By David M. Geltner, Norman G. Miller, Jim Clayton, Piet Eichholtz
Learn how to examine advertisement actual property from an funding standpoint with COMMERICAL actual property research AND INVESTMENTS and its accompanying CD-ROM! featuring the basic options, ideas, and instruments for the research of business actual property, this actual property textual content offers you the instruments you must comprehend actual property investments in modern-day dynamic financial system. learning is made effortless with the CD-ROM that offers elevated assurance in addition to spreadsheet examples of methodologies, facts utilized in shows, lecture slide notes, and solutions to review questions.
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Additional info for Commercial Real Estate Analysis and Investments (with CD-ROM), 2nd Edition
Rarely is a building torn down within less than 20 or 30 years from the time it is built, and it is much more common for buildings to endure 50 years or more (especially large-scale structures such as class A downtown ofﬁce buildings). While some buildings can be converted to different uses, this is expensive and takes time. So at least for several years the market will maintain pretty much the quantity of supply it already has, in the case of a fall in demand. 5 Quantity of Space (mil. SF) additional space to the market.
The supply function in the real estate space market does not look like the upwardsloping continuous line depicted in the classical supply/demand diagrams. Instead, the possible supply function shapes shown in Exhibit 1-2 give a better representation of the supply side of most real estate space markets. This uniquely shaped supply function has important implications for understanding the functioning of the space market. 3 Supply Is ‘‘Kinked’’ Economists often depict the typical real estate supply function as being ‘‘kinked’’—that is, it is not continuous, but has a ‘‘corner’’ or break in it.
Money is fungible,’’ is how this point is often expressed. Cash generated from rents in Chicago warehouses is the same as cash generated from rents in Los Angeles shopping centers and as cash generated from General Motors Corporation stock dividends or bond coupons. This means that real estate asset markets are much more integrated than real estate space markets. Recall that an important consequence of the lack of integration in the real estate space markets is that prices (in the form of rents) can differ greatly among cities or among types of property, even for properties that are physically similar.
Commercial Real Estate Analysis and Investments (with CD-ROM), 2nd Edition by David M. Geltner, Norman G. Miller, Jim Clayton, Piet Eichholtz