Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2009. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / In title on title page, double-underscored "TM" appears as superscript. Cataloged from student submitted PDF version of thesis. / Includes bibliographical references (p. 58-60). / SmartSpaceTM, or "S2" for short, is a super-efficient, super-cool, super-small studio apartment with many built-in features designed to be built in very high density, prime, city locations. This thesis has two main objectives: 1) explore the design of SmartSpaceTM and recommend changes so that it will better fit the needs of its users; and 2) identify target markets and locations for S2 development. To achieve the first objective, I stayed in an S2 prototype unit for five days and five nights to get the full SmartSpaceTM experience. During my stay, I surveyed 14 graduate students and young professionals to collect their feedback regarding the design of the unit. My S2 experience was generally positive, but the unit felt more like a hotel than an apartment. To live there for a year or more, I recommended among other things, a larger, more functional kitchen, a redesigned bathroom/shower, and a bigger closet. Survey participants had similar and additional detailed feedback. The suggestions were reported to the developer and architect working on S2 so the improvements can be made. To achieve the second objective: 1) historical trends and precedents of small living space were studied; 2) housing representatives at major universities were interviewed about graduate student housing preferences; 3) patterns were identified in the S2 survey results to make conclusions as to what groups of people will most likely be interested in living in S2; and 4) a methodology was created utilizing demographic and rental data to find the most appropriate locations for S2 development. / (cont.) Finally, the site where the first S2 building will be built was examined and assessed using the same criteria as those used in the site-selection methodology. The identified users are: graduate students, workers on temporary assignments (interns, traveling nurses, consultants, etc.), and recent movers. The locations found to be best for S2 development are: Financial District, Gramercy, Greenwich Village, and Midtown in Manhattan; Pacific Heights and Western Addition in San Francisco. The development site in Berkeley was found to be a fair location. / by Si Yuan Qiu. / S.M.

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012. / Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (p. 103). / This paper is to define the demand and supply factors and to develop a system to forecast the future development of medical office buildings. At this juncture of time when the health care industry is facing historical changes due to demographic shift, economic challenges and legislative moves, understanding the market mechanism of medical office buildings that provide easy accesses for medical service to aging population, carry lower costs for health care system, and promote the preventive care in medical practices has never been more critical. Medical office buildings as a real estate product type have unique market and development mechanism. They house medical services and have commercial and retail real estate characteristics. To understand the demand and supply of medical office buildings, health care industry that provide medical services, population consuming medical services and real estate industry develop and manage the physical space need to be observed. By using panel regression to analyze historical economic, population and health care employment data across metropolitan areas, we can establish a system that explains the medical office building market. We further quantify the future medical office building demand based on the forecasted economic data and the model established in this paper. The future development of medical office buildings is intricately tied to many factors including the trends predicating the scale and speed of the development. Using the historical events as guidelines and the system established, this paper presents positive outcomes for the demand of medical office buildings under different scenarios. / by Yu-Hua Wei. / S.M.in Real Estate Development

