Samenvatting
Summary Real Estate Development MSc RES
Summary RED, including: - All the Lectures from RED - Article summaries - Relevant additions from the obligatory literature - Answers to previous exam questions and how to answer them
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Voorbeeld van de inhoud
Summary RED, including:- All the Lectures from RED
- Article summaries
- Relevant additions from the obligatory literature
- Answers to previous exam questions and how to answer them
Wee Topic Literature
k
1 No class
1.1 Introduction EMCREM (Chapter 1-2),
Planning & development sustainable cities
B2002, TKM1998
1.2 Seminar 1 – vision and concepts Input assignment 1
2.1 RED economics and finance l DW1992
2.2 RED economic and finance ll DW1994, P1984
2.3 Seminar 2 – market analysis Input assignment 2
3.1 RED Ethics, Integrity and Culture M2014, HHH2010, B2009,
DPS2016, GL2018
No class
No class
4.1 RED economics and finance lll H2017
4.2 RECAP
4.3 Seminar 3 – finance deloitte Input assignment 3
5.1 RED LCC, sustainability and architecture JES2020
5.2 RED LCC, sustainability and architecture ll EKQ2010, ELG2021, BG2016,
TR2016, WPE2010
5.3 Seminar 4 – Sustainability
6.1 RED LCC, sustainability and architecture lll VL1989, AH2016
No class
No class
7 Case presentations
8 Exam
12 Resit
,Contents
Week 01.................................................................................................................................................4
Lecture 1.1 – Planning & development sustainable cities..................................................................4
Seminar 1 – Vision and Concepts......................................................................................................15
Week 02...............................................................................................................................................17
Lecture 2.1 – RED Economics and Finance l......................................................................................17
Lecture 2.2 – RED Economics and finance ll.....................................................................................33
Seminar 2 – Market analysis.............................................................................................................43
Week 03...............................................................................................................................................44
Lecture 3.1 – RED Ethics, integrity and culture.................................................................................44
C2018............................................................................................................................................52
GL2018..........................................................................................................................................53
Week 04...............................................................................................................................................54
Lecture 4.1 – RED Economics and Finance lll....................................................................................54
Lecture 4.2 – RECAP..........................................................................................................................60
Seminar 3 – Finance, H. Celik, Deloitte.............................................................................................64
Week 05...............................................................................................................................................69
Lecture 5.1 – RED sustainability, LCC and architecture.....................................................................69
Lecture 5.2 - RED LCC, sustainability and architecture ll...................................................................76
Seminar 4 – Sustainability.................................................................................................................82
Week 06...............................................................................................................................................83
Lecture 6.1 - RED LCC, sustainability and architecture lll..................................................................83
All Literature:
MODULE I - RED Economics & Finance
DW1992 – DiPasquale, D.and W. Wheaton (1992) ‘The market for real estate asset and space: a
conceptual framework, Journal of the American Real Estate and Urban Economics Association. 20:
181-197.
DW1994 – DiPasquale, D and W. Wheaton (1994) Housing market dynamics and the future of
housing prices, Journal of Urban Economics 35 1-27.
B2002 - Barras R. (2002) Building Cycles. Wiley Publishers. Chapter 1-3.
H2017 - Hilber, C.A. (2017) The economic implications of house price capitalization: a synthesis.
Real Estate Economics, 45(2), pp.301-339
P1984 - Poterba, J. (1984) Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach.
The Quarterly Journal of Economics, 99: 729–752.
TKM1998 - Tsolacos, S., Keogh, G. and T. McGough (1993) Modelling use, investment, and
development in the British office market. Environment & Planning A. 30: 1409 -1427.
,EMCREM – Nozeman E. F. and A.J. van der Vlist (2014) European Metropolitan Commercial Real
Estate Markets. Springer Publishers. Chapter 1-2.
MODULE II - RED Ethics, Integrity & Culture
M2014 – Meyer, E., (2014) The Culture Map. eBook Collection (EBSCOhost)
HHH2010 – Hebb, T., Hamilton, A., and H. Hachigian (2010) Responsible Property Investing in Canada:
Factoring Both Environmental and Social Impacts in the Canadian Real Estate Market. Journal of
Business Ethics. 92, supp 1, 99-115
B2009 – Brinkmann, J. (2009) Ethics on the Agenda for Real Estate Agents. Journal of Business Ethics.
