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A forecast of Commercial Real Estate Development and Investment Volumes in the Czech Republic
Nguyen, Thanh Tu ; Jandík, Tomáš (advisor) ; Streblov, Pavel (referee)
This thesis attempts to forecast investment volumes of the commercial real estate market in the Czech Republic in the medium-term from 2017 to 2020, using both qualitative methods and econometric models. Fundamental analysis and chart analysis are employed while judgemental forecasts by market experts are collected. In order to find evidence of historical and upcoming commercial asset price bubbles, a state-of-the-art peak-tagging technique and chart analysis for the graph of commercial real estate capital value index are used before integrating with market specialists' opinions. Neither CRE bubble nor signal for future major downturn has been found since 2000 despite the occurance of minor overpricing periods. ARIMA and several VAR models with endogenous and exogenous variables are run to find the best quantitative forecasts. Final forecasted investment volume for the upcoming years is found by integrating experts' opinion and results from the chosen model. JEL Classification R33 Keywords commercial real estate, investment, investment volumes, prime yields, office properties, shopping centres, industrial properties, Czech Republic Author's e-mail 88176426@fsv.cuni.cz Supervisor's e-mail tomas.jandik@reicofunds.cz
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Proposal of the Investment Opportunities in Commercial Real Estates at Brno´s Region
Trllo, David ; Hlavinka, Radovan (referee) ; Škapa, Stanislav (advisor)
The subject of this diploma thesis named “Proposal of the investment opportunities in commercial real estates at Brno´s region” is to work out complex analyse of the current situation at the market in real estate development and potential investment for company CTP Invest spol. s.r.o. The first part of this thesis deals with exploring the current situation of the real estate market in Brno and its surroundings. At the same time, compare the market with other markets in the region of Central Europe. The second part of the thesis deals with suitable analytical tools, utilize by specialized literature and work experience, and mainly the application of these tools. The main aim of this thesis is to work out document, which will be used for company´s future strategic decisions making and at the same time to help region´s expansion.
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Rent of office spaces and the factors influencing it
Kyselá, Jana ; Hlavinková, Vítězslava (referee) ; Horňáková, Romana (advisor)
The thesis is focused on a topic of the price of rent and its factors at the office spaces in selected districts in the city of Brno. It describes the current situation in the real estate market of commercial buildings. Furthermore, the database of the advertised offices in ten districts of Brno is composed of the graphical and text part of the thesis. The resulting data are processed into maps, tables and graphs. In the end of the thesis, the results of the research of the real estate market are evaluated.
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Valuation of Commercial Real Estate
Svobodová, Olga ; Komosná, Milada (referee) ; Jandásková, Tereza (advisor)
This diploma thesis deals with issue of commercial real estate valuation Two real estate will be valued, namely the production and storage hall and the administrative building, which are located in a different locations. Both estates will be valued using the income approach. The income and costs information will be based on the conducted market analysis, while also being compared to the real data. The thesis itself will be divided into four parts. The first part of diploma thesis will focus on the theoretical basis. In the second part, the problems will be formulated and goals of the thesis (in the form of hypotheses) set. Next, both real estate will be described in detail and valued in a different situations that could occur. The valuation process is clearly shown in a valid process model. And finally, these results will be evaluated.
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Valuation of a Business Company in Construction
Mátl, Viktor ; Dřínovský, Lukáš (referee) ; Vítková, Eva (advisor)
The master thesis is focused on the evaluation of the enterprise, both from a theoretical and practical point of view. The first part of the master thesis deals with the theoretical concept of the evaluation of the enterprise and its understanding. The theoretical part of the submitted thesis will specify the individual methods of evaluation and their use. The second part of the thesis is focused on the practical processing of the evaluation of the selected enterprise XXX, a.s., which is active in construction and provides lease of commercial premises. The purpose of the evaluation of the company ordered by the investor is to determine the market price of the company for informational purposes to 31.12.2021. The final part is devoted to the determination of the market value of the valued enterprise.
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Valuation of Commercial Real Estate
Svobodová, Olga ; Komosná, Milada (referee) ; Jandásková, Tereza (advisor)
This diploma thesis deals with issue of commercial real estate valuation Two real estate will be valued, namely the production and storage hall and the administrative building, which are located in a different locations. Both estates will be valued using the income approach. The income and costs information will be based on the conducted market analysis, while also being compared to the real data. The thesis itself will be divided into four parts. The first part of diploma thesis will focus on the theoretical basis. In the second part, the problems will be formulated and goals of the thesis (in the form of hypotheses) set. Next, both real estate will be described in detail and valued in a different situations that could occur. The valuation process is clearly shown in a valid process model. And finally, these results will be evaluated.
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A forecast of Commercial Real Estate Development and Investment Volumes in the Czech Republic
Nguyen, Thanh Tu ; Jandík, Tomáš (advisor) ; Streblov, Pavel (referee)
This thesis attempts to forecast investment volumes of the commercial real estate market in the Czech Republic in the medium-term from 2017 to 2020, using both qualitative methods and econometric models. Fundamental analysis and chart analysis are employed while judgemental forecasts by market experts are collected. In order to find evidence of historical and upcoming commercial asset price bubbles, a state-of-the-art peak-tagging technique and chart analysis for the graph of commercial real estate capital value index are used before integrating with market specialists' opinions. Neither CRE bubble nor signal for future major downturn has been found since 2000 despite the occurance of minor overpricing periods. ARIMA and several VAR models with endogenous and exogenous variables are run to find the best quantitative forecasts. Final forecasted investment volume for the upcoming years is found by integrating experts' opinion and results from the chosen model. JEL Classification R33 Keywords commercial real estate, investment, investment volumes, prime yields, office properties, shopping centres, industrial properties, Czech Republic Author's e-mail 88176426@fsv.cuni.cz Supervisor's e-mail tomas.jandik@reicofunds.cz
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The Commercial Real Estate Analysis for CEECs region
Pavlas, Michal ; Hlaváček, Michal (advisor) ; Kvaček, Jan (referee)
In this thesis we examine macroeconomic factors that influenced the office real estate market in CEE countries between years 2000 and 2012. First, we describe commercial real estate indicators. Next, we create several models for four cities - Prague, Budapest, Moscow and Istanbul. We make also panel data regression for all four cities. We conclude some key determinants that influence the prime yields of office buildings in each city and finally we compare and contrast the results across all cities. Our results suggest that prime yields are most influenced by vacancy rate, gross take-up, total office stock and unemployment rate.
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