Mixed-use properties have received increased attention over the last 15 years. There are many perceived benefits of mixed-use development, such as Smart Growth, sustainable development, and urban regentrification. The increased interest in mixed-use developments in suburban, less densely populated areas appears to be motivated by changing consumer preferences and the perceived success of these developments by real estate owners, developers, and governing agencies. Real estate developers, owners and investors have asserted that the financial performance and success of mixed-use projects is better than single-use properties. There is limited data or empirical evidence, in trade publications or academic journals, which supports or disproves this assertion. This research uses data from New York City’s five boroughs to empirically study the effects of a property’s use-type on the financial performance of commercial projects in order to determine if a “mixed-use premium” exists. Initial findings suggest that a property with multiple uses generate between an 8.5%–17% price premium on average, though the magnitude of the premium varies from borough to borough. Further, this research also examines the effects of transit proximity on commercial property values in Manhattan. Relevant stakeholders assume that being closer to public transportation will translate into higher market values. The existing literature is mixed, but there appears to be more evidence for a positive relationship between transit proximity and commercial property values. This study will examine the relationship between transit proximity and commercial property values. Preliminary, adding one subway station within a 0.25 miles radius results in a 14% increase in sales price. Further, a Mixed Use-Transit Proximity interaction variable was created which showed a positive, but non-significant relationship to commercial property values in Manhattan. / Business Administration/Finance

No description available.

Thesis (MBA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: Owners of directly held, large commercial properties mostly face problems regarding liquidity and sometimes higher-risk exposure due to large properties dominating their property portfolio. • Exit vehicles in the listed property sector on the JSE are gaining momentum but are, however, still facing the negative impact of overall bear market conditions. • An exit vehicle in the bond market can serve as an alternative, where a Limited Purpose Company/Special Purpose Vehicle (SPV) acquires a rental income stream from a portfolio of properties and issues bonds. The funds raised from bond investors, who focus on the credit rating of the income stream and not the properties, are then used to acquire the property assets. • Current market conditions, favour an asset-backed securitisation of property leases. Low interest rates and other factors in the current market, as discussed in this document, ensure lower costs of debt and easier access to capital when funds are raised on the bond market, relative to the equity markets, with highly geared structures not necessarily causing a negative impact on the credit rating (80% - 90% gearing possible with A - AA local credit rating). • Usually a promoter, a Merchant Bank and a few institutions/ pension funds are involved. Example: Institution X will be requested to take up an equity stake in the fund by selling some properties or stakes therein (Institution X buildings) and receiving payment in a combination of cash, junior bonds and equity. The benefits to Institution X are discussed on page 39. / AFRIKAANSE OPSOMMING: Eienaars van groot kommersiële eiendomme wat direk besit word, ondervind normaalweg probleme rakende likiditeit en verhoogde risiko a.g.v. die groot eiendomme wat hulle portefeulje domineer. • JEB (Johannesburgse Aandelebeurs) genoteerde maatskappye, as uitgangstrategie vir die verkoop van eiendom, is 'n oplossing, maar beer mark toestande verlaag die moontlikheid. • 'n Maatskappy genoteer op BESA (Effektemark) kan as uitgang- strategie dien, waar die voormelde maatskappy met beperkte aanspreeklikheid die huurinkomstestroom van 'n portefeulje van eiendom aankoop en effekte uitgee vir die finansiering van die transaksie. Die beleggers wie die effekte koop, fokus op die kredietgradering van die effekte en nie die eiendom as onderliggende bate nie. • Huidige mark omstandighede verbeter die moontlikheid van 'n bategesekureerde sekuritusasie van eiendomshuurkontrakte. Lae rentekoerse en ander faktore wat in hierdie dokument bespreek word, verseker laer koste van kapitaal en makliker toegang tot fondse relatief tot die aandelemarkte. Hoë hefboom-finansiering is moontlik sonder te groot impak op die kredietgradering. (A-AA kredietgradering moontlik met 80%-90% skuld) • Normaalweg is 'n promoter, 'n beleggingsbank en 'n paar institusies/ pensioenfondse betrokke. Bv. Institusie X word versoek om aandeelhouding op te neem in 'n maatskappy deur eiendomme te verkoop aan die voormelde maatskappy en betaling te ontvang in die vorm van 'n kombinasie van kontant, junior effekte en aandele. Die voordele vir Institusie X word bepreek op bl. 39

