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.

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.

Titel: En undersökning av hur vidare miljöcertifierade fastigheter ger fördel på denkommersiella fastighetsmarknaden.Ämne, kurs: Fastighetsvetenskap, Kandidatuppsats 15 hpFörfattare: Ahmed Abdulrahman & Fadi El HageHandledare: Peter PalmNyckelord: Miljöcertifiering, Marknadsfördel, Signaler, Kommersiella fastigheterAtt miljöcertifiera innebär att man höjer standarden av den tekniska installationen ifastigheten. Fastigheter som miljöcertifieras ger en lägre energiförbrukning då certifieringeninnebär att man bygger med bra kvalitet och med god miljöhänsyn. Studiens syfte är attundersöka om miljöcertifierade fastigheter ger en fördel på den kommersiellafastighetsmarknaden samt tydliggöra företagens avsikt med att miljöcertifiera sittfastighetsbestånd.Studiens syfte har angripits genom en kvalitativ undersökning där fem personer från femolika fastighetsbolag intervjuats i Malmö samt att ett studiebesök med Jenny Hartwig påVasakronan ägdes rum med syfte att komplettera Denell men också för att få en ökadförståelse för miljöcertifiering. Det har dessutom gjorts en granskning av fastighetsföretagenshemsidor för att få en helhetsbild av hur företagen arbetar med miljöcertifiering. I denteoretiska referensramen har signaleringsteorin av Milgrom och Roberts används ikombination med tidigare studier inom samma ämneskategori.Den insamlade informationen i studien grundar sig på fem olika respondenters kunskaper ocherfarenheter inom arbetet med miljöcertifiering. Det har observerats vara av samtligaintressenters intresse att jobba för ett miljövänligare Sverige där alla är med och bidrar till eneffektivare resursanvändning av jordens resurser. Fastighetsägarna som bidrar med 40 procent av den totala energianvändningen i Sverige vill vara med och effektiviseraenergiförbrukningen då det bidrar till ett positivt rykte samt att det på sikt är ekonomisktlönsamt då det ger en lägre drift -och underhållskostnader. Respondenterna är enliga om attmiljöcertifieringen utgör ett kvitto på att byggnaden är uppförd med bra materialval och hargod miljöhänsyn. Fördelarna det medför att miljöcertifiera sitt fastighetsbestånd är blandannat att det attraherar de hyresgäster som har det som krav på sig att endast lokalisera sig imiljöcertifierade lokaler. Miljöcertifieringen stärker och skapar bättre relationer medintressenter samtidigt som man sänder kvalitativa signaler som direkt är kopplade tillvarumärket. / Title: A study on whether environmentally certified offices are an advantage on the propertymarket.Subject, Course: Building Science, Bachelor Thesis 15 creditsAuthors: Ahmed Abdulrahman and Fadi El HageAdvisor: Peter PalmKeywords: Environmental Certification, Market Advantage, Signals, Commercial Real EstateThe meaning of the environmental certification is that the standard of the technicalinstallation rises in the property. A property that has environmental certification generateslower energy consumption where the certification means that you build with good quality andas well good environmental stewardship. The study aims to investigate whetherenvironmentally certified buildings provide a benefit to the commercial property market andto clarify the companies intend to environmental certification for its property portfolio.The study's purpose has been attacked by a qualitative study in which five respondents ondifferent real estate companies were interviewed in Malmo. There has also been a review ofthe property companies' websites to get an overall picture of how companies work withenvironmental certification. In the theoretical framework the signaling theory of Milgrom andRoberts has been used in combination with previous studies and other studies on how marketvalue is affected by the certification.The emphasis of the information collected in the study is based on five different respondentsknowledge and experience in working with environmental certification. It has been observedto be of interest to all stakeholders to work for a greener Sweden where everyone iscontributing to a more efficient use of resources of the earth's resources. Property owners who contribute with 40 percent of the total energy consumption in Sweden want to join andstreamline consumption as it contributes to a positive reputation and that the term iseconomically viable as it provides a lower operating and maintenance costs. The respondentsagree upon that the environmental certification is an acknowledgment that the building wasbuilt with good material and is environmental. The benefits of offering environmentallycertified offices are among other things, tenants who have certified facilities as a requirement.Environmental certification strengthens and creates better relationships with stakeholders andsimultaneously sends qualitative signals directly linked to the brand.