Sustainable Real Estate: Management, Assessment and Innovations

Production and consumption activities have determined a weakness of the sustainable real estate economy. The main problems are the subordination of public decision making, which is subjected to pressure from big companies; inefficient appraisal procedures; excessive use of financial leverage in investment projects; the atypical nature of markets; income positions in urban transformations; and the financialization of real estate markets, with widespread negative effects. A delicate role in these complex problems is assigned to real estate appraisal activities, called to make value judgments on real estate goods and investment projects, the prices of which are often formed in atypical real estate markets, giving ever greater importance to sustainable development and transformation issues. This Special Issue is dedicated to developing and disseminating knowledge and innovations related to most recent real estate evaluation methodologies applied in the fields of architecture and civil, building, environmental, and territorial engineering. Suitable works include studies on econometric models, sustainable building management, building costs, risk management and real estate appraisal, mass appraisal methods applied to real estate properties, urban and land economics, transport economics, the application of economics and financial techniques to real estate markets, the economic valuation of real estate investment projects, the economic effects of building transformations or projects on the environment, and sustainable real estate

A risk mitigation framework for construction / asset management of real estate and infrastructure projects

The increasing demand on residential, office, retail, and services buildings as well as hotels and recreation has been encouraging investors from both private and public sectors to develop new communities and cities to meet the mixed demand in one location. These projects are huge in size, include several diversified functions, and are usually implemented over many years. The real estate projects’ master schedules are usually initiated at an early stage of development. The decision to start investing in infrastructure systems, that can ultimately serve fully occupied community or city, is usually taken during the early development stage. This applies to all services such as water, electricity, sewage, telecom, natural gas, roads, urban landscape and cooling and heating. Following the feasibility phase and its generated implementation schedule, the construction of the infrastructure system starts together with a number of real estate projects of different portfolios (retail, residential, commercial,…etc.). The development of the remaining real estate projects continues parallel to customer occupancy of the completed projects. The occurrence of unforeseen risk events, post completing the construction of infrastructure system, may force decision makers to react by relaxing the implementation of the remaining unconstructed projects within their developed communities. This occurs through postponing the unconstructed project and keeping the original feasibility-based sequence of projects unchanged. Decision makers may also change the sequence of implementing their projects where they may prioritize either certain portfolio or location zone above the other, depending on changes in the market demand conditions. The change may adversely impact the original planned profit in the original feasibility. The profit may be generated from either real estate portfolios and/or their serving Infrastructure system. The negative impact may occur due to possible delayed occupancy of the completed real estate projects which in turn reduces the services demand. This finally results in underutilization of the early implemented Infrastructure system. This research aims at developing a dynamic decision support prototype system to quantify impacts of unforeseen risks on the profitability of real estate projects as well as its infrastructure system in the cases of changing projects’ implementation schedules. It is also aimed to support decision makers with scheduled portfolio mix that maximizes their Expected Gross Profit (EGP) of real estate projects and their infrastructure system. The provided schedules can be either based on location zone or portfolio type to meet certain marketing conditions or even to respect certain relations between neighbor projects’ implementation constraints. In order to achieve the research objectives, a Risk Impact Mitigation (RIM) decision support system is developed. RIM consists mainly of four models, Real Estate Scheduling Optimization Model RESOM, Sustainable Landscape Optimization Model SLOM, District Cooling Optimization Model DCOM and Water Simulation Optimization Model WSOM. Integrated with the three Infrastructure specialized models SLOM, DCOM, WSOM, RESOM provides EGP values for individual Infrastructure systems. The three infrastructure models provide the demand profile that relate to a RESOM generated implementation schedule. RESOM then uses these profiles for calculating the profits using the projects’ capital expenditure and financial expenses. The three models included in this research (SLOM, DCOM and WSOM) relate to the urban landscape, district cooling and water systems respectively. RIM is applied on a large scale real estate development in Egypt. The development was subjected to difficult political and financial circumstances that were not forecasted while preparing original feasibility studies. RIM is validated using a questionnaire process. The questionnaire is distributed to 31 experts of different academic and professional background. RIM’s models provided expected results for different real life cases tested by experts as part of the validation process. The validation process indicated that RIM’s results are consistent, in compliance with expected results and is extremely useful and novel in supporting real estate decision makers in mitigating risk impacts on their profits. The validation process also indicated promising benefits and potential need for developed commercial version for future application within the industry

Multi-period whole system optimisation of an integrated carbon dioxide capture, transportation and storage supply chain

Carbon dioxide capture and storage (CCS) is an essential part of the portfolio of technologies to achieve climate mitigation targets. Cost efficient and large scale deployment of CCS necessitates that all three elements of the supply chain (capture, transportation and storage) are coordinated and planned in an optimum manner both spatially and across time. However, there is relatively little experience in combining CO2 capture, transport and storage into a fully integrated CCS system and the existing research and system planning tools are limited. In particular, earlier research has focused on one component of the chain or they are deterministic steady-state supply chain optimisation models. The very few multi-period models are unable to simultaneously make design and operational decisions for the three components of the chain. The major contribution of this thesis is the development for the first time of a multi-period spatially explicit least cost optimization model of an integrated CO2 capture, transportation and storage infrastructure under both a deterministic and a stochastic modelling framework. The model can be used to design an optimum CCS system and model its long term evolution subject to realistic constraints and uncertainties. The model and its different variations are validated through a number of case studies analysing the evolution of the CCS system in the UK. These case studies indicate that significant cost savings can be achieved through a multi-period and integrated system planning approach. Moreover, the stochastic formulation of the model allows analysing the impact of a number of uncertainties, such as carbon pricing or plant decommissioning schedule, on the evolution of the CSS system. In conclusion, the model and the results presented in this thesis can be used for system planning purposes as well as for policy analysis and commercial appraisal of individual elements of the CCS network.Open Acces

General Course Catalog [July-December 2020]

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General Course Catalog [July-December 2019]

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General Course Catalog [January-June 2020]

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General Course Catalog [July-December 2018]

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General Course Catalog [January-June 2016]

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General Course Catalog [January-June 2019]

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