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Commercial property development and investment (CPDI) is considered to be one of major investments which stimulate economic growth in many countries around the globe. Ghana is no exception. CPDI benefits include employment creation, tax revenue to the government, generation of income for investors and GDP increase. However, CPDI suffers from inherent risks when it comes to its planning, execution and management stage. Some of the inherent risks can be identified, assessed prior to execution if effective financial and professional analyses are conducted. Hence, the purpose of this study was to critically assess financial and professional risks on CPDI projects in Accra, Ghana. Based on this, an extensive literature review was conducted on the key variables such as PESTEL, strategic factors, PMBOK, financial and professional feasibility. The proposition is that these variables have significant effect on CPDI projects. Quantitative approach was employed to collect field data from the property practitioners within Accra enclave as respondents and, a survey of questionnaires was distributed using probability random sampling technique. Structural equation modelling was used to analyse the data gathered from the study respondents where 67% response rate was achieved. Analysis of the data proved that PESTEL analysis, strategic factors and PMBOK statistically have significant effect on CPDI projects risk assessment.

This study expands on the literature of residential abandonment by considering five types of industrial and commercial properties and three levels of explanatory variables – parcel, neighbourhood, and city. Using data for Cleveland, Ohio, it shows that tax policies have a limited impact on abandonment. Instead, two categories of variables not previously modelled are significant and policy relevant. First, the more specialised a property and the greater the cost of conversion to alternative uses, the greater the likelihood of tax delinquency and abandonment, suggesting policies to ease transition to new uses. Second, abandonment spillovers are highly significant even after accounting for neighbourhood common factors. This suggests that spatial solutions such as land use planning may be more effective than tax abatement policies in dealing with abandonment, and approaches to abandonment must be differentiated by type of property. Residential abandonment should be re-examined in light of these findings.

A practical guide to the best approaches for commercial real estate value assessment Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selecting and applying the best valuation approach to various situations. Actual case studies of office buildings, hotels, high street retails, and residential developments allow readers to understand and apply appropriate valuation methodologies. Commercial property is a major investment class that offers abundant opportunities but poses unique risks. Thorough and inclusive knowledge is essential to success in this complex and competitive sector of real estate. This book provides expert coverage of critical topics allowing readers to: Identify the unique economic characteristics and potential risks of commercial real estate valuation and investment Focus on methods specific to commercial real estate valuation Learn how to select and apply the appropriate valuation method in a variety of scenarios Access sample Excel spreadsheets and ancillary online resources including slides and useful Internet links Commercial Property Valuation is an essential resource for investors, appraisers, consultants, accountants, and students in real estate courses.

Metrics using repeat sale data assume that frequently and infrequently sold properties are similar in capital expenditures, maintenance and other characteristics. Value-added investors concentrate on repositioning properties which requires capital investment and managerial skills. Returns using repeat sales likely overstate appreciation by misattributing this investment. Present results show that frequently and infrequently traded properties represent different property populations. The first sale of a repeat transaction sells at a significant discount compared to single sale properties while the second sale transacts at a premium. The results suggest that repeat sale indices may overstate price appreciation and represent returns for a different, relatively small cohort of properties when compared to the large number of properties that transact only once during a specific time period.

This study examines the feasibility of constructing reliable commercial property price indices using property tax records. We employ the Clapp and Giacotto ( Journal of American Statistical Association, 87 (418), 300–306, 1992 ) assessed-value method to estimate price indices for commercial properties in Florida. The estimated Florida commercial property price index is compared to the Moody’s/REAL Commercial Property Price Index (CPPI) and to the transaction-based index (TBI) produced at MIT. Our results are promising, suggesting that this widely-available data source can be used to produce commercial property price indices for a variety of precise market locations and specific investor segments. A secondary but interesting objective of this paper is to use our rich and comprehensive database to examine the price performance of two specific subsets of properties in more detail. First, we narrow our range to focus on just the office sector for Florida. We compare price movements for the Florida office sector with the comparable CPPI. Estimates produce very similar price movements providing support to both methods. Second, we contrast the price performance of higher- and lower-valued properties and reject the hypothesis that their periodic price index levels are equal. The mean price changes of Florida commercial properties assessed at $2.5 million and above are observed to be slightly higher than for properties assessed below $2.5 million, although not statistically different. In particular, higher-valued properties had higher mean price changes relative to lower-valued properties during periods of economic expansion. This economic difference represents an important contribution toward beginning to understand the relative performance of smaller and investment-grade commercial properties.

Expected losses anchored to purchase prices can affect actual transactions in different property sectors. Utilizing the data of over a million commercial and residential property transactions in Hong Kong from 1991 to 2015, we find that sellers facing nominal losses relative to their prior purchase prices attained higher selling prices than their counterparts. We suggest two market factors to account for the extent of the loss effect on the market transaction prices. First, the loss effect is only prominent when comparable transaction information is not readily accessible, such as in the less-transacted commercial property market. Second, our results suggest the relevance of the loss effect to the boom-bust property cycle in both the residential and commercial markets. The effect of expected losses on transaction prices is relatively weak in the bust period between 1998 and 2003 when the Hong Kong property market lost almost two-thirds of its value, and it enlarges with the market recovering. The loss effect is not attenuated at the aggregate market level but is associated with strong reductions in price declines in the bust period and in the commercial market. These results have implications for understanding the market adjustment of the loss effect in the property market and its association with the aggregate market dynamics in a boom-bust property cycle.

Purpose This study aims to examine the concept of innovative technologies and identify their impacts on the environmental sustainability of commercial properties in South Africa. This slow adoption is attributed to South Africa’s energy building regulation, SANS 204, which does not promote energy-conscious commercial property development. Furthermore, it was observed that buildings waste significant amounts of energy as electrical appliances are left on when they are not in use, which can be prevented using innovative technologies. Design/methodology/approach The researchers attempted to evaluate the impact of innovative technologies through an overarching constructivist mixed-method paradigm. The research was conducted using a multi-case study approach on green buildings which had innovative technologies installed. The data collection took the form of online, semi-structured interviews, where thematic analysis was used to identify emergent themes from the qualitative data, and descriptive statistics was used to evaluate the quantitative data. Findings It was found that implementing innovative technologies to reduce the energy consumption of commercial buildings could achieve energy savings of up to 23%. Moreover, a commercial building’s carbon footprint can be reduced to 152CO2/m2 and further decreased to 142CO2/m2 through the adoption of a Photovoltaics plant. The study further found that innovative technologies improved employee productivity and promoted green learning and practices. Originality/value This research demonstrated the positive impact innovative technologies have on energy reduction and the sustainability of commercial properties. Hence, facility managers should engage innovative technologies when planning a commercial development or refurbishment.