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Journal articles on the topic 'Commercial real estate'
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Ruff, Jon. "Commercial Real Estate." Journal of Portfolio Management 33, no. 5 (September 30, 2007): 27–36. http://dx.doi.org/10.3905/jpm.2007.698903.
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Liu, Ya Chen, Wan Bo Liu, and Meng Xiao Sun. "Analysis of Risk of Commercial Real Estate Based on Multiple Attribute Group Decision-Making." Advanced Materials Research 368-373 (October 2011): 1920–25. http://dx.doi.org/10.4028/www.scientific.net/amr.368-373.1920.
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Abstract: Commercial real estate is the real estate primarily used for commercial. This paper proposes using the multi-attribute group decision method to identifying the risks of commercial real estate. By calculating the weight of each risk attributes to reflect the degree of influence of different decision makers and risks on the results,and to deduce the degree of similarity and diversity of each decision makers. It introduces the concept of entropy to calculate the weight of each risk attributes, infer the integrated decision-making value of very risk factors, and arrange every risk in order. Finally, it identifies the feasibility. Introduction Commercial real estates are real estates for commercial purposes classified according to use. They include retail shops, supermarkets, community business, commercial plazas, shopping malls and so on. Compared with residential real estate, commercial real estate has larger profits. However, high profits always accompanied with high risk. Developers can obtain the value of compensation and benefits after sold residential real estate, while the payback periods of commercial real estates are longer, even extended to the entire project duration, and are affected by various factors. The risks of commercial real estate including policy risk, funding risk, operational risk, urban planning risk, technology risk, natural risk, market supply and demand risk, capital risk and so on. Previous studies based mainly on qualitative research[1-3], but quantitative analysis of risk identification is less. Based on this, this paper proposes a method of multiple attribute group decision.
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Idzorek, Thomas M., Michael Barad, and Stephen L. Meier. "Global Commercial Real Estate." Journal of Portfolio Management 33, no. 5 (September 30, 2007): 37–52. http://dx.doi.org/10.3905/jpm.2007.698904.
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Lucas, Douglas J., Laurie S. Goodman, Frank J. Fabozzi, and Rebecca J. Manning. "Commercial Real Estate CDOs." Journal of Portfolio Management 33, no. 5 (September 30, 2007): 158–64. http://dx.doi.org/10.3905/jpm.2007.699611.
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Ling, David. "Global commercial real estate." Global Finance Journal 42 (November 2019): 100493. http://dx.doi.org/10.1016/j.gfj.2019.100493.
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Lechowicz, Tomasz. "Financing Commercial Property in Poland and the UK." Olsztyn Economic Journal 7, no. 1 (June 30, 2012): 143–51. http://dx.doi.org/10.31648/oej.3414.
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The following work is a comparison of real estate financing methods in Poland and Great Britain. A comparison of the data from both countries shows that the most popular method of real estate financing in both countries is through mortgages. External financing of commercial real estates in Poland is accomplished by: universal and mortgage banks, leasing companies, investment funds-loan, private investors and through the issue of ownership or debt securities. Another method of financing commercial real estate is financing it through the establishment of a special, separate company designed to carry out the project, which is known as "project financing". The availability of a variety of grants, preferential loans and time loans, is the strong point of the Polish system of financing commercial property purchases.
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Sun, Junjie, Xiaolong Yang, and Xinlei Zhao. "Understanding Commercial Real Estate Indices." Journal of Real Estate Portfolio Management 18, no. 3 (January 1, 2012): 289–303. http://dx.doi.org/10.1080/10835547.2012.12089936.
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Nataiia, SHULHA, KOTENKO Uliana, and STEPANYK Alyona. "BANK LENDING OF COMMERCIAL REAL ESTATE." Herald of Kyiv National University of Trade and Economics 139, no. 5 (October 25, 2021): 112–26. http://dx.doi.org/10.31617/visnik.knute.2021(139)08.
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Background. Banks’ proposals of loans for commercial real estate services have some differences in standard and non-standard terms of their provision. Instead, most clients focus only on standard loan terms and only some of them on non-standard ones. A comprehensive approach to the simultaneous consideration of standard and non-standard conditions for obtaining a loan for commercial real estate has not been developed in modern theory and practice of banking, which should be the basic basis for the borrower’s decision in choosing of the lending bank. The aim of the article is to identify current trends in the development of bank lending for commercial real estate in Ukraine, as well as the economic justification of the borrower’s choice of bank in the process of making a decision to obtain a loan. Materials and methods. Method of generalization and historical method were applied in the study of trends in lending for the acquisition, construction, repair, reconstruction of commercial real estate; methods of analysis and synthesis were used in the diagnosis of standard and non-standard conditions of credit servicing of commercial real estate. The authors provide an analysis ofthe choice of the bank to obtain a loan based on an integrated assessment of its attractiveness to the client using system approach. Results. A methodical approach to the integrated assessment of the economic attracttiveness of a bank loan for commercial real estate services has been developed. It is based on the Pareto principle, according to which standard lending conditions are taken into account in 80% and 20% is non-standard. This methodological approach allows the borrower to make an informed management decision on the correct choice of the lending bank. Conclusion. Loans for commercial real estate services, except the warehouse real estate sector, have decreased due to the COVID-19 pandemic. Demand for construction loans and repair of warehouses remained relatively stable. The practical approbation of the offered methodical approach of a complex estimation of credit offers of the most active Ukrainian banks on an example of the enterprise which planned to receive the credit for repair of the warehouse real estate is carried out. The choice of the creditor bank is substantiated according to the calculations results. Keywords: pandemic, banks, commercial real estate, lending, grant element, Pareto principle, standard and non-standard lending conditions, integrated assessment.
