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Commercial Real Estate Analysis and Investments (with CD-ROM) | 
 enlarge | Authors: David M. Geltner, Norman G. Miller, Jim Clayton, Piet Eichholtz
Publisher: South-Western Educational Pub
Category: Book
List Price: $151.95
Buy New: $85.00
You Save: $66.95 (44%)
New (29) Used (40) from $85.00
Rating:  19 reviews
Media: Hardcover
Edition: 2
Pages: 880
Number Of Items: 1
Shipping Weight (lbs): 3.7
Dimensions (in): 10 x 8.4 x 1.4
ISBN: 0324305486
Dewey Decimal Number: 333
EAN: 9780324305487
Publication Date: December 1, 2006
Availability: Usually ships in 1-2 business days
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Product Description
The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate investment. Streamlined and completely updated with expanded coverage of corporate and international real estate investment, this upper-level text presents the essential concepts, principles and tools for the analysis of commercial real estate (income producing) from an investment perspective. This new book continues to integrate relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments - now using ARGUS software. Contributing author Piet Eichholtz from the University of Maasstricht contributes an entire chapter that explores international real estate investments, both opportunistically and structurally, by outlining elements for developing and implementing real estate investments successfully abroad. Jim Clayton from the University of Cincinnati thoroughly revised and updated the finance coverage and real-life applications throughout. Geltner and Miller enhance their pedagogy by adding in a discussion of the real options application to real estate development and streamlining the discussion of data returns.
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| Customer Reviews:
Showing reviews 1-5 of 19
Great Book, Great Exercise May 18, 2010
Steve Banicki (Detroit, MI)
This book was all that I expected. It is an excellant source book for commercial real estate analysis.
An added benefit is that it weighs a ton and therefore provides a good weight training workout.
 Great book, but you need to compliment it with others... April 25, 2010
Michael Rand (New York, NY United States)
Overall, my favorite real estate book and the one I consult most often.
At the risk of oversimplification, commercial real estate investing can be broken apart into 3 activities:
1) Figuring out how much cash a property will generate (e.g. pro-forma property financials)
2) Figuring out how to discount that cash for time and risk (e.g. discount/cap rates)
3) Figuring out how to slice this asset value into various claims against it (e.g. mortgages/CMBS, preferred equity structures, etc.)
This book is amazing at #2 and only slightly less amazing at #3. In fact, I find its treatment of some materials (e.g. risk-neutral discounting as it relates to development properties) to be an excellent complement to and in some ways more informative than standard finance textbooks (e.g. Brealey / Myers). The authors do admit that their approach is slightly more academic than rules-of-thumb used in practice, but it never hurts to be more informed than your peers. If you're concerned about being too academic, also pick up the text by Peter Linneman Real Estate Finance & Investments: Risks and Opportunites; (2nd Edition), which covers similar material in a less academic, though still logically sound manner.
I found, and many of you may find, the treatment of #1 (cash flow forecasting) somewhat limited. The book does deal in Part II with urban economics and in Part IV with property-level pro-formas, but these topics fly well above the depth available in other texts.
I recommend that you compliment this text with something on market analysis...I own Real Estate Market Analysis: A Case Study Approach. A text like that gets you up the learning curve on key supply-and-demand metrics for each collateral type. There are also books on real estate operations (e.g. property management and loan servicing) that could compliment the Geltner text if you're into that level of detail.
Side note: make sure to print out the appendices. They are a very useful supplement to the text.
Great book for the commercial real estate professional June 5, 2009
A. Jones (Santa Clara, CA USA)
1 out of 1 found this review helpful
This is an excellent text book- I found it very enlightening. Please note that I said TEXT book. I would never suggest this book to the novice investor. With some of the material, it helps to have had a college level finance course to fully benefit from all the information. However, this book covers just about everything related to commercial real estate including the commercial mortgage backed securities market and other concepts. The sections are well written and provide relatively simple and understandable examples that help illustrate the concepts. This book should be within the reach of any commercial real estate pro!
lots of good information August 14, 2008
B. Lopez (Los Angeles, USA)
2 out of 2 found this review helpful
Although I haven't finished reading this text, I think I can accurately comment on it. The information comes from an economics perspective. that's a good thing, if you have an economics background, which I do. I like the way this book reads. It offers a good deal of information about commercial real estate using both financial and urban economics. I don't believe this book is appropriate for an undergrad student. This book assumes you have a basic finance background and some understanding of urban economics. In short, if you have an econ degree or even a finance degree, I think you'll find this text very useful in helping you to understand what drives the commercial real estate market, how to predict where this market is going, how to analyze it, and how to valuate it.
Great Advanced Text on Commercial Real Estate February 26, 2008
Anton (Summit, NJ)
2 out of 2 found this review helpful
This is one of the most comprehensive, analytical and thorough texts on topics concerning commercial real estate investment that I have come accross. It would be useful for both advanced students with real estate interests and finance professionals, who seek exposure to fundamental real estate (and real estate securities) analysis. Participants in the real estate industry mishgt find the text useful, but basic. The book is also useful as a reference guide for real estate professionals looking for a particular mathematical formula.
The authors cover a very broad range of topics - from urban economics, to fundamental (supply/demand) real estate analysis, to real estate valuation techniques as well as more specialized topics, such as commercial mortgage backed securities and real estate development. The book really stands out in the breadth of its disourse both on qualitative and quantitative topics.
Showing reviews 1-5 of 19
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