Thesis is submitted in partial fulfilment for the degree of Master of Science in Building (Property Development and Management), to the Faculty of Engineering and the Built Environment, School of Architecture and Planning at the University of the Witwatersrand, Johannesburg, 2017 / The purpose of this study is to fill specific gaps in the existing body of knowledge of South African corporate real estate management by investigating the determinants influencing the lease versus buy decision; the methods and financing sources of corporate real estate acquisition; and the criteria used in deciding on the financing technique for corporate real estate acquisition. The research followed a similar methodology to that of Redman and Tanner (1991) in their study “The Financing of Corporate Real Estate: A Survey”. However, it specifically focused on the South African corporate real estate environment. The data collection instrument was an online survey and the survey produced quantitative descriptions of certain aspects of the population. The population for the research was corporate real estate decision makers of leading South African companies. The data captured was presented through the aid of tables, charts and graphs. The data was further analysed through cross tabulations and hypothesis testing using the Chi Squared test of independence to determine significance of results. South African firms use some form of leasing (mainly long term leasing) in acquiring their corporate real estate. However, ownership is also a common form of real estate acquisition through the use of mortgages secured by the acquired property, mortgage backed securities and sale of unsecured bonds. The decision criteria for acquisition includes both financial and non-financial determinants. Financial analysis is also an important factor in analysing the lease versus buy decision. This is mainly done by comparing the undiscounted cash flow of leasing versus buying. Where a discounting approach of evaluation is used, the most favoured discount rates include the weighted average cost of capital and rate of return on new investments. Mostly outscored professional services are used when making the lease versus buy decision. The benefit of this study was to understand the factors influencing the corporate real estate decision making process and to provide a corporate real estate decision makers with a decisional framework when determining the form or real estate tenure. Future studies should attempt to secure better response rate to allow for robustness of results and other methodologies of analysis. / XL2018

Com o crescimento do mercado de fundos imobiliários nos últimos cinco anos, o objetivo desta pesquisa foi analisar a ocorrência ou não de desempenho anormal dos fundos de investimentos imobiliários do tipo renda, com relação ao mercado financeiro, e fazer a comparação do retorno de capital entre os fundos de investimentos imobiliários de renda com os imóveis comerciais convencionais e perceber se há correlação entre esses dois ativos. Para isso foram analisados dois períodos distintos, porém utilizando-se como metodologia as regressões pelo método dos mínimos quadrados ordinários. Na comparação dos fundos de investimentos imobiliários de renda com os imóveis comerciais, a análise foi realizada por trimestre, no período de 2000 a 2013, e foi possível perceber que não há correlação entre os dois ativos, ou seja, não são produtos substitutos, e que há sazonalidade de retorno de abril a maio para os FII de renda e de janeiro a março para os imóveis comerciais. Na análise de ocorrência ou não de desempenho anormal dos FII de renda, foram analisados os fundos nos períodos de 36, 24 e 12 meses, de janeiro de 2011 a dezembro de 2013, e conclui-se que nos resultados obtidos nos períodos de 36 e 24 meses há ocorrência de desempenho anormal, ou seja, retornos acima do mercado com resultados estatisticamente significativos e quando analisado o período de 12 meses não há ocorrência de desempenho anormal. Por meio da regressão dos alfas com as características das carteiras do fundo foi percebido que o patrimônio líquido e o volume de negociação interferem no retorno mensal dos fundos. / With the growth of the real estate fund market in the last five years, the objetive of this research was to analyze the occurrence or not of abnormal performance of real estate investment trusts of income with respect to the financial market type and make comparison of the return of capital between funds property investment income with conventional commercial property and realize the correlation between these two assets. For this two different periods were analyzed, but using as a methodology the regressions by the method of ordinary least squares. In the comparison of real estate investment funds with commercial income properties, the analysis was performed per quarter in the period from 2000 to 2013, and it is noted that there is no correlation between the two assets, ie, are not substitutes and that there seasonality return from April to May for FII income from January to March and for commercial properties. In the analysis of occurrence of abnormal performance of FII income, funds in periods of 36, 24 and 12 months, from January 2011 to December 2013 were analyzed and concluded that the results obtained in periods of 36 and 24 months ago occurrence of abnormal performance, ie, above-market returns with statistically significant results when analyzed and the period of 12 months, no occurrence of abnormal performance. By regression of alfas with the characteristics of the portfolios of the fund was realized that the equity and trading volume influences in the monthly return of funds.

