios to generate cumulative risk profiles of partition systems' life cycle costs with expected median value, standard deviation and variance to inform decision making under uncertainty.
The research processes include: assumptions, decision-making structure for identification of uncertain variable, model representation, spreadsheet programming, Monte Carlo simulation, and validation. The model will enable application of RO "in" BC projects.
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Kytömäki, Olli. "Digitalization and innovation in the real estate and facility management sectors - an ecosystem perspective." Licentiate thesis, KTH, Ledning och organisering i byggande och förvaltning, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-266951.
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Digitalization has become a topic of several presentations and discussions in real estate industry seminars in recent years. Often the speeches are about why the real estate industry needs digitalization, presenting threats and opportunities for the participants of the seminars. Still, real estate industry is conservative by nature and thus far property owners have not needed to innovate in order to stay in business. Therefore, a question arises that how do real estate owners react to the growing expectations about digitalization. On the other hand, relatively little is known about the innovativeness of real estate firms, as innovation research in built environment sector has largely focused on building project management phase organizations and facility management firms. Still, the real estate owners have a central role and a long-term perspective on the innovation in the built environment sector as a whole, as they are clients in all building life-cycle phases. Thus, this thesis purpose is to increase understanding of digitalization as a phenomenon in the real estate and facility management sectors: 1) by distinguishing the phenomenon in relation to existing research and 2) by generating new knowledge on digitalization in the field by explorative research. In order to distinguish the phenomenon in relation to existing research, the thesis provides a structured literature review that focuses on digitalization in the real estate and facility management sector. The main conclusion is that digitalization is a complex phenomenon, including multiple perspectives and conceptualizations, although, the literature converges on rather distinct topics of digital systems and methods, technology adoption and organization and management. Additionally, the review provides a discussion of opportunities for further research. An argument is made for sociotechnical perspective to provide opportunities for better managerial comprehension on the complex phenomenon. In order to generate new knowledge on digitalization in the field, particularly, on the innovativeness of real estate firms, the thesis provides summaries of two papers. The first paper focuses on the innovation processes in the real estate owner organizations and the second paper focuses on the innovation ecosystem that comprises of actors that contribute towards common innovation goals. The papers are based on interviews with the various real estate industry actors and document analysis. The papers converge on results, concluding that the real estate owners have invested in resources and capabilities for innovation, but it is still challenging for them to act on the digital threats and opportunities. Additionally, the second paper develops an operationalizable definition and methodology for research on innovation ecosystems, which has relevance for the more general literature on innovation and strategy. Thus, this thesis distinguishes digitalization as a phenomenon in the built environment management sectors and increases understanding on the innovativeness of real estate firms’ and other actors that contribute to the innovativeness of the real estate sector as a whole.Digitalisering har blivit ett ofta återkommande ämne för ett stort antal seminarier inomfastighetsbranschens under de senaste åren. En återkommande fråga har varit hurfastighetsbranschen hanterar digitaliseringen, samt om vilka hot och möjligheterdigitaliseringen innebär för branschen. Fastighetsbranschen uppfattas ofta som konservativoch hittills har fastighetsägare inte tvingats vara särskilt innovativa för att kunna fortsätta sinverksamhet. En intressant fråga i sammanhanget är därför hur fastighetsägare reagerar på deväxande förväntningarna