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Nwogugu, Michael. "Decisions in commercial real estate leasing in the real estate sector." Corporate Ownership and Control 5, no. 3 (2008): 405–11. http://dx.doi.org/10.22495/cocv5i3c3p8.
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This article develops analytical models for key decisions in commercial real estate leasing (the concepts and models developed in the article can also be applied to equipment leasing and other types of leasing).
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Poon, Joanna. "Commercial awareness in real estate courses." Property Management 32, no. 1 (February 11, 2014): 48–66. http://dx.doi.org/10.1108/pm-01-2013-0007.
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Purpose – The purpose of this paper is to evaluate how and to what extent commercial awareness is embedded within the curriculum of the UK Royal Institution of Chartered Surveyors (RICS)-accredited real estate courses. It also discusses the development of commercial awareness taxonomy. Design/methodology/approach – This paper presents the research findings of questionnaire survey and interviews with RICS-accredited real estate course providers in the UK. The questionnaire aimed to gather course directors’ views on the definitions and components of commercial awareness and identify what skills and attributes are required for its development. It also evaluated how commercial awareness has been embedded in the real estate courses. The aim of the interview was to gain deeper insight on how components of commercial awareness are embedded in real estate courses and nine interviews were conducted. The interviews were recorded, transcribed and coded to identify similar themes. The frequency of the answer in the questionnaire and comments from interviewees is presented. Findings – The UK real estate academics agreed the most important definition of commercial awareness as that of a “person's ability on understanding of the economics of business”. They agreed that “strategic” is the most important component for commercial awareness, followed with “financial” and “process”. However, the “financial” component is embedded the most in the curriculum. The most important skill and attribute for commercial awareness development are “ability to define and solve problems” and “ability and willingness to update professional knowledge”, respectively. Commercial awareness was embedded in the overall curriculum and the key element for developing it is through having “practical experience”. Originality/value – This project is the first to conduct an in-depth analysis of commercial awareness in real estate education. It also develops the pioneer commercial awareness taxonomy.
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Dong, Fan, and Meng Qi Wang. "Research on the Impact of the Development of E-Commerce in China on the Supply and Demand for Commercial Real Estate on the Basis of Grey System Theory." Applied Mechanics and Materials 631-632 (September 2014): 1167–70. http://dx.doi.org/10.4028/www.scientific.net/amm.631-632.1167.
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At present, most of the researches on impact of e-commerce in china on the supply and demand for commercial real estate are qualitative researches, thus this paper aims to verify the impact of the development of Chinese e-commerce on the supply and demand for commercial real estate through grey relational analysis. In addition, this paper conducted predictive analysis on the supply and demand for commercial real estate in the certain future period by the prediction model GM (1,1), to much more accurately understand the supply and demand for commercial real estate market, produce reasonable expectation about the future demand for commercial real estate market, ensure a balanced development in supply and demand for commercial real estate, as well as achieve healthy and stable operation of the real estate industry and the urban economy.
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Leung, Charles Ka Yui, Peiling Wei, and Siu Kei Wong. "International Real Estate Review." International Real Estate Review 9, no. 1 (June 30, 2006): 62–94. http://dx.doi.org/10.53383/100069.
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Due to the relocation of manufacturing facilities from Hong Kong to Mainland China, it is widely believed that some vacant private factories have been used as offices in Hong Kong. Yet there is no direct and systematic evidence to support this speculation. In fact, according to MacGregor and Schwann (2003), industrial and commercial real estate shares some common features. Our research attempts to investigate empirically the price and volume relationship between industrial and commercial real estate, using both aggregate and disaggregate data from the industrial and commercial property markets in Hong Kong. The study was built on the observation that economic restructuring and geographical distance will affect the substitutability (and thus the correlation) of different types of property, and utilizes commonly used time series techniques for analysis. Policy implications are discussed.
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Mintah, Kwabena, Woon-Weng Wong, and Peng Yew Wong. "International Real Estate Review." International Real Estate Review 23, no. 2 (June 30, 2020): 211–34. http://dx.doi.org/10.53383/100300.
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The purpose of this study is to evaluate the impact of cross border real estate investments on the performance of the direct commercial property market in Australia. Using an autoregressive distributed lag (ARDL) model, factors including volume of cross border real estate investments, real gross domestic product (RGDP), office stock, and vacancy and net absorption rates are examined for their impact on total returns. The results indicate that traditionally established long-term drivers, including RGDP, office stock, and vacancy and net absorption rates, are still relevant. It is found that cross border real estate investments have impact on the performance of the direct commercial office property market in Australia. The results and findings would help property investors, developers, policymakers, and stakeholders in decision making around property investments. This research is an initial study that focuses on the impact that cross border real estate investments have on the performance of the direct commercial/office property market in Australia.
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Booth, P. M., and G. Marcato. "The Measurement and Modelling of Commercial Real Estate Performance." British Actuarial Journal 10, no. 1 (April 1, 2004): 5–61. http://dx.doi.org/10.1017/s1357321700004530.
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ABSTRACTIn this paper we discuss methods of developing real estate indices, the availability of real estate data, the problems of using published real estate data and how real estate data can be used for stochastic investment modelling for actuarial purposes. In recent years there have been many developments in the collection, presentation and analysis of real estate data that have not found their way into the actuarial literature. We review those developments and suggest and develop ways in which raw real estate investment data can be used for actuarial purposes. We then review the Wilkie real estate stochastic investment model and use the research of real estate finance academics to inform a critique and development of that model. In developing the models, different data sets are used, including data from valuation-based and de-smoothed indices in order to find appropriate parameter estimates. The significance (or otherwise) of the parameter estimates is tested for each of the fitted models and the differences between the fitted models are examined. By reviewing research in the real estate finance field, making use of the latest research and developing original work, the main aim of this paper is to ensure that actuaries have the means to collect, understand and manipulate real estate data for performance measurement and investment modelling purposes.