The technical progress have contributed to increased information availability on many markets. However, the progress has not reached the commercial real estate market. To reduce the seller’s information acquisition in commercial real estate transactions, a special inspection process is used by the sales object, called Due Diligence. The purpose is to analyze the efficiency of a Due Diligence in a transaction with commercial real estate in Sweden, to illustrate the problems of handling asymmetric information. The study is mainly based on a qualitative method, but also on a quantitative method. The qualitative method is based on 9 semistructured interviews with people working with Due Diligence and on the market for commercial real estate. The quantitative method is based on a literature study with publications from real estate companies and previous studies on the field. To measure efficiency, we compare benefits with costs through an economics perspective. In addition, theories regarding asymmetric information are applied on the subject, which are principalagent, moral hazard, adverse selection and transaction costs. The results show that Due Diligence contributes to reduced information asymmetry for the seller on the market, because of sharing information and also being cooperative during the process. The benefits of Due Diligence is to gain understanding of the property, to avoid risks and to identify possibilities. The benefits can be measured through price reductions, improved contract terms and through the alternative cost of the benefit. The transaction costs are relatively higher at lower prices of purchases than at higher prices of purchases. There is a fixed cost for Due Diligence, but also a variable part depending on the price, size of transaction, complexity, information transparency and seller experience. The main principles for managing asymmetric information are 1) that sellers and buyers work together to fill information gaps and 2) that new discoveries are addressed through negotiations. Suggestions for markets that can follow the principles may be secondary markets for boats, cars and machines. Finally, Due Diligence can be stated to be an effective process.

<p>Aim: The purpose of this study is to increase the knowledge around the location’s importance when rent setting office premises. Furthermore, I want to get broader knowledge about the real estate market as a whole when since it is of current interest.</p><p>Method: The study is performed with the aid of qualitative interviews on persons with experience of office premises in Stockholm city. Theoretical dates mainly have been gathered via literature and the Internet. Then I have put together the interviews in order so that I finally can analyze empiric with theory.</p><p>Result & conclusions: The results that have been achieved with this essay are how the concept location has been used within the real estate sector, also how important long-term thinking is when letting of premises, not only office premises.</p><p>Suggestions for future research: Future studies can increase my study with more interviews, with for example real-estate owners. It was unfortunately no real-estate owners that wanted line up for an interview in my essay. The other proposal is about studying differences between having a company and a home association as a landlord, with starting point from a tenant’s eyes. The proposal is based on my own ambition to find out the truth.</p><p>Contributions of the thesis: This essay has contributed with new knowledge by considering and using the concept’s actual meaning is used. According to the dictionary location is a word that describes in what way something is placed with respect to it environments. Location is therefore relative and should be used thereafter. Not like today when the expression is used unmoved of its proper importance. This is my study's contributions.</p> / <p>Syfte: Syftet med denna studie är att öka kunskapen kring lägets betydelse vid hyressättning av kontorslokaler. Vidare vill jag få bredare kunskap om fastighetsmarknaden i sin helhet då detta känns aktuellt i tiden.</p><p>Metod: Studien är utförd med hjälp av kvalitativa intervjuer på personer med erfarenhet av kontorslokaler i Stockholms innerstad. Teoretiska data har främst samlats in via litteratur och Internet. Sedan har jag sammanställt intervjuerna för att avslutningsvis kunna analysera empiri med teori.</p><p>Resultat & slutsats: Det resultat som har åstadkommits med denna uppsats är främst en bild av hur begreppet läge har kommit att användas inom fastighetsbranschen samt hur viktigt långsiktigt tänkande är vid uthyrning av lokaler, inte bara kontorslokaler.</p><p>Förslag till fortsatt forskning: I kommande studier kan man utöka den studie jag redan gjort med hjälp av fler intervjuer, exempelvis med fastighetsägare. Det var tyvärr inga fastighetsägare som ville ställa upp på intervju i min uppsats. Mitt andra förslag handlar om att studera skillnader för en hyresgäst av att ha ett företag respektive en bostadsrättsförening som hyresvärd. Detta förslag bygger på min egen strävan av att få veta hur det ligger till.</p><p>Uppsatsens bidrag: Den här uppsatsen har bidragit till ny kunskap genom att man ska betrakta och använda begreppet läge på ett annat sätt. Inte ett nytt sätt, utan det sätt som begreppet verkligen innebär, det vill säga att läge är ett ord som beskriver på vilket sätt något är placerat med hänsyn till omgivningar enligt ordboken. Läge är alltså relativt och borde användas därefter. Inte som det har blivit i dagens läge där uttrycket används oberört av dess egentliga betydelse. Detta är min studies bidrag.</p>

