Thesis (M.C.P. and S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Vita. / Includes bibliographical references (leaves 92-95). / by Sung-Min Thomas Suh. / M.C.P.and S.M.in Real Estate Development / This thesis examines the financial feasibility of office-to-residential conversions in Downtown Manhattan's asset markets given the policy context shaping redevelopment opportunities. The analysis explores whether such conversion feasibility is desirable in the larger context of Downtown Manhattan's economic development. Market evidence from Downtown Manhattan's underperforming Class B/C office stock as well as record high performance in residential markets indicate that office-to-residential redevelopment is no longer an option, but a market-based necessity for transitioning Downtown Class B/C stock into more economically viable uses. Although markets have long identified office-to-residential conversion as the highest and best use of land in Downtown's markets, policymakers have also played an important role in facilitating conversion activity by allowing markets to adjust to economic changes. In the mid-1990's, policymakers used two separate approaches to advance sustainable redevelopment by clearing regulatory barriers for conversion and establishing incentives to encourage redevelopment activity. In comparison to these measures, post-9/11 incentives were designed to hold the market together and address immediate short-term redevelopment needs to stabilize markets in the long-term. The thesis establishes that even in today's evolving conversion markets, Downtown presents a substantive level of risk for developers. The findings reveal a crucial interdependence between critical mass and private sector investment in services. These issues are compounded by longstanding urban planning issues involving infrastructure, transportation, and access. The market study, institutional analysis, and case-based material support the position that under current market conditions, policy measures must readjust conversion policies to foster reasonably paced residential redevelopment in conjunction with larger economic development plans for Lower Manhattan.

Thesis (M.C.P.)--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning, 1976. / Microfiche copy available in Archives and Rotch. / Includes bibliographical references. / by John B. Wilbur III. / M.C.P.

by Cheng Ngai Fai, Tong Wai Kin, Kenneth. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaf 50). / Chapter 1. --- INTRODUCTION --- p.1 / Chapter 2. --- OBJECTIVES --- p.4 / Chapter 3. --- LITERATURE REVIEW --- p.6 / Overview of REITs --- p.6 / The Current Market of REIT --- p.8 / Regulations Imposed on REITs --- p.10 / Performance of the REITs --- p.12 / Key Success Factors and Marketability of REITs --- p.14 / Avoid Double Taxation --- p.14 / Current Income --- p.15 / High Liquidity --- p.15 / Professional Management --- p.16 / Portfolio Diversification --- p.16 / Performance Monitoring --- p.17 / Inflationary Hedge --- p.18 / Attraction of REITs to Pension Investors --- p.19 / REIT Dependence on Capital Markets --- p.20 / Who Will Supply the Capital --- p.21 / Four Basic Investment Methods --- p.23 / Real Estate Analysis --- p.24 / Chapter 4. --- HONG KONG ECONOMIC AND FINANCIAL ENVIRONMENT --- p.25 / General Economy --- p.25 / Hong Kong Stock Market --- p.28 / Hong Kong Debt Market --- p.30 / Hong Kong Property Market --- p.32 / Chapter 5. --- ANALYSIS --- p.35 / Hong Kong Stock Market --- p.35 / Simulation of REIT in Hong Kong --- p.39 / Chapter 6. --- DISCUSSION --- p.43 / Internal Rate of Returns --- p.43 / Risks and Returns --- p.44 / Limitations on Our Studies --- p.45 / Conclusions --- p.45 / APPENDIX --- p.47 / BIBLIOGRAPHY --- p.52

