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  • Waldenström, John
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Constructing with wood: What are the economical and environmental benefits and barriers of using wood as a construction material2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    One of the biggest issues of our time is the environment. In December 2015, 195 countries agreed to the first-ever universal, legally binding global climate deal, The Paris Protocol – A blueprint for tackling global climate change beyond 2020. The majority of politicians in most countries discuss transportation, industrial plants and factories as the big problem and focuses on this to reduce their impact on the climate. Unfortunately, they are forgetting one big factor, the housing, more specifically the construction of multi-family homes, which have a huge environmental impact. Concrete and steel, which are used in most constructions today, contribute to a huge extent to the emissions of the planet. The purpose of this study is to increase the knowledge of constructing with wood by focusing on the environmental and economical benefits and barriers. One way to reduce the impact that the construction of multi-family homes has on the environment, is to use other materials apart from concrete and steel, such as wood. There are several ways of constructing with wood and some examples are CLT, LVL and GLULAM. Where CLT stands for Cross laminated timber, LVL Laminated veneer lumber and Glulam stands for glue laminated timber. There is evidence that show that wood has a much lower environmental impact than both concrete and steel and this can be traced back to the manufacturing of the wood elements. LCA analyses that have been conducted differ depending on how long life-time they have been calculated for. For a LCA with 50-year life-cycle the wood performed 28 % better (Tove malmqvist, 2016), however when SP/Rise published one where they used 100 years there were no differences that could be determined (SP/Rise,2017). However, it should be noted that both reports state that a LCA comparison between wood and concrete houses are very difficult to make due to the different properties that the materials have, and therefore the reliability of the comparison is not that high.  One common notion is that wood catches fire more easily, although studies conducted show that wood can withstand fire in a sufficient manner according to law and regulations. Furthermore, the literature study concludes that even though a wood house could quite easily reach an environmental certification there are no evidence that point to the fact that one would get a premium for having such a certification in Sweden, however in USA the results are different and there are possibilities to get a premium. Since the construction time is shorter when constructing with wood, there might be some merit to the idea that we could reduce the housing shortage by constructing more with wood, although the literature study shows that there are other factors that have much higher impact on the housing shortage, such as the use of dwellings and the planning and building process. Regarding the cost of wood they are very similar to concrete and steel, which means that wood can compete when it comes to costs, although it should be said that the construction time is shorter with wood and thus mean that the cost are shifted to other parts of the project. This study shows that the most positive feature of constructing with wood is the environmental impact. However, there are more environmentally friendly types of concrete that could makes the differences compared to wood less, since concrete also absorbs CO2 during its lifetime. On the other hand, the most controversial aspect of constructing with wood is how well it copes with fire and water, more specifically the potential damages that can arise. Even though the fire resistance has been tested on numerous occasions and shown that it can meet current law and regulations, there have been no full-scale tests. This means that there are still some uncertainties, especially when it comes to property protection and how you replace or manage damaged buildings, an area where there is room for further research. This means that insurance companies shy away from wood buildings and if they would insure these buildings the premium would in almost every case be higher. Last but not least there are consensus amongst the interviewees that there is a gap when it comes to knowledge and education that need to be addressed in order for wood to become a real contender towards the traditional steel/ concrete structures.

  • Olsson, Kimberly
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Von Heideken, Hedda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Vilken upplåtelseform ska medborgaren välja mellan hyresrätt, bostadsrätt och ägarlägenhet.: En jämförande ekonomisk analys med exempel från Lidingö.2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    A housing shortage is an occurring fact on today's housing market in Stockholm. A common apprehension is that it is close to impossible to obtain a first-hand contract on today’s market, which leads to an increased second hand market and an expansion of the black market. Meanwhile there is an ongoing debate on how renting an apartment is equivalent to throwing money down the drain and that consumers should invest in a co-operative apartment instead. Condominiums are rarely referred to as an alternative and consumers are even warned about high prices in some articles. There is a lack of research when it comes comparing the profitability between forms of tenure, which is what this essay aims to supply.  The aim for this project is to study which form of tenure is the most profitable to live in for a consumer, from an economic point of view. A study of literature was completed to present all relevant and current information within the subject. Previous studies that relate to the subject was evaluated and presented. A cost estimate was performed on the apartments (provided by the constructor JM) within the area of Dalénum at Lidingö. A survey was completed to understand what knowledge consumers have within the subject of tenures and which form of tenure they believe is the most profitable financially. The results show that condominiums are the most beneficial alternative economically. Although condominiums involve a bigger responsibility as the consumer owns the apartment, they also provide a larger operating freedom. The survey shows that the respondents believe that co-operative apartments are the most beneficial tenure economically. Some of the respondents that were interested in consuming a co-operative apartment also believed that a housing bubble is occurring on today’s market and that it is likely to burst. The conclusion in this essay is foremost that even if condominiums are the most beneficial form of tenure economically among apartments, the present supply is not enough. At the same time the survey shows there the respondents lack knowledge about the different tenures.

  • Muhabatt Zada, Nasir
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mitropoulpu, Panagiota
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    EFFECTIVE CONSTRUCTION PROJECT COMMUNICATION MANAGEMENT: WSP PARSONS BRINCKERHOFF Case Study2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The objective of this research paper was to examine how effective communication can be perceived in construction projects by presenting an overview of the current proven methods and recorded experiences. The study was conducted by a combination of a literature review and qualitative data retrieval process that included questionnaires and semi-structured interviews. This examination process focused not only into the organizational structure but also into the project perspective. The findings present a general good performance in terms of organization and project communication as well as suggestions for communication improvement and can be used by researchers as future research in the area of successful construction project communication.

  • Mendoza, Fabian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    En jämförelse av förekommande hyressättningsmodeller för hyresrätter2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of the study is to investigate and compare different rental models in different cities in Sweden, focusing on Gothenburg, Umeå and Malmö. In addition to this the composition of two rental models of two municipal housing companies will be shown to see how different accommodation quality variables affect the rental levels. A comparison with the co-operative apartments market will also be conducted to compare the differences in which variables the price consists of compared to the rental levels.

    The majority of all rents in tenancies are determined by the annual negotiations between the property owners and the tenant organization where the rents are based on the location of the apartment, the standard and its operating costs. In the annual rental negotiations the rent is adjusted to better reflect the tenant’s values

    In this study I’ve used hedonic regressions to analyze data from two municipal housing companies in Malmö and Gothenburg. The results shows that the rental levels of the apartments mainly are based on its size, location, kitchen standard and year of construction. The results show that the location variables in some cases are wrongly valuated for both companies and that the location variable has a small impact on the rental levels.

  • Malm, Fabian
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Javelius, Emil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Market frictions effect on optimal real estate allocation in a multi-asset portfolio: A study of the Swedish market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The weight of real estate in a multi-asset portfolio is a highly discussed matter and the main purpose for every investor is to reach an optimal diversification. The aim of the thesis is to apply a new allocation model, which considers market imperfections characterized by real estate. The most known and used method today is the mean-variance approach, founded in the modern portfolio theory. Modern portfolio theory is based on several assumptions, where one of these is the assumption of an efficient market. However, real estate is not considered the be a part of the efficient market due to several market imperfections, such as illiquidity, transaction cost etc. Market imperfection generate risk, which naturally should decrease the optimal weight of real estate in the portfolio. In order to assess optimal real estate allocation in a multi-asset portfolio when accounting for market imperfections an extended approach of the mean-variance model is applied. The extended model accounts for risk-aversion, transaction cost and time-on-market. The model is divided in two approaches, the benchmark- and normative approach, based on two different papers. The model is tested on the Swedish market with current market conditions in order to assess the models applicability. The result from the benchmark approach suggested an optimal real estate allocation of 0,72 –  5,84 %. The normative approach has been dismissed as inconclusive and unreliable due to abnormal weight of real estate. However, the value of risk-aversion is identified as the strongest determinant in both the models.  The allocation from the benchmark approach is, as expected, lower than results of the standard mean-variance approach. The extended model is a useful and valid tool in the consideration of market imperfections characterized by real estate.

  • Granström, Rebecca
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Wahlström, Sofia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    From Boring Boxes to Beautiful Cost-Effective Houses: A study about housing development and exterior architectural preferences2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The last time Sweden did face a major housing shortage was during the 1960’s. As a solution to the housing shortage, The Million Homes Programme was initiated. The programme did manage to get rid of the housing shortage, but has received a lot of criticism concerning its architecture and environment since its completion. At the time for this study, Sweden is experiencing yet another housing crisis. In order to manage the housing shortage in a more successful way this time, it is important to not down-prioritise the exterior architecture. The exterior architecture plays an important role in creating both an aesthetical appealing and a social sustainable built environment. But the scarcity of housing makes it easy to sell the produced apartments, especially in the larger cities, which reduces the incentives for the developers to prioritise the aesthetics. There is an ongoing debate in Sweden concerning a dissatisfaction with the exterior architecture and there is an absence of research regarding the end-users preferences.  The identified problem that is addressed in this thesis concerns the down-prioritised aesthetics of the exterior architecture in multi-family residential areas in Sweden. The purpose with the study is to identify how housing developers can accomplish an exterior architectural design that is considered aesthetical attractive by its end-users. The study investigates preferences concerning exterior architecture, perceptions of the existing housing supply in Stockholm and how the housing developers can meet the identified preferences. A questionnaire was used as a method to identify peoples’ preferences and perceptions of four multifamily residential housing areas in Stockholm. Interviews were conducted with a housing developer to identify how housing developers can cost-effectively meet the preferences.  The majority of the housing supply, built in what is generally considered to represent a contemporary style, did not satisfy the identified preferences concerning exterior architecture. As the title of this report indicate, the questionnaire respondents considered contemporary areas in general to look more or less like identical boring boxes. It was only the supply built in traditional style that satisfied the identified preferences. That is, the studied housing supply does not meet the end-users demand fully satisfactory. However, the interviews revealed that housing developers can satisfy the identified preferences cost-effectively by accompanying some suggestions of improvements. 

