scholarly journals EVALUATION OF COMMERCIAL PROPERTY MARKET MATURITY: A CASE OF LITHUANIA

2014 ◽  
Vol 18 (2) ◽  
pp. 151-162 ◽  
Author(s):  
Viktorija Cohen ◽  
Birutė Galinienė

Property market maturity level is one of the influential factors affecting competitiveness of a country in a global arena. Local economies of Central and Eastern Europe may have reacted differently to the economic globalisation process, but property markets in these countries became very much dependent on global trends in terms of market development, evolution and adaption of practices. This article analyzes scientific observations and aspects of property market evolution, suggests a model of property market evolution and adapts the property market maturity concept, applying it in the case of the Lithuanian commercial property market. This article also presents the results of a survey among the commercial property market actors, which mainly suggests the level of property market maturity. The results indicate that although the overall market degree of maturity still needs to be improved, the elements of professional services, the actors’ activity, the investment market environment and the flow of information ranked better maturity, compared to the other elements used in the study.

10.29007/3r3k ◽  
2018 ◽  
Author(s):  
Treshani Perera ◽  
Wejendra Reddy

Property market forecasting is an integral element of decision-making. It is critical that property analysts employ a wide - range of models and techniques for property forecasting. These models have one overriding aim of predicting reasonable estimates of key dependent variables (demand, supply, rent, yield, vacancy and net absorption) based on the independent variables of core economic activities. However, a broad-fronted social, economic, technical, political and ecological evolution can throw up sudden, unexpected shocks that result in a possibility of sceptical to unknown risk factors. These structural changes decrease, even eliminate predictability of property market performance. Hence, forecasting beyond econometrics is raised as the research problem in this study. This study follows a qualitative research approach, conducting semi-structured interviews with open-ended questions. The primary data were collected from 22 property stakeholders within Australia. Structural changes framework in the built environment is developed and categorised under PESTEL (Political, Economic, Social, Technological, Environmental, and Legal) factors. This framework was developed theoretically and subjected to empirical validation and improvement. Property conversions, integrated property functions in a single location, ‘Give and Take’ effect in property markets, NABERS compliance could be seen as emerging structural changes in the Australian commercial property markets. The understanding of the impact on the property market will provide a subjective overlay to improve the econometric forecasts.


2020 ◽  
Vol 38 (6) ◽  
pp. 579-596
Author(s):  
Moshe Szweizer

PurposeThe purpose of this study is to provide a chaos theory-based framework, which can be used to model commercial property market dynamics.Design/methodology/approachThe paper is presented in two parts. In the first, rigorous mathematical reasoning is entertained, so to derive an attractor describing a set of feedback formulae. In the second part, the attractor definition is used to model the Auckland commercial office market. The model is exposed through a set of seven scenarios allowing for analysis of the market behaviour under various exogenously imposed conditions.FindingsThe general behaviour of the model is in agreement with the commercial property market conduct observed in Auckland. The model provides information related to the market turning points and allows for an explanation of some intricate market dynamics. These include the anatomy of a market peak and its response to the liquidity oversupply.Practical implicationsThe model may be used to expand our understanding of the market performance under various exogenically imposed conditions, which allows for planning of market interventions in a more refined manner.Originality/valueThe paper is original, in the way the chaos theory is applied to the property markets modelling and allows for expanding the understanding of the market behaviour.


2011 ◽  
Vol 101 (3) ◽  
pp. 77-82 ◽  
Author(s):  
Nils Kok ◽  
Marquise McGraw ◽  
John M Quigley

We analyze the diffusion of buildings certified for energy efficiency across US property markets. Using a panel of 48 metropolitan areas (MSAs) observed over the last 15 years, we model the geographic patterns and dynamics of building certification, relating industry composition, changes in economic conditions, characteristics of the local commercial property market, and the presence of human capital, to the cross-sectional variation in energy-efficient building technologies and the diffusion of those technologies over time. Understanding the determinants and the rate at which energy-efficient building practices diffuse is important for designing policies to affect resource consumption in the built environment.


2000 ◽  
Vol 32 (4) ◽  
pp. 655-671 ◽  
Author(s):  
Nanda Nanthakumaran ◽  
Craig Watkins ◽  
Allison Orr

The volatility of commercial property markets in the United Kingdom has stimulated the development of explanatory models of ‘price’ determination. These models have tended to focus on the demand-side as the driver of change. A corollary of this is that, despite the fact that construction lags are known to exacerbate cyclical fluctuations, the supply-side adjustment mechanism has been subject to relatively little research effort. In this paper the authors develop a new model of commercial property markets in the United Kingdom. The model is adapted from Poterba's two-equation asset-market approach to modelling the housing market. The first equation is an arbitrage relationship where the return on property is made up of rent, as determined in the user market for property services, and the capital gain, which is dependent on the return on alternative assets. This can be interpreted as a ‘stock’ demand equation. The second equation explains that ‘flow’ supply is determined by real capital values. The long-run empirical generalisation of the two-equation model allows the authors to estimate two key behavioural parameters required in explaining supply-side adjustment to market change. First, the authors interpret the coefficient on the capital value variable in the supply equation as an estimate of the long-run ‘price’ elasticity of supply. Second, from the demand equation, they estimate the extent to which new supply can act as an ‘automatic stabiliser’ on property values. It is argued that although increases in demand drive up property values, new development is also initiated and will, in turn, dampen down the growth in real capital values. The equations are estimated for the office, industrial, and retail sectors. Although there are no comparable estimates of supply elasticities in the real estate economics literature, the results are generally consistent with prior knowledge. Estimates of the stabiliser effect are also plausible and, taken together, the supply-side parameters help provide insights required in understanding property market dynamics in the last twenty-five years.


