http://Knowledge.emory.edu/ Knowledge@Emory is an online resource that offers the latest business insights, information, and research from a variety of sources. Content includes analysis of current business trends, interviews with industry leaders and faculty, articles based on the most recent business research, book reviews, conference and seminar reports, and links to other websites. en-us Copyright (c) 2007 The Wharton School of the University of Pennsylvania Wed, 10 Jun 2009 00:00:00 EST Wed, 10 Jun 2009 22:18:52 EST http://www.wharton.upenn.edu/globals/images/katw_white.gif http://Knowledge.emory.edu/category.cfm?cid=8 125 45 Knowledge@Emory Real Estate Research Real Estate http://Knowledge.emory.edu/article.cfm?articleid=1145 Is a Community Land Trust a viable way to create permanent affordable workforce housing on the Atlanta BeltLine, a 22-mile perimeter that links 45 urban neighborhoods around the central city? That was the question posed in the inaugural Real Estate Case Competition of Emory University&rsquo;s Goizueta Business School. Fifteen Emory students, including five from Emory&rsquo;s School of Law and one BBA, competed on three teams in the case competition. Roy T. Black, a professor in the practice of finance and director of Goizueta&rsquo;s new real estate program, selected the case because it had a broad-cased public policy component and was very complex. Indeed, days before the presentations, the Georgia Supreme Court ruled that school tax money cannot be used for BeltLine development. &ldquo;This was a real world example of the kind of thing they will be doing after they graduate,&rdquo; notes Black. &ldquo;There is real value in what they did in these presentations.&rdquo; Wed, 14 May 2008 19:19:17 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=1113 Even as the interest and discussion about sustainability picks up across the United States, those in the real estate industry will admit that going green can sometimes be a hard sell. Why? For new construction or retro-fitting older buildings, the costs for future energy savings are made upfront, explained a panel of industry experts during a recent discussion on sustainable developments and green building hosted by Emory University&rsquo;s Goizueta Business School and the Urban Land Institute (ULI) Atlanta&rsquo;s Young Leaders Group. Despite the challenge, the group was united in their enthusiasm and belief that more education would not only benefit the environment but those who inhabit it. Wed, 16 Jan 2008 17:33:28 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=1088 <p>Dissecting the reasons for the subprime mortgage debacle in America is like sleuthing through a good whodunit. The latest chapter in the complicated tale is the role of the credit rating agencies, in particular, whether their fee structure contributed to faulty information for investors. Pressure on these agencies has been intense. For example, McGraw-Hill, owner of Standard &amp; Poor’s, has lost 26% off its stock this year. And there have been personnel changes: one of the latest was the president of the Standard &amp; Poor’s division, who resigned Aug. 30. Faculty at Emory University and its Goizueta Business School explore the role of rating agencies and discuss other possible culprits in this ongoing drama.</p> Wed, 12 Sep 2007 19:13:27 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=1053 Despite the sub-prime housing sector hitting the skids, commercial real estate projections appear to be strong. With investment in commercial real estate brisk and returns on investment in REITs strong, real estate remains a useful and important diversification tool for institutional investors. Roy Black, an associate professor in the practice of finance at Emory University's Goizueta Business School, takes a look at the existing research in the field and compiles a sweeping research paper on the role of real estate in a mixed asset investment portfolio. Wed, 13 Jun 2007 21:55:46 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=1038 For months, the steady drip of news about troubles in the subprime mortgage market didn't seem too bad, and many economists started to feel reassured about the health of the general housing market. But now some experts wonder whether those feelings of reassurance came too soon. They suggest that the growing number of borrower defaults in the "aggressive lending" market, which includes various types of risky mortgages besides subprime loans, could shock the broader housing market and economy after all. Wed, 11 Apr 2007 21:54:35 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=977 When Severe Acute Respiratory Syndrome (SARS) broke out in Hong Kong in 2003, some media outlets predicted economic calamity for the city. But by one financial measure -- real estate prices -- Hong Kong hardly suffered, according to research by Grace Wong, a Wharton real estate professor. In two papers titled, "Has SARS Infected the Property Market? Evidence from Hong Kong" and "Is SARS a Poor Man's Disease? Socioeconomic Status and Risk Factors for SARS Transmission," Wong looks at SARS' impact on real estate values and analyzes the role of income in determining who contracted the disease. Underlying her research is the recognition that in a global economy, infectious diseases such as SARS will likely spread farther and faster as people travel all over the world in search of new business opportunities. Wed, 12 Jul 2006 20:06:40 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=840 <p>Over the last two years, nearly $300 billion has been earmarked for investment in commercial real estate, and when it comes to total returns, Real Estate Investment Trusts are clocking the competition.<SPAN >&nbsp; But as interest rates begin to inch up, can this momentum be maintained?&nbsp; In a recent alumni panel discussion at Emory University's Goizueta Business School, two real estate insiders spoke candidly about changes and challenges for the industry.&nbsp; </SPAN></p> Wed, 09 Feb 2005 14:00:14 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=824 Latin America's largest economic powerhouses, Mexico and Brazil, are enjoying a real estate revival that neither country has seen in years. Big-picture economic fundamentals, politics and recent laws welcoming foreign investment are helping to trigger building sprees in residential and commercial properties, observers say.