  • Ardalan, Airin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Stopner, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Effective Real Estate and Infrastructure Asset Management in complex environments: A case study of an airport corporation2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Purpose: The aim is to develop a conceptual model that improves the effectiveness of asset management for an airport corporation with high pace development, with reference to critical factors such as government demands, ISO 5500X standards and key performance indicators.  Background: During the past 20 years, airports have gone from a public sector operation to being privatized or a combination of the two. This often implies that airport corporations have to finance their own expansions, which is one reason why their real estate and infrastructure assets must be seen and managed as valuable assets and not only as support for the business. However, such management is unfortunately not established in many of the large corporations today.   Methodology/approach: The thesis utilizes a case study with a qualitative approach to analyse primary data in terms of results from interviews conducted with employees working in the corporation subject to the case study. The case study examines the current structure of a complex airport corporation in order to find areas that could potentially benefit from higher effectiveness. Secondary data in form of existing literature, including reports as well as scientific articles has also been used.   Findings: The study argues that complex organizations and corporations could potentially benefit from implementing an asset management model. By successfully incorporating a strategic approach with tactical actions, challenges such as defining roles and responsibilities could be overcome and synergy effects captured, resulting in an overall higher performance and more effective asset management.     Practical implications: The thesis clearly argues for the need of corporations in the public sector to adopt a private sector governance approach regarding asset management to satisfy government demands and ensure the interests of shareholders. The thesis provides another perspective on how companies in the public sector can make their asset management more effective by a wider utilization of management-tools, frequently used in the private sector to generate higher profitability.   Suggestions for further research: It would be interesting to conduct a quantitative investigation after implementation of suggested changes in order to highlight the outcomes. This is a descriptive and conceptual thesis, why future empirical research should be conducted in order to validate the propositions made in this thesis further.

  • Almgren, Anders
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Haggren, Viktor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Market shares of regional shopping centres with proximity to an IKEA warehouse: IKEA Centres Case Study2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This master thesis focuses on regional shopping centre’s market shares. It is written in cooperation with IKEA Centres that provided data regarding their shopping centres and funds for the gathering of statistics. The research question for the study is: What level of market share is valid for regional shopping centres in close proximity to an IKEA warehouse? In order to answer this question as accurate as possible the study is designed as a case study. The case is implemented on three different shopping centres, owned by IKEA Centres, with similar locations and market areas. The three shopping centres that are selected as subject centres in the study are Birsta City in Sundsvall, I-Huset in Linköping and Erikslund Shopping Center in Västerås. The case is focused on the regional shopping centres isolated and do not include the IKEA furniture store. The first part of the study concerns the delineation of the subject centres’ primary- and secondary market area. This is done using Reilly’s Law based on the prerequisites of the specific shopping centre. By using this method breaking points or borders of the market areas can be defined and located based on the calculated driving time. To be able to calculate the potential market shares for the centres, the buying power segmentation method is used.  The statistics are bought from Statistics Sweden and concerns mainly the number of households in the market areas and their disposable income. The market share is calculated by comparing the potential buying power of the households and the actual sales in the shopping centres. The results of the conducted study regarding the market share in the total market area is that Birsta City has a significant larger market share (60%) than the two other centres that the study concerns. I-Huset (17% market share) and Erikslund Shopping (25% market share) are located in regions with a higher population and more competition, the authors see this as the main factor to the difference in the market share. Results regarding market shares in different categories of goods are also presented. The three subjects’ centres offer several different collections of items. All centres have a large market share in the fashion segments that are offered, a wide tenant mix in combination with the target groups is seen to be an effecting factor.

  • Yücel, Gizem
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The communication in project management organisations during hospital construction projects: An investigative study of ongoing hospital construction projects in Gävle, Hudiksvall and Stockholm, that a technical engineering consultant company participates in2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The chosen research area is the communication in complex hospital construction projects. The purpose of this study is to investigate and map out the existing communication and cooperation between the project management organisation towards the steering committee and the hospital organisation. The research objective consists also of investigating how the project members manages the challenges and difficulties with communication and what improvements they think is needed for increasing the efficiency within the different organisations, within the project.   The results create an understanding and an awareness of the challenges, which will hopefully be beneficial for a more efficient project management. This was possible by investigating two actual projectorganisations in Sweden, one in Gävleborg (Gävle and Hudiksvall) and another one in Stockholm.  Extensive literature review and various scientific reports were investigated. An overview over the research area was achieved, with focus on existing problems and possible solutions. The communication in the project process was analysed by having semi- structured interviews. One of the objectives with the interviews is to expose the strengths and weaknesses in the project management, but also the external opportunities and threats towards the organisation. It can further be described as an analysis for representing how the project members use their competence and experience to handle the challenges and difficulties, how the optimal solutions could be according to the project members and also how the organizational structure should be conducted for a better communication in the project process. The findings from the interviews compared with the theoretical framework indicates some parameters for achieving an ideal information transfer and communication. There needs to be defined structures and techniques for information transfer. The effectiveness of information transfer increases, when the roles of different project members, groups and organisation structures are clearly defined, in a formal structured way. The culture in the organisation impacts and shapes the communication methods within the organisation. The work environment, values, language, routines, structure and experience in the organisation shapes and creates the foundation for the organisational culture, which leads to how the communication will take form. The attitudes and behaviours of the participants in the project are another impact on the communication structure. The organisation should secure in a personal level openness and commitments for the sake of fulfilling the common objectives and vision of the project.  The main challenges that were common in the projects in Gävle and Hudiksvall have been the lack of commitment from the steering committee, which is the county councils. The lack of participation and experience from both the steering committee and the hospital organisation made it challenging for the project management organisation to manage the projects. This means also that the hospital organisation has not been organized and there are not any representatives from the hospital in the projects. The project members are in these cases making qualified assumptions regarding the requirements that are needed in the hospital organisation. The main thought of effective communication is to be aware of all the changes in the project.  If the participating project members are updated with the latest information, then there are less risks for surprises. The project management organisation and the hospital organisation needs mutually to support each other with guidance through the needs and requirements that they have. This could be possible if they organisation could have continuously face-to-face meetings but also by keeping a good dialogue with each other. The representatives for the hospital organisation should also be prepared for the project from the initialisation phase.

  • Larsson, Hanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Stålhult, Josefine
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Employment requirements in public procurement: Can shared value be created?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Social sustainability is one of the three dimensions that make up sustainable development. The social dimension has for long been seen as the weakest and has often been ignored in favour of the economic and ecological dimension. The importance of the social dimension is getting more recognition both by the private and the public sector and as a result of external pressures, companies have started to work with their social responsibility to strengthen their competitiveness on the market. From this way of working, the concept of creating shared value has been introduced by professor Michael E. Porter and lecturer Mark R. Kramer who suggests that companies can create economic value by creating societal value and thereby create shared value. They argue that companies can, by addressing a social issue and using their power, create shared values in our society. Employment requirements in public procurement is one way of addressing the social sustainability in the society and together with the prevailing construction boom and the shortage of manpower, companies must look for new places to recruit. Hence, the purpose of this descriptive research is to contribute with knowledge on how employment requirements are used in Sweden and study the development of the concept creating shared value. Additionally, it is investigated if employment requirements in public procurements can be used to create shared value. Two examples of varied character serve the basis of the empirics. The theory of creating shared value originates, as mentioned earlier, from creating social value and thereby creating economic value which, in turn, creates shared value. The study shows that, even though Porter and Kramer’s theory of creating shared value might not be fully applicable in public procurement, employment requirements can be a way of creating shared value in the society. Through collaboration between the private and the public sector, social issues such as unemployment, can be addressed and mitigated.

  • Fredriksson, Lukas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Larsson, Johan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Byggentreprenörers upphandling av underentreprenörer på den svenska marknaden2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry constitutes a significant part of a country's economic development. Subcontractors contribute up to 90% of a projects total production value, which make the procurement of subcontractors vital. This study examines how private market actors perceive the procurement of subcontractors, which problems and opportunities can be linked to this process and how the right choice of procurement strategies can contribute to more efficient processes.  In order to answer the purpose and the research questions, nine interviews were conducted. The interviewees were buyers, production managers and representatives from subcontractors. The thoughts and ideas from the interviews were compared with scientific articles, reports and other texts. The result indicates that there is room for improvements in the procurement work but in overall it works well, according to the involved actors. Insufficient amount of time, ambiguity and poor documents are constantly mentioned as problems in the procurement process. The client should specify important things for the specific contract as well as keeping the bid request short, concisely and adapted to the project. Working with the sub-contractor to a greater extent could possibly contribute to improvements regarding time and clarity. In some cases it could also be appropriate to include a specific organization in the contract. By mixing different ways of how to pay for contracts the process might get more flexible. The extent of detail in the documents should affect how the contact is designed. Tradition, how the client and sub-contractor usually design their contracts, affects their future strategies of procurement. This might inhibit the use and development of new techniques and ideas.

