Findings from the 2015 Institutional Real Estate Capital Allocations Monitor

Since 2013, the Baker Program in Real Estate and Hodes Weill & Associates have co-sponsored the Institutional Real Estate Capital Allocations Monitor (the “Allocations Monitor”). The Allocations Monitor was created to conduct a comprehensive annual assessment of institutional allocations to real estate investments through analyzing trends and collecting survey responses of institutional portfolios and allocations by region, type, and size of institution. The Allocations Monitor reports on the role of real estate investments in institutional portfolios, and the impact of institutional allocation trends on the investment management industry.

Real Estate Case Competitions

Real Estate is by nature a hands-on business in which real-world experience and new challenges are the best teacher. With this in mind, graduate real estate education has embraced case competitions as a way to apply education-based learning to real world project simulation. In recent years, teams from Cornell have consistently stood out in these competitions, making impressions and forming relationships that they will carry with them over their careers. In this issue of the Review, we recognize a composite of previous winners of the four major real estate-focused case competitions, and look back on what was a very successful year for case competition teams at Cornell. The case competitions draw students from all the constituent programs of Real Estate at Cornell, including the Baker Program, Johnson Graduate School of Management, City and Regional Planning, Architecture, and Landscape Architecture.

Autonomous Vehicles and Commercial Real Estate

Hardly a day goes by without the release of a handful of news stories about autonomous vehicles (or AVs for short). The proverbial “tipping point” of awareness has been reached in the public consciousness as AV technology is quickly becoming the new focus of firms from Silicon Valley to Detroit and beyond. Automation has, and will continue to have far-reaching implications for many human activities, but for driving, the technology is here. Google has been in talks with automaker Ford (1), Elon Musk has declared that Tesla will have the appropriate technology in two years (2), GM is paired-up with Lyft (3), Uber is in development-mode (4), Microsoft and Volvo have announced a partnership (5), Apple has been piloting its top-secret project “Titan” (6), Toyota is working on its own technology (7), as is BMW (8). Audi (9) made a splash by sending a driverless A7 concept car 550 miles from San Francisco to Las Vegas just in time to roll-into the 2016 Consumer Electronics Show. Clearly, the race is on.

Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

The benefits of diversification from international real estate securities are generally well established. However, the drivers of international real estate securities returns are insufficiently understood. We jointly examine the empirical implications of three major international asset pricing models that account for broad macroeconomic risk factors. In addition, we develop the hypothesis that an indicator of mispriced credit is significant in explaining the time series variation in international real estate securities returns. We employ the returns generated by a large sample of firms from 20 countries over the period 1999 to 2011 to test our hypothesis. We find support for the predictions of the major international asset pricing models. We also find evidence in favour of our hypothesised link between local credit conditions and the performance of international real estate securities.

Auction sale to close estate of Mary P. Chrystie, dec'd, 23 building plots, also Harlem River water front, near Morris Heights stations, N.Y. Central and N.Y. & Northern railroads : Wednesday, November 22d, 1893, at 12 o'clock noon at no. 111 Broadway, New York Real Estate salesroom : by order of Morris & Steele, attorneys ... New York City /

Street map showing properties to be sold, existing buildings (some with owners' names), and railroad stations.

Improving the Efficiency of the South Carolina Real Estate Commission's License Renewal Process

The goal of this project is to increase the amount of successful real estate license renewals while reducing the disruption caused by manual processing and calls for assistance with renewals and technical issues. The data utilized in this project will demonstrate that the Real Estate Commission renewal process can be improved by utilizing electronic resources such as more detailed website information and repeat e-mail notices, through modifications to the online renewal process to reduce applicant error, and by increasing the visibility of online renewal log-in instructions while decreasing the visibility and use of mail-in applications.

