The main objectives of this diploma thesis are to introduce the building information model as an effective tool, helping at work with the buildings throughout their lifecycle and to consider its use for real estate valuation, from the point of view of individual valuation methods, used in Czech Republic. The real estate valuation methods and the functional principles of building information model, as well as its features, are described in the first part of the thesis. In addition, the first part of the thesis also deals with the model implementation conditions in selected countries of the world. The second part of the document contains consideration for model usage in the valuation practice. A practical demonstration of working with the model is also included in this thesis.

The thesis deal with boarding-houses valuation methods. Boarding-house is a special business with real estate as the main asset. That's why we can value it as a business or as a real estate. In order to solve the dilemma, there is valued one innominate prague boarding-house as a business and as a real estate, too, in the thesis. The goal is to find out the boarding-house market value on 31. 12. 2010 and to decide on the best way of boarding-houses valuation. Next goal is to find out, whether is it better keep running the boarding-house, or let the rooms individually as the flats. The thesis is oriented on a practical application of real estate and business valuation, that's why the theoretical part is very brief. In practical part the boarding-house is first valued as a real estate and second as a business. In conclusion the final market value of the boarding-house is settled, it is resolved whether to value bording-houses as a real estate or as a businesses and it is decided of the best use of the real estate.

This thesis consists of two essays on applied microeconomics issues. The first essay presents a hedonic price econometric model of vacant commercial land. The second essay presents cost frontier analysis on the industry and firm's performance of the U.S. Motor Carrier industry. Our hedonic price econometric model includes two new developments in estimating land values in a multicentric urban area First, two composite indexes of market accessibility and highway accessibility are developed to account for the impacts of different characteristics of different regional nodes on land value at a particular site. Second, we use nonlinear least squares to estimate the decay parameters of the accessibility indexes within the model. We found that market accessibility is the dominant land value determinant. The estimated market accessibility decay parameter is different in value from the ones that are commonly assumed in hedonic models. The effect of access to highway interchanges is insignificant. Corner lots are of higher value. Finally, under Seattle's zoning policy, zoning classification of neighborhood commercial and community commercial land does not have significant effect on land value. The second essay uses the stochastic cost frontiers to analyze the performance of the U.S. motor carrier industry in the pre- and post-MCA periods. The average industry inefficiencies were between 14 and 27 percent during studied period. Our results indicate that the deregulation has no impact on industry efficiency. After a short adjustment period, the average industry inefficiency in the post-MCA years falls back to its pre-MCA level of around 14 to 16 percent. We analyzed the firm-specific inefficiencies by tobit regression. Our result shows that union firms are 1.5 and 4 percent less efficient than non-union firms in the pre- and post-MCA years, respectively. Firms located in the southern region are relatively efficient and the ones in the northern regions are relatively inefficient. Our result supports Stigler's Survivor Principle that survivor firms are relatively efficient. / Graduation date: 1998

