- Hardcover: 848 pages
- Publisher: South-Western; 5th Revised edition edition (Mar 2006)
- Language English
- ISBN-10: 0324305486
- ISBN-13: 978-0324305487
- Product Dimensions: 26.1 x 21.9 x 3.5 cm
- Amazon Bestsellers Rank: 1,776,999 in Books (See Top 100 in Books)
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Product Description
Learn to analyze commercial real estate from an investment perspective with COMMERICAL REAL ESTATE ANALYSIS AND INVESTMENTS and its accompanying CD-ROM! Presenting the essential concepts, principles, and tools for the analysis of commercial real estate, this real estate text provides you with the tools you need to understand real estate investments in today's dynamic economy. Studying is made easy with the CD-ROM that provides expanded coverage as well as spreadsheet examples of methodologies, data used in exhibits, lecture slide notes, and answers to study questions.
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6 reviews
18 of 18 people found the following review helpful
Great book, but you need to compliment it with others...
25 April 2010
Format:Hardcover|Amazon Verified Purchase
Overall, my favorite real estate book and the one I consult most often.
At the risk of oversimplification, commercial real estate valuation 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.
At the risk of oversimplification, commercial real estate valuation 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.
7 of 7 people found the following review helpful
Solid Book
29 Aug 2007
Format:Hardcover
This book is really serious. It gives you data sets, a massive amount of study questions with solutions and sample programs (Argus & Crystal Ball--which is used for probability). This book is like the bible. It goes from simple real estate i.e buy low & sell high all the way to mortgage backed securities, options and derivatives. After reading the book you will know more than most executives.
It may not be for those that are more into urban planning or construction management, but if you need and want a book that blends real estate with the capital markets this is the one.I highly recommend it.
It may not be for those that are more into urban planning or construction management, but if you need and want a book that blends real estate with the capital markets this is the one.I highly recommend it.
4 of 4 people found the following review helpful
Great Advanced Text on Commercial Real Estate
26 Feb 2008
Format:Hardcover
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.
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.
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