Articles liés à Commercial Property Valuation: Methods and Case Studies
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Synopsis
A practical guide to the best approaches for commercial real estate value assessment
Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selecting and applying the best valuation approach to various situations. Actual case studies of office buildings, hotels, high street retails, and residential developments allow readers to understand and apply appropriate valuation methodologies.
Commercial property is a major investment class that offers abundant opportunities but poses unique risks. Thorough and inclusive knowledge is essential to success in this complex and competitive sector of real estate. This book provides expert coverage of critical topics allowing readers to:
- Identify the unique economic characteristics and potential risks of commercial real estate valuation and investment
- Focus on methods specific to commercial real estate valuation
- Learn how to select and apply the appropriate valuation method in a variety of scenarios
- Access sample Excel spreadsheets and ancillary online resources including slides and useful Internet links
Commercial Property Valuation is an essential resource for investors, appraisers, consultants, accountants, and students in real estate courses.
Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.
À propos de l?auteur
GIACOMO MORRI, PhD, MRICS, is Faculty Deputy and Associate Professor of Practice in Corporate Finance and Real Estate at SDA Bocconi School of Management (Milan, Italy) and a lecturer of Real Estate Finance at Bocconi University (Milan, Italy). He served as a Director of the Master in Real Estate and the Executive Master in Corporate Finance and Banking, and was in charge of real estate executive education. Giacomo is former President and a board member of the European Real Estate Society. He is a freelancing advisor for several real estate companies and asset managers, a non-executive director at UnipolSai Investimenti SGR, and a RICS Registered Valuer. He is also on the advisory board of several real estate funds and a board member of various real estate companies.
PAOLO BENEDETTO, MRICS, is Advisory & Valuation Director at Agire – IPI Group, an Italian real estate service company. His specialization is in real estate valuations. He is an Academic Fellow of Real Estate Finance at Bocconi University (Milan, Italy) and a Fellow of Corporate Finance and Real Estate at SDA Bocconi School of Management (Milan, Italy). Paolo is a member of the Italian board of the Royal Institution of Chartered Surveyors (RICS) and a RICS Registered Valuer.
À propos de la quatrième de couverture
Praise for
Commercial Property Valuation
"This book is focused on a thorough understanding of the inputs into both implicit and explicit valuation methods, and uses a set of highly practical examples for readers to follow."
—Prof. Andrew Baum, Professor of Practice, Saïd Business School, University of Oxford
"Property valuation is both an art and a science and first principles are essential knowledge in a world where electronic 'black boxes' are asserting themselves. This body of work is an excellent place to start."
—Tony Crabb, Director - Research, Cushman & Wakefield Australia
"The market desperately needs a succinct instructional book on Commercial Property Valuation and this text by Giacomo Morri and Paolo Benedetto fills the gap. It clearly instructs the appraiser to select appropriate methods given the information available and type of property under analysis. At the same time, it is more than an appraisal book. It covers fundamentals of user decisions, fundamental drivers of demand and supply and risk metrics which should impact required yields and value. The length is such that we can require and actually expect readers to utilize the entire book. We are going to switch to this book as soon as it is available."
—Prof. Norman G. Miller, Ernest W. Hahn Chair of Real Estate Finance, University of San Diego
"Commercial Property Valuation: Methods and Case Studies is a valuable addition to existing books on property valuation. Focusing less on the maths, the book is very readable but rigorous at the same time. Blending the professional and academic experience of the two authors, the chapters are comprehensive and well-written. The accompanying cases provide realistic and clear illustration on the different valuation methods and scenarios. This book is highly recommended for students and practitioners in commercial property appraisal as well as those seeking to build a strong foundation in property development, investment and asset management because valuation is an integral part of every real estate decision."
—Prof. Joseph Ooi, Professor of Real Estate, National University of Singapore
"This book will interest of course every real estate professional who wish to deepen their knowledge on real estate valuations. But beyond that, this book brings for sure a welcomed and worthwhile contribution to our industry and, more broadly, to the economy as it shows the way to raise the bar of valuation practices thanks to a sophisticated and rigorous but always pragmatic approach. This can just reinforce trust in the real estate business sector; a fundamental aspect in the always turbulent markets."
—Vincent Vinit, Chief Risk Officer, Generali Real Estate S.p.A.
À propos de la deuxième de couverture
Determining the true value of a commercial property is essential in many circumstances, such as for investment or strategic purposes as well as for economic feasibility studies. Commercial Property Valuation offers a comprehensive guide that helps determine the Market Value of a property using logical, clear and mutually agreeable methods based on credible and objective data.
Supported by a straightforward description of the economic characteristics of properties as well as of their risks, Commercial Property Valuation offers an approach to valuation that looks at each property as a company, whose value directly depends on the revenues deriving by the product offered to the marketplace – the use of space leased to tenants, and its related risk. Examples and case studies are also provided to support the theoretical base and to facilitate an immediate comprehension and application.
Based on the authors combined professional and academic experience, Commercial Property Valuation is a real-world guide for distinguishing theory from what is effective in practice and is addressed to both professionals who operate in the real estate sector and the inexperienced who, for personal or professional reasons, need to estimate the value of a real estate asset.
Visit the companion website at www.cpv-mb.com to learn more about the book.
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