88: 65-82
C2018 – Crosby, N., Devaney, S., Lizieri, C., McAlister, P. (2018) Can Institutional Portfolio Bias
Appraisals? Evidence from the Market Downturn. Journal of Business Ethics, 147: 651-667
GL2018 - Godinez, J., Liu, L. Corruption and Its Effects on FDI: Analysing the Interaction Between the
Corruption Levels of the Home and Host Countries and Its Effects at the Decision-Making Level.
Journal of Business Ethics 147, 705–719 (2018). https://doi.org/10.1007/s10551-016-3380-7
MODULE III - RED Sustainability, Life-Cycle Costs & Architecture
EKQ2010 – Eicholtz, P. N. Kok, J. Quigley, 2010, Doing well by doing Good? Green Office Buildings.
American Economic Review. 100: 2492-2509.
AH2016 – Ahlfeldt, G.M., N. Holman, 2016, Distintively Different: a new approach to valuing
architectural amenities. Economic Journal. 128: 1-33.
TR2016 - Tokarik, M.S. and Richman, R.C. (2016) Life cycle cost optimization of passive energy
efficiency improvements in a Toronto house. Energy and Buildings. 118: 160-169.
WPE2010 – Wong, I., Perera, S. P. Eames (2010) Goal directed life cycle costing as a method to
evaluate the economic feasibility of office buildings with conventional and
TI-façades. Construction Management and Economics. 28: 715–735.
VL1989 – Vandell, K.D. and J.S. Lane (1989) The economics of architecture and urban design: some
preliminary findings. Journal of the American Real Estate and Urban Economics Association. 17: 235-
260.
JES2020 – Joensuu, T., H. Edelman and A. Saari (2020) Circular economy practices in the built
environment. Journal of Cleaner Production. 276. 124215.
BG2016 - Bokhari, S. and Geltner, D. (2016). Characteristics of depreciation in commercial and
multifamily property: An investment perspective. Real Estate Economics, 46(4):745–782.
ELG2021 - Eikelenboom, M. Long, T., Gjalt de Jong, (2021) Circular strategies for social housing
associations: Lessons from a Dutch case, Journal of Cleaner Production (292) 126024,
https://doi.org/10.1016/j.jclepro.2021.126024.
, Week 01
Lecture 1.1 – Planning & development sustainable cities
RED = more about conceptual models in order to derive at conceptual predictions. E.g. the
relationship between demand and rents and the conceptual reasoning. Not so much the use of data
points. More business analytics (more on financial motivation as well).
Stylized facts of RE markets:
- Lumpy, capital intensive and durable
o Consequence: some years of little investment followed by a spike (boom);
o Implication: this creates cycles (no consistence)
- Long adjustment process with lags, and market frictions with vacancies and waiting lists
- Market differs across regions, based on yields, demand and output
In small markets the price is not exogenous if your development is very large, thus the larger your
development, the larger the chance you are affecting the market price in the region by changing the
overall stock.
The type of buyers that are coming into the market are a really good indicator of the state of the
market. As a developer it is important to know where you are in the market cycle.
Learning objective 1: knowledge of RE, RED Process, RED agents and their roles and responsibilities.
Example; old school, large cultural heritage
Where does the development start here?
From idea to disposal (no exploitation)
1. Market analysis = is there demand? What are the
demographic trends. There are two layers in
demand: users and investors:
- User – demographic demand
- Investor – who is going to buy
2. When you find an investor, you can bring the
stakeholders together (NIMBY’s, local governance,
investors)
3. Exit strategy,
- Look at DCF
- Look at Yield
- Look at the HABU
Financial loss
- Don’t change exogenous variables (parameters determined by the market: rent/yield)
- Change endogenous variables (HABU = increase quality of the project via higher density or
development in phases)
How to increase revenues (prevent financial loss)
- Increase density
- Lower costs where possible
- Use leverage (often not preferred)
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