Essays in commercial real estate investments
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Tese |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/18681 |
Resumo: | Commercial real estate offers innumerous investment opportunities. Investors, financial institutions and regulators are interested in understanding what are the main determinants of value in real estate markets, measuring appropriate returns and risks related to target assets, and evaluating whether new market trends arising from institutional stakeholders, such as environmental labels, can contribute to property pricing. Differently from other financial asset classes, such as bonds and stocks, commercial buildings have low liquidity, are highly heterogeneous and depreciate over time, limiting their spatial and temporal comparability. Although the financial and economic literature about the industry has evolved significantly in developed economies, quantitative studies remain at embryonic stage in emerging markets. Given the populational and economic growth patterns from the last decades, there is an increasing concentration of emerging market cities among the largest urban agglomerations worldwide, and, consequently, higher demand for commercial properties. The main caveats for the development of quantitative real estate research are the lack of data, concentration of information among large consulting companies, and, in the case of emerging markets, low transparency and reliability in publicly available data. In this context, this research aims at contributing to the real estate literature with unique datasets for the largest office market in Latin America. This thesis is organized in three essays, comprising three distinct research questions surrounding the city of Sao Paulo. The objective of the first essay is to conceptually and empirically assess whether office markets can be viewed as an exclusive niche. The results, based on hedonic theory and regressions, indicate strong segmentation patterns as price formation comes primarily from the microeconomic needs of end users. The study also indicates that backdoor measures adopted by local specialists can be used as a proxy for segmentation when there is limited information on occupiers. The second essay revisits real estate indices available in Brazil and a number of technical and market-specific features which may be useful to improve existing indicators. Moreover, the study develops hedonic indices to highlight how the early recession affected Sao Paulo´s office market. The results show that market dynamics are very specific and emphasize the need for more detailed indicators. The third essay evaluates the relevance of the governance role of voluntary certification schemes based on the signaling literature. The empirical results show that third party audit schemes from internationally accredited institutions can affect real estate values. This essay not only compares labelled and non-labelled buildings, as done by previous studies, but also considers properties that did not obtain certification subsequent to registration. |
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Costa, Odilon Ricardo da Hora Gonçalves FernandesEscolas::EAESPNakamura, Wilson ToshiroRidolfo Neto, ArthurMonetti, ElianeMendes-da-Silva, Wesley2017-08-24T17:17:37Z2017-08-24T17:17:37Z2017-07-28COSTA, Odilon Ricardo da Hora Gonçalves Fernandes. Essays in commercial real estate investments. Tese (Doutorado em Administração de Empresas) - Escola de Administração de Empresas de São Paulo, Fundação Getúlio Vargas - FGV, São Paulo, 2017.http://hdl.handle.net/10438/18681Commercial real estate offers innumerous investment opportunities. Investors, financial institutions and regulators are interested in understanding what are the main determinants of value in real estate markets, measuring appropriate returns and risks related to target assets, and evaluating whether new market trends arising from institutional stakeholders, such as environmental labels, can contribute to property pricing. Differently from other financial asset classes, such as bonds and stocks, commercial buildings have low liquidity, are highly heterogeneous and depreciate over time, limiting their spatial and temporal comparability. Although the financial and economic literature about the industry has evolved significantly in developed economies, quantitative studies remain at embryonic stage in emerging markets. Given the populational and economic growth patterns from the last decades, there is an increasing concentration of emerging market cities among the largest urban agglomerations worldwide, and, consequently, higher demand for commercial properties. The main caveats for the development of quantitative real estate research are the lack of data, concentration of information among large consulting companies, and, in the case of emerging markets, low transparency and reliability in publicly available data. In this context, this research aims at contributing to the real estate literature with unique datasets for the largest office market in Latin America. This thesis is organized in three essays, comprising three distinct research questions surrounding the city of Sao Paulo. The objective of the first essay is to conceptually and empirically assess whether office markets can be viewed as an exclusive niche. The results, based on hedonic theory and regressions, indicate strong segmentation