Istanbul undertakes about half of the imports and exports of the country which has been increasing the importance. It is the most developed city in Turkey with a population reaching up to 13.255.685 people in 2010 consisting of %17.98 of the national population. The service sector demand and the real estate production are expected to be high together with the Istanbul&rsquo / s rising position in the globalization process. Upon the increase in demand for global sectors, the production of the commercial real estate tends to increase, which can be observed from construction statistics that are published by the Turkish Statistical Institute. The world city literature developed in several respects. As to the world city/global city concept, there are three main theories that play major roles in understanding the emergence of global command centers and strongly influenced the world city literature that belong to John Friedmann, Saskia Sassen and Manuel Castells. Developments in lines with the world city/global city concept appeared in Istanbul with the 1980&rsquo / s reforms towards economic liberalization, together with the support of the Government to make Istanbul a &lsquo / global city&rsquo / . The city is the primary gateway of Turkey to the global economy and Istanbul has been well ranked in academic rosters of world cities since the beginning of the 21 st century. v When the case of Istanbul is considered, the city as a world city is expected to be relatively at an earlier stage of globalization process, and with respect to these major theories / the attribution of Istanbul seems to have similarity with Friedmann&rsquo / s (1986) &lsquo / world city&rsquo / vision. The main data that reflect the supply of commercial real estate as related to demand in the globalization process are obtained from the data of the Turkish Statistical Institute (TUIK), under the published categories of &lsquo / Hotel and etc constructions&rsquo / , &lsquo / Office, Wholesale and Retail Commerce&rsquo / , &lsquo / Traffic and Communication Buildings&rsquo / , &lsquo / Industry and Storage&rsquo / , and &lsquo / Public, Entertainment, Education and Hospital&rsquo / . In order to figure out the place of Istanbul in the globalization process in the country, Istanbul&rsquo / s data are compared with the same data for Ankara and Izmir comprising the years between 2002 and 2010. It is aimed to figure out the developed sectors of Istanbul and to clarify how Istanbul is leading in the production of real estate for the global sectors of both manufacturing and service activities. The developments in respect of globalization process of the city can be expected in the direction of the formation of world city as defined in line with the Friedmann&rsquo / s theory, since not only buildings for service sector activities are produced in Istanbul, but also industrial real estate production at almost equal level during much of the investigated period. It is expected that global city functions, in lines with the Saskia Sassen&rsquo / s framework will develop as world city functions consolidate in Istanbul. Therefore, the commercial real estate production is expected to be more rapid and more in line with the growth of world city functions in Istanbul, compared to two other most developed cities of Turkey which are Ankara and Izmir.

Aim: The purpose of this study is to increase the knowledge around the location’s importance when rent setting office premises. Furthermore, I want to get broader knowledge about the real estate market as a whole when since it is of current interest. Method: The study is performed with the aid of qualitative interviews on persons with experience of office premises in Stockholm city. Theoretical dates mainly have been gathered via literature and the Internet. Then I have put together the interviews in order so that I finally can analyze empiric with theory. Result &amp; conclusions: The results that have been achieved with this essay are how the concept location has been used within the real estate sector, also how important long-term thinking is when letting of premises, not only office premises. Suggestions for future research: Future studies can increase my study with more interviews, with for example real-estate owners. It was unfortunately no real-estate owners that wanted line up for an interview in my essay. The other proposal is about studying differences between having a company and a home association as a landlord, with starting point from a tenant’s eyes. The proposal is based on my own ambition to find out the truth. Contributions of the thesis: This essay has contributed with new knowledge by considering and using the concept’s actual meaning is used. According to the dictionary location is a word that describes in what way something is placed with respect to it environments. Location is therefore relative and should be used thereafter. Not like today when the expression is used unmoved of its proper importance. This is my study's contributions. / Syfte: Syftet med denna studie är att öka kunskapen kring lägets betydelse vid hyressättning av kontorslokaler. Vidare vill jag få bredare kunskap om fastighetsmarknaden i sin helhet då detta känns aktuellt i tiden. Metod: Studien är utförd med hjälp av kvalitativa intervjuer på personer med erfarenhet av kontorslokaler i Stockholms innerstad. Teoretiska data har främst samlats in via litteratur och Internet. Sedan har jag sammanställt intervjuerna för att avslutningsvis kunna analysera empiri med teori. Resultat &amp; slutsats: Det resultat som har åstadkommits med denna uppsats är främst en bild av hur begreppet läge har kommit att användas inom fastighetsbranschen samt hur viktigt långsiktigt tänkande är vid uthyrning av lokaler, inte bara kontorslokaler. Förslag till fortsatt forskning: I kommande studier kan man utöka den studie jag redan gjort med hjälp av fler intervjuer, exempelvis med fastighetsägare. Det var tyvärr inga fastighetsägare som ville ställa upp på intervju i min uppsats. Mitt andra förslag handlar om att studera skillnader för en hyresgäst av att ha ett företag respektive en bostadsrättsförening som hyresvärd. Detta förslag bygger på min egen strävan av att få veta hur det ligger till. Uppsatsens bidrag: Den här uppsatsen har bidragit till ny kunskap genom att man ska betrakta och använda begreppet läge på ett annat sätt. Inte ett nytt sätt, utan det sätt som begreppet verkligen innebär, det vill säga att läge är ett ord som beskriver på vilket sätt något är placerat med hänsyn till omgivningar enligt ordboken. Läge är alltså relativt och borde användas därefter. Inte som det har blivit i dagens läge där uttrycket används oberört av dess egentliga betydelse. Detta är min studies bidrag.

published_or_final_version / Urban Design / Master / Master of Urban Design