  • Björkholm, Aron
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Östman, Åsa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tredjepartslogistik i byggsektorn: Ur entreprenörens perspektiv2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    A lot of progress is today made in the Construction Industry regarding logistics and external support functions. A large focus has the last year been put on building logistics and a lot of the larger Contractors has internally developed logistic tools as a measure to systematize their logistics process. This master thesis therefore aims to reflect over the possibilities with such an internal logistic tool, and how the field of application can augment. The master thesis has further investigated third party logistics (TPL) and if it is possible to systematize different types of TPL-solutions and what the entrepreneurs needs are of a solution as such.  It has been found that the internal logistic solution can be used further by adding external stores as material zones. The internal logistic solution is well anchored and appreciated at NCC – its’ development potential therefor big. In TPL-solutions where more than one contractor is working with a common logistician, it has shown that the internal logistic solution is more difficulty applied due to the common layout of the logistics, with the belonging logistic tools.  Regarding systematization of TPL-solutions, some categorization can be made. It has also shown that NCC internally uses several of these types. Depending on the extent of the service the logistician provides, the setup for NCC is different and a categorization contributes to a standardized approach for NCCs own logistic management.  The contractors needs in a TPL-solution has shown to be rather uncomplicated to phrase, but more difficult to actually apply. What the contractor needs of a TPL-solution is a flexible plan that can be modified during the project. It is also a demand that the TPL-solution has the capacity of managing the flow of material throughout the entire project, which may vary greatly during the project.  Building logistics is as mentioned above a very current and up-to-date topic, and one of the premier reasons is the improved work environment that has shown to be a result of a carefully prepared layout of the logistic. By having a structured and orderly project site, the work environment is improved for all project members. That a well conducted logistic layout can contribute to improved work environment creates a big competitive advantage since safety many times is vital in the construction industry.

  • Ahmetasevic, Mia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Shamoun, Helena
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Incorporation of the Tenant into the Public Construction Project: Through the three parameters of communication; Organisational culture, power and trust2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Public construction projects set the standards for new procedures and perspectives within the industry. A way of improving procedures is through communication and the inclusion of all involved parties. It is therefore the purpose of this report to investigate how communication through organisational culture, power and trust can affect the incorporation of the tenant in the construction process. Two case studies, both having public future tenants and public clients, were chosen to enable the investigation of the three parameters of communication, organisational culture, power and trust. The empirics showed that the tenant was often excluded from the construction process due to their differing cultural background. The results also showed that the tenant was considered to have lower status which was exploited at times. In addition, it was found that although opportunistic behaviour was present in the construction project, it was a greater internal issue within the tenant organisation. In the conclusion the authors recommend construction management to evaluate the consequences of incorporating the tenant in the construction meetings as it could lead to less construction errors. They further recommend the public organisations to oversee their distribution of resources in order to avoid opportunistic behaviour.

  • Ahlinder, William
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Grass, Emil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Construction Management: Risker och möjligheter för byggherrar2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Traditional and well established project delivery methods have during an extended time been used in the construction sector. During the last decades, usage of alternative process methods and organizational structures has increased within the Swedish construction sector. Thus, the process of choosing a project delivery method is getting more complex. Clients are benefitted from having good knowledge about different ways of operating construction projects. Clients’ aim for construction projects with low level of risk, at the same time the project should be efficient in terms of costs, time and quality. The outcome of a project is highly dependent on decisions being taken early in the process, though the possibility of risk-minimization and changes decreases over time. Therefore, one of the most important decisions for clients is the choice of project delivery method. Construction Management (CM) is one of the alternative project delivery methods that have increased in usage within the Swedish construction and real estate market. Consequently, clients have one additional project delivery method to evaluate in aspects of what risks and possibilities it would entail to the project. This study evaluates what risks and possibilities CM-projects have in relation to other methods and identifies when the project delivery method is most suitable to use. Further, the study examines the level of knowledge concerning CM among different actors within the Swedish construction sector. The purpose of this study is to increase the knowledge of the project delivery method and to suggest possible changes in the way CM is used.The study comprises a qualitative interview based method where a wide spread of actors from the Swedish construction and real estate market are participating. The result is founded upon the perceptions, experiences and reflections the participating actors have expressed. The result of this study shows that CM can be used in all types of projects, where the benefits of the delivery method are best used in complex projects with high levels of risk and uncertainty. The use of CM could lead to shorter project time, lower price and give the client possibilities of cost effective changes. However, the project risk and responsibility is to a greater extent held by the client. The respondents expressed a difference about the contractual risk levels and the levels based upon experience from project results, which makes it hard to evaluate if CM relates to a higher or lower degree of risk in comparison to the traditional delivery methods.    A lot of possible changes could be implemented in the way CM-projects are executed to adapt more to the clients’ needs and thereby increase the demand of the project delivery method. These changes contain modified contracts between consultants and clients to move parts of the risk to the CM-organization that holds the project management. Further changes in how the consultant fees are charged and how the warranties are handled could decrease the clients´ concerns with CM-projects.

  • Severholt, Josefine
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Naval Systems.
    Generic 6-DOF Added Mass Formulation for Arbitrary Underwater Vehicles based on Existing Semi-Empirical Methods2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The KTH Maritime Robotics Lab is developing a simulation framework for experimental autonomous underwater vehicles in MATLAB and Simulink. This project has developed a formulation for added mass of the vehicle, to be implemented in this simulation frame-work. The requirements of the solution is that it should require low computational power, be a general formulation applicable on arbitrarily shaped vehicles and be veri-fied against literature. Different existing methods and formulations for primitive bodies have been investigated, and combining these methods has resulted in a simplified but adequate method for calculating the added mass of arbitrarily shaped hulls and control surfaces, that is easy to implement in the existing simulation framework. The method has been verified by calculating added mass coefficients for two existing vehicles, and comparing the values to the coefficients already calculated for the vehicles in question. Some limitations have been identified, such as the interaction effects between compo-nents of the vehicle not being taken into account. To determine the extent of the errors due to this simplification and to fully validate and verify the model, future work in the form of CFD calculations or experiments on added mass measurements need to be con-ducted. There is also an uncertainty in the calculation of the coupled coefficients m26 and m35, and results on these coefficients should be handled with care.

  • Quentin, Cochard
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Flight Dynamics.
    Metadata implementation through the Digital Mock-Up2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Airbus is one of the two leaders in commercial aircraft manufacturing. This field of production is the biggest in amount of parts to design, products and assemblies. Moreover, as nowadays computing has become the fastest way to work, not only it has surrounded the current work places physically but also digitally speaking.

    In fact, the big issue of all companies and in particular Airbus, is to manage the flow of data provided by the different engineering teams like design, simulations, testing or production. Currently, the management of this Metadata is poorly developed and it creates loss of time andfrustration when the time has come to find it. To counteract to this growing concern, the Airbus solution project can be resumed by one sentence : "Configuerd Digital Mock-Up as master". It aims at gathering all the data from the different engineering teams and to provide an intuitive way to exploit them through the DMU.

    In the case of my study, I had to work on one aspect of this big project. I discovered the Airbus way of working and supported several projects to improve the cDMU (configuered Digital Mock-Up) as Master.

  • Pettersson, Johan
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Naval Systems.
    Development of a non-linear hydrodynamic maneuvereing model of a diver delivery vehicle2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The SEAL Carrier is a marine hybrid craft with capacity to travel both on the surface and completely submerged with main objective to transport a group of divers. The craft is developed for transporting a unit of combat divers in and out the of area of operation where the high speed at surface and low signature when submerged are key features. In order to reduce the workload for the pilots during longer transports in submerged mode the manufacturer James Fisher Defence (JFD) has instigated two master theses with the aim to develop an automated depth control.This thesis concerns the ÿrst part in this project and describes the development of a hydrodynamic model of the craft. The main purpose of the model is to re°ect the behavior of the craft with focus on depth maneuvers so it can be used as a tool for the development of such a controller.Initially the fundamental theory that this mathematical model is established from is presented and explained. From how positions and motion of an underwater craft is expressed with well established methods the six equa-tions of motion necessary to fully describe these are derived. For estimating the external forces acting on the craft a semi-empirical approach is presented in order to obtain expressions and estimations of these. With these results a platform for the model have been established in the programming environment MATLAB/SIMULINK. With this platform as basis a procedure for manipulating the external forces in order to achieve a better repre-sentation of the real craft is presented.The developed model experiences some di˝culties to capture the motion of the real craft during maneuvers in depth. The cause for this is considered to be because of the methods used for expressing the hydrodynamic forces developed by the hull. The function of the model to serve as a tool for the development of a depth controller is still to be veriÿed and tests are planned. The developed model has a modular design that enables simple modiÿcations of the implemented theory as well as structural modiÿcations for future development and improvements.