patterns as price formation comes primarily from the microeconomic needs of end users. The study also indicates that backdoor measures adopted by local specialists can be used as a proxy for segmentation when there is limited information on occupiers. The second essay revisits real estate indices available in Brazil and a number of technical and market-specific features which may be useful to improve existing indicators. Moreover, the study develops hedonic indices to highlight how the early recession affected Sao Paulo´s office market. The results show that market dynamics are very specific and emphasize the need for more detailed indicators. The third essay evaluates the relevance of the governance role of voluntary certification schemes based on the signaling literature. The empirical results show that third party audit schemes from internationally accredited institutions can affect real estate values. This essay not only compares labelled and non-labelled buildings, as done by previous studies, but also considers properties that did not obtain certification subsequent to registration.O mercado imobiliário comercial oferece inúmeras oportunidades de investimento. Investidores, instituições financeiras e reguladores possuem interesse em entender quais são os principais determinantes de valor no setor imobiliário, mensurar retornos e riscos condizentes com os ativos-alvo, e avaliar se novas tendências decorrentes de demanda dos stakeholders institucionais, como a obtenção de selos ambientais, podem contribuir para o apreçamento de ativos. Diferentemente de outros tipos de ativos financeiros, tais como renda fixa ou variável, imóveis comerciais possuem pouca liquidez, são altamente heterogêneos e depreciam ao longo do tempo, limitando a sua comparação em âmbito temporal e espacial. Embora a literatura econômico-financeira sobre o setor tenha evoluído expressivamente em economias desenvolvidas, estudos quantitativos de grande escala continuam em estágio embrionário em mercados emergentes. Dado o crescimento econômico e populacional nas últimas décadas é natural que exista maior concentração de megalópoles emergentes entre as principais aglomerações urbanas mundiais e, consequentemente, o aumento relativamente mais expressivo da demanda por imóveis comerciais. Os principais limitadores para o desenvolvimento de pesquisas quantitativas no setor são a falta de dados, a centralização de informações em grandes consultorias imobiliárias e, no caso de países emergentes, a falta de transparência e confiabilidade nos dados disponíveis publicamente. Neste contexto, o presente trabalho visa contribuir para a literatura do setor imobiliário utilizando bases de dados únicas e contempla o maior mercado de escritórios da América Latina. Esta tese está organizada sob a forma de três ensaios, os quais abordam três questões distintas ao redor da cidade de São Paulo. O primeiro ensaio tem como objetivo avaliar conceitualmente e empiricamente se o mercado de escritórios pode ser visto como um nicho exclusivo. Os resultados, embasados em teoria e regressões hedônicas, indicam fortes indícios de fragmentação, bem como que a formação de preços advém principalmente das necessidades microeconômicas dos usuários finais. O estudo também indica que medidas backdoor adotadas por especialistas locais, podem ser usadas como proxy de fragmentação de mercado, quando há escassez de informações sobre os ocupantes. O segundo ensaio revisita os indicadores imobiliários disponíveis no Brasil e uma série de características técnicas e específicas do mercado local, que podem ser úteis ao aprimoramento dos índices existentes. Em seguida, desenvolveu-se indicadores hedônicos para mostrar como o início da recessão atual afetou o mercado de escritórios de São Paulo. Os resultados evidenciam que os ciclos imobiliários possuem aspectos muito específicos e enfatizam a necessidade de indicadores mais detalhados. O terceiro ensaio avalia a relevância do papel de governança econômica, associada às certificações ambientais voluntárias, com base na literatura de sinalização. Os resultados empíricos mostram que pareceres advindos de instituições internacionalmente acreditadas podem afetar os preços dos imóveis. Neste ensaio é feita a comparação de edifícios certificados e não-certificados, conforme feito em pesquisas anteriores, e foram estudados imóveis que não obtiveram o selo após o registro.engReal estate investment managementOffice propertiesHedonic modellingMarket segmentationReal estate indicesGestão de investimentos imobiliáriosEscritórios comerciaisModelagem hedônicaFragmentação de mercadoÍndices imobiliáriosAdministração de empresasInvestimentos imobiliáriosMercado imobiliárioSegmentação de mercadoEssays in commercial real estate investmentsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTEXTThesis - Odilon Costa - VF.pdf.txtThesis - Odilon Costa - VF.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Essays in commercial real estate investments |
title |
Essays in commercial real estate investments |
spellingShingle |
Essays in commercial real estate investments Costa, Odilon Ricardo da Hora Gonçalves Fernandes Real estate investment management Office properties Hedonic modelling Market segmentation Real estate indices Gestão de investimentos imobiliários Escritórios comerciais Modelagem hedônica Fragmentação de mercado Índices imobiliários Administração de empresas Investimentos imobiliários Mercado imobiliário Segmentação de mercado |
