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Chapter 24 Real Estate Development and Property Trends. Major Topics. Players in the development process Feasibility analysis considerations Graaskamp’s approach to feasibility Market analysis: sources of demand/ supply Legal political analysis/ economic inclusion

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chapter 24 real estate development and property trends
Chapter 24Real Estate Development and Property Trends

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

major topics
Major Topics
  • Players in the development process
  • Feasibility analysis considerations
  • Graaskamp’s approach to feasibility
  • Market analysis: sources of demand/ supply
  • Legal political analysis/ economic inclusion
  • Physical, design and site considerations
  • Green design and sustainable development
  • Front door and back door financial analysis
  • Property trends

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

introduction
Introduction
  • The essence of development is changing land use, or adding to the supply side of the space market
  • Developers must have vision and see opportunities that others do not see or are too slow to capitalize upon
  • To have the vision for developing a totally new concept is the dream that lures some entrepreneurs to development
  • Others are successful because they are “fast seconds”, that is someone who can monitor successful trends tested first by others and quickly follow this same path
  • Developers also have a tendency to want to influence their community

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

the players in development
The Players in Development
  • Developers
  • Designers and Physical Planners
  • Environmental Consultants
  • Regulators
  • Neighbors
  • Competitors
  • Tenants or Buyers
  • Leasing or Sales Agents
  • Property Managers and Facilities Managers
  • Lenders
  • Owners/Investors

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

a chronological perspective of development stages
A Chronological Perspective of Development Stages
  • 1. Conceptual Stage and Preliminary Analysis
  • 2. Resource Assembly and Further Planning
  • Implementation and Contractual Period

4. Absorption and Operational Period

5. Harvesting And Disposal

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

a primer on feasibility analysis for a site or an idea
A Primer on Feasibility Analysis for a Site or an Idea
  • Graaskamp suggested that there were two primary situations where a feasibility study was needed: a “site looking for a use”, and “a use looking for a site”
  • In the former case, the site is already under control and the analyst undertakes a highest and best use study in which various land use concepts are tested in order to judge their impact on site productivity
  • In the latter case, the analyst already knows the type of development they wish to pursue but the economic feasibility depends on the expected level of demand and competition for any given location

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

feasibility study contd
Feasibility Study (Contd.)

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

feasibility study steps
Feasibility Study: Steps
  • Market and Competitive Analysis
  • Political Legal Analysis
  • Political Sensitivity to Economic Inclusion
  • Physical and Design Analysis
  • Financial Analysis

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

front door financial feasibility analysis
Front Door Financial Feasibility Analysis

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

front door financial feasibility analysis contd
Front Door Financial Feasibility Analysis (Contd.)

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

front door financial feasibility analysis from lender s perspective
Front Door Financial Feasibility Analysis from Lender’s Perspective

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

front door financial feasibility lender s perspective contd
Front Door Financial Feasibility – Lender’s Perspective (Contd.)

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

back door financial feasibility analysis and land residual calculation from lender s perspective
Back Door Financial Feasibility Analysis and Land Residual Calculation from Lender’s Perspective

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

back door financial feasibility analysis contd
Back Door Financial Feasibility Analysis (Contd.)

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

national property trends
National Property Trends
  • Green Design
  • Sustainable Development
  • Office Market Trends
  • Parking Trends
  • Energy Supply Trends
  • Wired or Wireless?
  • The Telecom Hotel
  • Warehouse Trends
  • Retail Property Trends
  • Single Family Housing
  • Multi Family Housing

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner