Structuring Urban Redevelopment Projects: Moving Participants Up the Learning Curve

Urban redevelopment projects implemented through public-private partnerships are the preferred way to revitalize inner-city areas. As the numbers of participants increase and deal structures become more complex, participants need more detailed knowledge of one another’s motivations and behaviors to achieve feasible redevelopment projects. This research describes the expectations and behaviors of private sources of debt and equity, especially their financial return requirements, and the actions public participants can take to reduce project risks. With this knowledge, lead public and private participants should be able to forge economically viable projects that generate greater public benefits while reducing the risks of urban redevelopment.

Office Market Analysis: Improving Best-Practice Techniques

This article focuses on ways to improve market analysis for proposed office projects, taking time and data limitations into account. The discussion moves sequentially through the three primary components of systematic, logical market analysis: the market overview, the market study and the marketability study. Key suggestions cover: (1) discussing megatrends affecting office user preferences and product design; (2) estimating long-term attractiveness of the office location and site; (3) forecasting balance or imbalance between future demand and supply of office space at the metropolitan level; (4) segmenting and differentiating supply and demand at the submarket level for the purpose of assigning market capture rates; and (5) conducting sensitivity analysis of the key variables affecting project net operating income.

Estimating the Size of Households and Number of School-Aged Children in New Development: Applications for Forecasting and Impact Analysis

Urban and regional planners forecast population size and number of school-aged children to estimate the demand for public facilities and services over near-term and long-term planning horizons. They also estimate the economic, environmental and fiscal impacts of new development projects on local jurisdictions. State planners forecast public-school enrollments generated by county-level residential development and demographic change. Accurate estimates of the size and composition of households are needed for these important planning purposes

A Note on Real Estate Marketing Research

Although the principles of real estate market analysis are more readily accessible due to the publication of several recent volumes, the topic yet to be grounded properly in the broader marketing research field. Building on the appraisal tradition, the professional market analyst strives for an objective assessment of market comparables and trends to arrive at a thoughtful and informed opinion of economic feasibility on behalf of the client developer, investor, lender, or landowner. However, the purpose, form, and content of real estate marketing research vary considerably during the development Process. This note presents a broader view of marketing research relevant throughout the real estate development process in contrast to formal market analysis conducted during one stage. It should help real estate researchers adapt their thinking to the emerging reality in which marketing research conducted by sophisticated development organizations grows in volume and importance.

Forecasting Demand for Commercial Real Estate Based on the Economic Fundamentals of U.S. Metro Markets

The long-term demand for commercial real estate depends on the relative attractiveness of each metro market compared to all other metro areas. Economic growth models can generate reliable forecasts of commercial real estate demand, but only for the near term. To analyze and compare metro areas over the long term, forecasts based on economic development factors are needed. To support this claim, propositions and empirical tests are presented that compare the influence of regional location, industry mix, and economic development factors on the long-term employment growth rates and employment instability of U.S. metro areas.

Comparing Regional Classifications for Real Estate Portfolio Diversification

Considerable recent attention has been devoted to constructing improved spatial diversification categories based on the economic characteristics of areas. This research compares Salomon Brothers' regional classification system to U.S. regions and the FRC regions using economic indicators related to real estate demand. Salomon's classification is shown to be the superior classification for reducing the variation of demand-side indicators. Several of Salomon's regions have higher internal variability than the U.S. as a whole and should be reconfigured. Spatial diversification systems may be improved generally by considering noncontiguous diversification criteria based on the economic fundamentals of metro areas and specifically by introducing metro-area size categories.

Understanding local economic development

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