Análise comparativa de valores de imóveis e de métodos de avaliação

Esta dissertação considera a importância da avaliação imobiliária no mercado imobiliário, nas mais diversas situações. Contudo, cinge-se à determinação de um presumível valor de transação para apartamentos, moradias, lojas e terrenos, para venda ou arrendamento. Os mercados imobiliários escolhidos são dois concelhos conhecidos, da autora, por ser mais fácil a perceção dos locais e preços de venda. Foi escolhido o Concelho de Valongo para apartamentos, moradias e terrenos e o Concelho da Maia para lojas. Para determinarmos os valores em estudo adotaram-se os métodos de avaliação imobiliária mais comuns nomeadamente: o Método Comparativo, Método do Rendimento e o Método do Custo. São apresentados os métodos de avaliação mais utilizados, descrevendo-se a aplicação de cada um deles e as suas condições necessárias. Fez-se uma comparação entre cada um o que permitiu concluir sobre os mesmos. A recolha dos imóveis objeto de estudo foi efetuada em Sites de empresas imobiliárias que dispunham de informação necessária ao âmbito do trabalho. Aplicaram-se os métodos a cada caso recolhido e posteriormente fez-se a comparação dos resultados obtidos. Através de tratamento estatístico, utilizaram-se as técnicas de regressão múltipla para análise de relações entre os métodos de avaliação aplicados. Por fim, retiraram-se conclusões sobre a relação existente entre os três métodos de avaliação.

Kiinteistön välillinen omistaminen konsernirakenteessa kiinteistöstä saatavan tulon tuloverotuksen näkökulmasta

Pro gradu –tutkielman ensisijaisena tavoitteena on selvittää miksi kiinteistön omista-minen on perusteltua järjestää konsernissa kiinteistöyhtiön välityksellä. Tutkielman aiheen käsittely on rajattu koskemaan vain kotimaista lainsäädäntöä. Tutkimuson-gelman perusteella tutkielmassa keskitytään tarkastelemaan emoyhtiön näkökulmas-ta siihen kohdistuvia tuloverovaikutuksia, kun se omistaa kiinteistöyhtiön. Tutkielmas-sa on tutkimusmetodina sovellettu lainoppia ja tutkimus kuuluu vero-oikeuden alaan. Koska vero-oikeutta tulkitaan lain sanamuodon mukaisesti, tutkimuksessa annetaan runsaasti painoarvoa voimassa olevalle lainsäädännölle. Kuitenkin tulkinnanvaraisis-sa kysymyksissä tutkielmassa on myös hyödynnetty korkeimman hallinto-oikeuden ratkaisukäytäntöä sekä vero-oikeudellista kirjallisuutta. Tutkielmassa selvitettyjen seikkojen perusteella voidaan todeta, että yksiselitteisen tulkintasuosituksen antaminen tutkimusongelman ratkaisemiseksi on haastavaa, kos-ka jokaisen yrityksen tarpeet kiinteistön omistamiseen vaihtelevat liiketoiminnan olo-suhteiden mukaisesti. Toisaalta konsernirakenteen synnyttämistä emoyhtiön ja kiin-teistöyhtiön välille voidaan perustella esimerkiksi osinkotulon verotehokkaalla kana-voimiselle kiinteistöyhtiön tasolta emoyhtiölle sekä konsernin efektiivisen veroasteen pienentämisellä konserniyhtiöiden välisen lainan avulla. Lisäksi kiinteistöyhtiön luovu-tustilanteessa verotuksen tulolähdejaon merkitys korostuu, kun ratkaistaan voidaanko myyntiin soveltaa elinkeinoverolain mukaista käyttöomaisuusosakkeiden luovutuksen verovapaussäännöksiä, ja toisaalta, miten mahdollisia kiinteistöyhtiön myynnistä johtuvia luovutustappioita käsitellään emoyhtiön tuloverotuksen näkökulmasta.