  • Pergamalis, Nikolaos
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Flight Dynamics.
    Conceptual design, flying and handling qualities of a supersonic transport aircraft.2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of this project is the design of a supersonic aircraft that is able to meet the market’s requirements, be economically viable and mitigate the current barriers. The initial requirements of the design have been set according to the understanding obtained from a brief market research, taking into account the market needs, in addition to the economical and environmental restrictions. The conceptual design proposed is a supersonic transport able to execute transatlantic flights carrying 15 passengers. The aerodynamics, propulsion data and weight of the design have been estimated using empirical relations and experimental data found in references. The design has been evaluated regarding its performance, stability, flying and handling qualities. The relevant models have been created using the software Matlab, while the flight testing has been executed at the Merlin MP521 engineering flight simulator. Finally, a discussion is made about the environmental impact of the supersonic transport, focusing on the aerodynamic noise, generated by the sonic boom, and the air pollutants emissions.

  • Källén, Christoffer
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Marcus Wallenberg Laboratory MWL.
    Acoustic Ray tracing in urban environments2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This is the report of the development of a program written in MATLAB to study the propagation of sound waves using Smit’s ray tracing algorithm. The final program is able to use the data from vectorized maps to build a three-dimensional landscape and calculate the reflections at each interception point when a ray emitted from the source hits the surface of an obstacle.Another goal is to make use of all the cores, physical and logical, a modern CPU has to offer. This is to make sure the calculations are made as fast as possible. In order to meet this criteria the MATLAB Parallel Computing Toolbox is used. This requires the program code to allow for parallel execution of the code. A routine for calculation of diffraction around the building edges is also implemented. This diffraction routine was customized to suit this particular ray tracing algorithm.

  • Girardin, Pierre-Yves
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering.
    Mechanical conception of the ERICA (ERA Iron bird CLU hArdware simulator)2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Sending a man in space is extremely dangerous. In order to continue the space exploration, robots have to be used. Designed properly, robots can handle any kind of operations in deep space. But in space there is no support such as an after-sale service. That is why their conception must be as perfect as possible to satisfy many tests. This is also the case of the ERA (European Robotic Arm). Its operations must be tested on the ground. But since forces acting at ground level are different than in space (e.g. gravity), the ERA must be in such position (the Iron Bird project) so that the target that it wants to reach must be brought by another robot. This other robot is called ERICA (Era Iron-bird CLU hArdware simulation). The goal of this project is to make the mechanical conception of the ERICA. The project was carried out in four parts. The first consisted in gathering information about the ERA in order to establish the requirements. The second was a pre-conception part. The third consists in explaining the research that had been made to choose the proper design of the ERICA. In the fourth part, the mechanical and electrical conception is presented. The ERICA is a gantry system where the payload is a gimbal holding a target. That way, the 6 degrees of freedoms of the ERA are achieved. The gantry system is provided by LinMotion and the motors by Maxon. The electronic parts are attached to the gantry at different places. A frame surrounds the working envelope so that the CLU (Camera and Lightning Units) can be fixed on it as well as protective plates against the CLU’s laser.

  • Bouvattier, Marc-Antoine
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Flight Dynamics.
    Unstructured mesh adaptation for turbo-machinery RANS computation2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper gives an overview of the mathematical and practical tools that can be used in turbo-machinery RANS simulation to realize unstructured mesh adaptation. It first presents the concept of metric and recalls that the hessian of the physical flow properties can become, thanks to small modifications, both a metric and a upper bound of the P1 projection error. The resulting metric is then studied on a simple 2D case. In a second part, the industrial application of this concept is addressed and the tools used to overcome the turbo-machinery specificities are explained. Finally, some 2D and 3D results are presented.

  • Bayer, Johannes
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Naval Systems.
    THE DUCKLING PROJECT: Design and manufacturing of autonomous surface vehicles for various application areas2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In the times of big data analyses and fast robotic evolution, collecting data is an important part of science. Today we have only explored 5 percent of the ocean, which is less than we have explored Mars. To collect more data of the ocean we need tools, vehicles and equipment, which are designed and used by scientists.  In this technical report, the design of an autonomous surface vehicle (ASV) is described. An ASV is a floating vehicle that can conduct manoeuvres and actions autonomously. The ocean environment is in many senses difficult for technically operated vehicles, with the main reasons being high pressure, no possibility of radio communication and of course water, which always is a challenge when combined with water. The concept of this work is to provide a system which consists of four equal ASV units, who can perform different operations. The system should be capable of conducting different kinds of experiments with varying testing equipment. Two ideas have been considered: autonomous depth mapping of inshore areas and locating and following an acoustic source. These two possible scopes are used to find fitting and flexible requirements for the ASV. In the future, the four units should be used by different projects realised by students and researchers, therefore robustness in operation and usability are a main point of focus when determining the requirements.

  • Ahlmark, David
    KTH, School of Engineering Sciences (SCI), Aeronautical and Vehicle Engineering, Flight Dynamics.
    Trajectory Optimization for Aircraft Evasive Maneuvering2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The aim of this work has been to identify hidden parameter value patterns during evasive maneuvering for a typical jet fighter. The work has created a performance model for a fighter aircraft and this model has then been combined with a missile model to simulate an enemy attack. By doing different kinds of simulations with a certain amount of predetermined scenarios, different outcomes could be evaluated when making small changes in the maneuvers during each specific scenario. The span of parameters that conducts a flying airplane’s trajectory is vast and the evaluation of different decisions that is up on the table for a pilot in a given situation might give new insights when optimizing tactical air fighting scenarios.After evaluating different scenarios with different input values in form of different turn and climb angles etc, it was clear that small changes resulted in vast differences regarding the outcome, when being chased by the missile. By analyzing the results, it can be concluded that there are underlying patterns regarding controllable parameter values when the airplane tries to get rid of the chasing missile. For example; one section in this work describes that by keeping a straight flight path for a certain amount of seconds after a specified value of turn angle - results in survival of the attack. Keeping level flight for too many seconds however has a lethal outcome. The results seem also to follow a continuous - non-randomized - pattern. This type of detailed analysis could be used to help a pilot to optimizise the performance of the maneuver.

  • Nguyen, Anna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Har de sociala nätverken betydelse för företags tillgång till finansiering?: En analys baserat på bankers arbetssätt avseende kreditbedömning2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Studies suggest that the credit assessment process of banks has changed over time. Nowadays, the assessment is based largely on computerized systems, which has affected the companies’ access to corporate finance. The purpose of this thesis is to investigate what opportunities the banks consider that companies have to utilize their social networks in order to facilitate the ability to gain corporate finance and how these opportunities may affect the banks’ credit assessment process. The thesis has been based on empirical material collected through semi-structured interviews with bank employees from Swedbank, Svenska Handelsbanken and Roslagens Sparbank, as well as an email interview with a professor of business economics. The mentioned banks differ in such a way that Swedbank is quite a common commercial bank, Svenska Handelsbanken is characterized as being a decentralized bank and Roslagens Sparbank is a smaller local bank. The results have shown that the banks’ credit assessment processes are similiar to the steps that creditors need to undergo when assissing a company. The procedures for obtaining and analyzing both the quantitative and qualitative information may differ slightly from the banks. Furthermore, there are opportunities for companies to utilize their social networks in order to facilitate the access to corporate finance, depending on the scope of the networks, the types of relationships the networks comprise and the type of information being received. With the banks’ operations being heavily regulated, these approaches have a marginal impact on the outcome of the credit issue than on the banks and their credit assessment processes.

  • Larsson, Martin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Wikman, Lars-Anton
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    ”Man är ju först och främst en kvinna i deras ögon.”: Kvinnliga och manliga entreprenörers upplevelse av möten med finansiärer2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to investigate how entrepreneurs experience the meeting

    with financiers and whether experiences differ between women and men. To

    investigate this, eleven in-depth interviews have been conducted with entrepreneurs.

    Six of these entrepreneurs are women and five are men. The questions are semi

    structured to give the entrepreneurs space to be able to describe their experiences in

    a natural way. The result shows how entrepreneurs describe situations with

    financiers, how they are treated and how they feel about these meetings. The

    conclusion of the study is that there are differences in how male and female

    entrepreneurs are being treated by financiers. Women are exposed to situations that

    men never are, for example sexism. They need to think about their appearance to a

    greater extent and they use different strategies to cope with the uneven situation. We

    can also see that women experience the situation as more difficult than men

    experiance it.

  • Zettergren, Herman
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Broms, Martin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Bostadsförsäljning före ordinarie visning: Hur påverkas slutpriset vid försäljning före ordinarie visning?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The objective of this study was to examine whether the final price of an apartment with the size of one-room and two-rooms in the Stockholm downtown area is affected of a sale before ordinary viewing. Further on we wanted to take part of how sellers, buyers and real esate agents is thinking during the process.  To obtain answers to our questions we performed a great quantitative analysis and a qualitative examination. The quantitative analysis was accomplished by comparing apartments that were sold before ordinary viewing to apartments that were sold after ordinary viewing. The qualitative examination consisted by interviews with sellers, buyers and real estate agents.  The result showed that two thirds of the apartments that were sold before ordinary viewing generated a higher final price per square meter, than the comparison objects. The average price per square meter was 104 534 SEK compared to 103 072 SEK. It turned our that the buyers acted like they did, because they believed that they saved money by buying before an ordinary viewing. Seen through the sellers´ perspective the most important part was to have a good contact with the real estate agent, to make sure they did a good affair. What mattered the most for the real estate agent was that the seller would be pleased and satisfied with the transaction. 

