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Commercial Real Estate Analysis and Investment David M Geltner and Norman G. Miller South-Western Publishing 2000 898 pp. ISBN 0-324-13676-5
This book, written by two US real estate academics, comprises eight parts and 30 chapters. It is intended to provide a body of knowledge and a rigorous academic framework from which commercial real estate investment analysis can be studied and understood from an economic perspective. This is significant as commercial real estate is an important asset in the US economy and as such requires in-depth and professional analysis and management. A major strength of the book is, therefore, the vast range of materials reviewed. The authors are highly commended for making a concerted effort to provide a comprehensive, appropriate and useful text in commercial real estate investment and analysis, with examples mainly drawn from the US markets.
The premise of this book is simple: the economic study of real estate is considered from two perspectives: urban economics and financial economics. Urban economics covers the spatial and social phenomena relevant to understanding real estate. Financial economics, which is the primary focus of the book, studies capital markets and how commercial real estate is analyzed from an investment perspective. One commendable point of the book is the authors' familiarity with and expert knowledge of the two disciplines and their ability to integrate the material together in a comprehensive format. In particular, the coverage on the financial economics aspects of real estate is extensive and includes recent developments in the real estate investment industry such as modern portfolio theory, equilibrium asset pricing models and REIT valuation, drawing on research and empirical evidence mainly in the US context.
The organization structure and chapter layout of the book are clear and well structured. The book progresses from basic underlying concepts and principles in commercial real estate space and asset markets to more specific and specialized considerations and applications. After providing an overview of the real estate system from an economic...