Real Estate Market Analysis: A Case Study Approach

Book Description

A good market study can make or break a development project. This new book will equip you with the tools you need to evaluate trends and understand the key factors affecting real estate markets. Using a step-by-step approach, the author shows you how to get started, where to get information, and how to apply it to multifamily, hotel, office, industrial, entertainment, mixed-use, and master-planned communities. Thirteen case studies written by top market analysts demonstrate how they implemented these methods and provide you with models to follow. Ideal for anyone new to real estate development

Customer Reviews:

A Thorough Reference.......2003-03-24

This book is written like a textbook - starting with the most basic concepts - but moves on to discuss the tools and techniques of market analysis in considerable detail. Separate sections deal with residential, office and industrial, retail, hotels and resorts, and mixed-use developments. Case studies are given for each type of property. Technologies and data sources to assist analysis are discussed.

The two primary authors are a real estate consultant and an author/director of the Urban Land Institute. Many other professionals are listed as having contributed to the case studies.

Book Description

Real estate investment trusts (REITs) make commercial real estate profits available to everyone! REITs are one of the hottest and most potentially lucrative investment vehicles in the market today. Find out how you can take advantage of these increasingly popular securities in the powerful new book Real Estate Investment Trusts. Professionals Richard T. Garrigan and John F.C. Parsons have gathered over 20 of todayÕs most influential opinion leaders to explain how investors both large and small are beating the S&P 500 with REITs, how these REITs combine superior income and growth with relative safety, behind-the-scenes information on how to assemble and launch a successful REIT, and statistical support for market confidence in the long-term appreciation potential of REITs. Whether you are a real estate investment professional seeking comprehensive information on todayÕs REIT operational requirements; an investment professional needing to better understand REITs; or an individual investor interested in diversifying your own portfolio into real estate, Real Estate Investment Trusts will open your eyes to the incredible opportunities available in todayÕs REIT market. Order this well-researched, interesting and informative book today.

Customer Reviews:

Dull and disappointing.......2005-06-11

I bought this book because I am an investor in REITS and wanted to get a deeper insight into comparing different REITs to find the best ones to invest in. I wanted to be able to read the balance sheets of several different REITs and decide which is the better investment. This book left me bored and no further forward.

The main problem is that each chapter is written by a different "expert" on a particular topic such as "Asset Allocation" or "Institutional Investing". Firstly these experts may be great money managers but they are dull writers without a jot of personality. The chapter on Tax Treatment of REITs is a lifeless regurgitation of the tax code. Worse, the editors did not steer each contributor strictly enough to avoid repetition and as a result every chapter begins with yet another review of REIT history.

There was no analysis of different REIT business models, such as trading CMOs compared with Residential or Office space. There is no analysis of how to tell good REIT managers from ordinary ones. I was optimistic about the chapter on Asset Allocation to see how REITs fit in with stock and bonds in your portfolio but again I was disapppointed. After grinding through page after page differential equations the chapter fizzled out with no mention of reccomended asset allocation ratios.

I gave the book 2 stars instead of none because the data seems to be accurate and authoritative but then so is the maintenance manual for my vacuum cleaner. A $75 book has a duty to do more than assemble boring facts in sequence.

I don't really know who this book is targeted towards. If you are going to be a junior paper pusher employed by a REIT it may give you a head start but the rest of the planet should look somewhere else.

An excellent overview of the REIT Industry.......1999-07-17

The book provided an insightful overview of the REIT industry. The book was organized by various topics relating to investing and managing a REIT. The chapters were written by practioners and academics working in the different REIT industry areas. The authors were able to provide vital insights into their areas of expertise. As a new REIT employee I learned about the challenges and opportunities that lie ahead for my company and the REIT industry as a whole. some of the chapters were a bit technical in nature; particularly the analysis on historical private verses public REIT returns. Overall the book should be required reading for REIT investors and Managers as well.

Business Geography and New Real Estate Market Analysis (Spatial Information Systems)

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Journal Of Real Estate Literature review of Thrall's Book
BEST BOOK Real Estate Market Analysis & Business Geography
???????????????????????
Academia meets Business....Geography meets Real Estate

Business Geography and New Real Estate Market Analysis (Spatial Information Systems)
Grant Ian Thrall
Manufacturer: Oxford University Press, USA
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This work focuses on integrating land-use location science with the technology of geographic information systems (GIS). The text describes the basic principles of location decision and the means for applying them in order to improve the real estate decision.