  • Nylander, Oskar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ryott Hööglund, Victor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Geotracking: En parameter för morgondagens hyror?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Retail industry is facing a big challenge, competition from e-commerce that is taking market shares. This poses a problem for shopkeepers and therefore also for property owners. Today various people agree that the retail industry will need to undergo major changes to keep attracting customers. Many stores today become more like showrooms where people test products that are then bought online. When this happens, the shop's purpose changes from sales to being more like marketing for the brand. Today, a stores rent is determined at a fixed amount or based on sales, but if the store becomes a marketing site, it may be more relevant to charge based on how many people see the store. Using a new technique called geotracking, you can get accurate data on how many people pass outside a store. Geotracking is a collective term for different approaches to trace people's geographic position through their mobile phones. It works by measuring radio waves as the phones broadcast. The purpose of this report is to investigate whether geotracking can be used as a basis for determining rent. To answer this, the report has been divided after three, for geotracking, basic conditions. These are technology, rent determination and integrity. The result of the study shows that there is a need to optimize the rent determination of stores to meet future challenges. It also shows that the three basic conditions for geotracking can be met, why it is advisable to use geotracking when determining rent for a shop space.

  • Mustafa, Riham
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Massioui Sehmi, Sanae
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hållbara strategier för renovering av bostäder: Lämpliga strategier vid olika förutsättningar2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    More than half of the current housing stock in Sweden was built between 1950 and 1975. The renovation pace of this housing stock has not been able to keep up with the pace at which it was constructed. This has led to an increase in the need for renovation of the housing stock. Renovation can be carried out in different ways, strategies and to different levels. The choice of strategy will influence the pace of the renovation. The strategies studied in this degree project are: total renovation, renovation one step at a time and renovation one apartment at a time. This project intends to increase the efficiency of renovation and energy whilst meeting society’s demand for sustainable and modern housing. This is done by putting focus on the sustainability aspects, i.e. economic, social and environmental. The aim of this degree project is to study the viability and suitability of different strategies by studying the following three questions: What strategies municipal housing companies use and whether they offer their tenants various levels of refurbishment?  Which sustainability aspect is prioritised during the refurbishment process?  Which type of contract form: tender, partnering or in-house, is used during the refurbishment process? Corresponding to these questions, three hypotheses were developed and then compared to the results in order to study if there is any correlation.  A mixed method approach was used to help answer the research question: 23 semi-structured interviews and one self-administered survey with 101 respondents. Results from the first research question suggest that total renovation is the strategy used when renovating a housing stock consisting of several buildings and where there exists a comprehensive renovation need. Total renovation and renovation one apartment at a time are also common for companies that offer their tenants different refurbishment levels, and the latter is often chosen when the apartment is empty. Renovation one step at a time is mostly used by housing companies that have difficulty offering their tenants evacuation apartments and also in cases where only a few renovation measures need to be taken. Results regarding prioritization of the sustainability aspects differ depending on the interviews and survey. According to the interviews the social aspect was the most prioritized, whilst survey results showed that the economic aspect takes precedence. In both cases, the environmental aspect was the least prioritized. This could be due to the fact that law regulations make it hard to build anything that directly harms the environment. Keeping this in mind together with the amendment of 2011, which states that each project should be profitable, it is recommended that there should be more focus on the social aspect. This is not meant to minimize the importance of other aspects, but rather underlines the importance of highlighting the social factor. Results concerning the third research question indicate that while contract by tender might be the most common contract form, partnering is becoming more frequent. A third option studied in this project, which is not a contract form, is in-house. Only a minor percentage of the firms use renovation by in-house, however their answers attest to a hope for a future increase in in-house since it can compete with contractors in order to push the prices down. In conclusion, the most sustainable solution that takes into consideration both the company's and the buildings' specific conditions is a combination of all three strategies for the renovation of a housing stock. Proposal for further studies is to further develop the need for and the supply of evacuation apartments during renovation, which has proven to be a hardship for several housing companies in different locations. This could potentially lead to various solutions and/or strategies for both municipal and private companies. 

  • Malmström, David
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Schultz, Anthon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Foreign Direct Investments on the Swedish Real Estate Market: Fundamentals Impact on Foreign Transaction Volume2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    2016 was a year of record with a total amount of over 201 billion SEK invested in the Swedish real estate market, spread over more than 535 transactions (counting transactions of 40 million SEK and above). The Swedish real estate market is sometimes referred to as a safe haven among international investors when it comes to foreign direct investments. Some characteristics that makes Swedish real estate a valuable asset among foreign investors are said to be the market transparency, low interest rate environment, and increasing rents, to mention a few. This report uses a quantitative analysis method in order to discern what fundamental economic factors that affects foreign investor’s behavior of when to invest in Swedish real estate.  The Swedish property firm, Newsec, has provided transaction data in order to accomplish this study. From the quantitative analysis, it has been found that the fundamental factors that have the most impact on foreign transaction volume are the capitalization rate, inflation rate, world market volatility, Swedish stock market and domestic transaction volume. Furthermore, exchange rates and the repo rate do not seem to have a significant impact on the foreign transaction volume, according to the study. 

  • Isberg, Ofelia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Is there a Future in Real Estate?: Incorporate Futures Contracts within the Swiss Real Estate Market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In the past decades, real estate has turned into something more than just a home, it has become an investment. The interest to invest in the real estate market has increased from investors but also from private persons where the demand not only is to find a living but also perceived as an investment to make a profit or reinvest in the future.  The demand on the Swiss real estate market has increased from locals but also foreigners that want to invest in the stable and safe Swiss market. The high demand has increased the housing prices, which has raised even faster than the wages, and in turn, limit the possibilities to participate in the Swiss real estate market. It has made people less able to afford to buy a home, and many are forced to take from their pension funds to be able to pay the 20% of required deposit. This creates a risk for the future and puts not only the citizens but also the banks in large default risks since there does not exist an insurance if a price fall would occur on the Swiss market.  Many people mitigate the risks by diversification by investing in different assets in the derivative market. The market has seen a trend towards the technology development, which makes it possible to create more creative innovations at the derivative market. The increased interest in real estate and the accessibility of derivate products have led to a demand for real estate in derivatives.  This study investigates the possibilities to incorporate real estate within the derivative market, more specific within futures contracts. Futures contracts are standardized contracts between two parts that agree to buy/sell an asset at a future date and price. Real estate in futures is supposed to work in the same way, and to work as an insurance for possible price fall on the market since it can hedge the market by reducing price fluctuations, or as an alternative way to speculate within the real estate market to increase income. Real estate in futures could, in turn, allow a broader target group to participate in the real estate market since it would be a cheaper, easier and faster alternative to investing in than the physical real estate market.  The thesis confirms that there is a demand on the Swiss market for an alternative way to invest in real estate. However, the thesis discovers several difficulties with creating the product that should be managed. The thesis examining the subject together with the Swiss leader in online trading, the bank Swissquote. With their expertise in technology, Swissquote has an advantage when creating the product REF.

  • Belloni Lidbrink, Amanda
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Bergqvist, Julia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Prisstrategier på nyproduktion: En studie om budgivning kontra fast pris2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Due to the fact that most new production of condominiums in the municipality of Stockholm today are sold at fixed prices, it is interesting to investigate and find out why not more real estate developers use bidding as a sales strategy. How these fixed prices are determined by the developers and the basis for that assessment. Information that underlies the theoretical starting points has been obtained through a thorough literature study. The result is based on a couple of qualitative interviews to find out which parameters are involved in choosing a specific sales strategy and pricing. The selection of interview candidates has been carefully considered and landed in an actor using a bidding process and an actor using fixed price as a sales strategy. The analysis shows, among other things, that the size of the project, which financing options that are possible, the attitude of condominium developers and how the market situation prevails determines the strategy used. The conclusion is that the attitude among the real estate developers plays a big role, and there are good opportunities to make more use of bidding as a sales strategy. Alternatively, combine the two different methods, bidding and fixed price, in order to achieve maximum return.

  • Sauchyk, Dzmitry
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Key Considerations When Selecting Environmental Rating System: Decision-Making Analysis from Landlord and Tenant Perspective2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    It is estimated that nearly 100 various environmental product certification rating tools are implemented in the United States construction and real estate industries. Choice of a certain building sustainability measurement tool depends on the specific need for reflection of buildings’ impact on the natural and urban environment as well as its tenants. Selection of the appropriate rating system is a decision-making process performed by the project client (landlord of the building, potential or current tenant) which can be affected by clients’ insufficient knowledge or otherwise be biased. The result of selection decision has significant consequences for the project design, construction process complexity and entire life-cycle of the building. In this work, an effort is made to facilitate decision-making process of best environmental rating alternative selection for a “green building” project. The analytic hierarchy process is used to perform unbiased decision making on the environmental rating selection. The decision process has been evaluated from the landlord and the tenant perspectives. The findings of this study show that for the landlord, it would be enough to be certified with a single-attribute rating that covers only one characteristic of building sustainability and, according to AHP analysis, satisfies all significant landlord’s requirements for the environmental rating system. The main conclusion of the study is that selection of environmental rating is a multicriteria problem that should take into consideration the requirements from landlord and tenant as well as the environmental ratings characteristics but not based on the distinct assessment of the mentioned factors.

