Real Estate Management and Construction Economics Winter term 2023/24
| TuCaN-Course Code: | 01-19-0002-vl and 01-19-0002-ue |
| Cycle: | Winter term |
| Type: | Lecture and exercise |
| Time: |
Thu. 11:40 – 13:20 (Lecture) Fri. 8:00 – 9:40 (Exercise) |
| Start: |
2023/10/19 (Lecture) 2023/11/10 (Exercise) |
| Location |
S101|A02 (lecture) S103|226 (tutorial) |
| Lecturer: | Prof. Dr. Andreas Pfnür |
| Supervisor: | Fabian Lachenmayer |
| Form of examination: | written examination |
| Examination date: | see here |
| Allocation: | specialization / compulsory subject (WIBI) |
Details about CP/SWS can be found in your examination regulations.
Learning Objectives
- Understanding the functions of real estate as an economic asset and basic economic relationships in the real estate and construction industry
- Understanding the objectives, processes and structures in real estate and construction management.
- Understanding real estate and its management from the user's perspective, in particular real estate resource management from the perspective of companies and the public sector
- Understanding real estate and its management from the investor´s perspective, in particularly real estate investment management from the perspective of institutional real estate owners, the capital market, and its investment vehicles
- Understanding real estate and its management from the perspective of producers and real estate service providers, particularly the planning, development, construction, operation, and utilization of real estate
Content and Structure of the course
Introduction
Problem definition, real estate as an economic asset, basic concept of modern real estate management, fundamentals of real estate valuation.
Management of real estate from the user's perspective
Fundamentals of real estate as a resource in the service provision process, economic significance of real estate for corporate success, types of real estate use, introduction to basic concepts of corporate real estate management.
Management of real estate from the owner's perspective
Introduction to real estate investment accounting, special features of real estate as a capital investment and real estate capital markets, basic principles of valuation and performance management of real estate investments, overview of forms of direct and indirect real estate capital investment, introduction to the vehicles of real estate capital investment.
Management of real estate from the perspective of producers and real estate service providers
Introduction to real estate project development, selected basics of construction project management from the perspective of construction companies and clients, basic principles of facility and property management.
Real estate management from the perspective of producers and real estate service providers
Introduction to real estate project development, selected basics of construction project management from the perspective of construction companies and clients, basic principles of facility and property management.
Content and structure of the exercise
Chapter 2 Real Estate Valuation will be read by Mr. Oliver Bauscher, Manager Wüest Partner, as part of the exercise. In addition to basic knowledge, Mr. Bauscher also provides a good portion of practical experience in real estate valuation.
1. basics: definition; theory of value; valuation scheme
2. pricing: Land use; real estate markets; market models
3. methods: Material value; comparative value; land value
4. methods: Income value; national; international
5. method: Residual value; front-door; back-door
6. current developments, output of the exercise
7. discussion of the exercise results
Requirements
None
Key Literature
- Pfnür, A. (2011): Modernes Immobilienmanagement (3rd ed.). Berlin et al.: Springer
- Further literature will be announced in the lecture and via Moodle.
Course materials
Are provided in Moodle.