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Aggarwal, Tanu, and Priya Solomon. "A study on the mediating effect of residential loans on total real estate loans of banks in India." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 455–69. http://dx.doi.org/10.1108/jpif-03-2019-0034.
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Purpose The purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation modelling (PL–SEM) method. The residential loans as a mediator have been used to know the mediation effect between commercial and total real estate loans of banks in India. The residential loans as a mediator govern the relationship between commercial loans and total real estate loans in India. Real estate sector development is a lucrative opportunity for India. The real estate sector plays a major role in shaping economic conditions of the individuals, firms and family. Design/methodology/approach The research is descriptive in nature. The study on residential loans, commercial loans and total real estate loans has been taken into consideration, and on the other hand the measurement and structural model have been employed to the study the impact of residential loans and commercial loans on total real estate loans in India by using PL–SEM. The residential loans as a mediator have been taken to study the mediation effect of the relationship between commercial loans and total real estate loans in India. Findings The outcome of the structural model that is bootstrapping technique shows that there is an impact of residential and commercial loans by public and private sector banks on total real estate sector development in India. The residential loans show the full mediation effect between commercial loans and total real estate loans as the value of variation accounted for (VAF) is more than 1.93 which shows residential loans govern the nature of variable between commercial loans and total real estate loans. Practical implications The public and private sector banks are contributing to the real estate sector development in India which increases the economic growth of the country. The mediation analysis shows that residential loans are an important aspect between commercial and total real estate loans in India as the demand for residential housing is more in India. The increasing role of banks in the real estate sector strengthens the financial capability in the real estate sector market, and the property buyers will able to purchase more property which leads to increasing demand for real estate sector. Originality/value The research paper is original, and PL–SEM has been used to find the results.
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Wang, Ying, and Miao Jiang. "The Commercial Real Estate Operation Stages Risk Analysis Based on the ISM Model." Applied Mechanics and Materials 457-458 (October 2013): 1615–18. http://dx.doi.org/10.4028/www.scientific.net/amm.457-458.1615.
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Over these years, that many real estate developers, business organizations and other companies all start to invest the development of the commercial real estate becomes the hot topic and also receives enormous attention. However, the exploitation of the commercial real estate has high risk in our country because of the complexity of operation and the blindness of investment. This article applied ISM theory to analyze the investment risk of the commercial real estate among operation stages to build the ISM model of the commercial real estate risk, and proposed some measures and recommendations.
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Kim, Jin, and Ming Zhang. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 1–26. http://dx.doi.org/10.53383/100058.
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Literature regarding transit’s impact on land values reports mixed results concerning the economic benefits of accessibility to subway stations, specifically regarding commercial properties. After examining 731 commercial land values in Seoul, Korea, this study suggests a possible explanation for the mixed results: transit’s discrimination impact on land values by location in a built-up urban area. The regression coefficient for distance to station in the central business district is the highest, the subcenters are next, and other areas are lowest – apparently a strong correlation with higher centrality and development densities of submarkets. Also, the inclusion of spatial lag and error term variables greatly improves the goodness of fit of the regression equations lowering the spatial autocorrelation in the ordinary least squares residuals as well as reduces overestimation of value premiums in association with rail transit stations, which enables a regression model to produce a more accurate and efficient estimator for transit’s impact on commercial land values.
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Kivedal, Bjørnar Karlsen, and Trond Arne Borgersen. "Commercial Real Estate at the ZLB." Nordic Journal of Surveying and Real Estate Research 13, no. 1 (June 13, 2018): 32–53. http://dx.doi.org/10.30672/njsr.68989.
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This paper analyses the implications of a low interest rate environment (the zero lower bound – ZLB) for the demand of commercial real estate. The main intention of the paper is to track any asymmetry between evaluation models at ZLB relative to more “normal” interest rate levels. First we apply a conventional net-present value (NPV) approach, where the weighted average cost of capital (WACC) and the capital asset pricing model (CAPM) are used for evaluation. Considering the invariance level of systemic risk we find WACC to be an alternative to CAPM for offensive and defensive investments when interest rates are “normal”. However, at the ZLB, WACC is an alternative for investments that carry the same risk as the market and beta-values are close to one. Second, we simulate our models using US data to see how the WACC shortcut performs across different interest rate levels, and especially at ZLB, in this economy. We see differences between the period preceding the financial crisis and the period after 2010, even though the Federal Funds rate is close to zero in both periods. We relate this to the difference in systemic risk between the two periods, and show how the result in the latter period is quite equal across evaluation models.
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Corcoran, Patrick J. "Explaining the commercial real estate market." Journal of Portfolio Management 13, no. 3 (April 30, 1987): 15–21. http://dx.doi.org/10.3905/jpm.1987.409105.
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Fisher, Jeffrey D., Susan Hudson-Wilson, and Charles H. Wurtzebach. "Equilibrium in Commercial Real Estate Markets." Journal of Portfolio Management 19, no. 4 (July 31, 1993): 101–7. http://dx.doi.org/10.3905/jpm.1993.409453.
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Pappadopoulos, George J., and Jun Chen. "Commercial Real Estate Loan Default Frequency." Journal of Portfolio Management 29, no. 1 (October 31, 2002): 115–19. http://dx.doi.org/10.3905/jpm.2002.319868.