  • Peng, Yurou
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Who or What Really Matters?: A stakeholder analysis for student housing development in campus KTH2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    There are diverse participants in the student housing development in campus KTH, in which everyone plays a role and has his own claim and influence.  The stakeholder theory provides a pluralistic perspective and various analyzing techniques to get a better understanding of the question “who or what really matters” in the student housing development process.    The aim of this paper is to conduct an empirical stakeholder analysis for the student accommodation projects in campus KTH. The research work is done using stakeholder definitions and analysis techniques derived from relevant literature, based on the stakeholder data gained directly and indirectly form interview informants and open sources.  In the analysis, the author firstly attempts to identify—and map out—the student housing project’s stakeholders and their “stake”, influence and claims. The prioritizing of stakeholders is then studied based on the stakeholder information aforementioned, using Mitchell etc’s (1997) salience class model. The interactions between multi-stakeholders are also revealed to interpret their joint influence on various development activities. Finally, a framework of engagement strategies towards individual stakeholders in different stages is formed by the author, aiming to provide implications for the stakeholder management of the student housing projects.  The conclusion of this study summarizes the main findings of the stakeholder analysis. Considering subjectivity is the most noticeable limitation in this study, it is suggested that future studies focus more on the relatively objective evaluation of importance of stakeholders. Questionnaire may be a feasible method to gather reliable information and stakeholder analysis techniques derived from the literature can provide guidance to decrease bias in stakeholder evaluation and analysis

  • Myrehed, Petter
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sederström, Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Flexibla hyresavtal: Utbud och efterfrågan på Stockholms kontorsmarknad, idag och i framtiden2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Flexibility to adopt the business is highly valued amongst most companies given the rapid-changing world we live in. Today this is largely catered for through flexible working methods. However, how companies can be given flexibility through different types of contracts is sparsely addressed in the literature. Therefore, the aim of this study is to examine how supply and demand for flexible leases can be matched, and how property owners could act to capture a potential future increase in willingness to pay for flexible leases.

    The results of the study show that there seems to be a demand for flexible leases on the Stockholm real estate market in a number of different categories of companies today. This is mainly achieved through third party solutions, real options and a few types of short-term contracted premises. Among the companies that demand flexibility, it is primarily companies with between approximately 10-20 employees who do not receive their flexibility requirements today. One of the main reasons for this miss-match is because this group has a need to enhance their own corporate culture through the rented office space, which cannot always be met by the facilities offered through third party solutions.

    The reason for the limited supply of flexible leases can be derived from a number of observed frictions in the market, primarily because these leases are associated with an increased risk of vacancies and increased workload for the property management organization.

    However, as a counterpoint to this, a menu of different office leases with varying degrees of flexibility can be offered to tenants to capture the willingness to pay for flexibility. Thus, if the rental income increase, while the risk associated with the flexible leases is better identified and diversified, the supply of these leases might increase in the future.

  • Johansson, Gustav
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kvarfordt, Lukas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Determinants of Real Estate FDI on the Swedish Market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Foreign direct investments, FDI, have been increasing a lot the latest years and a significant part of the total investments made are allocated to the real es-tate industry. This paper is investigating the impact of several di˙erent macro variables on foreign direct investment allocated to real estate at the Swedish market. The objective of the thesis is to investigate what factors that a˙ects the inflow of FDI, i.e. are there any factors that can be used as indicators for an attractive market seen from a foreign investor perspective? This is done by regression analysis on a data set containing monthly data with 146 observa-tions, where the levels of foreign direct investments is the dependent variable and the di˙erent factors are the independent variables. The variables used in the regression are chosen based on earlier findings regarding their impact on FDI, but applied on a developed country. The variables are di˙erent ma-jor macroeconomic variables such as lagged transaction volume, stock market performance, inflation, currency level, interest rate and unemployment. The findings of the regression are that both lagged transaction volume and level of unemployment are significant variables on a 1% and 5% level respectively. The results suggest that investors tend to invest in hot markets and follow each other, plausibly that smaller investors shadows pioneers on the specific market. Level of unemployment was found significant with a negative sign, meaning that when unemployment levels are decreasing, the transaction volume will increase. Seeing decreasing unemployment as a factor for a prospering country, it is plausible that the parameter has an impact on the real estate transaction volume. Variables not found support for are stock performance, inflation, currency levels and interest rate.

  • Hellström Ängerud, Linnéa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Credit Risk Assessment of Real Estate Companies: How does the Credit Assessment of Banks and Bond Investors Differ?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The vast majority of the Swedish real estate companies are to some extent financed by debt and are dependent on external capital when expanding their business. Swedish real estate companies have traditionally financed their business through bank loans, but as a result of – among other things – stricter regulations, an increasing share of the Swedish real estate companies seek funding in the capital market, and corporate bonds in particular have emerged as an alternative to bank loans. In all types of lending, whether it is a bank loan or an investor who buys a bond, the lender must assess the credit risk of the company and / or the bond. This is to ensure the company's repayment ability and that the borrower gets sufficient compensation for the risk undertaken. In this thesis, the credit risk assessment process has been evaluated from two different perspectives to explore if there are any differences in the assessment conducted by banks and bond investors. In this thesis, it appears that the differences between the different parties' assessment are relatively small and that both parties evaluate approximately the same parameters and key performance indicators.

  • Gyllberg, Johan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Samarbetet mellan kommunen och byggherren i detaljplaneprocessen: Vilka är framgångsfaktorerna?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In Sweden the need for housing is extensive, with a widespread housing shortage as an outcome. There is a need of approximately 710 000 units to be built until year 2025, where the highest demand is in the metropolitan regions. A precondition for the ability to meet the housing demand is an increased number of detailed development plans, which is needed when developing housing. The detailed development plan’s purpose is to regulate the land and water usage. During the last years the process of developing the plans has been criticized for being ineffective and to decelerate the building of new housing. A part of the problem is an inadequate collaboration between the municipality and the housing developer. Due to this problem, the relationship between the municipality and the housing developer have been closer studied in this thesis in cooperation with the Department of Real Estate and Construction Management at the Royal Institute of Technology KTH.  The purpose of this study is to identify the success factors in the relationship between the municipality and housing developer. The report has been delimited to only include detailed development planning of housing in the Stockholm region, where the municipality and housing developer collaborate. The aspects which are studied closer are collaboration, communication, trust and team performance.  First of all, a literature review of previous research on the detail development planning process and project management was conducted. This to create broad and general knowledge of the subject. The purpose of the literature study was to gain knowledge of the subject and design question templates for upcoming interviews. As a next step, eleven in-depth and semi-structured interviews were conducted with experts from different municipalities and housing development companies. The goal was to collect empirical data in order to answer the research question: What are the most important success factors in the relationship between the municipality and the housing developer in terms of collaboration, communication, trust and team performance?  The findings reveal that the main success factor in the relationship between the parties is the presence of professional project management. The role of a project manager includes creating preconditions for collaboration, communication, trust and team performance. Meaning, that the relationship between the parties will work more adequate if an individual highly competent within these areas is leading the project. The municipality is the planning authority and should therefore ensure that a competent project manager is represented in the process. 

    For a successful collaboration, there need to be a common and buildable goal. Also, it is important that one sticks to what is agreed upon, especially when there is a change in management due to high staff turnover. Both parties also need to understand each other’s roles and drivers, and how the different organizations are structured. In order to create good conditions for communication, the parties should try to have an open and straightforward dialogue where all decisions are argued for. The parties should be responsive to each other and prevent conflicts by discussing sensitive issues such as the floor space index, schedules and the degree of details at an early stage of the process. Success factors for establishing trust between the parties are transparency and avoiding to hide things from each other. It is also considered of importance to keep the trust by delivering what is promised. Important factors for a good team performance are to involve solution-oriented and dedicated individuals, led by a competent project manager. The housing developer should also contribute with constructability skills in order to ensure that the detailed development plan is buildable with a safe working environment. Other success factors for establishing a good relationship between the municipality and the housing developer is to make the process more time-effective, without compromising the quality. In addition, the parties should implement experience feedback sessions at the end of the project in order to learn from the process and improve the relationship between the parties. If the above-mentioned success factors are taken into account in the process, the conditions for the relationship can be considered as good. A good relationship with satisfactory collaboration between the parties will benefit the planning process of housing. Hopefully this will result in more detailed development plans and increase the construction rate of housing in order to meet the high demands.

  • Sagmen, Cemal
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Fastighetsmäklarinspektionens påföljdssystem: InförandeaverinranochFMI:stillsynsmetoder2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In this thesis has FMIs sanction system and regulatory methods between 2007 and 2016 has examined.  Distribution  of  different  reasons  for  disciplinary  actions,  different  reasons  for  notifications, quantity of handled cases and quantity of disciplinary actions has charted by utilizing statistics since 2007. Evolution of statistic data under those years has explored and possible  influence  on  them  has  been  investigated.  Those  values  before  and  after  law  amendment at 2011 has also been examined in order to analyze the influence of the new laws effect on sanction system and regulatory methods. A new discipline sanction called reminder has introduced thru the new real estate agent law (FML 2011:666). It imposed extra focus on the change at sanction system and its effect for the branch. Time period has been divided in two five years periods, 2007-­‐2011 and 2011-­‐2016.  Various  analytical  data  for  the  comparison  of  those  five  years  periods  has  been presented in order to identify the difference between those periods. FMIs  regulatory  methods  have  been  produced  and  distributions  between  those  different  regulatory  methods  have  been  narrated.  The  management  of  anonymous  notification  by FMI and other government bodies has been investigated and presented in the report.