title_short |
Essays in commercial real estate investments |
title_full |
Essays in commercial real estate investments |
title_fullStr |
Essays in commercial real estate investments |
title_full_unstemmed |
Essays in commercial real estate investments |
title_sort |
Essays in commercial real estate investments |
author |
Costa, Odilon Ricardo da Hora Gonçalves Fernandes |
author_facet |
Costa, Odilon Ricardo da Hora Gonçalves Fernandes |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Nakamura, Wilson Toshiro Ridolfo Neto, Arthur Monetti, Eliane |
dc.contributor.author.fl_str_mv |
Costa, Odilon Ricardo da Hora Gonçalves Fernandes |
dc.contributor.advisor1.fl_str_mv |
Mendes-da-Silva, Wesley |
contributor_str_mv |
Mendes-da-Silva, Wesley |
dc.subject.eng.fl_str_mv |
Real estate investment management Office properties Hedonic modelling Market segmentation Real estate indices |
topic |
Real estate investment management Office properties Hedonic modelling Market segmentation Real estate indices Gestão de investimentos imobiliários Escritórios comerciais Modelagem hedônica Fragmentação de mercado Índices imobiliários Administração de empresas Investimentos imobiliários Mercado imobiliário Segmentação de mercado |
dc.subject.por.fl_str_mv |
Gestão de investimentos imobiliários Escritórios comerciais Modelagem hedônica Fragmentação de mercado Índices imobiliários |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Investimentos imobiliários Mercado imobiliário Segmentação de mercado |
description |
Commercial real estate offers innumerous investment opportunities. Investors, financial institutions and regulators are interested in understanding what are the main determinants of value in real estate markets, measuring appropriate returns and risks related to target assets, and evaluating whether new market trends arising from institutional stakeholders, such as environmental labels, can contribute to property pricing. Differently from other financial asset classes, such as bonds and stocks, commercial buildings have low liquidity, are highly heterogeneous and depreciate over time, limiting their spatial and temporal comparability. Although the financial and economic literature about the industry has evolved significantly in developed economies, quantitative studies remain at embryonic stage in emerging markets. Given the populational and economic growth patterns from the last decades, there is an increasing concentration of emerging market cities among the largest urban agglomerations worldwide, and, consequently, higher demand for commercial properties. The main caveats for the development of quantitative real estate research are the lack of data, concentration of information among large consulting companies, and, in the case of emerging markets, low transparency and reliability in publicly available data. In this context, this research aims at contributing to the real estate literature with unique datasets for the largest office market in Latin America. This thesis is organized in three essays, comprising three distinct research questions surrounding the city of Sao Paulo. The objective of the first essay is to conceptually and empirically assess whether office markets can be viewed as an exclusive niche. The results, based on hedonic theory and regressions, indicate strong segmentation patterns as price formation comes primarily from the microeconomic needs of end users. The study also indicates that backdoor measures adopted by local specialists can be used as a proxy for segmentation when there is limited information on occupiers. The second essay revisits real estate indices available in Brazil and a number of technical and market-specific features which may be useful to improve existing indicators. Moreover, the study develops hedonic indices to highlight how the early recession affected Sao Paulo´s office market. The results show that market dynamics are very specific and emphasize the need for more detailed indicators. The third essay evaluates the relevance of the governance role of voluntary certification schemes based on the signaling literature. The empirical results show that third party audit schemes from internationally accredited institutions can affect real estate values. This essay not only compares labelled and non-labelled buildings, as done by previous studies, but also considers properties that did not obtain certification subsequent to registration. |
publishDate |
2017 |
dc.date.accessioned.fl_str_mv |
2017-08-24T17:17:37Z |
dc.date.available.fl_str_mv |
2017-08-24T17:17:37Z |
dc.date.issued.fl_str_mv |
2017-07-28 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
COSTA, Odilon Ricardo da Hora Gonçalves Fernandes. Essays in commercial real estate investments. Tese (Doutorado em Administração de Empresas) - Escola de Administração de Empresas de São Paulo, Fundação Getúlio Vargas - FGV, São Paulo, 2017. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/18681 |
identifier_str_mv |
COSTA, Odilon Ricardo da Hora Gonçalves Fernandes. Essays in commercial real estate investments. Tese (Doutorado em Administração de Empresas) - Escola de Administração de Empresas de São Paulo, Fundação Getúlio Vargas - FGV, São Paulo, 2017. |
url |
http://hdl.handle.net/10438/18681 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
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