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Buckles, Brian. "Liquidity Dynamics in Commercial Real Estate." Journal of Real Estate Portfolio Management 14, no. 4 (January 1, 2008): 307–24. http://dx.doi.org/10.1080/10835547.2008.12089825.
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Yunus, Nafeesa. "Commonalities across commercial real estate indexes." Applied Economics 52, no. 30 (March 8, 2020): 3274–90. http://dx.doi.org/10.1080/00036846.2019.1708256.
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Collins, Dave, Antje Junghans, and Tore Haugen. "Green leasing in commercial real estate." Journal of Corporate Real Estate 20, no. 4 (November 12, 2018): 244–59. http://dx.doi.org/10.1108/jcre-01-2017-0003.
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Purpose This paper aims to investigate the drivers and barriers for green leases and tenancies in sustainable “Building Research Establishment Environmental Assessment Method” (BREEAM) and “Leadership in Energy and Environmental Design” (LEED) certified office and office buildings in Norway, the UK and the USA. This study focuses on the differing perspectives between owners and tenants. It is then considered as to how these issues are dealt with during different phases of a buildings life cycle. This research is based on existing literature and semi-structured interviews that studied qualitative and quantitative elements in the context of ownership and tenancy of single and multi-tenanted sustainable office buildings. Design/methodology/approach Using a mixed-method approach involving semi-structured interviews with both qualitative and quantitative elements along with desk research, this paper evaluates how green leases and tenancies in offices and office buildings that are BREEAM and LEED certified require a reconsideration and re-evaluation of the acquisition, operation and disposal of office buildings by building owners and their tenants. These stakeholder relationships are supported theoretically using a theoretical model that outlines the interrelation between the sustainable building and the relationships of the building owner, the user and the FM service provider. Findings The data gathered from the interviews justify and partly contradict some of the statements within existing literature, diminishing the importance of cost and the barrier of split incentive but instead illuminate the importance of less tangible considerations such as company policy or a sustainability strategy. The results also note the realisation of a changing market for commercial real estate driven by the sustainable business needs of tenants for the occupation of workspaces. Research limitations/implications These findings have the potential to further develop theories and provide an insight into how the relationships between actors from a business, procurement and contractual perspective need to be developed to ensure more proactive development of green leasing of new and existing sustainable office buildings, along with where strategic attention is required during the building design, construction, operational and use phases. Originality/value This paper is based on original research through interviews and literature studies supported by an existing theoretical model. The results have been partly presented and initially discussed at the WBC World Congress 2016 in Tampere, Finland.
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Cutter IV, Bowman, and Autumn DeWoody. "Parking Externalities in Commercial Real Estate." Real Estate Economics 38, no. 2 (June 2010): 197–223. http://dx.doi.org/10.1111/j.1540-6229.2010.00265.x.
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Crosby, Neil. "Direct Investment in Commercial Real Estate." Pacific Rim Property Research Journal 11, no. 2 (January 2005): 118–35. http://dx.doi.org/10.1080/14445921.2005.11104179.
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Ghysels, Eric, Alberto Plazzi, and Rossen Valkanov. "Valuation in US Commercial Real Estate." European Financial Management 13, no. 3 (June 2007): 472–97. http://dx.doi.org/10.1111/j.1468-036x.2007.00369.x.
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Burdenyuk, E. N., and A. B. Kogan. "Institutional model of commercial real estate market." Izvestiya vuzov. Investitsii. Stroitelstvo. Nedvizhimost 14, no. 2 (July 7, 2024): 244–57. http://dx.doi.org/10.21285/2227-2917-2024-2-244-257.
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The study considers institutions of the commercial real estate market with the aim to develop a descriptive institutional model. Institutional boundaries of the commercial real estate market are outlined. Time limits are determined by the equalization of supply and demand through the dynamics of rental rates. Geographical limits, despite the local character of the market, are determined by the participation of the largest developers. Commodity boundaries form the intended purpose of commercial real estate related to its use by lessees for business. This allows the interconnection of commercial real estate institutions to be considered from the perspective of value creation. By means of land relations, the initial conditions are determined by the institution of the state, which also establishes registration requirements. The developer connects the land supply with the rental market by developing a concept of the object, thus influencing related industries (developers, producers of construction materials). The institution of commercial real estate management ensures the interests of the developer. The composition of its participants is diverse, allowing the investor’s offer to be communicated to potential tenants as a value. The institute of accompanying participants of the commercial real estate market is mainly involved in information exchange between its other subjects; however, this institute is responsible for making the constituent links of the market sustainable. The lessee forms the final product using the value created by the developer (lessor) in the form of the intended purpose and individual properties of the object. Rental rates affect the profitability of commercial real estate, thereby determining the developer’s demand for capital. The results obtained can be used by both developers and researchers. The conclusion is made about the limited institutional role of the investor due to irrational capital raising and transferring these costs to the lessee. The reasons lie both in the strategies of most developers and in the desire to reduce risks through the preferred use of debt capital.
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Chyhryna, A. I. "Justification of the need to Transform the Information Support of the Commercial Real Estate Market of the Republic of Belarus." Digital Transformation, no. 4 (February 19, 2020): 29–38. http://dx.doi.org/10.38086/2522-9613-2019-4-29-38.
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The article reveals the shortcomings of existing systems of information support for the commercial real estate market. We have studied the procedures for selecting information about commercial real estate objects, identified their shortcomings, which allowed us to justify the need to transform the current system of information support for the commercial real estate market of the Republic of Belarus. In order to improve the current information support system, it is proposed to achieve these objectives by combining existing databases of technical passports, an automated information system for assessing land in the Republic of Belarus, as well as an automated information system for maintaining the unified state register of real estate, rights to it and transactions with it, in the form of unified technical and economic passports of commercial real estate objects. The introduction of such a document will allow to raise management efficiency as the commercial real estate market segments, and specific commercial properties, to formalize the relationship between the subjects of the commercial property market, and will also act as the basis for increasing economic efficiency and investment attractiveness of commercial real estate market of the Republic of Belarus.