  • Rehnberg, Moa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Successiv fastighetsbildning: Tillämpningen av 3 kap. 9 § FBL2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In the third chapter of the property formation act the general conditions concerning property

    formation is described. In Chapter 3, section 9 Real Property Formation Act, there is an

    excepting rule that makes it possible to perform a property formation even if the conditions in

    the real property formation act 3 chap. 1 or 5 §§ is not fulfilled. This rule is called Successive

    property formation. Although the legal text treats the rule and the cadastral authority have

    made a hand book for the Real Property Formation Act, there still is uncertainties about when

    it can be applied.

    The aim of this thesis is to clarify the meaning of successive property formation and to

    present guidelines for when it is possible to apply it. This thesis will not focus on successive

    property formation for forest and agriculture property.

    Based on the aim, five issues were made. One of the issues intends to clarify the term

    successive property formation, and another issue aims at identifying the actions that

    successive property formation can be applied to.

    Through a court cases analysis, case study, interview and literature and propositions study, a

    result could be assumed. Among other things, it emerged that no clear view of successive

    property formation existed.

    The literature study gave an understanding of that successive property formation is another

    word for the real property formation act 3 chap. 9 § that makes it possible to, in some cases,

    make an exception from the conditions in the real property formation 3 chap. 1 or 5 §§.

    The court case analysis and the case study made it possible to draw guidelines for actions

    where successive property formation can be applied. Thereafter it could be noted that

    successive property formation can be applied on existing properties which does not meet the

    suitability conditions in the real property formation act 3 chap. 1 §, for the creation of

    exploitation properties and for the formation of properties within a development area.

    Conclusively, the result is presented were all five issues are addressed.

  • Nilsson, Evelina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mähler, Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rental affordability solutions for startups and SMEs2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This is the first study within the area of rental affordability. It is an important issue to address since

    many startups and SMEs are struggling with finding suitable workspace in Stockholm. This study

    contributes to a better understanding of different aspects of affordability. Moreover the aim is to

    enhance the understanding of different perspectives of rental affordability for these companies when

    choosing office space.

    When defining rental affordability it has to be a relative concept within a certain context since it

    includes the perspective of both tenants´ preferences and market related factors. The proposed

    definition of affordability solutions is based on theory and empiricism, which are found through a

    literature review and a qualitative method. Since there is lack of consistency in research papers of the

    definition of affordability, and no previous definition of affordable solutions within this context is

    found, this method could define what factors affecting tenants when choosing office space.

    The qualitative method together with a literature review resulted in a pre-study, which was supposed

    to combine different aspects of affordability and further suggest how to construct a rental affordability

    index. Methodological triangulation increases the originality of this report, since the approach

    involves three aspects, which together highlight what dimensions should be evaluated when

    constructing an affordability index.

    A number of benefits from affordability solutions for startups and SMEs are presented in the results.

    Affordability solutions are intangible factors, which in several ways benefit property owners, tenants

    and society.

    However the office market is changing and tenants do not have the same preferences as before. Thus,

    it could be asked whether the recent office trend is just a trend or if it is here to stay. This report

    provides a starting point for such discussion, which is also proposed to consider when constructing a

    rental affordability index in further studies.

  • Mörke, Oscar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Motivation och incitament för Generation Y: Hur ska man få den nya generationen att stanna? En fallstudie i HSB Stockholm Förvaltning2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Previous studies in generational changes mean that there are differences between generations values and what they prioritize. An important factor of the whole is to make sure what Generation Y is motivated by and how, as an employer, you should work on how to make this generation stay within the company. The aim of the study is to provide a better understanding of how the chosen case organization, HSB Stockholm Förvaltning, successfully manages the current generation change, taking into account how to work with incentives and motivation with the aim of employees staying within the organization. In this qualitative case study interviews of semistructured nature have been conducted to highlight the study's questions. The conclusion of the study is that the work of incentives and motivation by HSB Stockholm property management must individualize and to an even greater extent be adapted to the needs, prerequisites and wishes of the new employees. Particular attention should be paid to Generation Y's development and competence development requirements. The organization should also ensure Generation Y's more tangible requirements for the company's work with sustainability and ethical profile and that, as a co-workers, Generation Y’s requires a greater meaning in their work life.

  • Lorenius, Alexander
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Wallin, Marcus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Varför är investeringsviljan så låg förinstitutionella investerare i onoterade fastighetsinvesteringar med en crowdfunding-modell?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Swedish real estate market has taken off in recent years. The growing market has attracted an increasing number of new actors to the real estate industry. This promotes new alternatives to traditional financing, such as crowdfunding. Currently crowdfunding models is used to invest mostly by private individuals invest in crowdfunding models. This paper examines the incentives of institutional investors to invest in crowdfunding.  Information have been gathered from six interviews with representatives from different institutions. While the attitude towards the new funding option crowdfunding has proved to be positive, there are many factors that prevent the institutions from investing. Above all, it is the lack of liquidity in the investment, trust of the project developers & crowdfunding platform, as well as the project volumes that limit the incentive/will to invest in crowdfunding projects. Crowdfunding within real estate in Sweden is still very new and therefore needs to continue to grow to create a wider interest in institutional investors. 

  • Lagerfelt, Sara
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tillman, Sofi
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Markanvisningspolicys och EU:s statsstödsregler: Hur förhåller sig kommuner till EU:s statsstödsregler vid markanvisningar?2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    In January the first, 2015, an act (2014:899) was put into effect which implicates that all the

    municipalities that uses land allocation shall publish a policy, which should include basic

    provisions for land allocations. The act addresses certain specific factors that should be

    included in the land allocation to facilitate the public, builders and the municipalities

    themselves. The municipalities should also take EU state aid rules into account when they use

    land allocation, which means that a competition in a market can not be distorted in any way

    and also that it is compatible with the internal market. This is adapted by the municipalities by

    selling the property at a market price.

    In this study, a survey of nine municipalities landmark policy in Stockholm County is made to

    determine how the municipalities relate to EU state aid rules. An interview is also being

    conducted with the municipalities in order to get clarity on the understanding of the

    municipalities in the EU state aid rules and to clarify the respective municipality's land

    allocation policy. Through the survey in this study it is observed that there is no legal

    requirement for EU state aid rules to be mentioned or explained in a municipality's land

    allocation policy, but if the municipalities mentions the EU state aid rules in their land

    allocation policy, it will facilitate all parties and also contribute knowledge about the rules in

    connection with land allocations. All the municipalities in the survey have adapted to the act

    (2014:899), for instance by explain how they price the land when they use land allocations.

    The municipalities have understood that the sale of land must be at a market price and that

    they have to promote good competition. What is discussed, however, is whether it is clear

    enough. The majority of the municipalities mention in their land allocation policy that they

    should promote good competition and that they have to sale land to a market price, without

    mentioning the reason why.

    The conclusion of the study states that a clarification might to be carried out in each

    municipality's land allocation policy. The clarification could include how the municipalities

    adapted to the EU state aid rules in land allocation policies. It is considered that all the

    municipalities have not been sufficiently clear about what the rules mean and why the

    municipalities must follow them. However, there is no requirement that the municipalities

    have to explain what EU state aid rules mean in a land allocation policy. Through this

    clarification, EU state aid rules could be easier to follow by the public and municipalities

    could be better able to comply with the rules. Builders might also get a better understanding

    of how a municipality works and why the municipalities express themselves in a certain way

    in their land allocation policy, such as promoting good competition and selling land at a

    market price.

  • Krantz, Evelina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    AHP applicerat på fastighetsköp i Spanien: En tillämpning av Analytical Hierarchy Process och en överblick av spanska regler kring fastighetsköp som EU-medborgare2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The Spanish housing market has been on the rise since 2014 as property prices are increasing again after the global financial crisis of 2008. This paper aims to both solve an illustrated investment problem using the decision making method AHP, Analytical Hierarchy Process, and to investigate the process of property investment in Spain as an E.U. resident concerning rules and regulations. The investment problem consists of selecting one out of three properties, all town houses with different characteristics, located in different parts of the city Valencia on the Spanish east coast based on the results of a survey done on site in Valencia with a sample of 70 respondents in the ages between 20-29 years.  The factors that influence the decision are based on property valuation; Localization factors, Technical building factors and Economic factors. The Localization factors are further divided into Distance to the city center and Distance to the cost. The Technical building factors in Terrace, Garage and Open-plan kitchen. Lastly the Economic factors only consist of one factor which is Price, the advertised price €/m2.The survey concluded that a property close to the cost is preferred over one close to the city center, 57 % over 43 %. That Terrace is the absolute most important building factor with a priority of 63 %, followed by Garage at 24 % and that Open-plan kitchen is not prioritized with only 13 %. The three main groups were prioritized as follows; Localization factors 41,4 %, Economic factors, i.e. Price, 34,3 %, and Technical building factors 24,3 % - which is consistent with theory on the subject.The results of the survey applied to an AHP hierarchy together with the local priorities from the application of the Saaty-scale and comparison matrices, result in one out of the three properties being ranked as the most efficient. It was concluded that the third property, a townhouse close to the beach, was preferred with a 55 % in global priority, followed by the first property with 26 % and lastly the second with 19 %. The paper also concludes that hiring a third party is something to consider avoiding if one feels comfortable with other contacts as the obligated lawyer, clerk and transaction fees already adds on 10-15% of the purchase price. That the process of only purchasing a property is relatively easy, as technically only N.I.E number is required, but that it requires significantly more to become resident to obtain tax benefits. Lastly the project discusses that with its rising property prices, development opportunities, the warm climate and the mentality of the people Spain certainly can be somewhere worth investing in.