Suomessa toimivien kiinteistösijoitusyritysten menestyminen 2007–2014

Tämän kandidaatintutkielman tavoitteena on tutkia Suomessa toimivien kiinteistösijoitusyritysten menestymistä aikavälillä 2007–2014. Tutkimuksen keskiössä ovat erityisesti toimialan suurimpien yritysten suoriutuminen suhteessa pienempiin yrityksiin. Yritysten menestymistä arvioidaan valittujen tunnuslukujen avulla. Tutkimus ajoittuu finanssikriisin, eurokriisin ja taantuman aikaan, jolloin taloudessa tapahtui merkittäviä muutoksia. Kiinteistömarkkinoiden voidaan ajatella olevan paikallisia, jolloin maailmantalouden muutokset eivät ole välttämättä paikallisesti näyttäytyneet yhtä suurina. Tutkielman teoriaosuus esittelee tunnuslukuanalyysimenetelmää sekä valitut neljä tunnuslukua: voittoprosentin, oman pääoman tuottoprosentin, omavaraisuusasteen ja current ration. Lisäksi teoriaosuudessa esitellään mittakaavaedun käsite ja luodaan pohjaa, mittakaavaetujen aiempien tutkimusten perusteella, tutkimuskysymyksen tarkasteluun. Tutkimuksen aineisto kerättiin Amadeus-tietokannasta, tutkimus toteutettiin kvantitatiivisena tutkimuksena SAS-ohjelmistolla käyttäen Mann-Whitney U-testi -menetelmää ja 5 prosentin merkitsevyystasoa. Valitut yritykset jaettiin liikevaihdon perusteella suuriin ja pieniin yrityksiin (rajana 10 miljoonaa euroa), joita vuosittain verrattiin tunnusluvuittain. Tutkimustulosten perusteella voidaan todeta, että toimiala ei reagoinut ajanjaksolla voimakkaasti maailmantalouden muutoksiin. Voittoprosentit sekä omavaraisuusasteet olivat vuosina 2007–2014 pienillä yrityksillä tilastollisesti parempia, sekä oman pääoman tuottoprosentit parempia vuosina 2008 ja 2009. Current ration arvoissa ei ryhmien välillä havaittu tilastollisesti eroja. Voittoprosentin tulosten perusteella voidaan todeta suurilla yrityksillä mittakaavahaittojen esiintymisen mahdollisuus heikomman tuloksentekokyvyn vuoksi. Omavaraisuusasteen ja oman pääoman tuoton tulosten perusteella voidaan päätellä mittakaavaetujen esiintymisen mahdollisuus mahdollisesti vieraan pääoman saatavuudessa, kustannuksissa ja vieraan pääoman vipuvaikutuksen myötä. Tutkimustulokset osoittavat lisäksi suurten yritysten olleen pieniä yrityksiä herkempiä talouden heilahteluille.

Rahoituksellisen velkaantuneisuuden ja B/P-luvun yhteys sekä niiden tuottojenennustuskyky

Tämän kandidaatintutkielman tarkoituksena oli tutkia rahoituksellisen velkaantuneisuuden vaikutusta yritysten B/P-lukuihin ja keskimääräisiin tuottoihin Suomen osakemarkkinoilla vuosina 1996–2012. Tutkielman perustana oleva ilmiö on B/P-anomalia, jonka mukaan korkean B/P:n osakkeet eli arvo-osakkeet menestyvät osakemarkkinoilla paremmin kuin matalan B/P:n osakkeet eli kasvuosakkeet. Useiden tutkijoiden mielestä arvoanomalioiden syynä on korkeampi systemaattinen riski, jonka yksi komponenteista on rahoituksellinen velkaantuneisuus. Näiden tutkimusten perusteella korkean B/P:n yrityksillä pitäisi olla korkeampi systemaattinen riski ja siten todennäköisesti myös korkeampi rahoituksellinen velkaantuneisuus. Aineistona tutkimuksessa toimi Helsingin pörssin yritykset vuosilta 1996–2012 pois lukien rahoitus- ja vakuutusalan yritykset sekä kiinteistösijoitusyhtiöt. Tulosten perusteella B/P:n sekä rahoituksellisen velkaantuneisuuden välillä oli positiivinen, monotoninen ja tilastollisesti merkitsevä suhde, kun aineiston yritykset olivat jaettu kolmeen portfolioon niiden B/P-lukujen perusteella, mutta yhteyttä ei ollut löydettävissä kuuden portfolion tapauksessa. B/P-anomaliasta oli viitteitä, kun portfolioina käytettiin kolmea B/P-luvun pohjalta muodostettua portfoliota, mutta erot eivät olleet tilastollisesti merkitseviä. Rahoituksellisen velkaantuneisuuden sekä keskimääräisten vuosituottojen väliltä ei ollut löydettävissä tilastollisesti merkitsevää yhteyttä tästä aineistosta.