&nbsp;As Rogerio Basso, a Miami-based Latin America specialist for&nbsp;Ernst &amp; Young's hospitality and real estate advisory service, puts it: &nbsp;"There are good expectations for growth in both countries." Wed, 15 Dec 2004 14:03:07 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=702 Despite the uncertain state of the economy, erosion of jobs and continued terrorist threats against the United States, home prices continue to defy the laws of economic gravity. It is clear that residential housing has played a large role in minimizing the economic downturn. However, with the recent price appreciation, many are questioning if the U.S. real estate market could ultimately strike a harmful blow to the economy. Experts at Emory University and its Goizueta Business School, as well industry observers, provide their views. Wed, 30 Jul 2003 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=670 The commercial real estate industry continues to feel the ripple effects of September 11, almost two years after the devastating terrorist attacks. Owners of large office properties, arenas, and retail outlets in major metropolitan areas are now finding it difficult to find reasonably priced terrorism insurance. Roy Black, an associate professor of finance at Emory University’s Goizueta Business School, and industry insiders discuss the implications for an already suffering commercial real estate sector. Wed, 07 May 2003 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=618 Today’s flat economy, marked by slow growth and low interest rates, bears a close resemblance to the U.S. economy during the Eisenhower years, according to participants at a conference organized by the Zell/Lurie Real Estate Center at Wharton. Still, real estate investors can take advantage of cheap money to find attractive investment opportunities. According to one real estate executive, now is the time to “leverage the heck out of your assets with very cheap debt.” Wed, 18 Dec 2002 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=562 At a time when stocks are volatile at best or tanking at worst, real estate private equity funds have delivered good returns – ranging from 14% to 20% – to their investors. Still, comparing returns from various funds is often difficult because of inconsistent reporting standards. A research paper by Wharton real estate professor Peter Linneman and a colleague argues that fund sponsors and investors would both be better served by greater standardization of disclosure rules and increased transparency. Wed, 28 Aug 2002 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=527 “If the old real estate mantra was location, location, location, today it is timing, timing, equity and location. If your timing is bad, I don’t care how great your building is,” said Kieran Quinn, president and CEO of Column Financial. Quinn and other real estate executives discussed the dicey times facing the industry at a recent roundtable discussion at Emory University’s Goizueta Business School. Wed, 19 Jun 2002 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=431 The real estate industry comes into the current slowdown in a much stronger position than it was in the 1980s. But the industry is also vulnerable to a number of stresses, ranging from scaled-down activities on the part of tenants to a significant decline in cash flows and a softening at the high end of the retail market. Earlier this month, members of Wharton’s Samuel Zell and Robert Lurie Real Estate Center looked at what’s ahead for real estate. Wed, 19 Dec 2001 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=364 Customer service has long been the mantra of the business world. But in today’s competitive environment, customer satisfaction alone is not enough. To succeed, companies must exceed expectations and make customer value so important that it becomes part of an organization’s corporate culture, according to the authors of ValueSpace: Winning the Battle for Market Leadership. Sounds good, but there’s one caveat: It’s a lot of work and few companies do it well. Banwari Mittal, a professor at Northern Kentucky University, and Jagdish N. Sheth of Emory’s Goizueta Business School, examine 11 companies that are on the right track and explain how other businesses can join the race. Wed, 04 Jul 2001 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=362 The U.S. has between 150,000 and 450,000 abandoned factory and industrial sites. Most of these properties, known as “brownfields,” are environmentally contaminated to some degree. In the past, clean up and reuse of these properties was stymied by, of all things, the same environmental protection laws ostensibly designed to ensure remediation. Recently, however, some state and federal regulators have reached a compromise that has improved conditions and made the investment into brownfield properties less risky and more attractive. William W. Buzbee, a professor of law at Emory University, explains why investing in brownfields may make sound business sense. Wed, 04 Jul 2001 00:00:00 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=272 Real estate developers like John Bucksbaum, CEO of General Growth Properties, the second-largest owner and operator of shopping malls in the U.S., see lots of opportunities to expand their business on the Internet. Bucksbaum discussed the company’s e-business strategy at a real meeting of the Samuel Zell and Robert Lurie Real Estate Center. Other panelists discussed a wide range of other issues, from the impact of B2B e-business on real estate to the way demographics will shape the future of real estate demand. Wed, 22 Nov 2000 14:28:29 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=187 Speaking at a meeting of the Samuel Zell and Robert Lurie Real Estate Center at Wharton last month, John J. Brennan, CEO of The Vanguard Group, used historical data and stock market analysis to put in perspective an investment environment that he views as highly risky and too focused on short-term gains. The meeting also included discussion of trends in public and private real estate capital markets and new revenue-generating opportunities in real estate. Wed, 24 May 2000 14:45:47 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=125 There’s no question that e-commerce has changed the demand for real estate. Consider Amazon.com which has no presence in malls or shopping centers but last year searched for one million square feet of warehouse space in New Jersey alone. It’s just one example of the new opportunities that the Internet can offer real estate developers who are logged into the e-commerce landscape. A recent Wharton Real Estate Center membership meeting discussed the synergies between real estate and the Internet. Thu, 20 Jan 2000 16:54:24 EST Real Estate http://Knowledge.emory.edu/article.cfm?articleid=55 It is a familiar scenario, whether the action occurs in New York, Bangkok or Stockholm: Banks lend heavily to speculative property developers, who bid up real estate prices in an artificial boom. Then boom turns to bust, leaving real estate markets in a shambles and banks awash in non-performing property loans. Is there a way out of this cycle? Richard Herring and Susan Wachter of Wharton examine the issues. Wed, 01 Sep 1999 11:37:55 EST