Routledge Companion to Real Estate Development

Graham Squires, Erwin Heurkens, Richard Peiser, Graham Squires, Erwin Heurkens, Richard Peiser

• Editorial: Routledge
• Año: 2017
• ISBN:
  9781317428442
• Edición: 1
• Categoría: Business
• Categoría: Finance

Real estate development shapes the way people live and work, playing a crucial role in determining our built environment. Around the world, real estate development reflects both universal human needs and region-specific requirements, and with the rise of globalization there is an increasing need to better understand the full complexity of global real estate development. This Companion provides comprehensive coverage of the major contemporary themes and issues in the field of real estate development research. Topics covered include:

• 
  
  

• social and spatial impact
• markets and economics
• organization and management
• finance and investment
• environment and sustainability
• design
• land use policy and governance.

A team of international experts across the fields of real estate, planning, geography, economics and architecture reflect the increasingly interdisciplinary nature of real estate studies, providing the book with a depth and breadth of original research. Following on from the success of the textbook International Approaches to Real Estate Development, the Routledge Companion to Real Estate Development provides the up-to-date research needed for a full and sophisticated understanding of the subject. It will be an invaluable resource to students, researchers and professionals wishing to study real estate development on an international scale.

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Contents

List of Figures

List of Tables

Contributors

Acknowledgments

1 Real estate development: an overview

Graham Squires, Erwin Heurkens, and Richard Peiser

PART I
Social and spatial impact of real estate development

2 Leveraging property values for metro railway development in Hong Kong: experiences and lessons

Bo-sin Tang

3 Teardowns and reinvestment in the inner-ring suburbs of Chicago

Suzanne Lanyi Charles

4 Public real estate development projects and urban transformation: the case of flagship projects

Nadia Alaily-Mattar, Johannes Dreher, Fabian Wenner, and Alain Thierstein

PART II
Markets and economics of real estate development

5 Investment and development behavior following the Great Recession

Raymond G. Torto

6 Land use policies and markets in some selected African countries

Moses M. Kusiluka, Sophia M. Kongela, and Karl-Werner Schulte

7 Residential prices, housing development, and construction costs

Paloma Taltavull de La Paz and Raul Perez

8 Retail market analysis for development projects: coping with new frontiers in retailing

Petros Sivitanides

PART III
Organization and management of real estate development

9 Private sector-led urban development: characteristics, typologies, and practices

Erwin Heurkens

10 Building and leading high performance real estate companies

Frank Apeseche

11 Strategic management systems for real estate development

Paul H. K. Ho

12 Organizing public–private partnerships for real estate development through urban finance innovation

Michael Nadler

13 The self-organizing city: an analysis of the institutionalization of organic urban development in the Netherlands city

Edwin Buitelaar, Erwin Grommen, and Erwin van der Krabben

PART IV
Finance and investment for real estate development

14 A historical evolutionary and cyclical perspective on models of development finance

Colin Jones

15 The future of finance and investment for real estate development and investment: changing approach for a new structural era

Christopher B. Leinberger

16 Mechanisms for financing affordable housing development

Graham Squires

17 The value investment approach to real estate development: a case study from Berlin, Germany

Stephan Bone-Winkel and Karim Rochdi

PART V
Environment and sustainability in real estate development

18 Sustainable transformation in real estate developments through conversions

Hilde Remoy and Sara Wilkinson

19 Sustainability of office buildings: lessons learned from academic and professional research

Sofia Dermisi

20 Post-disaster recovery for real estate development: an analysis of multi-family investment from the perspective of a low income housing tax credit (LIHTC) project

Elaine Worzala and V. Lynn Hammett

21 Drivers and opportunities of sustainability in real estate development

Sven Bienert and Rogerio Santovito

22 The foundations of sustainability in real estate markets

Richard Reed

PART VI
Design in real estate development

23 Actor perceptions of good design for real estate development

Peter Hendee Brown

24 Good design for real estate development: moving beyond the generic city

Alex Duval

25 The design of real estate: a framework for value creation

Bing Wang

PART VII
Land use policy and governance of real estate development

26 Developing vibrant centers: the public-private development perspective

Emil Malizia

27 The challenges for effective governance of real estate development in a future urban world

Kathy Pain

28 Local politics, planning, land use controls, and real estate development

John McDonald

29 Trends in land use and government policy affecting real estate development in the USA

David Hamilton and Richard Peiser

Index

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Figures

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2.1 MTR system map (before the merger)

2.2 Ratio of fares to operating costs of public transit

2.3 Contribution of railway and property to MTRC’s operating profits

2.4 Institutional models for integrating railway and property development

2.5 Comparison of conceptual master plans for Tung Chung New Town Development: Government’s initial master plan

2.6 Comparison of conceptual master plans for Tung Chung New Town Development: MTRC’s revised master plan

2.7 Tung Chung development based on MTRC’s master plan

2.8 High-rise, high-density property development which may have a “walled” effect

3.1 A redeveloped single-family house adjacent to an original house in suburban Chicago, Illinois

3.2 Graph of redeveloped single-family residential parcels, 2000–2014

3.3 Map of the percentage of single-family detached houses redeveloped per census place

3.4 Map of the percentage of single-family houses redeveloped per census block group

3.5 Map of statistically significant spatial clusters of redeveloped single-family houses (95 percent confidence level, p < 0.05) per census block group, 2000–2014