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

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 (page 52). / Worldwide, the elder population is growing- the number of people aged 60 years or over will be 1.4 billion by 2030, an increase of 56% from 2015. As a growing economic force, the elderly will require more specialized services such as housing, health care, transportation, pension plans, and public spaces adapted for their use. Mexico is no exception; by 2030, an estimated 30.5 million Mexicans will be over the age of 60, making up 22.2% of the total population. Accompanying cultural shifts mean that families are no longer well equipped to care for elders as they have been in the past, and government and nonprofit services designated for seniors don't ensure them a high quality of life. This study presents a business plan that creates a private, profitable, service-enriched housing development that will cover specific needs of housing and assistance for elders that require assistance with daily activities as well as those with dementia that require round-the-clock assistance. The mission of the business, besides creating a profitable development, is to create a secure facility that enhances the quality of life for residents by implementing the "best practices" used by experienced Assisted Living and Memory Care developers and operators in the United States. / by María Fernanda Sánchez Attolini. / S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Cataloged from student-submitted PDF version of thesis. / Includes bibliographical references (pages 48-49). / This thesis aims to compare five systems of econometric equations to describe the Toronto office market. It compares four structural systems differing in their demand equations and a non-structural system that does not require predefined relationships to exist between variables. Within the structural system of equations the predefined equations require that real rent is estimated solely from vacancy, long-run supply is dependent upon real rent and changes in employment only affect demand. Demand can be estimated either directly by estimating occupied stock and obtaining vacancy through an identity or by estimating vacancy; both occupied stock and vacancy can either be estimated in levels or estimated by an error correction model. Through the analysis of the structural models it is found that real rent shows significant momentum of real rent one year previous. As well the long-run supply curve is rising, while the real rent curve is not rising through the analysis period, as such the long-run supply is estimated in differences as the theoretical relationship between real rent and long run supply in levels cannot be estimated with the correct sign for the Toronto market. The structural demand equations show that error correction terms add value to predictions of demand. The nonstructural model is defined as a vector autoregressive model and allows the variables to freely interact between themselves without the restrictions placed in the structural model. When comparing the structural systems to the non-structural system in the back test, the non-structural system produces superior estimates in the system as a whole. The superior results of the VAR agree with the notion that in complicated dynamic systems by placing restrictions on the interactions of the variables poorer forecasts may result. / by Kimberly Gole. / S.M. in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015. / Cataloged from student-submitted PDF version of thesis. / Includes bibliographical references (pages 72-74). / The objective of this thesis is to investigate the effects of land supply on housing prices in Hong Kong. Studies will be carried out to define whether there are any correlation between land supply, housing supply and residential property prices. In order to better understand Hong Kong's housing market, this study will first present a background of establishment of Hong Kong's land tenure system, land administration system and the government's land sale process, while trying to answer the question of whether the perceived shortage in housing supply is a direct consequence of the shortage in government's land supply. The study then examines the concentration of market shares among a handful of developers and the high barrier to entry that have resulted in such anti-competitive environment. The study analyzes the leading developers' competitive advantages in terms of land bank and financial strength, and their housing supply strategies in relation to the government's land supply decisions. This paper will then insert the theoretical findings into realistic settings of Hong Kong's housing development industry, and apply the methodology of event study to detect the impact of real estate companies' development strategies and how it alters the perceived relationship between the supply of land and the supply of housing. By simultaneously considering the effects of development strategies with government land policies, the paper aims to better evaluate governments measure to regulate housing market and hope to recommend more effective policies on residential land supply in Hong Kong. / by Shu Wang. / S.M. in Real Estate Development

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 57-58). / Chinese outbound investments have expanded rapidly in recent years and drawn wide attention in the U.S. real estate market. Unlike previous waves of Chinese investment in the past two decades, this batch of capital inflow shows various types of institutional players investing in almost all property types across the U.S. through diversified and innovative deal structures, making headlines and striking record-price deals every few weeks. Chinese investors are also driven by different incentives besides seeking for yield and return, which is partially why the U.S. real estate space is seeing interesting dynamics in the deals and markets where these investors are active in. I would like to take a deep-dive study into these outbound investment initiatives and systematically explore the key opportunities, trends and issues. For this essay, I would like to focus on the institutional side of Chinese investments, namely investments made by capital management platforms or corporates, rather than personal and family office investments into ultra-luxury houses or retail investments through EB-5 programs. As there are limited public data points recorded for executed acquisitions available to assist deep-level exploration, partially due to the relatively small transaction volume in fixed asset space, we decided to implement interview and case study approach in order to obtain front-line view of the potential trends and opportunities. This essay starts with a general overview of China's macro fundamentals and Chinese outbound investments across all destination countries and industry sectors, then analyzes the various aspects of Chinese capital in the U.S. real estate market, including size, structures, geographic breakdown, property type breakdown and key investor types supported by case studies of each investor type. The detailed transaction analysis and investment incentive analysis are also arranged in the section of investor types, since different investors are showing different characteristics. Then I addressed the key issues and trends in this space, including tax issues, granularity, real estate technology investments, macro political trends, the controversial aggressiveness and opportunities for managed accounts business and new players in the field, in order to provide forward-looking perspectives. / by Ya Gao. / S.M. in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012. / Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (p. 101-102). / Modular construction has long been utilized in the construction of residential and many other commercial product types as a means for potentially quicker construction delivery times. Over the past 5 years this construction technique has slowly been introduced into the high rise residential market throughout the world. The additional structural challenges of high rise construction make modular construction in this setting more challenging, but the high construction costs of high rise construction also make any savings in time and hard cost worth consideration. Based on case studies, interviews and financial simulations this thesis will address the design, engineering, sustainability, scheduling, legal and financial considerations a developer would likely consider in adopting modular construction in a high rise project in the United States. / by Sri Velamati. / S.M.in Real Estate Development

