Real Estate Development Principles And Process 5th Edition Mike E. Miles, Laurence M. Netherton, Adrienne Schmitz - Solutions

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1. It is generally much harder to find a tenant for a commercial property.
8. You have reduced management overhead
7. There is less government interference.
6. The tenants earn their income on your property.
5. When you pay for a renovation, the tenants pay you an increased rent.
4. The tenants renovate the building at their cost
3. The tenants pay the outgoings.
2. You have assignment-of-lease protection.
1. Leases are longer term.
The authors lay out some potential scenarios that may affect developers in the future. What others might occur? How would they affect cities, development, and the real estate profession?
The authors offer advice to read as widely as possible and talk to as many kinds of people as possible. Why would it be beneficial to follow that advice? Are there any possible pitfalls?
How do the lifestyles of baby boomers and Gen Y differ? How are they influencing trends in real estate?
How has the trend toward privatization of services affected developers?
How can looking at the past help us to think about the future?
Why is real estate such an important asset to corporations?
What issues does the property management contract spell out?
Why is it so important to create a realistic and accurate operating budget?
What are the four main elements of a strategic plan? Discuss each one.
What are some potential problems facing asset managers, even in good markets?
Why is the involvement of property managers early in the development process important?
How does the property management team use a management plan?
Describe the differences between the property, asset, and portfolio management functions and how they are interrelated.
Describe the types of leases and what is included in each.
How do hard and soft considerations interact in the marketing in stage six?
What are the three basic approaches to estimating a marketing budget?
What are the components of the SWOT analysis? What goals does it accomplish?
Describe the marketing team’s role at each stage of the development process.
Describe some of the risks inherent in stage six and some ways to avoid them.
Describe the process of drawing down the construction loan.
Why is appropriate scheduling particularly important for the project manager?
What is the role of the developer in managing the construction process? How does it differ from the role of the project manager?
How does stage six differ from the first five stages?
What occurs in stage five? Why does stage five depend so heavily on decisions made in stage four?
How do allowance items in a construction contract allocate risk?
What are two primary ways in which a developer hires a general contractor?
Describe the contract that a developer signs with an architect and some of the issues that should be negotiated.
What are some types of equity investment vehicles?
What is mezzanine financing, and why is it usually considered expensive money?
What is the difference between the risks taken by a construction lender and those taken by a permanent lender?
What are some financing options for developers who do not have permanent financing committed before construction begins?
Broadly describe how contracts help control risk.
Discuss the enterprise concept and the impact it can have on the type of space that is developed.
Describe some of the techniques that can be used to control risk during stage three.
How and why do construction contingencies change?
How do developers know whether general contractors’ estimates of construction costs are appropriate?
What is the role of the architect at this stage of the development process?
What are the essential elements of a feasibility study?
What is a feasibility study, and why is it necessary for a development?
Define feasibility.
How can developers control risk during stage two?
What are market segmentation and product differentiation? Why are they important in the real estate development planning process?
What services can architects provide to developers at this stage of the development process?
What issues do developers face when they find a site that meets their initial criteria but that has not yet been subjected to a thorough feasibility analysis?
Describe some of the key concepts involved in site selection and how developers go about assessing potential sites.
How does financial modeling facilitate loan negotiation?
Who decides the capital structure of a development?
What are capital expenditures, and why are they usually not included as an expense in the calculation of NOI?
What are the six steps in underwriting a commercial loan? Why is each important?
What are the primary ratios that commercial property lenders use? What risks does each ratio assess?
What is the most difficult part of DCF analysis?
What is a capitalization rate, and how is it used to value commercial real estate?
What is an expense stop, and how is it used in gross, modified gross, and net leases?
Discuss the three ways that property owners escalate tenant rents in multiyear leases.
What are the primary differences in risk between a construction loan and a permanent loan from the lender’s perspective?
In the early stages of the commercial real estate development process, what are the primary sources of capital? Why?
What are the largest sources of equity capital for commercial real estate? Which has grown fastest over the past decade?
What is the normal sequence of financing for real estate development?
What are CMBSs?
How is the required rate of return different from the cap rate?
How can one determine the market expectation of inflation?
Describe the four quadrants of the capital markets.
Explain how the quality and stability of a property’s income stream are determined by its space market.
Discuss the market for commercial real estate in terms of its space market and capital market components.
What advantages does a city gain by working within a public/private partnership?What advantages does a developer gain? What are some of the practical problems or points of tension in such a business relationship?
Describe the key decisions the public sector faces in implementing a public/private partnership.
What are some ways the development team can build public support for a project?
Describe how the approvals process has changed over time.
Who are the various stakeholders involved in the approvals process?
What are special taxing districts?
Explain the bundle of rights of property ownership.
Discuss how developer fees and exactions work.
What are the roles of state and regional agencies in regulating development?
What are the mainstays of local governments’ regulatory programs and how do they affect development?
What is police power and how is it enforced? Who has a stronger obligation in the exercise of police power—the federal government or the states? Why?
Real estate is always said to be a cyclical business. What are some of the financial cycles that have occurred since 1970?
What is a new community?
What is a CDC, and what is its role in community building?
What spurred the urban crisis of the 1960s, and what housing-related programs were initiated because of it?
How and why did retailing change in the 1950s and 1960s?
Describe the urban renewal efforts of the 1950s and 1960s.
How and why did homebuilding production methods change after World War II?
Why was Rockefeller Center such an important project?
What was the role of the Federal Housing Administration in financing housing and homeownership?
What strategies were used in the New Deal to revive the Great Depression economy?
How did the advent of creative financing change real estate markets in the United States?
How did real estate trade associations come about?
What was a garden city and how did the movement evolve?
What was the City Beautiful movement?
Discuss the role of the downtown department store at the turn of the century.
Discuss the history of the skyscraper—its construction, its symbolism, and how it shaped cities.

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Real Estate Development Principles And Process 5th Edition Mike E. Miles, Laurence M. Netherton, Adrienne Schmitz - Solutions

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