Business Geography and New Real Estate Market Analysis (Spatial Information Systems) (Hardcover)

by Grant Ian Thrall (Author) "This book shows how to answer questions that provide guidance to the most important decisions in real estate: Should I buy?..." (more)
Key Phrases: estate market analyst, spatial equilibrium level, estate product types, United States, Red Lobster, Alachua County (more...)

Editorial Reviews

Product Description
This work focuses on integrating land-use location science with the technology of geographic information systems (GIS). The text describes the basic principles of location decision and the means for applying them in order to improve the real estate decision.

About the Author
Grant Ian Thrall is at University of Florida.

Product Details

• Hardcover: 280 pages
• Publisher: Oxford University Press, USA (April 18, 2002)
• Language: English
• ISBN-10: 0195076362
• ISBN-13: 978-0195076363
• Product Dimensions: 9 x 6.2 x 1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars See all reviews (4 customer reviews)
• Amazon.com Sales Rank: #581,370 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

5.0 out of 5 stars Journal Of Real Estate Literature review of Thrall's Book, November 7, 2004

By	WWO - See all my reviews

Book Review Of Thrall's Business Geography and New Real Estate Market Analysis
by
Dr. Larry E. Wofford,
former President of the American Real Estate Society, and former Chair, Real Estate, Tulsa University
from Journal Of Real Estate Literature, American Real Estate Society. Summer 2003.

Business Geography and New Real Estate Market Analysis by Grant Thrall is an ambitious, intriguing, and valuable book. Any book that purports in its title to offer something "new" immediately generates scrutiny. With this title, Thrall casts himself a challenge to produce something that is indeed new and, in order to be worth reading, valuable. Thrall succeeds in doing both. He does so less in the spirit of invention than in the spirit of discovery and synthesis. Indeed, in the preface, Thrall writes, "This book integrates ideas, methods, technologies, and objectives in an opportunistic manner to achieve the goal of providing information to improve the real estate decision."

In overview, the book is short, only 263 pages, including references and index. The length reflects a well-thought-out design and a concise writing style. Examples, tables, and graphics are used throughout to illustrate the conceptual content and its application. The book consists of two parts. Part I, "Overview, Theory, and Methods" contains about 100 pages and provides an overview of real estate markets and submarkets, land use and land value theories, and real estate market research. Part II, "Application to Real Estate Product Types" contains about 130 pages and addresses the detailed application of the theory and techniques considered in Part I to five primary property types, with an emphasis on research design and interpretation and the use of geographic information systems to analyze and present spatial information. Thrall effectively utilizes a "mentor" writing style throughout the book without being chatty.

Part I, "Overview, Theory, and Methods" Thrall provides the reader with insightful syntheses of geographic concepts and urban land economics. His discussions of submarkets and urban land use and value theories are particularly well done. Thrall's graphical approach to urban land values skillfully integrates standard microeconomics concepts into urban land use theory. The graphical approach presented in this book is a summary of much more detailed work in numerous articles by Thrall and in his 1987 book, Land Use and Urban Form.2 The theoretical presentation is accessible to those with varying levels of economic backgrounds. After reading this part of the book, the reader is well along the way to the author's goal of reasoning geographically, a prerequisite for the next major part of the book dealing with applying this knowledge.

In the application chapters, Thrall provides a structured framework for each property type. While tailored to each property type, the basic framework begins with an analysis of the economics of the subject property type, followed by market area delineation, the estimation of supply and demand, and, ultimately, the interpretation of the results and report preparation. Issues and techniques particular to each property type, such as the use of geography-based econometric models in office analysis, are presented. In each chapter the use of appropriate geographic technology to perform geographic and economic analyses is considered within the context of spatial reasoning.

The "new" aspect of the book centers on an excellent synthesis of business geography and urban land economics and the consideration of such topics as land use and land value theories, trade area determination, demand, and supply estimation. "New" also includes the incorporation of geographic information systems technology. The application of business geography and urban land economic concepts and geographic methodology and technology to improving real estate decisions makes the book particularly valuable to both academic and professional readers. As stated by Thrall, "Another of my goals in writing this book was to bridge the gap between industry and university, and to present a structure and knowledge base that I have found beneficial in getting the job done." In short, the reader learns to reason geographically.

A common complaint among real estate professionals is that land use and value theories are seldom rigorously linked to performing market research. Thrall thoughtfully integrates GIS technology to answer this complaint. He considers problems and pitfalls with the technology, as well as its potential. Thrall focuses on providing a theoretical and applied framework designed to develop the ability to convert data into information in a spatial context. Thrall highlights the relevance of geography by educating the reader on basic concepts, relationships, and technologies available to plan, execute, and interpret real estate market research. Thrall provides a valuable guide to the "why" of real estate market research.

In the classroom, the book would be an excellent primary text, especially if supplemented by problem and case-study assignments designed to provide hands-on experience with market research and geographic information technology. It should be noted that the book does not promote a particular GIS software package and does not cover in detail how to use any particular GIS software. Excellent books, supplemented with CDs, and internet-based courses exist for learning the mechanics of how to use GIS software. The numerous examples throughout the text provide readers with a viable connection between theory and practice. Given its brevity and concise writing style, the book will also work as a supplement to other real estate market analysis texts.

Thomas Kuhn noted that, for many fields of study, innovative and valuable ideas often come from individuals trained in other disciplines.3 In a composite field as diverse as real estate, it is sometimes difficult to determine which disciplines are "in" and which are "out." Whether considered to be inside or outside the field of real estate, geography often has not been in the real estate mainstream. Business Geography and New Real Estate Market Analysis demonstrates that geography and its associated technology has much to offer the real estate field.

References

1. Grant Thrall, Business Geography and New Real Estate Market Analysis(Oxford: Oxford University Press, 2002).

2. Grant Thrall, Land Use and Urban Form (New York: Methuen, Inc., 1987).

3. Thomas Kuhn, The Structure of Scientific Revolutions, second edition, enlarged (Chicago: The University of Chicago Press, 1970).

3 of 3 people found the following review helpful:

5.0 out of 5 stars BEST BOOK Real Estate Market Analysis & Business Geography, June 29, 2004

By	"b_d_on_amazon" (Berkeley, CA) - See all my reviews

This book defines and establishes business geography as an academic field, and lays the foundations for best practices in business geography and real estate market analysis. This book succeeds in bridging the gap between the academic and the practitioner.

This book covers spatial intelligence for retail, office, industrial, housing, hospitality, and mixed use. The general principles are presented along with case studies.

From viewing the author's web page, I see that Thrall has been invited to present overviews of his book at the best business schools and geography departments, including the Wharton School of Business (University of Pennsylvania), the Haas School of Business (University of California, Berkeley), and the Dept of Geography at UC Santa Barbara as the 2004 Distinguished Golledge Lecturer.

A must read!

3 of 3 people found the following review helpful:

5.0 out of 5 stars Academia meets Business....Geography meets Real Estate, September 2, 2002

By	John J. Casey (San Francisco, CA United States) - See all my reviews

A genuine blueprint for anybody (student or analyst) working in the field of Site Selection. A deep insight into theoretical concepts as well as practical analysis. The book is subdivided into appropriate sections regarding the history and modern day locational analysis for different types of uses.