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Fu, Yuming, Tsur Somerville, Mengdi Gu, and Tongcheng Huang. "International Real Estate Review." International Real Estate Review 2, no. 1 (June 30, 1999): 49–78. http://dx.doi.org/10.53383/100012.
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This paper reviews the urban redevelopment activities in Shanghai as the land market reforms were introduced. We focus on the impact of land use institutions on the spatial pattern of these activities. Sites for private real estate redevelopment were supplied by individual districts in the city. But the need for districts to pay for the resettlement of displaced residents contributed to a spatial mismatch between the supply of redevelopment sites and the market demand for commercial real estate space. Resettlement costs are highest at the high demand locations. State owned enterprises and institutions occupying land allocated by the state also engaged in real estate development. Whereas the density of private redevelopment was sensitive to the volume of commercial activities in a district, this does not appear to have been important in determining the location of the significant increase in the stock of commercial space resulting from development by local enterprises and institutions. This growth shows considerable decentralization between 1993 and 1996, 50 Fu, Somerville, Gu and Huang indicative of spatially inefficient redevelopment activities by land-rich state enterprises.
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Lecomte, Patrick. "New boundaries." Journal of Property Investment & Finance 37, no. 1 (February 4, 2019): 118–35. http://dx.doi.org/10.1108/jpif-10-2018-0083.
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Purpose The purpose of this paper is to fill a gap in the real estate academic literature by defining the essence of real estate in smart urban environments. Space has traditionally been a silent component of real estate. Smart technologies powered by Ubi-comp are turning space into an active part of real estate, which represents a paradigm shift for commercial real estate. This shift requires new concepts and tools to analyse and model real estate in smart cities. Design/methodology/approach The paper defines the notions of smart space and smart real estate. Several concepts and tools are formulated, starting with a model of space users in smart cities, called the Cyber-Dasein inspired by Heidegger’s existential phenomenology of space. Findings The paper then analyses smart space’s attributes and proposes several metrics for commercial real estate in smart environments. After introducing three regression models for constructing a price index of smart real estate, the paper concludes by advocating that commercial real estate take an active role in the current debate about smart cities. Research limitations/implications The paper does not provide any empirical analysis of smart real estate. Practical implications Smart environments offer real estate a unique opportunity to set up methodologies, concepts and tools for new properties in new cities. Now is the time to think carefully about the impact smart technologies will have on commercial properties before other stakeholders (in particular smart cities vendors and multinational technology giants) have fully modelled smart space and its nexus with smart real estate. Originality/value This paper is the first paper to provide a conceptual framework for the analysis of commercial real estate in smart cities.
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Kaluthanthri, P. C., and H. M. A. G. T. M. Aluthgedara. "Reconfiguring Workspaces: Adaptations of Corporate Real Estate Design in the Context of the COVID-19 Pandemic and Economic Crisis in Sri Lanka." Asian Journal of Advanced Research and Reports 17, no. 11 (September 25, 2023): 111–25. http://dx.doi.org/10.9734/ajarr/2023/v17i11558.
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Corporate Real Estate (CRE) pertains to the real estate assets utilized by businesses for their corporate operations. It serves as a conducive environment for accommodating staff, manufacturing and selling goods, and delivering services to customers. The COVID-19 pandemic has precipitated substantial changes in the utilization of office spaces by organizations. Prolonged lockdown measures and the adoption of remote work practices have resulted in the underutilization of office spaces across many organizations. Additionally, the aftermath of the pandemic has severely impacted the Sri Lankan economy, leading to decreased economic activities due to high inflation, import restrictions, and high finance rates. Consequently, organizations are compelled to modify their CRE environments to maximize its utilization which creates mixed views on its impact on financial and non-financial performance of the organization. Against this backdrop, the study examines the impact of modifications and adaptations in corporate real estate design on financial and non-financial performance of organizations. Total of 12 hypotheses were tested, exploring the association between changing organization structure, minimizing space requirement, workplace redesign, downsizing, work from home arrangement, and the utilization of co-working spaces, on financial and non-financial performance of the commercial real estates. The study population comprises executive employees involved in CRE decision-making within commercial real estates. A total of 164 respondents participated in a questionnaire survey, which was distributed online using convenience sampling techniques. The analysis employs Partial Least Squares Structural Equation Modeling (PLS-SEM) and adopts reflective constructs. This approach provides a robust conceptual framework for assessing the overall impact of changes in corporate real estate design on organizational performance. The findings of the study confirmed that changing organization structure, downsizing, work from home arrangements, have a significant positive impact on financial performances of commercial real estate. Moreover, minimizing space requirement, downsizing, work from home arrangements exhibit a positive significant relationship with the non-financial performances. The study's results provide insights into the relationship between decision-making on Corporate Real Estate (CRE) and its influence on the overall financial and non-financial performance of the commercial real estate. These findings assist top management in understanding the alignment required between future CRE strategic decisions and corporate performance.
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Mei, Bin, Wenbo Wu, and Wenjing Yao. "Private-equity commercial real estate, timberland, and farmland: market integration and information transition dynamics." Canadian Journal of Forest Research 50, no. 11 (November 2020): 1101–12. http://dx.doi.org/10.1139/cjfr-2019-0250.