2019 ◽  
Vol 18 (1) ◽  
pp. 181-202
Author(s):  
Hyun Rim Ko ◽  
Jae Young Yu ◽  
Young Sik Youn

Author(s):  
Юлия Владимировна Татаркова ◽  
Татьяна Николаевна Петрова ◽  
Олег Валериевич Судаков ◽  
Александр Юрьевич Гончаров ◽  
Ольга Николаевна Крюкова

В настоящей статье представлен обзор основных решений, доступных сегодня для формирования как краткосрочных, так и долгосрочных проекций заболеваемости болезней глаза и его придаточного аппарата в студенческой среде. С другой стороны, существует ряд проблем, связанных с многообразием факторов, влияющих на заболеваемость, статистической необоснованностью и противоречивостью имеющихся результатов анализа данных. Представлены результаты математического моделирования зависимости показателя заболеваемости от наиболее влиятельных факторов образовательной и социальной среды. Перечислены важнейшие направления разработки математических моделей распространения заболеваемости. С помощью разработанного программного комплекса проведена серия вычислительных экспериментов по оценке и прогнозированию заболеваемости обучающихся в вузах разного профиля. Показана эффективность применения методики многовариантного моделирования и прогнозирования, указаны их ограничения и возможности практического применения. По расположению обобщенной области благоприятного прогноза в факторном пространстве можно определить время воздействия неблагоприятных для зрения факторов, которое должно составлять не более 10 ... 11 часов в сутки, количество профилактических мероприятий должно составлять не менее 3 ... 4. При этом риск развития миопии составит не более 0,4, вероятность усталости глаз за компьютером составит не более 0,4, вероятность дискомфорта глаз на занятиях составит не более 0,15. Исходя из характера прогноза, определяется длительность диспансерного наблюдения, а также потребность профилактических мероприятий по устранению или ослаблению действия неблагоприятно влияющих социально-гигиенических и медико-биологических факторов конкретного больного. Использование прогностической матрицы в практическом здравоохранении позволяет существенно улучшить работу по профилактике офтальмологической заболеваемости и является одним из эффективных мероприятий диспансеризации студенческой молодежи, так как дает возможность выделить из числа обучающихся группу с высоким риском неблагоприятного исхода заболевания This article provides an overview of the main solutions available today for the formation of both short-term and long-term projections of the incidence of eye diseases and its adnexa in the student environment. On the other hand, there are a number of problems associated with a variety of factors affecting the incidence, statistical unreasonability and inconsistency of the available data analysis results. The results of mathematical modeling of the dependence of the incidence rate on the most influential factors of the educational and social environment are presented. The most important areas of developing mathematical models for the spread of morbidity are listed. With the help of the developed software package, a series of computational experiments was carried out to assess and predict the incidence of students in universities of various profiles. The effectiveness of the application of multivariate modeling and forecasting methods is shown, their limitations and practical application possibilities are indicated. By the location of the generalized region of favorable prognosis in the factor space, it is possible to determine the exposure time of factors unfavorable for vision, which should be no more than 10 ... 11 hours a day, the number of preventive measures should be at least 3 ... 4. At the same time, the risk of development myopia will be no more than 0.4, the probability of eye fatigue at the computer will be no more than 0.4, the likelihood of eye discomfort in the classroom will be no more than 0.15. Based on the nature of the forecast, the duration of the follow-up observation is determined, as well as the need for preventive measures to eliminate or weaken the action of adverse social, hygienic and biomedical factors of a particular patient. The use of the prognostic matrix in practical health care can significantly improve the work on the prevention of ophthalmic morbidity and is one of the effective medical examinations for students, since it makes it possible to distinguish among the students a group with a high risk of an unfavorable outcome of the disease


2020 ◽  
Vol 9 (1) ◽  
pp. 170-181 ◽  
Author(s):  
Shangyong Zhang ◽  
Ruipeng Zhong ◽  
Ruoyu Hong ◽  
David Hui

AbstractThe surface activity of carbon black (CB) is an important factor affecting the reinforcement of rubber. The quantitative determination of the surface activity (surface free energy) of CB is of great significance. A simplified formula is obtained to determine the free energy of CB surface through theoretical analysis and mathematical derivation. The surface free energy for four kinds of industrial CBs were measured by inverse gas chromatography, and the influential factors were studied. The results showed that the aging time of the chromatographic column plays an important role in accurate measurement of the surface free energy of CB, in comparison with the influences from the inlet pressure and carrier gas flow rate of the chromatographic column filled with CB. Several kinds of industrial CB were treated at high temperature, and the surface free energy of CB had a significant increase. With the increase of surface free energy, the maximum torque was decreased significantly, the elongation at break tended to increase, the heat generation of vulcanizates was increased, and the wear resistance was decreased.


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