om digitalisering från omvärlden. Relativt lite är känt ominnovationsförmågan hos fastighetsföretag, eftersom innovationsforskningen inom byggdmiljö till stor del har fokuserat på byggprojekt och fastighetsförvaltning. Fastighetsägarna hardock fortfarande en central roll och borde ha ett långsiktigt perspektiv på innovationer inomden byggda miljön som helhet, eftersom de är verksamma inom byggnadens alla faser ilivscykeln.Mot denna bakgrund är avhandlingens syfte att öka förståelsen för digitalisering som fenomeninom fastighetsförvaltningen: 1) genom att analysera fenomenet i förhållande till denbefintliga forskningen och 2) genom att generera ny kunskap om digitalisering inom områdetgenom intervjuer och dokumentanalys.För att särskilja fenomenet digitalisering i förhållande till befintlig forskning innehålleravhandlingen en strukturerad litteraturöversikt som fokuserar på digitalisering inomfastighetsförvaltningen. Den huvudsakliga slutsatsen från denna litteraturöversikt är attdigitalisering är ett komplext fenomen, som innehåller flera perspektiv ochkonceptualiseringar, även om litteraturen fokuserar på ett antal distinkta ämnen: digitalasystem och metoder, anpassning av teknik och organisation samt förvaltning. Dessutominnehåller översikten en diskussion om relevanta områden för vidare forskning. Vidare geröversikten vid handen, att genom att anlägga ett socio-tekniskt perspektiv ges bättremöjligheter att förstå digitalisering.För att skapa ny kunskap om digitalisering, särskilt vad gäller fastighetsföretagensinnovativitet, innehåller avhandlingen två artiklar. Den första artikeln fokuserar påinnovationsprocesser inom fastighetsföretag och den andra artikeln fokuserar påinnovationsekosystemet som består av ett antal olika aktörer som bidrar till gemensammainnovationsmål. Artiklarna bygger på intervjuer med olika aktörer inom fastighetsbranschenoch dokumentanalys. Artiklarnas resultat pekar åt samma håll, och slutsatsen som kan dras äratt fastighetsägarna har investerat i resurser och kapacitet för innovation, men det ärfortfarande en stor utmaning för dem att agera på digitala hot och möjligheter. Dessutomutvecklar den andra artikeln en definition och metod för forskning om innovationsekosystem,som har relevans för forskning inom innovation och strategi. Således särskiljer denna avhandling digitaliseringen som ett fenomen inom den byggda miljönoch ökar förståelsen för fastighetsföretagens innovationsförmåga och andra aktörer sombidrar till innovationer inom fastighetssektorn som helhet.
QC 20200127
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Wong, Wing-lok. "An analysis of the impact of the Building Management Ordinance on owners' incorporation." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B20126578.
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Olejník, Martin. "Metodický postup koupě rodinného domu na hypoteční úvěr z pohledu kupujícího." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2019. http://www.nusl.cz/ntk/nusl-399624.
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Master thesis focuses on selected real estate with mortgages. Opinions on displaying processes for buying a property for a mortgage loan in the created graphic process of the Czech Banking Association. Explaining legislation on mortgage banks or building societies.
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Ho, Sing-hung Echo, and 何醒紅. "Governmental regulation in the property management industry: a case of the building management ordinance." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31968053.
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Novotná, Eva. "Stanovení hodnoty projektu pro navýšení nemovitého majetku." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2018. http://www.nusl.cz/ntk/nusl-371880.
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The diploma thesis solves the value of a cultural immovable monument. The course will deal with the issue of real estate valuation in relation to the life cycle of the building and its historical value. In order to verify the acquired theoretical knowledge, a case study will be prepared, which will determine the value of the cultural monument.
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Kindberg, Hanna. "Implementation of a digital work procedure for the development and optimization of real estate inspections : An analytical study about digital tools." Thesis, KTH, Hållbara byggnader, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-278209.