3.6 Map of the ratio of the new to original house floor area per census block group

4.1 Impact model of how flagship architectural projects “work”

5.1 Global transaction volume

5.2 Global capital and rent indices

5.3 US CRE loan underwriting

5.4 Alternative investments have grown twice as fast as traditional investments since 2005

5.5 Top 10 fund managers worldwide by AUM as of December 31, 2014

5.6 Client base of CRE managers

5.7 Development site sales in the UK

6.1 Evolution of African land policies and markets

7.1 Rent determination in property markets

7.2 Asset market, construction

7.3 Cost per house in euros

7.4 Construction costs database: detail of prices and benefits. (a) Final selling price, (b) price–average costs difference

8.1 Estimating the trade area boundary with a competing center

8.2 Estimation of sales potential by line of trade

9.1 Dutch urban governance shifts since the 1980s

9.2 Public and private roles in the PPP concession model

9.3 Typologies of private sector-led urban development

10.1 Value chain for real estate investment/development market segment

10.2 Example of subsidiary value chains (where specialized firms might focus)

10.3 Linking the organization to a deal’s total return goals

10.4 Organizational utilization of seven key reports

10.5 Organizational utilization of seven key reports extended

10.6 Communication flow of a low performer

10.7 Communication flow of a high performer

11.1 Basic management model for real estate development

11.2 Relationships between strategic management systems and capabilities for response

11.3 Dendrogram using Ward’s Linkage

11.4 Territorial map

12.1 Real estate development process with triple-bottom-line objectives (internal versus external benefits)

12.2 Classification of urban development projects according to the life cycle of urban assets

12.3 Components of sustainable communities: Egan’s wheel

12.4 Industrial urban brownfield in Düsseldorf, Germany

13.1 Integrated and organic urban development

13.2 The average number of homes per new project in The Hague, 2008–2015

13.3 The average number of square meters of commercial real estate per new project in The Hague, 2008–2015

13.4 Developer types in new projects in The Hague, 2008–2015

13.5 Role of the municipality in new projects in The Hague, 2008–2015

14.1 Breakdown of returns in a priority yield arrangement

15.1 Standardized neighborhood retail center with national credit grocery store anchor, Sacramento, California (USA)

15.2 Mixed-use, walkable urban place: downtown Detroit, Michigan, USA

17.1 Low cap rates in Germany’s top seven cities – commercial premises much cheaper

17.2 Value-based competition strategies generate benefits for their users and allow values to rise

17.3 The changing pattern of total returns for individual asset classes suggests a convergence between different cycles in Germany

17.4 Individual asset classes vary considerably in terms of average gross annual rental yields in Germany

17.5 Zeughof: Main building, 1972

17.6 Zeughof: Overview of buildings

17.7 Zeughof: Visualization

20.1 Key steps and entities in the LIHTC process

21.1 Implementation of sustainable management in real estate development companies

21.2 Green building features in a building’s life cycle

22.1 “Three Pillars” model of sustainable development based on triple bottom line accounting

22.2 “Four Pillars” model of sustainability

22.3 Evolution of sustainability in the built environment

22.4 Different types of sustainability

22.5 Circle of blame

22.6 Modified circle of blame

22.7 Views of stakeholders in sustainable real estate development

22.8 Evolution of sustainability rating tools

22.9 Market value versus construction cost

22.10 The knowledge cycle: Communication and knowledge sharing

23.1 Designed to manage risk: The two-tower design for 600 Lake Shore Drive was built in phases, which allowed the developer and the design team to improve the quality of the product on the second tower and made financing easier and cheaper

23.2 No bad units: All units have lake views to the east (to the right in this plan) so there are no undesirable units, ensuring a faster sell-out and reducing market risk

23.3 The buyer’s perspective: Location, unit layout, daylight, and unobstructed views of Lake Michigan for 80 miles to the east make the condominium units a good value for the price

29.1 US real estate equity capital flows (1998–2011)

29.2 United Kingdom development site sales back to 2006–7 levels

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Tables

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2.1 Property price comparison of comprehensive housing estates

2.2 Completion of private floor space near MTR stations, May 1981–December 2014

3.1 Cook County suburbs with the highest rates of teardown redevelopment, 2000–2014

6.1 Key facts for Tanzania and Kenya

7.1 Average cost and construction cost blocks: Sensitivity to changes in project characteristics

7.2 Semilog Inverse New Supply Model

8.1 Information collected for shopping pattern analysis

9.1 PPP models, development stages, and public and private roles in urban development

9.2 Empirical findings from private sector-led urban development practices

11.1 Potential strategic issues

11.2 Descriptive statistics of strategic management systems

11.3 Agglomeration schedu...