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Using data from the National Council of Real Estate Investment Fiduciaries (NCREIF), we examine market integration of commercial real estate and timberland–farmland assets via the Fama–MacBeth two-step approach under the intertemporal capital asset pricing framework. In addition, we study the information transition dynamics between those markets via the vector error correction model (VECM). We find evidence of market segregation and one-way information flow from the timberland–farmland market to the commercial real estate market. We conclude that commercial real estate and timberland–farmland assets are driven by different market fundamentals and that lagged timberland–farmland returns can help predict current commercial real estate returns. The only exception is during market downturns when commercial real estate and timberland–farmland markets are somewhat integrated and driven by some factors that are not specified in this study.
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Hu, Yuqing, and Piyush Tiwari. "International Real Estate Review." International Real Estate Review 24, no. 2 (June 30, 2021): 293–322. http://dx.doi.org/10.53383/100323.
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This paper identifies the impact of macroeconomic determinants of commercial property investment and development markets in Australia. A Hodrick-Prescott (HP) filter is used to filter the cyclical components of commercial property investment and development time series. In order to identify the long-run relationships and short-run dynamics, coupled with causality between these factors and property cycles, the investment and development property cycles are analyed with respect to the movement of nine macroeconomic factors by using time series data from 1987 to 2016. The empirical results suggest that the Australian commercial property market is often in an overdemand situation rather than oversupply, which can be explained by the different patterns of the property cycles on the demand and supply sides. Property investment cycles are shorter and more volatile than development cycles at around 8-10 years and more than 20 years, respectively, since there is a larger elasticity of the macroeconomic factors that underlie the investment market with short-term dynamics, while the development cycle is mainly affected by such factors moderately in the long run. Both the investment and development markets are intensively affected by financing related variables rather than market-sentiment and economic-cycle related variables.
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Bodnaruk, Iryna, and Andrii Platko. "Functioning of the commercial real estate market in times of war." Ukrainian Journal of Applied Economics and Technology 9, no. 2 (April 24, 2024): 12–15. http://dx.doi.org/10.36887/2415-8453-2024-2-1.
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One of the fundamental factors influencing the state of the commercial real estate market is the changes in key indicators. During the war and after its end, the intentions of Ukrainians and entrepreneurs to invest directly in various business areas will significantly impact their changes. Although the war in Ukraine continues to change the domestic real estate market, the commercial real estate segment - shopping malls, offices, and warehouses - is no exception. Therefore, quite exciting trends have begun to emerge that have changed specific requirements and demands of potential tenants for real estate. A developed commercial real estate market characterizes the level of sophistication of the entire national economy. Commercial real estate plays a vital role in the modern business environment, providing space for various fields of activity. Therefore, the article analyzes the essence and importance of the effective functioning of the commercial real estate market for the country, as it is a much more critical sector of the economy than it might seem at first glance. Given this, a study of the current state of Ukraine's commercial real estate sector was carried out to identify the leading indicators describing the state and situation in the commercial real estate market. Moreover, it will establish the conditions and requirements for the facilities to ensure their continuous development in times of war and uncertainty. For this purpose, the following research methods were used: comparative analysis to establish theoretical aspects, methods of statistical and analytical analysis, systematization and grouping, and situational and systematic analysis of information sources. Not many scholars study the commercial real estate market economy, as consulting companies and analytical agencies mainly deal with it. However, this does not diminish its relevance, as the market's activation and efficient functioning directly reflects our country's economic growth, both now and in the near future, which requires systematic and thorough further research. Keywords: commercial real estate, market, warehouses, offices, shopping and entertainment centers.
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Malakhova, V. V., and L. S. Kovalskaya. "FORMATION OF A COMMERCIAL REAL ESTATE DEVELOPMENT MECHANISM AT THE LIFE CYCLE STAGES." Construction economic and environmental management 77, no. 4 (2021): 31–38. http://dx.doi.org/10.37279/2519-4453-2020-4-31-38.
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In the conditions of the dynamic development of the commercial real estate market, the interest of real estate owners in the issues of effective management of objects at various stages of the life cycle is increasing. Despite the research carried out in this area, there is a lack of knowledge in the study of modern problems of real estate development at all stages of the life cycle. The article is devoted to the analysis of commercial real estate development processes and the improvement of the commercial real estate development mechanism, taking into account the stages of the life cycle.
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Simons, Robert A., and Jesse Saginor. "International Real Estate Review." International Real Estate Review 13, no. 2 (August 31, 2010): 134–56. http://dx.doi.org/10.53383/100123.
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This research evaluates the effect of leaking underground storage tanks (LUSTs) from gas stations on nearby commercial property when the existing data is incomplete or imperfect. While methodologies such as hedonic regression may be preferred for evaluating the effects of LUSTs on property values, the rigorous data requirements of these methodologies often cannot be met. Contingent valuation analysis is one method that enables estimation of losses when the data available is incomplete. A contingent valuation analysis of real estate professionals in South Carolina and Ohio provides estimates of commercial property losses, which ranges from 0-40%, depending on environmental conditions and proximity to the source. This research has developed a methodology for estimating real estate property value losses when data requirements cannot be fulfilled based on the best available data.
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Nagar, Gautam Buddh. "The Impact of Real Estate Investment Trusts (REITs) on the Indian Commercial Real Estate Market: A Study of Investor Perception and Market Performance." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 05 (May 2, 2024): 1–5. http://dx.doi.org/10.55041/ijsrem33024.
