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 44). / The purpose of this research was to explore portfolio diversification by property type for Korean institutional investors in the U.S. real estate market. In the process, we analyzed the rapidly increasing Korean investment in the U.S. real estate market and identified the points cross-border investors should consider for proper asset diversification by property type. One of the main reasons investors make cross-border investments is to diversify their portfolios. Thus, cross-border investors need to properly diversify their investments by considering correlations between foreign and domestic properties. However, Korean institutional investors have shown an apparent preferential tendency for the U.S. real estate market, much more than other cross-border investors, and as such, they risk under-performing compared to investors with more diversified portfolio strategies. Therefore, in this research, 12 optimal portfolios were calculated by applying Markowitz's modem portfolio theory. Following this, the Sharpe ratios of calculated models without limitations of investment were compared to investment solely in Korean properties and U.S. office properties by Korean institutional investors. These analyses revealed considerable inefficiencies in the current international investment trend of Korean institutional investors. In addition, the comparisons of the optimal portfolios with correlations from more recent market data suggested that if Korean institutional investors continue investing in only office properties in the U.S. real estate market, their investment inefficiencies will become much larger than they currently are. Thus, we concluded that they should diversify their investment in U.S. residential, industrial, and retail properties and Korean properties rather than just investing in U.S. office properties and Korean properties. / by Chaungwon Cho. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

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 (pages 54-58). / Corporate real estate is increasingly seen as a strategic resource contributing to organizational performance rather than a mere operational asset focusing on overall business cost efficiency. There is considerable upside to be realized in making workplaces more efficient, productive and more conducive to work performance. Yet, the question whether good design correlates to increased financial outcomes has not been explored much. This thesis studies the economic impact of workplace performance by linking post-occupancy analysis to financial outcomes. The paper uses two data sets to explore if a correlation exists between good design and financial value by linking workplace performance and effective rents - Gensler's post-occupancy Workplace Performance Index (WPI SM) data, and CompStak's Manhattan rental database. The premium effect of WPI-scored leases is best observed when analyzed with respect to location characteristics (neighborhoods) and time-fixed effect (lease commencement date) reflecting a premium over non-scored leases. At the same time, there is a statistically significant indication that Below Average Work Performance, as reflected by their lower WPI Score, have lower effective rents compared to non-WPI scored leases. Workplaces with high WPI (SM) scores signify higher economic productivity compared to their lower scoring counterparts. The study is a first step towards linking workplace performance to effective rents to highlight the financial implications of developing high performing workplaces. The conclusions from the study are of value to stakeholders involved - real estate developers, landlords, tenants, architects, interior designers, and institutional investors. / by Suneeth P. John and Zoya Puri. / S.M. in Real Estate Development / S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

This study explores the applicability of the top-down target costing (TC) method in the Taiwan real estate development industry by considering one new element ¡V creating buyer¡¦s perceived product value. The top-down method determines the target costs by subtracting target profit from less controllable sales price. It has been extensively studied in the context of assembly manufacturing industries. On the other hand, the real estate developers produce more heterogeneous products in monopolistically competitive market conditions. In order to adapt to this different user group, TC as an accounting and strategic management tool is expected to have unique characteristics once adopted in the real estate development industry. This study adopts a descriptive research design. By presenting evidences gathered from six real estate development firms it sheds lights on how the creation of buyer¡¦s perceived product value can be embedded into the target costing mechanism. By examining nine propositions, the study confirms the modified TC model is effective in stabilizing profits due to its focus on creating buyer¡¦s perceived product value. The contributing factors include the ability to charge premium prices as well as effective cost reductions. The findings revealed three unique characteristics of real estate development industry which may influence the adoption of TC model. Firstly, due to stronger bargaining power of the buyers and land owners as well as low entry barriers, the users of TC framework strive towards providing added product value higher than the product price in order to sustainably charge premium prices. It supplements the traditional accounting and strategic management literature in which expected profit margins were primarily achieved by managing costs. The study also reveals that the TC framework is more compatible with the differentiator and confrontational marketing strategies in real estate development industry. Secondly, the modified TC framework may better facilitate firms¡¦ profitability objectives especially during economic recessions. Thirdly, TC is more applicable at preliminary stages of product planning e.g. land investigation, but is less effective for component- level cost management due to certain market and operational limitations. Given the different needs of the property developers, the adaptation of the top-down target costing model in Taiwan real estate development industry is characterized by emphasizing on the creation of the buyer¡¦s perceived product value, as opposed to a pure cost focus in previous target costing literatures.

The purpose of this study is to design, develop, and evaluate a prototype scenarioassisted decision support system (DSS) for use in venture and alternative assessment during the predevelopment stage of income-producing real estate development. This research examines theoretical underpinnings and associated advancements related to income-producing real estate development and decision support systems. Particular emphasis was placed on synthesis of relating disciplines?? models and advancements that support design and development of the decision support system. The result of the system design and development are embodied in a prototype scenario-assisted decision support system for income-producing real estate development (DSSVenture). The design and development of the program are documented in this dissertation. Following the design and development stage, the validation of DSSVenture??s data and logic models was conducted based on two case studies from well-known real estate development publications. The system was then tested on a group of graduate students who enrolled in an advanced real estate development course at Texas A&M University to examine whether its facilitation objective had been achieved. Since this research hypothesized that the decision support system would facilitate developers?? decision making during predevelopment stage of income-producing real estate development, three operational variables were tested, namely number of alternatives examined, time to reach decisions, and coefficient of projected net present value variations. The testing results indicate that DSSVenture system significantly enhances comprehensiveness of the decision context by increasing the number of alternatives for developers. Since the use of the system significantly reduces developers?? time to reach decisions, the efficiency of decision making is improved. Finally, the results of the study confirm that the use of DSSVenture system substantially diminishes variation of profit projection among decision makers. Therefore, the facilitation objective is achieved.

Thesis (M. Sc.)--University of Hong Kong, 2001. / Includes bibliographical references.

Timeshare ownership is a continually increasing market within the real-estate development industry. Marketed both as deeded property ownership and personal investments in heightened vacation experiences, timeshares have been developed, branded and sold in high vacation destinations around the world. From its precarious beginnings to its currently expanding popularity, timeshares have become a profitable and dynamic branch in real-estate development. Today, several international realestate corporations have branded and cornered the timeshare industry with everexpanding development scope and long-term business planning. This professional report will encompass the following five main categories: 1. An introduction to the timeshares and its development history; 2. Defining the timeshare product, market and clientele; 3. Analysis of timeshare feasibility planning and business dynamics; 4. Analysis of timeshare design and development concepts; 5. Summary and a look to the future of resort development; This professional report will attempt to conceptualize the timeshare development process both through analysis of development concepts and methodologies as well as applying such elements into hypothetical examples. Through the examination of initial project planning, feasibility and cash flow pro forma, and various other programming and design elements, this report will try to present an understanding of the timeshare development process and create a guide for development that can be applicable for real-world use. / text

published_or_final_version / abstract / toc / China Area Studies / Master / Master of Arts

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Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2004.