Customer Reviews:

Journal Of Real Estate Literature review of Thrall's Book.......2004-11-08

Book Review Of Thrall's Business Geography and New Real Estate Market Analysis
by
Dr. Larry E. Wofford,
former President of the American Real Estate Society, and former Chair, Real Estate, Tulsa University
from Journal Of Real Estate Literature, American Real Estate Society. Summer 2003.

Business Geography and New Real Estate Market Analysis by Grant Thrall is an ambitious, intriguing, and valuable book. Any book that purports in its title to offer something "new" immediately generates scrutiny. With this title, Thrall casts himself a challenge to produce something that is indeed new and, in order to be worth reading, valuable. Thrall succeeds in doing both. He does so less in the spirit of invention than in the spirit of discovery and synthesis. Indeed, in the preface, Thrall writes, "This book integrates ideas, methods, technologies, and objectives in an opportunistic manner to achieve the goal of providing information to improve the real estate decision."

In overview, the book is short, only 263 pages, including references and index. The length reflects a well-thought-out design and a concise writing style. Examples, tables, and graphics are used throughout to illustrate the conceptual content and its application. The book consists of two parts. Part I, "Overview, Theory, and Methods" contains about 100 pages and provides an overview of real estate markets and submarkets, land use and land value theories, and real estate market research. Part II, "Application to Real Estate Product Types" contains about 130 pages and addresses the detailed application of the theory and techniques considered in Part I to five primary property types, with an emphasis on research design and interpretation and the use of geographic information systems to analyze and present spatial information. Thrall effectively utilizes a "mentor" writing style throughout the book without being chatty.

Part I, "Overview, Theory, and Methods" Thrall provides the reader with insightful syntheses of geographic concepts and urban land economics. His discussions of submarkets and urban land use and value theories are particularly well done. Thrall's graphical approach to urban land values skillfully integrates standard microeconomics concepts into urban land use theory. The graphical approach presented in this book is a summary of much more detailed work in numerous articles by Thrall and in his 1987 book, Land Use and Urban Form.2 The theoretical presentation is accessible to those with varying levels of economic backgrounds. After reading this part of the book, the reader is well along the way to the author's goal of reasoning geographically, a prerequisite for the next major part of the book dealing with applying this knowledge.

In the application chapters, Thrall provides a structured framework for each property type. While tailored to each property type, the basic framework begins with an analysis of the economics of the subject property type, followed by market area delineation, the estimation of supply and demand, and, ultimately, the interpretation of the results and report preparation. Issues and techniques particular to each property type, such as the use of geography-based econometric models in office analysis, are presented. In each chapter the use of appropriate geographic technology to perform geographic and economic analyses is considered within the context of spatial reasoning.

The "new" aspect of the book centers on an excellent synthesis of business geography and urban land economics and the consideration of such topics as land use and land value theories, trade area determination, demand, and supply estimation. "New" also includes the incorporation of geographic information systems technology. The application of business geography and urban land economic concepts and geographic methodology and technology to improving real estate decisions makes the book particularly valuable to both academic and professional readers. As stated by Thrall, "Another of my goals in writing this book was to bridge the gap between industry and university, and to present a structure and knowledge base that I have found beneficial in getting the job done." In short, the reader learns to reason geographically.

A common complaint among real estate professionals is that land use and value theories are seldom rigorously linked to performing market research. Thrall thoughtfully integrates GIS technology to answer this complaint. He considers problems and pitfalls with the technology, as well as its potential. Thrall focuses on providing a theoretical and applied framework designed to develop the ability to convert data into information in a spatial context. Thrall highlights the relevance of geography by educating the reader on basic concepts, relationships, and technologies available to plan, execute, and interpret real estate market research. Thrall provides a valuable guide to the "why" of real estate market research.

In the classroom, the book would be an excellent primary text, especially if supplemented by problem and case-study assignments designed to provide hands-on experience with market research and geographic information technology. It should be noted that the book does not promote a particular GIS software package and does not cover in detail how to use any particular GIS software. Excellent books, supplemented with CDs, and internet-based courses exist for learning the mechanics of how to use GIS software. The numerous examples throughout the text provide readers with a viable connection between theory and practice. Given its brevity and concise writing style, the book will also work as a supplement to other real estate market analysis texts.

Thomas Kuhn noted that, for many fields of study, innovative and valuable ideas often come from individuals trained in other disciplines.3 In a composite field as diverse as real estate, it is sometimes difficult to determine which disciplines are "in" and which are "out." Whether considered to be inside or outside the field of real estate, geography often has not been in the real estate mainstream. Business Geography and New Real Estate Market Analysis demonstrates that geography and its associated technology has much to offer the real estate field.