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The introduction of Real Estate Investment Trusts (REITs) in India has marked a significant evolution in the country's commercial real estate landscape. This paper examines the multifaceted impact of REITs on the Indian commercial real estate market, focusing on key dimensions such as liquidity, transparency, investor access, and market development. Firstly, REITs have enhanced liquidity in the commercial real estate sector by providing investors with a liquid avenue to invest in income-generating properties, thereby reducing the traditionally illiquid nature of real estate investments. This increased liquidity has facilitated capital flow into the market and stimulated transaction activity. Secondly, REITs have contributed to greater transparency in the Indian real estate market. By mandating regular disclosures and adherence to stringent governance standards, REITs have improved information symmetry between investors and property developers, leading to a more efficient allocation of capital and reduced investment risk. Thirdly, the introduction of REITs has widened investor access to commercial real estate assets. Individual investors, institutional funds, and foreign investors now have the opportunity to participate in the market through REIT investments, thereby diversifying their portfolios and potentially earning stable returns from rental income and capital appreciation. Furthermore, REITs have played a pivotal role in the development of the Indian commercial real estate market. Their presence has spurred the professionalization of property management practices, encouraged the adoption of international standards, and catalyzed the growth of ancillary industries such as real estate services and financial advisory firms.
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Simbanegavi, Prisca, Average Chigwenya, Michael Kodinye, Thokozani Msimanga, and Thobeka Mbhele. "Urban Regeneration and the Perceptions of Commercial Real Estate Market Participants: The Case of the Johannesburg Inner City." JOURNAL OF AFRICAN REAL ESTATE RESEARCH 6, no. 1 (June 29, 2021): 89–103. http://dx.doi.org/10.15641/jarer.v6i1.935.
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Many factors contribute to urban decay in inner city locations as real estate investments fall and industries disappear or move to more attractive locations. In South Africa, the attainment of democracy and the resultant ‘white flight’ in favour of decentralised locations precipitated urban decay. Commercial real estate has spill-over effects on foot-count and absorption rates on inner city real estate. It helps stimulate redevelopment of other property types such as apartments, which contribute to the overall economic revitalisation of the decayed inner city. This paper examines the challenges faced by real estate investors in regeneration projects in Johannesburg Inner City (JIC). The paper uses an exploratory qualitative research design, where interviews were conducted with commercial real estate participants in JIC. The paper identified five challenges faced by commercial real estate market participants regarding investments and operations: building acquisition, physical public infrastructure, homelessness, lack of financing, and crime. An understanding of these challenges faced by commercial real estate market participants is valuable for policy-makers trying to attract commercial real estate investments to the inner city. Successful regeneration projects will promote urban renewal and revitalise economic activities in the decaying regions. The identified challenges will illuminate municipal programs and policies needed for the development of inner cities.
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Zayed, Nurul Mohammad. "Scope and Opportunities of Real Estate Study and Business in Bangladesh." International Journal of Family Business and Management 2, no. 2 (December 4, 2018): 1. http://dx.doi.org/10.15226/2577-7815/2/2/00121.
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Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property. There are four types of real estate such as residential real estate, commercial real estate, industrial real estate and land. Real Estate Business or Real Estate Development is a business activity concerned with land and construction that provides value-adding services by developing residential, commercial, institutional, industrial and integrated projects and related infrastructure. The demand for apartment housing remained high, and more and more developers came into business. Soon the need for a trade association was realized in order to strengthen the role of the real estate sector and to ensure ethical practice in construction. In 1991 the Real Estate and Housing Association of Bangladesh (REHAB) was formed with only 11 members. (Benson, 2012).
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Smirnov, Denis, Irina Alpackaya, Taisiya Ryabova, and Valery Gusev. "Methodology for making decisions in managing commercial real estate." E3S Web of Conferences 244 (2021): 11013. http://dx.doi.org/10.1051/e3sconf/202124411013.
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The purpose of this paper is to develop guidelines for the formation and implementation of a decision-making mechanism for managing commercial real estate. As a result of the study, the current trends in the development of the real estate market are revealed, the methods and established practice of the activities of management companies are analyzed, the analysis of theoretical approaches to the management of commercial real estate is carried out. On the basis of theoretical and methodological principles and the specifics of the analyzed area of research, methodological recommendations are proposed for the formation of a mechanism for managing commercial real estate, including a method for assessing their investment attractiveness.
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Ghent, Andra C., Walter N. Torous, and Rossen I. Valkanov. "Commercial Real Estate as an Asset Class." Annual Review of Financial Economics 11, no. 1 (December 26, 2019): 153–71. http://dx.doi.org/10.1146/annurev-financial-110118-123121.
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We survey the properties of commercial real estate (CRE) as an asset class. We first illustrate its importance relative to the US economy and to other asset classes. We then discuss CRE ownership patterns over time. While the academic literature has emphasized Real Estate Investment Trusts, about two-thirds of the value of CRE is owner occupied. We next study the return properties of CRE indices and discuss what is known about the returns to individual properties. We briefly discuss CRE debt before turning to property derivatives. Finally, we consider how including CRE in a portfolio affects the portfolio's performance.
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IVANOV, Valerii V., and Roman O. SHOKHIN. "A model of international economic integration in commercial real estate markets." Finance and Credit 29 (May 30, 2023): 1062–77. http://dx.doi.org/10.24891/fc.29.5.1062.
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Subject. This article discusses the changes in the global retail market, economic models of interaction, and integration tools in international retail real estate markets. Objectives. The article aims to analyze the development of the global retail market, trends in real estate investment, identify the main patterns of integration mechanisms of international real estate markets, as well as develop an economic model. Methods. For the study, we used the methods of scientific knowledge, induction, analysis, synthesis, and comparison. Results. The article identifies the main trends in the development of the global retail and real estate investment market, formulates the patterns of functioning of investment models of international cooperation in the construction of commercial retail real estate. The article also presents an author-developed model of integration incentives in the retail real estate and retail markets of friendly countries. Relevance. The proposed model for stimulating the retail real estate and retail markets can be applied by representatives of countries experiencing external sanctions pressure on the economy, as well as partner States to launch new ways of international economic integration, improve the investment attractiveness of retail real estate, enhance the retail development, and attract new foreign players.
