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CRER Vol. 10 (2012)

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https://hdl.handle.net/1813/70546

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    Commercial Real Estate in the Digital Economy
    Krumhansl, Robert (Bim); Zikakis, Alex (2012-07-01)
    Distance is dead. On September 7, 2001 Professor Jacques Marescaux, M.D. of the European Institute of Telesurgery and Dr. Michel Gagner performed the first transatlantic telesurgery from a downtown New York office building on a woman in France using remote-controlled surgical arms. The surgery was made possible by high-speed fiber optic connections and advanced robotics that reduced a distance of 4,000 miles to less than 200 milliseconds. Specialized surgeons now routinely perform remote surgeries at hospitals around the world.
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    A Method for Determining Optimal Tenant Mix (Including Location) in Shopping Centers
    Carter, Charles C.; Allen, Marcus T. (2012-07-01)
    With assumptions like maximally productive lease structure, equilibrium space allocation, a just-saturated retail market, and zero vacancies, store location would be the remaining variable in obtaining “optimal tenant mix.” Here we illustrate an optimization program to maximize tenant location within shopping malls taking into consideration the two complementary effects present in malls: bid rent theory and revised central place theory. Suggested distance and connection matrices for the quadratic assignment program (QAP) solving for an optimal tenant mix are demonstrated.
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    HAMP: Doomed from the Start
    Gans, Marc (2012-07-01)
    The collapse of the American housing market has had deleterious effects on not only the U.S. economy, but also the global economy, plunging much of the world into the worst financial crisis since the Great Depression.
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    Miscellaneous Frontmatter
    (2012-07-01)
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    Letter from the Editors
    MacLennan, Connor; Medina, Hugo A. (2012-07-01)
    [Excerpt] Dear Readers,We are excited to present the 10th Volume of the Cornell Real Estate Review, the leading publication of Cornell’s Baker Program in Real Estate. In recent times, the real estate industry and capital markets have been unsteady in response to the uncertainty surrounding the upcoming general election and its effects on the economy and overall direction of the country. The European Union is also in a period of hesitation due to the status of the current recessions facing many of its members. The BRICs are still growing at a vigorous pace but are slowing down to more manageable growth when compared to previous periods. This fledgling economic environment is presenting long term demand and supply concerns for much of the world’s investible real estate. At this juncture, the importance of joining scholarly discourse and professional expertise to gain a thorough understanding of real estate issues and opportunities is undoubtedly visible. Our intention is to promote the practical, efficient application of real estate theory and we hope that you find the articles engaging and useful.
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    Rebuilding the World Trade Center
    Silverstein, Larry A.; Daniels, Joseph C.; Panovka, Robin; Pinsky, Seth; Lieber, Janno (2012-07-01)
    [Excerpt] It was April 4th, 1973, when the ceremonial ribbon was cut at the World Trade Center (WTC). That date concluded seven long years of construction-preceded by more than a decade’s worth of planning-that transformed 16 acres of Lower Manhattan into a singular international business hub.
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    Foreword
    Funk, David L. (2012-07-01)
    [Excerpt] Welcome to the 2012 edition of the Cornell Real Estate Review (CRER), a publication that features practical, applied research interspersed with commercial real estate cases and industry awards. The Cornell Real Estate Review, similar to the Law Review structure found in most US Law Schools, is edited and managed by graduate students in the two-year Cornell University Baker Program in Real Estate who serve as the managerial and editorial staff with Cornell faculty oversight. Beginning in 2012-2013, however, the CRER will add an editorial board with peer review comprised of real estate faculty and practitioners as the Review further enhances its scholarly value to the field.
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    2012 Industry Leader Award: Larry A. Silverstein
    Editorial Board, Cornell Real Estate Review; Silverstein, Larry A. (2012-07-01)
    [Excerpt] Each year, the Baker Program in Real Estate, in conjunction with the Cornell Real Estate Review (CRER), awards the Industry Leader Award which recognizes transformational leadership in the real estate industry. Formerly known as the “Executive Profile” appearing in the Cornell Real Estate Review, this award is a top honor given to those with the influence and integrity to have created a lasting legacy within the industry. Past recipients include: Robert Duncan, chairman, co-founder, and managing principal of Transwestern Investment Company; Art Gensler, founder and CEO, Gensler, a global architecture firm; Andrew Florance, founder and CEO, Costar, the commericial real estate information company; Samuel Zell, chairman and president, Equity Group Investments, a major Chicago-based private real estate investment firm; and William Sanders, chairman, Verde Realty, a leading developer, owner and operator of corporate facilities on the U.S.- Mexico border.
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    The Wisdom of LEED's Role in Green Building Mandates
    Cotten, Marya N. (2012-07-01)
    “Climate change” is an extremely understated way to describe humans increasingly suffering from extreme weather events like intense and frequent hurricanes, food shortages for millions of people, and a spike in diseases like malaria and cholera.1 The pressing need to reduce carbon dioxide and other greenhouse gases to prevent-- or at least mitigate or slow-- the inexorable effects of climate change has increased dramatically the recent attention of regulators on “green building” in the U.S. As Europe has placed a price on carbon, with the rest of the developed world likely to follow with restrictions or their own markets in coming years, the focus has been on domestic measures that could have a measurable impact on greenhouse gas emissions like green building.
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    Table of Contents
    (2012-07-01)