References

1. Grant Thrall, Business Geography and New Real Estate Market Analysis(Oxford: Oxford University Press, 2002).

2. Grant Thrall, Land Use and Urban Form (New York: Methuen, Inc., 1987).

3. Thomas Kuhn, The Structure of Scientific Revolutions, second edition, enlarged (Chicago: The University of Chicago Press, 1970).

BEST BOOK Real Estate Market Analysis & Business Geography.......2004-06-29

This book defines and establishes business geography as an academic field, and lays the foundations for best practices in business geography and real estate market analysis. This book succeeds in bridging the gap between the academic and the practitioner.

This book covers spatial intelligence for retail, office, industrial, housing, hospitality, and mixed use. The general principles are presented along with case studies.

From viewing the author's web page, I see that Thrall has been invited to present overviews of his book at the best business schools and geography departments, including the Wharton School of Business (University of Pennsylvania), the Haas School of Business (University of California, Berkeley), and the Dept of Geography at UC Santa Barbara as the 2004 Distinguished Golledge Lecturer.

A must read!

???????????????????????.......2004-06-02

There is almost no resemblance between this the principals and tools presented in this book and the more advanced cutting edge spatial analysis currently being taught at some of the more advanced academic institutions and being practiced at some of the larger real estate investment firms.

Save your money!!!!!!!!!!!!

Academia meets Business....Geography meets Real Estate.......2002-09-03

A genuine blueprint for anybody (student or analyst) working in the field of Site Selection. A deep insight into theoretical concepts as well as practical analysis. The book is subdivided into appropriate sections regarding the history and modern day locational analysis for different types of uses.

Retirement Housing Markets: Project Planning and Feasibility Analysis (Real Estate Practice Library)

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Market Analysis for Real Estate: Concepts and Application in Valuation and Highest and Best Use

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Market Analysis for Real Estate: Concepts and Application in Valuation and Highest and Best Use
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This insightful text explores the essential, and often overlooked, role of market analysis in real property valuation. The text introduces a six-step process for market analysis and presents simplified market and marketability analysis techniques for use in appraisals and complex, stand-alone market studies. It includes seven case studies and a CD of Excel spreadsheets.

Real Estate Market Analysis: Methods and Applications

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Real Estate Market Analysis bridges the gap between academic research on urban economics and regional science for the real estate professional. The contributors demonstrate the applications of various methodologies commonly used in scholarly research to practical problems. The book covers a wide range of property types, including housing, office, retail, and industrial. The various chapters lucidly discuss forecasting and investment selections; the impact of inflation; estimating risks in real estate investment; real estate market gap analysis; market valuation of financial terms; urban residential land markets; and trade-offs in the office market.

Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations

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The 2007 Report on Non-Residential Real Estate Management: World Market Segmentation by City

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This report was created for global strategic planners who cannot be content with traditional methods of segmenting world markets. With the advent of a borderless world, cities become a more important criteria in prioritizing markets, as opposed to regions, continents, or countries. This report covers the top 2000 cities in over 200 countries. It does so by reporting the estimated market size (in terms of latent demand) for each major city of the world. It then ranks these cities and reports them in terms of their size as a percent of the country where they are located, their geographic region (e.g. Africa, Asia, Europe, Middle East, North America, Latin America), and the total world market. In performing various economic analyses for its clients, I have been occasionally asked to investigate the market potential for various products and services across cities. The purpose of the studies is to understand the density of demand within a country and the extent to which a city might be used as a point of distribution within its region. From an economic perspective, however, a city does not represent a population within rigid geographical boundaries. To an economist or strategic planner, a city represents an area of dominant influence over markets in adjacent areas. This influence varies from one industry to another, but also from one period of time to another. In what follows, I summarize the economic potential for the world\'s major cities for "non-residential real estate management" for the year 2007. The goal of this report is to report my findings on the real economic potential, or what an economist calls the latent demand, represented by a city when defined as an area of dominant influence. The reader needs to realize that latent demand may or may not represent real sales. For many items, latent demand is clearly observable in sales, as in the case for food or housing items. Consider, however, the category "satellite launch vehicles". Clearly, there are no launch pads in most cities of the world. However, the core benefit of the vehicles (e.g. telecommunications, etc.) is "consumed" by residents or industries within the world\'s cities. Without certain cities, in other words, the market for satellite launch vehicles would be lower for the world in general. One needs to allocate, therefore, a portion of the worldwide economic demand for launch vehicles to both regions and cities. This report takes the broader definition and considers, therefore, a city as a part of the global market.

The 2007 Report on Real Estate Management: World Market Segmentation by City

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