The subject of this diploma thesis named “Proposal of the investment opportunities in commercial real estates at Brno´s region” is to work out complex analyse of the current situation at the market in real estate development and potential investment for company CTP Invest spol. s.r.o. The first part of this thesis deals with exploring the current situation of the real estate market in Brno and its surroundings. At the same time, compare the market with other markets in the region of Central Europe. The second part of the thesis deals with suitable analytical tools, utilize by specialized literature and work experience, and mainly the application of these tools. The main aim of this thesis is to work out document, which will be used for company´s future strategic decisions making and at the same time to help region´s expansion.

The objective of the thesis “Critical Analysis of the new retail and estimation of its future development” is to present a close overview about retail real estate issue in Czech Republic. First chapters are focused on theoretical issues of the retail. The practical part is focused on space-time analysis of market characteristics in the Czech Republic, which provides theoretical insights and diffusion process of expansion of shopping centers. The outcome of this paper is an estimation of the future development of the new retail from the optimistic, realistic, and pessimistic views of the market characteristics, and a definition of the competitive parameters of the retail development.

Denna kandidatuppsats behandlar miljöcertifieringssystemet BREEAM med fokus på processen och systemets effekter. I studien har pågående BREEAM-projekt i Sverige studerats för att undersöka vad som görs specifikt vid en BREEAM-certifiering, vad det kostar samt vilka nyttor en BREEAM-certifiering genererar. Bygg- och fastighetssektorn står för en betydande del av miljöpåverkan i Sverige idag och förhoppningen är att miljöcertifieringar av byggnader kan minska miljöbelastningen. Studien visar på att det finns en växande efterfrågan på miljöcertifierade kontor och lokaler från hyresgästen trots att innebörden än är något oklar. BREEAM är relativt nytt på svenska marknaden och behöver fortsätta att utvecklas och anpassas. Ett svenskt företag, med en redan god intern byggstandard, behöver dock inte göra några större åtaganden för att nå ett bra betyg i BREEAM. En BREEAM-certifiering intygar att en byggnad håller en bra nivå miljömässigt, visar att företaget är på väg åt rätt håll och hjälper till att strukturera upp miljöarbetet under ett byggprojekt. Miljöpåverkan i sig minskar egentligen inte tack vare en BREEAM-certifiering utan effekterna antas vara mer affärsmässiga. En internationell jämförbar certifiering kan även vara avgörande vid fastighetstransaktioner. / This bachelor thesis examines the green building rating system BREEAM with a focus of the process and the systems effects. In the study ongoing BREEAM-projects in Sweden have been studied to examine what specifically is made because of the BREEAM-certification, the cost of it and also what benefits comes with a BREEAM-certification. The Building and Real Estate sector are responsible for a major part of the environmental impact in Sweden and hopefully the environmental certifications will reduce the environmental impact. The study shows that there is a growing demand for certified offices and premises from the tenants, although the implications are still being somewhat confusing. BREEAM is still relatively new on the Swedish market and the development and adaptability has to continue. A Swedish company, with an already good internal building standard, doesn’t need to do big commitments to reach a good rating in BREEAM. A BREEAM-certificate confirms that a building keeps a good level in environmental awareness, that the company is going in the right direction and also it helps the building project to structure the environmental work. The environmental impact it selves doesn’t really reduce thanks to a BREEAM-certification but the effects are more business oriented. An international comparable certification can be crucial in a real estate transaction.

This thesis investigates the difficulty in making accurate forecasts on opportunistic commercial real estate investments. The purpose is to quantify the differences between unlevered cash flows from underwriting estimates and actual outcomes, analyse them and arrive at conclusions about the difficulty in producing forecasts on opportunistic investments. The data used in this thesis comes from two opportunistic real estate portfolios previously owned by the private equity firm Niam. Both portfolios comprised Swedish office properties. The results from analysing Niam’s investments shows that operating cash flows on individual properties are most difficult to forecast since the strategy for the assets constantly needs to be updated in order to adjust for current events like for example change in demand of office properties. This can have great impact on the profit allocation between property cash flows and exit cash flows in comparison to underwriting. Furthermore the results show of an increased need of diversification for opportunistic investments, since individual investments have high volatility. Also, analysing investments on unlevered level has limitations. On an unlevered level an investment can have actual outcomes worse than in the underwriting, but when adding effects from financial leverage and currency movements the same asset can outperform the underwriting.

