Commercial Real Estate Analysis and Investments (with CD-ROM) (Hardcover)

by David M. Geltner (Author), Norman G. Miller (Author), Jim Clayton (Author), Piet Eichholtz (Author)

Editorial Reviews

Product Description
The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate investment. Streamlined and completely updated with expanded coverage of corporate and international real estate investment, this upper-level text presents the essential concepts, principles and tools for the analysis of commercial real estate (income producing) from an investment perspective. This new book continues to integrate relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments – now using ARGUS software. Contributing author Piet Eichholtz from the University of Maasstricht contributes an entire chapter that explores international real estate investments, both opportunistically and structurally, by outlining elements for developing and implementing real estate investments successfully abroad. Jim Clayton from the University of Cincinnati thoroughly revised and updated the finance coverage and real-life applications throughout. Geltner and Miller enhance their pedagogy by adding in a discussion of the real options application to real estate development and streamlining the discussion of data returns.

From the Back Cover
This book presents the essential concepts, principles, and tools for the analysis of commercial real estate from an investment perspective—integrating relevant aspects of urban and financial economics. It bridges the gap between mainstream finance and the current cutting edge of professional real estate practice with a look at asset market inefficiency and illiquidity, after-tax analysis for various types of investors, tax-exempt institutions, and private investment. Other chapter topics include periodic returns measurement, risk analysis, asset valuation, investment analysis, leverage, capital structure, portfolio theory, and option valuation theory. For individuals aware of the importance of real estate, and interested in its financial economic aspects. --This text refers to an out of print or unavailable edition of this title.

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Product Details

• Hardcover: 880 pages
• Publisher: South-Western Educational Pub; 2 edition (December 1, 2006)
• Language: English
• ISBN-10: 0324305486
• ISBN-13: 978-0324305487
• Product Dimensions: 10 x 8.4 x 1.4 inches
• Shipping Weight: 3.6 pounds (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars See all reviews (17 customer reviews)
• Amazon.com Sales Rank: #40,635 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

58 of 59 people found the following review helpful:

5.0 out of 5 stars Great text - solid presentation - just undertand its focus, July 13, 2004

By	Craig Matteson (Ann Arbor, MI) - See all my reviews (TOP 50 REVIEWER)

This review is from: Commercial Real Estate Analysis and Investments (Hardcover)

I think this is a wonderful text. However, let me state up front this is NOT a general book about real estate as an investment vehicle in the broad sense. It is a text that provides the knowledge and techniques to ANALYZE commercial real estate as a financial investment. So, yes, the book is heavy on financial analysis and the many way markets and techniques that exist for investing in commercial real estate.

You won't learn a thing about how to pick or manage properties. Those are topics for other books and courses. This great book does have a rather specific focus, but it needs that because the topic it does cover is so large and there is a great deal to learn.

I find the book to be clearly written with the bare minimum of mathematics to make the content extremely valuable. Because the authors have a practical focus the reader is not overwhelmed or bogged down in abstruse topics or arcane formulae.

The book has thirty chapters grouped into eight parts. The eight parts are 1) Into to real estate economics, 2) Urban economics and real estate analysis, 3) Basic financial economic concepts and tools, 4) Real estate valuation and investment analysis at the microlevel, 5) Completing the basic investment analysis picture, 6) Mortgages from an investment perspective, 7) Macrolevel real estate investment, 8) Real estate development and other selected topics.

From this list of topics you can understand the nature of this book. If these are issues you are interested in I think you will find this book really delivers the goods and I am glad to have on my shelf of valued business texts.

26 of 26 people found the following review helpful:

4.0 out of 5 stars You better KNOW you care about commercial real estate, March 22, 2007

By	R. Whitelaw "Rebel Broker" (Morgan Hill, CA USA) - See all my reviews (REAL NAME)

This review is from: Commercial Real Estate Analysis and Investments (Hardcover)

Commercial real estate is not for the faint of heart. I have been in residential real estate for a while and have on several occasions dealt with commercial real estate folks and issues surrounding it.

On the plus side, if you are looking for an exhaustive source of information on evaluating commercial real estate, you have arrived. This volume is going to give you all the information you need to analyze any situation to death. Perhaps to the point that small bits of brain dribble out your ear.

If your a dabbler... or someone who has thought, "Gee... I wonder if commercial real estate would be interesting to get into?" then this is NOT the place for you to start that journey of self discovery.

There are much smaller, shorter, lighter more digestible books out there on the subject that will give you a feel for what you might be getting into.

So, if you are someone already knee deep in commercial real estate, or someone deadly serious about being able to really analyze commercial properties, then this one is for you.

27 of 29 people found the following review helpful:

5.0 out of 5 stars The Best Real Estate Text I've Ever Read, May 30, 2004

By A Customer

This review is from: Commercial Real Estate Analysis and Investments (Hardcover)

This book is not for the faint-hearted or for readers who want to skim a few paragraphs and then think they'll get rich quick.

If you read this book, chapter by chapter, and do the exercises at the end of each one, you'll probably know more about Real Estate Finance than many people in Real Estate boardrooms. This will take a few weeks as a minimum, but it will have immense value.

The writers Geltner and Miller really choose to go "in-depth" with each topic, almost to the point of annoyance when you're reading it, but afterwards you realize why, and importantly, realize what you've learned by doing it.

This book is immensely valuable, and requires some work to achieve that value. It's value will be with you permanently however, because you will have absorbed the true principals of what's going on it real estate and the associated financial markets, and not just have memorized some glib cookbook answers which many people may instead be hoping for.

This is a book for thinkers and practicioners who want carry lasting value with them.