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Abdulmalik, Fatimah Binta, and Namnso Bassey Udoekanem. "Commercial Real Estate Rental Variation in Ilorin, Nigeria." Baltic Journal of Real Estate Economics and Construction Management 10, no. 1 (January 1, 2022): 140–55. http://dx.doi.org/10.2478/bjreecm-2022-0010.
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Abstract The goal of any real estate investor is to maximize return. This can be achieved through the generation of rental income. Thus, it is pertinent that the nature and characteristics of rental value are understood by investors to enhance real estate market penetration. This study examined commercial real estate rental variation in Ilorin, Nigeria, with specific focus on commercial complexes. For data collection, the study area was delineated into three commercial zones. Primary data for the study were collected from occupiers of commercial complexes and property valuers operating within these areas through structured questionnaire, based on purposive sampling technique. The study utilised an analysis of variance (ANOVA) technique to analyse the variation in rental values of commercial complexes in the study area. Results of data analysis revealed a statistically significant variation in rental values of commercial complexes in the study area (F ꞊ 16.70809, p ≤ 0.05) and an increasing trend of the rental values over the years under study as indicated by the rental index. This variation is perceived to be caused by the safety and quality of location, building visibility and lease term (RII ꞊ 0.97, 0.93 and 0.88, respectively). The study recommends that real estate investors should consider these factors when investing in commercial complexes across the commercial zones in Ilorin.
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Nwogugu, Michael. "Litigation decisions in commercial real estate leasing." Corporate Ownership and Control 5, no. 4 (2008): 240–44. http://dx.doi.org/10.22495/cocv5i4c1p8.
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This article introduces dispute resolution and litigation models for commercial real estate leasing. The concepts and models developed in the article can also be applied to equipment leasing and other types of leasing
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Gyulmisaryan, Roman G. "Trends in the Development and Management of Commercial Real Estate." Теория и практика общественного развития, no. 2 (February 28, 2024): 86–92. http://dx.doi.org/10.24158/tipor.2024.2.11.
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The article discusses trends in the development and management of commercial real estate. The relevance of development is substantiated from the point of view of creating a digital factory and managing commercial real estate based on the principle of property management. It is emphasized that digitalization of office centers is one of the trends of the modern commercial real estate market. It was revealed that the increase in demand for renting an office with its own infrastructure inside the building based on the criteria of technology, complexity, flexibility and functionality of the services provided is due to tenants’ requests for high-quality digital space. Based on an analysis of the situation in the global commercial real estate management market, digitalization as the main trend in the development and management of commercial real estate is to focus on an integrated approach to managing all processes and operations of an office center, organizing the functioning of an office center from the point of view of environmental friendliness, digitalization, the presence of high-quality social and service infrastructure, multifunctionality, organization of a comfortable, balanced workspace.
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Жаров, А. Н., А. Ф. Румянцева, and В. Н. Гераськин. "Moscow real estate market." Экономика и предпринимательство, no. 10(147) (February 21, 2023): 539–43. http://dx.doi.org/10.34925/eip.2022.147.10.101.
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Недвижимость можно рассматривать сегодня с различных точек зрения. С одной стороны, недвижимость является местом проживания граждан. В этом случае мы говорим о жилой недвижимости. С другой стороны, недвижимость является местом, где осуществляется деятельность людей. И в этом случае мы говорим о коммерческой недвижимости. Также недвижимость может рассматриваться как объект для вложения свободных денежных средств. И в этом случае мы говорим о недвижимости как активе. Статья посвящена рассмотрению рынка недвижимости города Москвы. Исследуется современное состояние как рынка жилой недвижимости, так и рынка коммерческой недвижимости. Рассматриваются особенности развития этого рынка. Исследуются факторы, оказывающие влияние на спрос, предложение, цену на этом рынке. Анализируются официальные источники, а также аналитические отчеты риэлторских компаний. В результате делаются выводы о развитии этого рынка. Real estate can be viewed today from various points of view. On the one hand, real estate is the place of residence of citizens. In this case, we are talking about residential real estate. On the other hand, real estate is a place where people's activities are carried out. And in this case we are talking about commercial real estate. Also, real estate can be considered as an object for investing available funds. And in this case we are talking about real estate as an asset. The article is devoted to the consideration of the real estate market of the city of Moscow. The current state of both the residential real estate market and the commercial real estate market is being investigated. The features of the development of this market are considered. The factors influencing the demand, supply, and price in this market are investigated. Official sources are analyzed, as well as analytical reports of real estate companies. As a result, conclusions are drawn about the development of this market.
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Liu, Guodong, and Xiuli Tang. "Risk Decision Analysis of Commercial Real Estate." iBusiness 05, no. 03 (2013): 41–46. http://dx.doi.org/10.4236/ib.2013.53b009.
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Salama, Khaled. "Measuring Risk in Commercial Real Estate Investments." AIMR Conference Proceedings 1995, no. 3 (May 1995): 50–60. http://dx.doi.org/10.2469/cp.v1995.n3.10.
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Mooradian, Robert M., and Shiawee X. Yang. "Cancellation Strategies in Commercial Real Estate Leasing." Real Estate Economics 28, no. 1 (March 2000): 65–88. http://dx.doi.org/10.1111/1540-6229.00793.
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