This paper estimates the value firms place on access to city centers and how this has changed with COVID-19. Pre-COVID, across 89 U.S. urban areas, commercial rent on newly executed long-term leases ...declines 2.3% per mile from the city center and increases 8.4% with a doubling of zipcode employment density. These relationships are stronger for large, dense “transit cities” that rely heavily on subway and light rail. Post-COVID, the commercial rent gradient falls by roughly 15% in transit cities, and the premium for proximity to transit stops also falls. We do not see a corresponding decline in the commercial rent gradient in more car-oriented cities, but for all cities the rent premium associated with employment density declines sharply following the COVID-19 shock.
Robin Paul Malloy investigates legal relationships and the discourse used to validate particular distributions of wealth and political power in urban America. He examines efforts at urban development ...and revitalization as prototypical examples of a monumental transformation in American law.
PurposeThe aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in ...real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management.Design/methodology/approachThe research design consists of two main parts: 1) formulating propositions based on existing literature and 2) attempting to validate the propositions through a qualitative interview study with major real estate owners in Finland.FindingsThe main finding is that the current real estate investors reflect the transient nature of competitive advantages and assess their strategies accordingly. The companies consider the traditional profitability and revenue growth aspects of their business but also a more long-term future growth dimension. As an outcome, the investors base their strategies on eight strategic themes which are “Innovation”, “ESG”, “Marketing and sales”, “Financial management”, “Leasing management and tenant satisfaction”, “Competitive environment and portfolio management”, “Outsourcing and strategic partnerships” and “Cost and operation optimization”.Research limitations/implicationsThis paper opens opportunities for future research concerning different strategies in real estate investment business and their impacts.Practical implicationsThe presented framework provides support for real estate investors to create real estate management strategy or to evaluate their current strategy and to recognize operational actions and decisions that are relevant for their strategy.Originality/valueThis paper provides an extension to corporate real estate (CRE) literature by showing that the CRE theories are adaptable to real estate investment and provide value for their strategic management. This paper also contributes to real estate investment literature by providing a well-founded and empirically contested strategic management framework, the IREM framework, for identifying strategic themes on which real estate investors form their strategies.
In this study, the possible effects and impacts of the COVID-19 outbreak on real estate development and management processes were examined by making an evaluation and an insight on administrative and ...media records. Crises and global effects of pandemics were described as an unforeseen event which have negatively affect project development in the real estate sector, sales operations of existing real estate, costs estimates, values and rates of return of existing real estate sector in general. The inception of new policy and precaution measures, especially travel bans and restrictions on domestic and foreign tourists impacts the tourism sector and causes its revenue to decrease, the narrowing of the volume of transactions in real estate such as retail facilities, office and residence transactions, increased vacancy rate in hotels, the additional measures taken due to the pandemic causes the significant increase in operating costs, decrease of rent collection creates losses due to declining in demand, net operating income and investment value also tends to decline. Change in business orientations, working and living conditions necessitates a review of planning, project development, marketing strategies, use and management processes of settlements. This study has It is observed that Turkish the government wants to revive the real estate markets only with the increase of sales of existing residences and businesses and tourism-oriented measures (such as a hygiene certificate), but it is clear that the measures taken for radical change in the long run are still inadequate. It should be emphasized that there is not yet enough work done to estimate how long the impact will continue and what is its financial burden will be in the years after March 2020, when the first case of the outbreak has been reported.
Packed with new material and updated for the 2016 (and beyond) market, this guide will show you how to find properties, how to list them, how to sell them, and how to get your commission.
Real estate agents are bound to grant consumers a right of cancellation when concluding an online brokerage contract. Consumers thereby can release themselves from the obligation to pay commission in ...individual cases, even if they conclude the purchase contract. Against this background, the doctorate deals with numerous useful problems and, as a result, advocates a shift away from the obligation to provide information about the right of cancellation when concluding the online brokerage contract.
This study evolves a model of the land development process which includes a new theory of land pricing giving special emphases to market structure, speculation, and taxation. It then applies the ...model to the first fully documented examination of the Toronto land market, presenting specific original data on ownership and land assembly.
This paper extends the empirical evidence on the relationship between the performance of public real estate companies (PRECs) and the industrial sector of their tenants. By investigating the ...performance of a large sample of European real estate firms from 2010 to 2019 and information pertaining to the firms’ tenants, we find that the systematic risk in the tenants’ industry sectors is capitalized in real estate company equity returns. Our results remain robust after correcting for stock beta modifications, tenant sector alpha, tenant anchor effects, and other tenant characteristics. We consider a hypothetical trading strategy that assumes a long position on PRECs whose occupier base is dominated by tenants belonging to riskier sectors, while the trading strategy shortens PRECs whose tenants belong to less risky sectors. The adoption of this strategy yields benchmark-adjusted annual returns of 3.68%.
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