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The society today is heading towards a digital development and many companies are adopting a more digital way of working. The working procedures used in the industry of real estate inspections are in a need of modernization to keep up with the society’s rate of development. Thus, to be able to satisfy the requirements from both the customers and the new generation of surveyors, new tools to perform more efficient inspections need to be developed. The purpose of this study is to examine if real estate inspections, primarily pre-purchase inspections, can be performed more efficient with the use of a digital tool. The study covers the work from the ocular inspection to the post-processing work with the documentation. At first, the study mapped out all the available solutions for digital documentation. A digital tool was chosen to be tested during two pre-purchase inspections. Thereafter, the surveyor’s way of working was compared with a digital way of working. The comparison included differences in the working process, efficiency, and the post processing work. The digital tool could then be evaluated, and improvements were suggested. The study was concluded by a qualitative interview study where people working in the industry of real estate inspections answered nine questions about digital development to increase the comprehension for their personal thoughts and experiences of the subject. The results showed the largest difference between a digital way of working compared to working with paper and pen, was during the post-processing work with the documentation. A digital tool removes unnecessary steps, such as transferring handwritten notes to digital form, which in turn alleviates the workload. Furthermore, it is important that a digital tool is user friendly and flexible, to ensure that the facts about the house are easily collected. Many of the respondents from the interviews were positive to and understood the digital development in their line of business. Most of the responders had also a motivation to develop their skill in digitalization. In conclusion, this study shows that there exists an interest to develop the inspections of real estate and an aim towards a more modern work procedure. Alas, there is more work to be done to make the digital tools competitive to the traditional tools. The area of business is small which unfortunately leads to a limited development. By cooperation between companies and by listening to the professionals in the line of business, the digital development can achieve greater progress.Dagens samhälle går en digital utveckling till mötes och många verksamheter ansluter sig till ett mer digitalt arbetssätt för att följa med i utvecklingen. Arbetsmetoderna som fastighetsbesiktningsbranschen idag använder sig av kan behöva moderniseras för att kunna hänga med i samhällets utvecklingstakt. För att möta både kunders och den nya generationen besiktningsmäns behov behöver nya verktyg utvecklas för att kunna utföra effektivare besiktningar. Den här studien syftar till att undersöka om fastighetsbesiktningar, främst överlåtelsebesiktningar, kan göras effektivare genom användandet av ett digitalt hjälpmedel. Undersökningen sträcker sig från arbetet med den okulära besiktningen till efterarbetet med dokumentationen. Verkställandet av studien gjordes genom en kartläggning av befintliga lösningar för digital dokumentation. Genom noggrann överläggning valdes ett av de digitala hjälpmedlen ut för att testas vid två överlåtelsebesiktningar. Fortsättningsvis gjordes en jämförelse mellan besiktningsmannens arbetssätt och ett digitalt arbetssätt med det valda hjälpmedlet på arbetsgång, effektivitet samt skillnad i efterarbete med dokumentationen. Det digitala hjälpmedlet kunde sedan utvärderas och förslag till förbättringar och önskvärda egenskaper kunde tas fram. Studien avslutades med en kvalitativ intervjustudie där yrkesverksamma inom branschen fick svara på nio frågor om digital arbetsutveckling för att öka förståelsen för deras personliga tankar och upplevelser kring ämnet. Resultatet visade att den största skillnaden mellan ett digitalt arbetssätt och ett arbetssätt med papper och penna upplevdes under rapportskrivandet. Ett digitalt hjälpmedel tar bort onödiga moment, som exempelvis dubbelarbete genom överföring av redan skrivna anteckningar till dator, som stjäl dyrbar tid. Vidare är det tydligt att det digitala hjälpmedlet ska vara användarvänligt och flexibelt för att utan svårigheter kunna samla fakta om huset som ska besiktigas. Resultatet av intervjustudien visade att majoriteten av de tillfrågade var positiva till och förstod behovet av digital arbetsutveckling. De flesta hade dessutom en vilja att öka sina kunskaper inom digitalisering. Konklusionen är att studien visar att det finns en vilja att utveckla praktiken gällande besiktningar och gå mot ett modernare digitalt arbetssätt, men att det är en bit kvar att gå för att göra dagens digitala hjälpmedel attraktiva för branschens besiktningsmän. Utvecklingen är begränsad av att verksamhetsområdet är litet. Med samarbete företag sinsemellan och genom att lyssna på dem som är yrkeskunniga i branschen kan den digitala utvecklingen åstadkomma större framsteg.
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Noholoza, Alex. "An investigation on the role of Development Finance Institutions (DFI) in building small emerging enterprises for property development initiatives in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020646.
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Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.