[pt] O mercado imobiliário tende a se apropriar da paisagem como elemento de valorização imobiliária, o terreno próximo a amenidades naturais já tem embutido em seu preço o valor atribuído à paisagem. Junto a esse fator surgem questões sobre o meio ambiente e as empresas buscam cada vez mais adotar a imagem de ecologicamente correta, comercializando itens de sustentabilidade. Esses empreendimentos, que se utilizam dessas estratégias de marketing, normalmente não estão se apropriando da natureza visando uma melhoria efetiva de qualidade ambiental, mas sim a exploração de seus atributos para atrair possíveis compradores. O objetivo do trabalho é estudar o processo de uso do conceito de sustentabilidade nos empreendimentos imobiliários na Barra da Tijuca e adjacências, refletidos nas suas propagandas imobiliárias e materiais de venda, e sua contribuição efetiva na redução dos impactos gerados e melhoria na qualidade ambiental desses lugares. No estudo foram identificados dois grandes grupos, distintos pela forma como se aproximam do tema da sustentabilidade: o primeiro grupo mais explicitamente comercial e o segundo mais técnico. Naqueles empreendimentos em que a introdução de conceitos de sustentabilidade foi mais efetiva, apenas dois abordaram sobre a preocupação com a comunidade do entorno e questões sociais como geração de emprego, o restante a prática se reduziu a aspectos técnicos e ecológicos, como a preservação e incrementação de áreas verdes, o que ainda não é suficiente para a sustentabilidade em geral. / [en] The real estate market tends to use landscapes as an element of property valorization. A land that is near the nature already has the value attributed to the landscape included in its price. Alongside this aspect, questions arise about the environment, and companies increasingly seek to adopt an eco-friendly image and sell sustainability items. These enterprises, which use these marketing strategies, do not usually appropriating of the nature aiming at an effective improvement of environmental quality, they explore its features in order to attract clients. The main purpose of this work is to study the process of use of the concept of sustainability in real estate projects at Barra da Tijuca and surrounding areas, reflected in their advertisements and selling material, and their effective contribution to reduce the damages created and to improve the environmental quality of these places. Two main groups were identified in this study, differing from the way they approach the theme of sustainability: the first group is more commercial and the second, more technical. In those enterprises in which the introduction of concepts of sustainability was more effective, only two addressed the concern with the local community and social issues as job creation, in the rest the practice was reduced to technical and ecological aspects, such as the preservation and increment of green areas, which is still not enough for sustainability in general.

The residential market is in contrast to other markets and differs even from individual segments of the real estate market. This thesis provides an overview on residential market at both theoretical as well as practical level. The first part of the thesis defines and differentiates the residential market. The middle part focuses on two specific markets - Prague and Bratislava. In final chapters adopted knowledge is applied in the valuation calculations and valuation reports of specific projects owned by the internationally active developer based in Prague.

Denna studie visar hur valet av metod och värderarens antagande påverkar värderingen av byggrätter. Inledningsvis studeras ett antal faktiska värderingar med avseende på använda metoder och antaganden. Vi finner att fastighetsvärderarna i regel använder ortsprismetoden vid värdering av byggrätter, som komplement används ibland en kalkylbaserad metod. Det visas att fastighetsvärderarens antaganden om framtida bebyggelse i hög grad påverkar värderingen. I mindre utsträckning påverkar valet av värderingsmodell. / In this thesis is presented how the choice of valuation model and the assumptions made by the real estate appraiser affects the valuation of land. By studying a number of valuations we find that the method of choice when valuing land is by a sales comparison method, to complement this method a calculation based model is sometimes used. It is shown that the assumptions made by appraiser to a large degree affect the valuation when using a calculation based model. To a lesser degree the valuation will depend on the choice of valuation model.

Starka fundamentala förhållanden i kapitalmarknaden har bidragit till att driva upp priserna på fastigheter i allmänhet och inom de geografiska områden där institutionella och internationella aktörer investerar i synnerhet.Detta arbete jämför olika geografiska kontorsmarknader från ett investerarperspektiv, med syfte att kartlägga i vilken typ av geografiskt läge direktägda fastigheter ger starkast risk-justerad avkastning för en långsiktig investerare. Delvis genom att kartlägga marknadernas (städernas bästa geografiska läge för kontor) historiska tillväxt för att kunna kategorisera dem som primära eller sekundära marknader, men framför allt genom att utvärdera rådande direktavkastningskrav på respektive studerad marknad.Efter redogörelse över centrala begrepp och essentiella parametrar inom ämnet adresseras riskmåttet volatilitet som ett möjligt argument till varför fastigheter i så kallade sekundära lägen bör anses ha lägre risk än vad marknaden uttrycker i form av direktavkastningskrav. Med framlagda argument presenteras därefter två alternativa modeller för att fastställa direktavkastningskrav på olika geografiska marknader. Arbetet avslutas med en förenklad tillämpning av modellerna på två stora fastighetsbestånd av olika karaktär; Hufvudstaden vars fastigheter uteslutande är belägna på primära marknader, och Klövern, vars bestånd i Sverige är spritt över 12 orter men i starka lägen på respektive ort.Till studierna inhämtades data från IPD, Datscha, Nordanö och PwC. Insamlad data underbygger tesen att hyresnivåer på fastigheter i primära lägen drabbas hårdast av globala kriser och generellt är mer volatila än i sekundära lägen. Vid förenklad tillämpning av presenterade modeller kunde även konstateras att ett diversifierat bestånd ger bättre risk-justerad avkastning över tid vilket även går i linje med portföljteori och faktumet att marknadsrisken förblir densamma oberoende av hur många tillgångar som ingår i en portfölj.Utifrån detta arbete kan det även argumenteras för att en optimal fastighetsportfölj bör vara överviktad mot fastigheter i sekundära lägen sett till aktuella värderingar. / Strong fundamental conditions in the capital market have contributed to rising prices for real estate in general and in the geographical areas where institutional and international investors invest in particular. The core of this thesis is to compare different geographical office markets from an investor perspective, with the purpose of mapping what type of geographic location properties provide the strongest risk-adjusted return over time. In particular, to map the markets' historical growth to be able to categorize them as primary or secondary markets for offices, but above all by evaluating current yields on each market. After explaining central concepts and essential parameters within the subject, the risk measurement volatility is addressed as a possible argument to explain why real estate in the so-called secondary markets should be considered to have a lower risk than what the market expresses in the form of current yields. With submitted arguments, two alternative models are presented to determine yields in different geographic markets. The thesis ends with a simplified application of the models on two large property portfolios of different character; Hufvudstaden, whose properties are exclusively located in primary locations, and Klövern, whose properties are spread over 12 Swedish cities but in strong locations. Data from IPD, Datscha, Nordanö and PwC were collected for the studies. Overall, collected data supported the thesis that rents from properties in primary locations are being hit hardest by global crises and are generally more volatile than in secondary locations. In the simplified application of presented models, it could also be stated that a diversified portfolio provides stronger risk-adjusted returns over time, which is also in line with portfolio theory and the fact that market risk is the same regardless of how many assets that are included in a portfolio. From this thesis it can also be argued that an optimal real estate portfolio should be overweight to properties in secondary locations based on current values.

