Suchergebnisse

Foreword -- Preface -- Acknowledgements -- Introduction -- Macro-economics and real estate -- Real estate and recession -- Inflation and real estate -- Retailing and retail property -- Property companies and reits -- Real estate and construction -- Asia -- Real estate returns -- Residential real estate -- Yields -- Appendix: modelling global real estate yields -- Global office markets -- To follow -- Index --

2000 to 2010 was a remarkable decade for real estate. It started with the dot.com bubble and ended with the putative recovery from the Great Financial Crisis. The period in-between featured the world's first coordinated real estate boom and slump. This book is based on a series of briefings on the relationship between macro economic events and real estate markets in the era of globalisation that covered the period. Collectively they offer unique insights, new ideas and practical approaches to real estate economics, grounded in the day-to-day realities of investment, development and fund management operations in a leading international property company.

Considers the potential impact of seven‐day trading on the spatial
pattern of retail rents. Notes that the Institute of Fiscal Studies
predicts that Sunday trading will have no appreciable effect on the
overall level of turnover in the retail sector resulting in a decline in
the real value of retail rents. Concludes that shopping areas in large
town centres are most vulnerable to a decline in retail activity.

Purpose
– The purpose of this paper is to provide an indication of the returns to commercial property lending over the last 30 years in the UK.


Design/methodology/approach
– There is no long-term index of the returns to commercial property lending in the UK. This paper provides a partial solution by simulating the performance of bullet loans of various vintages, based on the value movements of the IPD index.


Findings
– On average over the long-term debt returns are higher than equity returns. However, in certain periods, the losses incurred by real estate lenders are very large.


Research limitations/implications
– No account taken of risk mitigation strategies used by lenders such as cross-collateralisation.


Practical implications
– Provides an alternative approach to that recommended by the recent IPF "Vision For Real Estate Finance" Document based on the use of ICR. Makes the case for a loan equivalent of the IPD index.


Social implications
– Reduced chance of resource misallocation and recession due to excess real estate lending.


Originality/value
– Very limited information on private real estate debt returns.

One of the most striking trends in economic development since the 1970s has been the rising importance of the small firm. Focusing on the issues of enterprise development and the regional dimensions of small-firm growth, this book explores the literature of this area. Moving from an analysis of measures of growth to the effects of both internal and external variables - arguing that the owner-manager has a key role in the growth performance of the firm - the authors explore regional disparities in, and constraints on, growth, and make significant advances in the policy debate on understanding h