Samenvatting real estate
SGPL samenvatter
Geltner, D.M., Miller, N.G., Clayton, J., & Eichholtz, P. (2007). Commercial Real Estate: Analysis and
Investment. Second Edition. Thomson Higher Education. Chapter 1: Real estate space and asset
markets, pp. 3-19
Geltner, D.M., Miller, N.G., Clayton, J., & Eichholtz, P. (2014). Commercial Real Estate: Analysis and
Investment. Third Edition. OnCourse Learning. Chapter 2: Real estate system, pp. 24-37
OECD. (2021). ‘Building for a better tomorrow: Policies to make housing more affordable.’
Employment, Labour and Social Affairs Policy Briefs. OECD. Available at: http://oe.cd/affordable-
housing-2021.
Hudson-Wilson, S., Gordon, J.N., Fabozzi, F.J., Anson, M.J.P., & Giliberto, S.M. (2005). Why real
estate? The Journal of Portfolio Management, 31(5), 12-22.
Van Loon, J., & Aalbers, M.B. (2017). How real estate became ‘just another asset class’: the
financialization of investment strategies of Dutch institutional investors. European Planning Studies,
25(2), 221-240. Available at: https://doi.org/10.1080/09654313.2016.1277693
Boonen, M., Rosian, A., & Slijpen, D. (2021). Investing in main shopping streets. Colliers. Available at:
https://www.colliers.com/en-nl/research/beleggen-inwinkelvastgoed-in-binnensteden
Lanting, C., Ollefers, V., & Pustjens, M. (2020). Repurposing retail into housing. Colliers. Available at:
https://www.colliers.com/ennl/research/transformatie-van-winkels-naar-woningen
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niet-op-gang
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trembling pillars in the planners’ paradise. European Planning Studies, 24(7), 1281-1294. Available at:
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in house prices. NBER Working Paper 10124. National Bureau of Economic Research. Available at:
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Available on Blackboard.
,College 1
Wat moet je allemaal weten?
- De definitie van real estate
- De definitie van commercial real estate
- Wat is de real estate market (wat zijn belangrijke kenmerken van deze markt tov andere markten)
en hoe werkt deze (moet je kunnen uitleggen adhv Q4-model)?
- Wat zijn punten van kritiek op het Q4 model?
- De definitie van institutions en real esate market institutions
- De verschillende real estate actors onderscheiden
Begrippen die je moet kennen
- Real estate
- Property
- Elasticity
- Price volatility
- The Q4 model
- Space-usage market
- Asset market / investment market
- Construction market
- Institutions
- Institutionalization
- Institutional vs private investors
- Intermediairies
Real estate: all goods attached to the earth’s surface. So land, but also land + buildings.
Property: is hetzelfde als real estate, maar real estate is eigenlijk Amerikaans, property is Brits. Real
estate gaat meer over de fysieke kenmerken, property gaat meer over de institutionele kant. In deze
cursus worden beide termen door elkaar gebruikt.
The real estate market distinguishes itself from other markets. Belangrijke kenmerken van de
vastgoedmarkt zijn:
1. Immobility: because real estate is tied to the earth its worth is highly dependent on where the real
estate is.
2. Heterogeneity: locational advantages/disadvantages. Er is grote heterogeniteit op de markt. In dat
opzicht onderscheidt de onroerend goed markt zich sterk van andere markten.
3. Longevity: vastgoed blijft vaak voor lange tijd staan.
These features of the real estate market have several consequences:
1. Emergence of a (asset) market
- Immobility scarcity value. Doordat vastgoed gebonden is aan een bepaalde plek, is er
automatisch schaarste, hierdoor wordt de prijs van het vastgoed sterk beïnvloed.
- Longevity long-term value. Because of the long-term value it has, real estate is an asset (mensen
investeren er in).
2. Thin market
- There are very few transactions
- This results in few references and makes the market less transparent
- Valuations are therefore of high importance (not the price)
- Highly dependent on the ‘human factor’ miscalculations and opportunism
, 3. Inelastic supply
- Elasticity: the respons to changes in price (dus vraag op de huizenmarkt is niet heel erg gevoelig
voor prijzen, want:)
- Non-reproducable (e.g. location, style, construction period) (Je kunt niet zomaar nieuw aanbod van
huizen aan de Oudegracht toevoegen)
- Time and cost of production/removal
- This results in price volatility (de beweeglijkheid van prijzen op de vastgoedmarkt op korte termijn)
What is commercial real estate?
Commercial real estate: several definitions
- Eerste definitie: real estate with profit-seeking uses/users (offices, retail, industrial)
- Tweede definitie: income-generating real estate: separation of ownership and occupation (dit is
hetzelfde als de eerste definitie máár deze is dus inclusief huurwoningen/rental housing)
- Commerical real estate omvat dus niet: owner-occupied housing en social/public property
What is the commercial real estate market?
Commercial real estate markets
- A market is a mechanism through which goods and services are voluntarily exchanged among
different owners.
- The market is not the same as the private real estate industry!
Kenmerken commercial real estate market:
1. Markets are geographically segmented (regional)
- Locational (dis)advantages (de markt in Leeuwarden is anders dan de markt in Utrecht)
- Daily urban systems (de gebruikers van de regionale markt in Leeuwarden maken geen gebruik van
die van Utrecht en andersom)
2. Markets are also functionally segmented
- Housing, offices, retail, industry etc. are all different functions that have different users and require
different land-use planning (zoning).
3. Markets are stratified
- Space usage market: huurder-verhuurder
- Asset market (ook wel: investment market): investeerders handelen met investeerders
- Construction market:
- Zie de mooie tabel van de verschillende markten die je kan onderscheiden. De rondjes met cijfers er
in slaan op welke onderwerpen er in de verschillende lectures aan bod gaan komen:
4Q model of the real estate market
*Teken een X en Y as*
Y as is de huur (rent)
X as is de stock (aanbod)
S = stock
R = rent
P= price