  • Hult, Lisa
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Linjo, Sofia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Spekulationsköp av bostadsrätter i Stockholm: Ett problem för bostadsrättsföreningar? 2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Speculating in condominiums has become an increasingly popular way of placing capital.

    Over the past few years, significant gains in value and low risk exposure have led up to that

    condominiums are no longer only acquired for residential purposes. Through interviews, law

    cases and law texts, the study aims to investigate if executives of the housing associations

    consider this to be a problem and what the consequences may be. Changes in the law and

    possible solutions are also discussed.

    The experience of speculative buying varies. Some housing associations have not noted such a thing at all, while others have detected more or less obvious cases of either purely renovation purchases or purchases with the intention of subleasing. In almost every case however, this purpose becomes apparent after using the apartment for a certain period of time. Hence, it is difficult to determine whether it was the main intention of the acquisition. Short term leases are an activity that grows in popularity in line with the technical development and the sharing economy. Some housing associations have an accepted policy where short-term rentals are never allowed, often due to an attention-paid law case of the Rent Committee in 2015. Examples of problems that may arise due to second-hand rentals in general are criminal activities such as prostitution or trade in drugs, increased wear and tear on the property, a heavier workload for the management and increased insecurity for neighbors. Renovation or so-called flipping purchases can cause disturbances to neighbors as well as damage to the property when work is not performed properly. Recruiting the right skilled people to the management seems to be rather a general problem that has no direct connection to speculation purchases.

    Changes to the law aimed at facilitating second hand leasing have had both positive and

    negative consequences. They have given more people a place to live, but also involved some

    difficulties in interpretation. The boards have got more to administer, however at the same

    time they can charge a fee for the work, which in worst case results in a zero-affair. In

    order to facilitate the interpretation of the law text, improved coordination would be achieved

    between, for example, authorities and organizations to issue guidelines to tenant-owner

    associations. More housing associations could also consider joining such an organization to

    get better access to support and counseling. However, all do not have the time or the

    economic conditions for such a solution.

    The authors' view finally turns out that speculation purchases are not a major issue in

    Stockholm's housing market today. Improvements could be made in various areas, primarily

    to facilitate the work of the board, but each association's individual conditions and ambitions

    will be crucial to what actually happens.

  • Harrami, Hamza
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Paulsson, Oscar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rent modelling of Swedish office markets: Forecasting and rent effects2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish office markets has been emerging the last decade towards a higher rental level equilibrium. The aim of this study is to investigate the fundamental drivers of office rents and modelling of office rent forecasts in five Swedish office submarkets; Stockholm (2), Gothenburg (2) and Malmö (1). The methodology is a combination of economic theory and econometric analysis. The product is an econometric model. By using the estimated drivers, office rent forecasts are modelled and computed based on a vector autoregression-model. Our results show that office stock and vacancy, in lagged fashion, are statistically superior in explaining office rent development. OMX30 was evident to be the largest macro-driver in explaining office rent. The generated forecasts were significant and valid in the CBD-submarkets. However, the forecasts for the Rest of Inner City (RIC)-submarkets were not as precise. The results also show that the forecasts move more linearly compared to the actual office rent data that move more "step-wise".

  • Garcia Toivanen, Isabel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Framtidens retail: Digitaliseringens effekter på den fysiska butiken2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    The digitalization process and the technological development affects peoples’ everyday life as

    well as how we do business. Through the introduction of digital trading platforms and new

    technology in the physical stores, the supply of goods and services has increased leading to

    costumers demanding even more goods and new exciting shopping experiences. This does not

    only affect the commercial sector, but also the real estate sector.

    Therefore, this paper focuses on the connections between commerce and real estate. Specific

    focus is given to physical stores and their challenges and opportunities in the digital world.

    Furthermore, the importance of these effects for the real estate sector is investigated.

    A qualitative interview method was been used in addition to literature studies, aiming to

    explore attitudes in the real estate sector on a deeper level. The participants have a wide

    spread of experience and knowledge from both commerce and real estate, which has given the

    work many different perspectives and angles.

    The conclusions are many, but the main one is that neither the research nor the interviewees

    believe that the physical store is threatened due to the advance of digitalization. To be able to

    survive the competition from new sale channels, the retailers and the real estate sector must

    co-operate in building new business structures as well as sharpening their customer service

    offerings. The function of the physical store is likely to develop into more than a sales venue

    – it will evolve into being a place to meet and to work. This will require a close cooperation

    between all stakeholders. In conclusion, it has also been found that commerce and property

    development have many common points of contact, and that the transition to a digital future

    must be done jointly.

  • Edman, Robert
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kartläggning av bostadsmarknaden & fallstudier av ungdomsbostäder: Är temporära ungdomsbostäder en hållbar lösning för att stärka unga vuxnas ställning på bostadsmarknaden?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    There is a current housing shortage in Stockholm as a result of several decades with low rates of new production of housing and high rates of population growth. The housing prices as well as the housing queues and the rent levels in the secondary market are historically high. Young people are highly affected of the housing shortage due to their overall low incomes and short time in the housing queues. To improve the housing situation for young people there have been built some youth dwellings on time restricted building permits. In 2017 the Swedish government will probably ease the legislation of time restricted building permits for housing purposes. This is expected to contribute to more construction on temporary housing.

    In this paper two housing projects built on time restricted building permits intended for young people is studied by interviews with the tenants and the developers. The purpose of the case studies is to investigate if temporary housing is a sustainable solution to strengthen young people’s position in the housing market. Further an extensive investigation of the housing market in Stockholm is done, with purpose to determine how extensive the housing shortage is and how seriously young people are affected of it.

    The result shows that the housing situation in Stockholm is imbalanced and the risk of falling housing prices may be increased. Decreasing housing prices would affect young people hardly due to their overall high depts. Young people have short time in the housing queues and people in the age of 18 – 30 represents the group with the lowest incomes rates in Stockholm country. This is the explanation why young people have the highest housing debts. Due to this factors young people have a weak position on the housing market

    The case studies shows that time restricted housing permits in combination with modular housing allows exceptional fast construction of housing. However the is some problems connected to the concept which affects the tenants. The problems with temporary housing are connected to the uncertain salvage value of the houses when the building permits expires. Temporary housing can be built with "low housing standard & low economic risk" or "high housing standard and high economic risk".

    The projects studied have contributed to improve the hosing situation for near 500 young people. However to improve the housing situation for the young people as a group, more extensive housing efforts are needed towards the group. My assessment is that temporary youth housing is a good complement to new construction of permanent housing but should not be seen as a long-term sustainable solution to the housing shortage.

  • Corluka, Denis
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lindh, Ulrika
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Blockchain: A new technology that will transform the real estate market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The overall market is in front of a new technological change, where blockchain is the most probable technology that will be implemented. There are several markets that need a technology that bring more efficiency, safety and transparency into the market, for instance the real estate market. The real estate market is highly important to the overall economy due to its size and devastating consequences if it collapses. A real estate crisis often affect and creates financial crises which in turn could lead to economic meltdowns both on a micro- but also on a macrolevel. There are inefficiencies within the real estate market that might cause the crises, such as problems with transparency and illiquidity, high transaction costs, personal biases and slow transaction processes.

    This master thesis examines the potential of an implementation of blockchain technology on the real estate market and how it might affect the inefficiencies within the market. Blockchain is a new and emerging information technology with several markets and areas suitable for an implementation. Earlier researches on the topic are generally focusing on the technology itself or its implication impacts in the financial sector. This master thesis aims to examine the implications to implement blockchain technology on the real estate market and how an implementation would impact the market.

    To be able to answer the research questions formulated in the thesis, an extensive literature study has been conducted, and additionally, semi-structured interviews as well as a questionnaire have been performed. The research is primarily contributing with an improved knowledge about blockchain technology and its potentials and challenges on the real estate market. One conclusion from the study is that the technology is most likely capable in changing the real estate market fundamentally, which is why the topic needs to be investigated deeper and to develop the technology further for a successful implementation.

  • Kılıç, Engin
    KTH, School of Architecture and the Built Environment (ABE), Sustainable development, Environmental science and Engineering, Industrial Ecology.
    Emergence of Internet of Things Ecosystem, Smart Home Ecosystem and Smart Home Niche in Sweden2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Internet of things (IoT) and smart home are two popular subjects on which both the expectations and uncertainties are high. Regarding the smart home niche in Sweden, the market is not thriving in spite of the continuous development in technology. There is a deficiency on direct input from the actors in IoT and smart home ecosystems in the literature, which creates a gap between academia and practices in the field. The focus of this MSc thesis is to bridge this gap with the aim of exploring the emergence of IoT ecosystem, smart home ecosystem and the smart home niche in Sweden, in terms of actors’ involvement, visions and expected benefits, by using the lens of ecosystem and strategic niche management perspectives. A comprehensive literature review and two in-depth workshops are conducted involving various actors. After synthesizing the results, the conclusions are: neither the values in IoT and smart home ecosystems nor how the value networks are being shaped is clear for most of the actors; hence, they are reluctant to take initiative. End-users’ views on ‘smart home’ alter from one to another; yet, they all need to see smart home solutions meeting with their immediate needs. Today, the smart home niche in Sweden is slowly raising from the ashes of the late 1990s failed attempts, and it is mainly driven by different actors’ involvement in state-funded projects.