Urban economic openness and IPO underpricing

We examine the empirical impact of trade openness on the short-run underpricing of initial public offerings (IPOs) using city-level real estate data. This paper represents a first attempt to employ a macroeconomic approach to explain IPO performance. We investigate an openness effect in which urban economic openness (UEO) has a significant impact on the productivity and on the prices of both direct and indirect real estate due to productivity gains of companies in more open areas. This in turn positively affects the firm’s profitability, enhancing the confidence in the local real estate market and the future company performance and decreasing the uncertainty of the IPO valuation. And as a result, we find that issuers have less incentive to underprice the IPO shares. China provides a suitable experimental ground to study the immense underpricing in developing markets, which cannot solely be accounted for by firm specific effects. First, Chinese real estate companies show strong geographic patterns focusing their businesses locally – usually at a city level. Second, we observe a degree of openness which is significantly heterogeneous across Chinese cities. Controlling for company-specific variables, location and state ownership, we find the evidence that companies whose businesses are in economically more open areas experience less IPO underpricing. Our results show high explanatory power and are robust to diverse specifications.

O processo de decisão do cliente de alta renda na aquisição de imóveis residenciais na cidade de São Paulo

O trabalho investiga, de modo exploratório, o processo de decisão de compra de um imóvel residencial pelo público de alta renda na cidade de São Paulo. Para tal, este estudo parte da literatura para indicar a importância do posicionamento estratégico de foco no cliente e da compreensão do seu processo de tomada de decisão de compra, como fonte de vantagem competitiva. Segue então uma etapa de campo na qual são realizadas entrevistas em profundidade com doze indivíduos do publico alvo que compraram apartamento em período não superior a três anos, em busca de evidências de como se dá o seu processo de decisão de compra e dos atributos por eles valorizados, responsáveis pelo sucesso ou insucesso de um novo empreendimento imobiliário. Através das entrevistas, pudemos perceber que: o reconhecimento do problema se deu primordialmente através de estados de desconforto função de alterações no ciclo de vida da família; os atributos mais relevantes foram: localização, condições de financiamento e programa interno do apartamento; a busca por informações se deu principalmente através de visitas à região de interesse; a família teve grande influência na compra; a avaliação de alternativas foi feita em função do grau de importância dado aos diferentes atributos; e, uma vez identificada à necessidade, procurou-se satisfazê-Ia de forma imediata. Como pontos de insatisfação foram referidos: área de garagem pequena, entrega do apartamento sem as áreas comuns equipadas e decoradas, pouca preocupação com segurança na etapa de projeto e falta de tubulação de ar condicionado. Com base nos resultados encontrados, este trabalho conclui que existe oportunidade para empresas do ramo de incorporação imobiliária que ainda não possuem foco no cliente, de estabelecer um canal de comunicação direto com os clientes para compreensão das suas necessidades e desejos, e utilizar tais informações para ganhar vantagem competitiva.

Medição de desempenho organizacional nas imobiliárias: um estudo na cidade do Natal-RN

The purpose of this paper is to identify how real estate companies from the city of Natal measure their organizational performance. Traditionally these companies measure their performance using financial measures; however, the technological improvement, the internationalization of the economy and the change in consumer behavior all demand better products and services, and other measuring models. Those changes motivate organizations to continually improve the quality of their products and services. In this way, these companies need to associate their financial results to their global performance. Therefore, it is necessary to have organizational performance models that associate financial and non-financial measures to the strategies of the companies. The research also tries to identify which performance indicators are used by these companies, as well as to test a model who questions: a) if there is any relationship between managers´ characteristics and performance measuring systems´ characteristics; b) if there is any relationship between the company s characteristics and the characteristics of the measuring system used to evaluate its organizational performance and c) finally to verify if there is a relationship between the characteristics of the measuring system and the company s performance. The information which served as a basis for the study was obtained through an empirical research, with questionnaires, answered by 66 (sixty six) companies from the city of Natal, capital of the state of Rio Grande do Norte. The results show that none of the companies investigated use any of the performance measurement models proposed in the modern literature. However, they use on an isolated way some of the measures those models, including some measures from adopted in the Balanced Scorecard, as well as the benchmarking process, making comparisons with the performance of their competitors. The research also reveals that either bigger companies, companies with more experienced managers or with better performance show better performance measurement systems

Condomínios residenciais: segregação, auto-segregação imposta no município de Rio Claro (SP)

Pós-graduação em Geografia - IGCE

Produção do Espaço Urbano e Dinâmica Imobiliária em Cidades Médias: os casos de Presidente Prudente (SP), São José do Rio Preto (SP) e Lleida (ESP)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)