This thesis investigates the difficulty in making accurate forecasts on opportunistic commercial real estate investments. The purpose is to quantify the differences between unlevered cash flows from underwriting estimates and actual outcomes, analyse them and arrive at conclusions about the difficulty in producing forecasts on opportunistic investments. The data used in this thesis comes from two opportunistic real estate portfolios previously owned by the private equity firm Niam. Both portfolios comprised Swedish office properties. The results from analysing Niam’s investments shows that operating cash flows on individual properties are most difficult to forecast since the strategy for the assets constantly needs to be updated in order to adjust for current events like for example change in demand of office properties. This can have great impact on the profit allocation between property cash flows and exit cash flows in comparison to underwriting. Furthermore the results show of an increased need of diversification for opportunistic investments, since individual investments have high volatility. Also, analysing investments on unlevered level has limitations. On an unlevered level an investment can have actual outcomes worse than in the underwriting, but when adding effects from financial leverage and currency movements the same asset can outperform the underwriting.

Den 18 februari i år fick Sverige en negativ reporänta. Ett historiskt ögonblick i Sveriges ekonomiska historia. I detta arbete har vi valt att fokusera på hur den kommersiella fastighetsmarknaden kommer att påverkas av denna händelse. Den kommersiella fastighetsmarknadens rörelse är inte beroende av enbart en variabel utan av flera. Som i sin tur är mer eller mindre beroende av varandra. BNP och reporäntan är två av dessa variabler som påverkar den studerade marknaden. I arbetet valdes fyra scenarion ut där BNP och reporäntan befann sig i olika lägen under 2000-talet. Dessa fyra scenarion leder fram till en diskussion angående ett eventuellt samband mellan de olika faktorerna och makrofaktorernas rörelse. Vi studerar även om vi på grund av detta eventuella samband kan förutsäga framtiden. Den framtid som förväntas kantas av en sjunkande negativ reporänta och en växande ekonomisk tillväxt. Efter att ha genomfört studien kan vi utläsa ett samband mellan våra utvalda makrofaktorer och den kommersiella fastighetsmarknaden. Ett tydligt mönster, vid en sammanställning av resultaten från våra scenarion, har inte hittats och kan därför inte användas i en argumentation kring följden av reporäntans nu negativa värde. Resonemanget förs dock kring att den negativa reporäntan och dagens ekonomiska tillväxt kommer påverka den kommersiella fastighetsmarknaden positivt snarare än negativt. / On 18th of February this year, the Swedish central bank set a negative repo rate. This was a historic moment in Sweden's economic history. In this paper, we have chosen to focus on how the commercial property market will be affected by this event. The commercial property market movements is not dependent on only one variable, but a set of dependent and independent variables. GDP and the repo rate are two variables that affect the studied market. In this essay, four different scenarios were chosen where GDP and the repo rate were in different positions during the 2000s. These four scenarios lead to a discussion about a possible relationship between the commercial property market- and the macro factors movement. The paper also discusses if the future can be predicted, because of a possible relationship. The future that is expected to consist of a sinking negative repo rate and an economic growth. After conducting the study, the paper concludes that there is a strong connection between our selected macro factors and the commercial property market. Although, a clear pattern, after a summary of the results of our scenarios, has not been found and therefore cannot be used in an argument about the result of the negative repo rate. The conclusion is, however, that the negative repo rate and today's economic growth will affect the commercial property market positively rather than negatively

The interest in investing in commercial real estate has increased in recent years and as a result the need for making well informed investment decisions has increased as well. Investing in real estate is different from investing in other asset classes due to its longevity, spatial constraint, regulatory framework etc. and thus investing in commercial real estate requires knowledge of the specific attributes of the property itself as well as in the factors in the surrounding area that affect the property. Thus, the purpose of this thesis is to enlighten the reader of the various investment issues that arise when investing in commercial property and to give an account of how the investment decision is actually performed and what factors affect it. The research on how commercial real estate investments are made is firstly provided through a literature review that highlights several investment issues and illustrates of how investment decisions are made by conducting the market analysis. In the next section of the thesis, a practical market analysis follows conducted on the retail area of Stockholm that is based on the findings and suggested procedures in the literature review. The market analysis is designed to incorporate a qualitative research where the data is gathered and calculated and a quantitative research where the data compiled in the quantitative research is analyzed and interpreted. The analysis of the market analysis shows that there is a vast amount of data available to consider when executing the market analysis and that these data have to be carefully selected in the screening of the real estate market. It is vital to include only relevant factors that affect the demand for the specific property, and consequently the ability of the property to generate payoff, in order to for the market analysis to provide insightful and important guidance for the investment decision at hand. Even though the research  in this study provide important implications for investor on which demand factors that are important in a market analysis, the study is still limited by the inaccessibility to property specific demand factors such as rental contracts and repair and maintenance costs, which results in a suggestion of further research in this field in particular.