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Os shopping centers são empreendimentos comerciais e de prestação de serviços de iniciativa privada, com administração centrada exclusivamente no empreendedor, geralmente com incentivos públicos, que apresentam forte caráter imobiliário, sobretudo pela capacidade de valorização das áreas urbanas onde foram inseridos. No contexto de Palmas - TO, enfatiza-se que a implantação do Capim Dourado Shopping, ocorrida em agosto de 2010, possui especificidades iniciadas antes do seu lançamento em 2007, especialmente com a modificação da legislação urbanística em prol da sua implantação, evidenciando a atuação de alguns agentes modeladores do espaço urbano. A localização do empreendimento também possui algumas incongruências que vão desde a escolha do terreno às mudanças que ocorreram no seu entorno imediato e nas áreas adjacentes. Nesse sentido, a presente dissertação tem como objetivo geral compreender o papel do Capim Dourado Shopping no processo de valorização do seu entorno imediato e das suas áreas adjacentes na cidade de Palmas - TO. Para isto, foram utilizados dados sobre a atividade comercial e de serviços propostos no projeto urbanístico dessa cidade, especialmente no que tange ao porte e à localização dessas atividades; além de levantamento da legislação urbanística que favoreceu a implantação de equipamentos comerciais de grande porte, mormente, a partir de 2007, em especial do Capim Dourado Shopping. As informações foram adquiridas por meio de pesquisa documental e de campo. Os resultados da pesquisa apontam que o referido shopping center faz parte de um conjunto de ações de parceria público-privada que tem como o intuito promover o dinamismo da área central de Palmas, por meio da implantação de empreendimentos de médio e grande porte que, consequentemente, geram valorização imobiliária. Os poderes públicos local e estadual tiveram participação fundamental na materialização desse empreendimento, por meio da legislação urbanística que criou as ferramentas legais para a construção do Capim Dourado Shopping, além de garantir a implantação da infraestrutura necessária para a área onde o citado shopping center foi instalado. Ademais, o empreendimento colaborou para a implantação de condomínios horizontais fechados, para a verticalização de seu entorno e áreas adjacentes, além de influenciar diretamente no aumento do valor do metro quadrado dessas referidas áreas. Assim, o empreendimento atuou na reorganização do espaço no seu entorno imediato e também nas suas áreas adjacentes, sendo capaz de reestruturar uma parcela do espaço urbano de Palmas. / Shopping centers are private enterprise and business ventures, with management focused exclusively on the entrepreneur, generally with public incentives, which present a strong real estate character, above all due to the capacity of valorization of the urban areas where they were inserted. In the context of Palmas- TO, it is emphasized that the implementation of Capim Dourado Shopping, occurred in August 2010, has specific characteristics that began before its blast-off in 2007, especially with the modification of the urban legislation in favor of its implementation, evidencing the performance of some modeling agents of the urban space. The location of the enterprise also has some incongruities ranging from the choice of land to the changes that occurred in its immediate surroundings and adjacent areas. In this sense, the present dissertation aims to understand the role of Capim Dourado Shopping in the process of valorization its immediate surroundings and its adjacent areas in the city of Palmas-TO. For this, were used information about the commercial activity and services proposed in the urban project of this city, especially as regards the size and location of these activities; In addition to a survey of the urban legislation that favored the implantation of commercial equipment of great size, mainly, from 2007, in particular Capim Dourado Shopping. The information was acquired through documentary and field research. The results of the research indicate that the referred shopping center is part of a set of public-private partnership actions whose purpose is to promote the dynamism of the central area of Palmas by means of the implementation of medium and large-scale projects that, consequently, generate real estate appreciation. The local and state public authorities played a fundamental role in the materialization of this project, through the urban legislation that created the legal tools for the construction of Capim Dourado Shopping, and ensured the implementation of the necessary infrastructure for the area where the afore mentioned shopping center was installed. In addition, the enterprise collaborated to the implementation of closed horizontal condominiums, for the verticalization of its surroundings and adjacent areas, besides directly influencing the increase of the square meter value of these areas. Thus, the enterprise acted in the reorganization of the space in its immediate surroundings and also in its adjacent areas, being able to restructure a portion of the urban space of Palmas.

Over the past decade, fuzzy systems have gained remarkable acceptance in many fields including control and automation, pattern recognition, medical diagnosis and forecasting. The fuzzy system application has also been accepted as a promising approach to dealing with uncertainty in real estate valuation analysis. This is mainly due to the necessity of coping with a large number of qualitative and quantitative variables that affect the value of a real property. The appraisers use a great deal of judgment to identify both the characteristics that contribute to property values and the relationships among these characteristics in order to derive estimates of market values. This thesis uses the two widely-used fuzzy rule-based systems / namely the Mamdani and Takagi- Sugeno-Kang (TSK) type fuzzy models in an attempt to examine the main determinants of office rents in Istanbul Central Business District (CBD). The input variables of the fuzzy rule-based systems (FRBS) comprise: i) physical attributes of office spaces and office buildings, ii) lease contract terms, and iii) tenants&rsquo / perception of the office rent determinants, tenants&rsquo / location of residence, tenants&rsquo / transportation modes, etc and as the output the system proposes the office property&rsquo / s rental price. Obtaining office rent determinants is a significant issue for both practitioners and academics. While,practitioners use them directly in demand and sensitivity analyses, academics are more interested in the relative significance of these variables and their effect on the variation in office rent to forecast market behavior. Our data set includes a detailed survey of 500 office spaces located in Istanbul CBD. We have carried out two Mamdani-type FRBS and two TSK-type FRBS for the office space and office building data sets. In these FRBS analyses, firstly the so-called representative office spaces are determined, then the average office space rents are estimated. Finally, the spatial variation in the average office rents across the CBD sub-districts, along with the Office space rent variations with respect to different clusters, like number of workers, number of floors and so on, have been analyzed. We believe that presenting the spatial variation in office rents will make a noteworthy contribution both to the real estate investors and appraisers interested in Istanbul office market.