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The topic of real estate investing has made worldwide headlines in recent years in both good and bad ways. During the economic expansion years from 2002 to 2007, real estate investment received much good press from everyone from government officials encouraging real estate ownership, to central banks encouraging bank lending via low interest rates, to various financial institutions offering ever more risky loan options, to investors who were seeking as much of a loan as they could possibly obtain while interest rates were low and while lending appetite was strong. We like to call this period of time the Yes Era of commercial and investment banking. Everyone was a winner, everyone got a trophy, and everyone it seems, got a loan.
2012, 2012, XIV, 298 p. 70 illus.
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G.J. Goddard, Investment Real Estate, Winston-Salem, NC, USA; B. Marcum, Wake Forest
University, Winston-Salem, NC, USA
Real Estate Investment
A Value Based Approach
Combines practical relevance with mathematical rigor
Highly relevant and useful for both students, professionals and small
Focuses on commercial properties
This book fills a gap in the existing resources available to students and professionals
requiring an academically rigorous, but practically orientated source of knowledge about
real estate finance. Written by a bank vice-president who for many years has practiced
as a commercial lender and who teaches real estate investment at university level, and
an academic whose area of study is finance and particularly valuation, this book will lead
readers to truly understand the fundamentals of making a sound real estate investment
decision. The focus is primarily on the valuation of leased properties such as apartment
buildings, office buildings, retail centers, and warehouse space, rather than on owner
occupied residential property..
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he new and updated edition of this widely-used textbook is equally useful for undergraduate and graduate students of international business. Its student-friendly format, detailed coverage of classic and timely topics, and extensive use of case studies make it widely adaptable for different level courses, as well as for educators who prefer either a case study or lecture approach. This edition features new coverage of the Asian financial crisis and the European Union. Its treatment of such topics as foreign exchange, international trade policy, and economic development introduces students to techniques for analyzing national economies that are not covered in many competing texts. Ethical and environmental issues are also covered in detail, and all case studies, tables and figures have been thoroughly revised and updated. Each chapter includes a short case study, while longer, more complex case studies conclude the text. Each chapter also features learning objectives, discussion questions, and references, and online Instructor's Material with PowerPoint teaching slides are available to professors who adopt the text.
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Malls came into existence because of changing patterns of urbanization and ways of living. The concept has traveled from the United States to the world over. Initially, the acceptance and awareness of malls was moderate in India, but there has been a spur in the proliferation of malls during recently. Indian malls are not an exact replica of the U.S. malls: the U.S. model has been modified resulting in development of India-specific prototypes. Indian malls differ from U.S. malls in terms of financing, location, size, expansion, architecture, stage of evolution, choice of anchor tenant, entertainment-mix, and mall management practices.
The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part. © Eilís Ferran, Niamh Moloney, Jennifer G. Hill and John C. Coffee, Jr., 2012.
Real estate markets go through both physical cycles (demand and supply) that affect rental growth rates and financial cycles (capital flows to real estate) that affect property Prices (Mueller, 1995). This study develops a rental growth rate hypothesis based on a market’s position in the physical (demand-supply) market cycle. Using data from fifty-four office and industrial markets in the United States over a thirty-year period, an aggregated national average rental growth rate was calculated for each point in the cycle. An ANOVA test for differences of means found that the national average rental growth rates at each point in the cycle were statistically different. The results show local demand and supply, which interact to affect occupancy, are major determinants in rental growth rates. This research should help investors move from using a single rental growth rate for multiple year forecasts, to using yearly cycle driven rental growth rate estimates in their discounted cash flow projections.
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