A research Report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Property Development and Management, September 2018 / Corporate real estate is required by firms to operate business and this can either be owned or leased. Either option requires substantial amounts of money. Despite this fact most studies conducted have focussed on tangible corporate assets in general and not corporate real estate in particular, the reason put forward being that this asset type has diverse intangible aspects which makes the own or lease equation a complex one. South Africa is the second largest economy on the continent and has a real estate market rivalling that of European countries by size; these facts are reason enough to support investigating the real estate market in detail. Gauteng Province accounts for 34.4% of the country’s GDP and 23% of this is from the industrial sector. This study, which is based on a 2011 UK study by Barkham and Park, sought to establish whether non-financial factors play a key role in the decision to own or lease industrial real estate in Gauteng Province. The study used an empirical approach using Thematic Network analysis to explore the non-financial determinants of owning or leasing industrial real estate from data obtained from 4 firms. Findings reveal that both financial and non-financial determinants are considered in the LVB decision for industrial CRE in Gauteng. Ranking of these factors showed that 3 of the four respondents ranked the non-financial ones first followed by some financial ones. It is suggested that further research be conducted to cover a larger population i.e. industrial firms in the major cities with a large industrial presence country wide. Additionally one which includes different firm sizes and a mixed method for data collection and analysis. / XL2019

Denna uppsats undersöker och analyserar transaktionsrådgivarrollen genom en jämförelse av transaktionsprocesserna fastighetsmäklaren respektive transaktionsrådgivaren verkar i. För den stora allmänheten är rollen som transaktionsrådgivare tämligen okänd. För att få en ökad förståelse för rollerna har en kortare beskrivning av den svenska kommersiella fastighetsmarknaden och dess utveckling utförts. Det huvudsakliga materialet för analysen utgörs av intervjuer med ett flertal personer verksamma på den kommersiella fastighetsmarknaden, antingen som rådgivare inom fastighetstransaktioner eller som kunder till dessa. Utifrån materialet tydliggjordes likheter och skillnader mellan de båda rollerna. Dock är skillnaderna större. Transaktionsrådgivaren roll är betydligt mer av en projektledare. Nätverkets betydelse framstår också som viktigare och processen i sin helhet har som exempel en avsevärt större komplexitet i den kommersiella transaktionsprocessen, vilket ställer andra krav på rådgivaren än fastighetsmäklaren. Vidare har teman och trender över tid för transaktionsflödet och rollen identifierats och beskrivits. / This paper investigates and analyses the role of the real estate transaction advisor through a comparison of the transaction processes that real estate agents and transaction advisors work in. For the greater public the role as a real estate transaction advisor is seemingly unknown. To get a greater understanding of the roles a shorter description of the Swedish commercial real estate market and its development has been presented. The main material for the analysis consists of interviews with a number of individuals working on the commercial real estate market, either as advisors within transaction advisory or as customers of these. From the material a number of similarities and differences between the roles were illustrated. However, the identified differences are greater. The role of the transaction advisor is significantly more that of a project manager. The importance of the network also appears crucial and the transaction process in its entirety, as an example, has a considerably greater complexity in the commercial real estate transaction process. Further, themes and trends over time for the transaction flow and the role have been identified and described.

A Green building is a well-managed building both in its technical and managerial senses. To achieve a Green Building standard, real estate developers should have frameworks in place to monitor and provide information regarding the sustainable aspects of the building. ESG data of a building is related to the Energy, Social, and Governance impact made by a building during its operations, and building a standardized and scalable solution to monitor this data will allow the developers to achieve a Green Building status easily. A Building Information Model is an architectural model that can be used to manage data from within a building to help provide its stakeholders with relevant data. This thesis aimed to design a BIM to manage the ESG data of a commercial building allowing the real estate developers to monitor and manage the building more sustainably with improved transparency and with the ability to make faster data-driven decisions. Action Design Research was the research strategy used to carry out the research and semi-structured interviews along with literature reviews were conducted to collect data. Thematic Analysis was done to identify themes in the collected data and the analyzed data was used to create the artifact. The artifact was then tested in the industry by gaining feedback from the industry. The thesis successfully designed an architecture model by collaborating with the industry and suggesting a universally applicable model to manage ESG data more efficiently. The model also gives importance to external software vendors and data consumers to help make the system more scalable and adaptable.