Commercial Real Estate Analysis for Investment, Finance and Development, a fully revised fourth edition of the authors’ leading textbook, presents the foundations of real estate investment analysis with the rigor of general finance and economics. This book introduces the essential building blocks of the field: market assumptions, valuation, financial analysis, and development. Drawing from extensive academic and industry experience, the authors approach the investment analysis process using a combination of theory and practical tools in a discussion tailored to advanced students.

Topics include value concepts, mortgage analysis, financing alternatives, option value, leverage and risk analysis, as well as institutional and capital market trends. Additionally, the new edition addresses climate risks, alternative property types, and the impact of technology on real estate as an asset class. New supplemental online resources complement the book’s conceptual and quantitative study questions, chapter summaries, and other useful pedagogical features.

Combining a practical grounding in economics and finance with updated tools and resources, this edition of Commercial Real Estate Analysis for Investment, Finance and Development provides a new generation of professionals the foundation and tools they need to excel as investment managers, advisers and analysts. Ideal for graduate studies in real estate, finance, and business, this textbook prepares students for the real-world complexities and challenges of commercial real estate.

For access to additional, online chapters and other Instructor and Student Resources, please visit: www.routledge.com/cw/geltner-miller

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Commercial Real Estate Analysis for Investment, Finance and Development, a fully revised fourth edition of the authors’ leading textbook, presents the foundations of real estate investment analysis with the rigor of general finance and economics.

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Preface

Organization of Book

About the Authors

PART I. Real Estate Investment Foundation, Time Value of Money and NPV Decision Rule

1 Introduction to Commercial Real Estate Investment

2 Present Value Mathematics for Real Estate

3 Measuring Investment Performance: The Concept of Returns

4 Micro-level Valuation of Real Estate: DCF & NPV

PART II. Nuts and Bolts of Property Income Analysis

5 Income Definitions for Commercial Real Estate

6 Determinants of Rent I: Market Level

7 Determinants of Rent II: Property Level

8 Forecasting the Space Market I: Real Estate Market Analysis

9 Forecasting the Space Market II: Estimating Cash Flow Growth

10 Leases and Leasing Strategies

PART III. Completing the Basics of Micro-level Real Estate Investment & Finance

11 Finding the Cost of Capital for Your Real Estate Investment

12 Use of Debt in Real Estate Investment: The Effect of Leverage

13 After-Tax Real Estate Investment Analysis

14 Advanced Topics I: Investment Value in Property Investment & Debt Financing

15 Advanced Topics II: Capital Structure

The following online chapters are available at www.routledge.com/cw/geltner-miller

PART IV. Real Estate Development

16 Real Options and Land Value

17 Investment Analysis of Real Estate Development Projects I: Overview & Background

18 Investment Analysis of Real Estate Development Projects II: Economic Analysis

Part V. Mortgages from an Investment Perspective

19 Mortgage Basics I: An Introduction and Overview

20 Mortgage Basics II: Payments, Yields and Values

21 Commercial Mortgage Analysis and Underwriting

Part VI. Macro-Level Real Estate Investment Analysis

22 Real Estate and Portfolio Theory: Strategic Investment Considerations

23 Equilibrium Asset Valuation and Real Estate’s Price of Risk in the Capital Market

24 Data Challenges in Measuring Real Estate Periodic Returns

25 Real Estate Investment Management

Part VII. REITS, Climate, and Other Selected Topics

26 Real Estate Investment Trusts (REITS)

27 International Real Estate Investments: Markets, Strategies, and Implementation

28 Real Estate, Sustainability, and Climate Risk

29 Technology and Real Estate: A Synthesis

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Produktdetaljer

ISBN
9781041076391
Publisert
2025-10-15
Utgave
4. utgave
Utgiver
Vendor
Routledge
Høyde
254 mm
Bredde
178 mm
Aldersnivå
U, 05
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
632

Biografisk notat

David Geltner is Professor Emeritus of Real Estate Finance at the Massachusetts Institute of Technology. He taught real estate investments for 13 years at the University of Cincinnati, and for 20 years at MIT where he held leadership positions in the Center for Real Estate and the Master of Science in Real Estate Development degree program. He is the recipient of the David Ricardo Medal of the American Real Estate Society, the James Graaskamp Award of the Pension Real Estate Association, and the John Quigley Medal for Advancing Real Estate and Urban Economics of the American Real Estate and Urban Economics Association. Geltner was the lead author of the prior three editions of this textbook.

Norm Miller is an Emeritus Professor at the University of San Diego and the University of Cincinnati, and Vice-President of the Homer Hoyt Institute, a think tank of global urban economic scholars and industry research directors. He is a housing, finance and capital markets expert. He started the Journal of Sustainable Real Estate, and served as the President of the American Real Estate Society. See https://www.linkedin.com/in/norm-miller-8167935/ Contact at nmiller@sandiego.edu

Alex van de Minne received his PhD from the University of Amsterdam in 2015. After which, he tried his luck on the other side of the pond in the United States. Since then, he held both academic and industry positions in renowned institutes, including MIT, Moody’s, Real Capital Analytics, and the Federal Reserve of Philadelphia.

Piet Eicholtz is Department Chair and Professor of Real Estate Finance, School of Business and Economics at Maastricht University in the Netherlands. His practical experience includes positions at ABP and NIBC Bank, and non-executive board memberships of NSI, Oppenheim.He has had an advisory position to Redevco Europe, the RO Group,the Blue Sky Group and Servatius, and is currently on the Housing Scenario Group of Bouwfonds and the investment Committee of bpfBouw. He has been on the boards of the ROZ-IPD Commercial Property Index foundation, and was chairman of the board of the AEDEX-IPD Dutch Social Housing Index foundation.

Thies Lindenthal is the Grosvenor Professor of Real Estate Finance at the Department of Land Economy, University of Cambridge, England, and a professorial fellow at Pembroke College. His research interests are twofold: First, he analyzes property investments in the very long-term, tracking rents, prices, and returns for up to 500 years. The second research line focuses on applied machine learning techniques to utilize high-dimensional “Big(ish)” data. Put differently, he uses images and other data that are too complex for spreadsheets to better understand property values, household preferences, and decisions made by very human and not always rational agents.

Lily Shen is an Associate Professor of Real Estate Finance at Clemson University and a visiting scholar at the Federal Reserve Banks. After witnessing the 2008 financial crisis, she dedicated her career to advancing real estate research aimed at fostering more resilient financial systems. Leveraging her experience in Silicon Valley, she has been at the forefront of integrating AI into real estate teaching and research. Her work has been featured in The Economist, The Washington Post, and published in leading academic journals, including the Journal of Financial and Quantitative Analysis, Management Science, and the Journal of Urban Economics.