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Commercial Real Estate Analysis & Investments Hardcover – December 1, 2006

ISBN-13: 978-0324305487 ISBN-10: 0324305486 Edition: 2nd

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Commercial Real Estate Analysis & Investments + Professional Real Estate Development: The ULI Guide to the Business, 3rd Edition + Real Estate Market Analysis: Methods and Case Studies, Second Edition
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Product Details

  • Hardcover: 880 pages
  • Publisher: ONCOURSE LEARNING; 2 edition (December 1, 2006)
  • Language: English
  • ISBN-10: 0324305486
  • ISBN-13: 978-0324305487
  • Product Dimensions: 10.3 x 8.6 x 1.4 inches
  • Shipping Weight: 3.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon Best Sellers Rank: #80,154 in Books (See Top 100 in Books)

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Customer Reviews

4.7 out of 5 stars
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4 star
27%
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See all 11 customer reviews
Book is very informative.
products4less
This is one of the most comprehensive, analytical and thorough texts on topics concerning commercial real estate investment that I have come accross.
Anton
This book assumes you have a basic finance background and some understanding of urban economics.
Mister B.

Most Helpful Customer Reviews

55 of 57 people found the following review helpful By Michael Rand on April 25, 2010
Format: Hardcover Verified Purchase
Overall, my favorite real estate book and the one I consult most often.

At the risk of oversimplification, commercial real estate valuation can be broken apart into 3 activities:

1) Figuring out how much cash a property will generate (e.g. pro-forma property financials)
2) Figuring out how to discount that cash for time and risk (e.g. discount/cap rates)
3) Figuring out how to slice this asset value into various claims against it (e.g. mortgages/CMBS, preferred equity structures, etc.)

This book is amazing at #2 and only slightly less amazing at #3. In fact, I find its treatment of some materials (e.g. risk-neutral discounting as it relates to development properties) to be an excellent complement to and in some ways more informative than standard finance textbooks (e.g. Brealey / Myers). The authors do admit that their approach is slightly more academic than rules-of-thumb used in practice, but it never hurts to be more informed than your peers. If you're concerned about being too academic, also pick up the text by Peter Linneman Real Estate Finance & Investments: Risks and Opportunites; (2nd Edition), which covers similar material in a less academic, though still logically sound manner.

I found, and many of you may find, the treatment of #1 (cash flow forecasting) somewhat limited. The book does deal in Part II with urban economics and in Part IV with property-level pro-formas, but these topics fly well above the depth available in other texts.

I recommend that you compliment this text with something on market analysis...
Read more ›
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15 of 16 people found the following review helpful By Soros on August 28, 2007
Format: Hardcover
This book is really serious. It gives you data sets, a massive amount of study questions with solutions and sample programs (Argus & Crystal Ball--which is used for probability). This book is like the bible. It goes from simple real estate i.e buy low & sell high all the way to mortgage backed securities, options and derivatives. After reading the book you will know more than most executives.

It may not be for those that are more into urban planning or construction management, but if you need and want a book that blends real estate with the capital markets this is the one.I highly recommend it.
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9 of 10 people found the following review helpful By Anton on February 26, 2008
Format: Hardcover
This is one of the most comprehensive, analytical and thorough texts on topics concerning commercial real estate investment that I have come accross. It would be useful for both advanced students with real estate interests and finance professionals, who seek exposure to fundamental real estate (and real estate securities) analysis. Participants in the real estate industry mishgt find the text useful, but basic. The book is also useful as a reference guide for real estate professionals looking for a particular mathematical formula.

The authors cover a very broad range of topics - from urban economics, to fundamental (supply/demand) real estate analysis, to real estate valuation techniques as well as more specialized topics, such as commercial mortgage backed securities and real estate development. The book really stands out in the breadth of its disourse both on qualitative and quantitative topics.
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6 of 7 people found the following review helpful By Steven Vornea on December 11, 2006
Format: Hardcover
This primer is ideal for the mid-level investor, or more sophisticated individual investor, lender, portfolio manager, or asset manager. Integrates the frontier financial economics into real estate and capital markets. It is an objective and in-depth book with a great deal of content.

Steven Harry Vornea
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7 of 9 people found the following review helpful By Mister B. on August 13, 2008
Format: Hardcover Verified Purchase
Although I haven't finished reading this text, I think I can accurately comment on it. The information comes from an economics perspective. that's a good thing, if you have an economics background, which I do. I like the way this book reads. It offers a good deal of information about commercial real estate using both financial and urban economics. I don't believe this book is appropriate for an undergrad student. This book assumes you have a basic finance background and some understanding of urban economics. In short, if you have an econ degree or even a finance degree, I think you'll find this text very useful in helping you to understand what drives the commercial real estate market, how to predict where this market is going, how to analyze it, and how to valuate it.
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By headballs12 on November 3, 2013
Format: Hardcover Verified Purchase
It's a text book. From a student perspective, I don't remember it being particularly pleasant to read, or unpleasant for that matter. Additionally it seemed well organized.
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