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2015. / 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 PDF version of thesis. / Includes bibliographical references (page 125). / A Food Innovation Center (FIC) is an enclosed commercial space comprising a mix of complementary uses pertaining to locally-operated food growing, production, processing, testing, distribution, and sale. These uses include indoor vertical farms, commercial shared-use kitchens for start-up food businesses, rooftop greenhouses, food halls with local, artisanal vendors, and food-related R&D space, among others. While literature exists on the demand for locally produced food, there is still a gap in the industry's knowledge about the financing environment, development costs, and overall rate of success that FICs experience. The research presented in this thesis is intended to provide an overview of existing Food Innovation Centers via data on acquisition, construction, operations, and returns of individual projects. Does the FIC product innovation add value to urban industrial real estate, and is the FIC a feasible model, financially and economically, for industrial development? Survey analysis of 62 FICs and six in-depth case studies show that FICs are more prominently featured in commercial rather than industrial space and operate on a business model in which a developer owns the property but leases to individual tenants operating one of the FIC business components. Financing largely comes from the philanthropic sector, and some of the most ambitious FICs have partnered with municipalities to identify publicly owned land for a nominal ground lease to the city or below-market acquisition. Overall, the FIC product type is still under development, and more must be learned about the lease structures within the PC to generate more robust underwriting standards that will better attract commercial investment. The most proprietary component of FICs are indoor vertical farms, for which the technology supporting the farm systems is still very much in the nascent R&D phase and not yet prepared for commercial diffusion. FICs do, however, have the ability to impact urban residents who lack access to healthy food. Through procurement, distribution, and wholesaling operations that can take place at FICs, regional small farmers can more easily get their produce into an urban area for distribution to residents. Incubator kitchens can provide cost-effective means for urban residents to test their own business models in the food and beverage manufacturing industry, and the roles that FICs play in hosting public events increases the connection between consumers and the food they eat. FICs generate economic growth through their ability to launch small businesses and create stronger and more direct supply chains between farmers, producers, wholesalers, food and beverage providers, and ultimately the consumer. / by Alison Crowley. / M.C.P. / S.M. in Real Estate Development

Real estate market is the topic I have chosen for my thesis. The thesis focuses on the problem of real estate prices in the Czech Republic. The price trend can be tracked just since 1990s. As a result of missing relevant data no complete analysis of real estate market has been published so far. This is also one of the reasons I have chosen this particular topic. The first part of my work covers features and special characteristics of the Czech real estate market. It is important to describe the economic situation and the role of the state before analysing single factors to influence real estate market. Therefore macroeconomic indicators and their development can be found in this part. The financial crisis and its impact cannot be ignored either. The second part of the work is pointed to the analysis of the factors that influence prices on the real estate market. The aim of the work is to describe the development of the factors and assess their importance. The factors can be divided into supply and demand oriented and the majors are: demographics, disposable income, interest rate and building development. Price development on the RE market is also described in the work. At the end of the work the introduced facts are summed up and a try to a prognosis of the future development is made.

Master's thesis discusses the issue of valuation of property within the market conditions in Czech Republic. The problem is treated in the theoretical, as well as in practical basis, based on available literature and Internet sources. In the beginning of the theoretical part the author pays attention to the most important and most frequent terms used in valuation, then to division of real estate markets and to definition of terms value and price. The second part of the theory briefly and clearly processes methodology of market valuation. It also talks more about comparative and yield method of valuation. The third issue discussed in theoretical part is marketing process of property selling, recommendations for selecting real estate agent and the essential particulars relating to the purchase agreement and transfer of immovable property. In the practical part is located economic, social and real estate situation in the region of Hradec Králové and Czech Republic. In this section there is also a market valuation of real property located in the spa town Janské lázně through the comparative method. Value of the property is determined by qualitative, quantitative and mixed analysis.

This Master`s degree thesis examines the process of gradual liberalization of legal restrictions which, in the past, hindered the foreign exchange non-residents in the real estate acquisition in the Czech Republic. The process was decisively influenced by the Czech Republic`s membership in the European Union, this being the reason for the largest portion of the thesis examining the Czech Republic`s commitments, stemming in the field of real estate acquisition by foreign exchange non-residents from the Agreement on Accession of the Czech Republic to the European Union and the problematic of their implementation into the national legislation. Some attention is also dedicated to questions of practical implementation of mentioned national legislation as well as further international legal commitments of the Czech Republic, which influence the national legal regime in the field of real estate acquisition by foreign exchange non-residents.

