TAILIEUCHUNG - The Real Estate Sector: The Capital and Property Markets
Kinh tế vĩ mô Bất động sản: hành vi thời gian (tìm kiếm, di chuyển, hợp đồng), chu kỳ, tăng trưởng khu vực. | MIT Center for Real Estate Week 1: Introduction • The space versus asset market: 4 Quadrant math. • Real Estate Micro Economics: Hedonics, Location, density, government regulations. • Real Estate Macro Economics: timing behavior (search, moving, contracts), cycles, regional growth. MIT Center for Real Estate The Role of Real Estate in the Economy • Construction [6% of GDP] • Service flow, “Shelter”, rent plus imputed rent [20% + of GDP] • Assets [55-60% of total national wealth] • Land? Not part of GDP (we don’t make land), but it is part of wealth. • Accounting, measurement difficulties [book versus market value] MIT Center for Real Estate Construction as a part of GDP (1990) $, in billions % of GDP $, in billions % of GDP Private Construction 338 Public Construction 109 Buildings 301 Buildings 46 Residential Buildings 183 Housing and Development 4 Nonresidential Buildings 118 Industrial 1 Industrial 24 Other 41 Office 29 Hotels/Motels 10 Nonbuilding Construction 63 Other Commercial 34 Infrastructure 55 All Other Nonresidential 21 All Other 8 Nonbuilding Construction 37 Total New Construction 446 Public Utilities 31 All Other 6 Total GDP 5,514 Adapted from DiPasquale and Wheaton (1996) MIT Center for Real Estate The Value of US Real Estate Assets (1990) $, in billions % of Total Residential 6,122 Single Family Homes 5,419 Multifamily 552 Condominiums/Coops 96 Mobile Homes 55 Nonresidential 2,655 Retail 1,115 Office 1,009 Manufacturing 308 Warehouse 223 Total . Real Estate 8,777 Adapted from DiPasquale and Wheaton (1996) MIT Center for Real Estate . Real Estate Ownership, 1990 All Real Estate Residential Only Nonresidential Only $, in billions % $, in billions % $, in billions % Individuals 5,088 5,071 17 Corporations 1,699 66 1,633 Partnerships 1,011 673 338 Nonprofits
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