Commercial real estate investment : a strategic approach by Andrew Baum PDF

By Andrew Baum

ISBN-10: 0080963668

ISBN-13: 9780080963662

* writer of excessive reputation, either in academia and company * sincerely written, available and fully revised for traders, managers, advisors and scholars * hugely topical in trendy difficult industry conditionsThis publication uniquely combines educational literature and useful event to supply an easy and built-in view on international actual property funding for pension cash, different associations and pros, relatively within the united kingdom. The e-book is split into 3 sections. half One describes the industry, the and the funding automobiles to be had, in addition to a functionality his. learn more... disguise; Prelims_Prelims.pdf; Part1_Layout 1.pdf; Chapter1_Layout 1.pdf; Chapter2_Layout 1.pdf; Part2_Layout 1.pdf; Chapter3_Layout 1.pdf; Chapter4_Layout 1.pdf; Chapter5_Layout 1.pdf; Part3_Layout 1.pdf; Chapter6_Layout 1.pdf; Chapter7_Layout 1.pdf; Chapter8_Layout 1.pdf; Part4_Layout 1.pdf; Chapter9_Layout 1.pdf; Chapter10_Layout 1.pdf; References_Layout 1.pdf; Index_Layout 1.pdf

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Why might this be the case? 5 Cycles: the result of market inefficiency? Bjorklund and Soderburg (1997) suggested that auto-correlation (previous upward movements in prices leading to increases in prices in the next period) affects real estate returns to the point that a speculative bubble can be proven to have formed. Antwi and Henneberry (1995) identified what they called habit-persistent 34 Chapter1:Layout 1 9/4/09 10:09 Page 35 Commercial real estate — the asset class (another term might be adaptive) behaviour by lenders and by developers.

When acting for a purchaser, investment agents may have an incentive to provide a confirmatory valuation since their fee income depends upon completion of the transaction. • Valuers will be motivated to retain the client’s business, and the implications of lost clients — both for individual careers and for success at firm level — may encourage valuers to keep clients happy. This will affect even independent valuers. • Firms appointed as external valuers often provide non-valuation services to clients, providing an incentive for that firm to respond positively to client influence.

Rent is paid before dividends, and as a real asset property will be a store of value even when it is vacant and produces no income. Its volatility of annual return also appears to be lower than that of bonds. This is distorted somewhat by appraisals, but the reported performance history of real estate suggests a medium return for a low risk, and an apparently mispriced asset class. Return is one side of the coin; risk is the other. Property is typically regarded as a low-risk asset: rent is a superior claim on a company’s assets, and paid before dividends.

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Commercial real estate investment : a strategic approach by Andrew Baum

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