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Page 172 blank. Cataloged from student-submitted PDF version of thesis. / Includes bibliographical references (p. 169-171). / The purpose of this thesis is to develop a new senior housing and service product for the aging population of the next decade. The thesis starts with an overview of the senior housing industry in its current condition in 2011. It discusses the demographic characteristics of the population, the senior housing trends across the world, the changing needs and desires of the baby boom generation, the different housing products available for the elderly, the entitlement programs, and financing methods for development and operations of senior housing. Then it focuses on the Boston senior housing and assisted living industry, and looks specifically at 5 active case studies that range from housing to service providers: 2 senior housing projects, 2 assisted living projects and 1 village service provider to understand their specific models of operations, financing and designs. The case studies are analyzed and compared in how they serve the user and the developer from the perspective of affordability for the user, extent of subsidies used by the developer, appropriateness of design, extent of services and ability to service people with dementia or Alzheimer. The thesis then zooms in even further into the Cambridge, MA community and identifies senior housing problem for the middle income level of society. Using all the tools learned from the global industry and the Boston metro area case studies we suggests a new senior housing product that will solve the challenge of serving the elderly population, while allowing the residents to age in place in an affordable assisted setting. / by Yael Getz Schoen. / S.M.in Real Estate Development

Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015. / Cataloged from student-submitted PDF version of thesis. / Includes bibliographical references (page 54). / In early 2010, the hotel industry began a historic demand recovery. Across hotel sectors, demand growth pushed rooms occupied above the previous year's figure by more than 10% - almost doubling peak quarterly year-over-year growth. The hotel industry has recovered ahead of the economy for the first time in U.S. history, which is unusual considering the lodging industry has run in sync with all major economic trends in the past. GDP, which traditionally correlates strongly with hotel demand growth, has failed to capture the recovery's magnitude in recent years. International tourism, an economic indicator that saw a significant surge in 2010, was suggested to be one of the probable causes. The objective of this thesis is to identify external economic factors besides GDP that have meaningful impacts on lodging demand. Instead of analyzing the lodging industry as a whole, this thesis zooms into MSA level, compares rooms sold per capita among 54 MSAs throughout the United States, and tries to figure out between market differences and within market variations. The full-service hotel analysis and limited-service hotel analysis chapters use panel data model and four estimators to derive the most appropriate regression model for each hotel sector. The author examined the correlation and significance of each independent variable to identify meaningful demand drivers at overall, between, and within MSA level. The results show evidence that convention space, domestic enplanement, and international enplanement are all important economic factors for full-service hotels. However, none of them manage to deliver a meaningful explanation on the demand growth in limited-service sector. The economic development impact chapter access the economic impact to full-service demand from convention space addition, domestic airport expansion, international airport expansion, and conversion between domestic and international terminals. The author also tracked full-service lodging demand growth with enplanement growth for each of the 54 MSAs and combined their regression results together for advanced analysis. The thesis findings reveal that top-tier MSAs and large air transportation hubs have strong correlation between enplanement and full-service lodging demand. Further, the thesis delves deep into potential economic factors that may improve limited-service model. / by Jing Yu. / S.M. in Real Estate Development