Desde a onda de abertura de capital ocorrida com o setor de real estate brasileiro entre 2006 e 2007, a discussão em como identificar por meio de informações disponíveis ao público o valor das empresas que compõem esse importante setor se intensificou tanto entre seus gestores como nos analistas do mercado de capitais. Os modelos tradicionais de avaliação de empresas se mostraram inadequados e necessitam de adaptações para serem utilizados em empresas do setor, bem como a identificação e caracterização dos direcionadores de valor. Esta tese tem como objetivo desenvolver uma rotina de avaliação de empresas de Real Estate e sua relação com os direcionadores de valor, intangíveis ou tangíveis, identificando quais são os ativos que possuem maior influência na geração do valor e o porquê dessa influência, possibilitando aos investidores e analistas avaliar melhor o valor de empresas do setor. A partir de uma revisão bibliográfica em conjunto com a análise dos prospectos de abertura de capital e das demonstrações financeiras disponibilizadas ao público, foi proposta uma taxonomia para medir o valor das empresas de real estate em quatro dimensões: capital de propriedade, capital humano, capital de mercado e capital relacional. Em cada dimensão foram mapeados os ativos tangíveis e intangíveis que as formam e estes relacionados à geração de valor por meio de indicadores e benchmarks. / Since the wave of IPO occurred in the Brazilian real estate sector between 2006 and 2007, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This dissertation aims to develop a routine valuation of Real Estate from the drivers of value, tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / 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. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 157-165). / The question that this thesis ponders is: Is there a physical neighborhood form that promotes more integrated communities by supporting the different living preferences and resources of diverse racial and class groups? Though there are many factors that influence the socioeconomic diversity of a neighborhood, this study tests the hypothesis that a balanced urban environment-one that includes the characteristics of both city and suburb-is the most conducive neighborhood design to generate diverse communities. Residents' preferences for neighborhood style, location, and housing vary depending on need, resources, culture, and place in life. The city and the suburbs both offer different locations, housing options, and urban design that appeal and are available to different types of individuals. A balanced urban environment is one that spans both realms and offers a lifestyle that merges these two preferences together. A community that is able to provide a wider range of both urban and suburban options is likely to be more attractive, both financially and emotionally, to a broader spectrum of people, and thus more likely to be more socioeconomically diverse. Using metropolitan Boston as a case study, this thesis mapped socioeconomic diversity, defined as an equal mix of races and income classes, in the region. The author then visited the top eleven most diverse neighborhoods and identified two distinct neighborhood styles, the streetcar suburb and the affordable suburb, that promoted diversity. The observations from this fieldwork sparked three theories to explain why certain communities are more diverse than others: The Second Best Location Theory, the Affordable Walkability Theory, and the Personal Urbanism Theory. The observations also became the foundation for the thirteen variables that were developed to test these three theories empirically through a hedonic regression: distance to CBD; distance to transit; public transit usage; lot size; building density; density per dollar; walk score; walk score per dollar; presence of single family and small multifamily homes; and housing mix, size and tenure. The results of the regression confirm that diverse communities exhibit a balance of physical factors, including multiple transportation options, moderate density, multiple housing choices, including both single family and detached multifamily homes, as well as a roughly equal proportion of renters and owners, which is influenced by the presence of a mix of housing types. Location to train stations was insignificant, leading to the discovery that bus service is more associated with diverse communities than rapid transit. Additionally, the built environment was much more significant in explaining diversity in the suburbs than in the city, while the diverse communities in the city are likely caused by gentrification taking place around transit nodes. A hierarchy of the influence of urban form factors on diversity was also discovered, with small lots, a moderate density level, and public transit critical in setting a foundation for a mix of housing types and the presence of average sized homes. This study concludes by providing recommendations to improve the diversity of communities, including densifying suburban development, increasing bus service in the suburbs, preserving existing streetcar suburbs in cities, instilling more community control over public spaces in the city, and attempting to change the development of metropolitan regions to follow the balanced pattern of the dense urban suburbs. / by Michael Kaplan. / M.C.P. / S.M. in Real Estate Development

In this thesis, I analyze the effect that a professional sports team has on its local real estate values. Using data from 2005-2016, I use an OLS regression to analyze two aspects of professional sports that could affect home values; presence of a team, and success of a team. I find that there is no significant correlation between presence of a team and increase in home values. However, statistically significant at the 1% level, I find that a 1 unit increase in winning percentage leads to a .0216 unit increase in percent change of home value. These results indicate that professional sports have a significant effect on home values, but it is more important for the team to be successful than to merely have a team.