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  • 1.
    Lindbohm, Adrian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Actively Working with Sustainability: What are the Rewards?: Rewards, Premiums and the Future of Sustainability2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Global warming is becoming an increasingly pressured problem for the climate and worldeconomy. The trend and importance of sustainability is growing and is a heavily researchedarea. Real estate accounts for approximately 40% of global energy consumption and 33% ofcarbon emissions. Naturally, the potential and significance of sustainability is an increasinglyimportant topic within the sector.On the foundation of global climate change, this thesis aims to uncover the financial benefitsof active sustainability work for listed real estate companies on the Stockholm StockExchange. Previous research within the field has focused heavily on tangible sustainabilitywork and the effects on the property level rather than the company level by primarily usingquantitative research methods. This paper combines a quantitative and qualitative researchmethod to dig deeper into the market's view of financial effects given to real estate companiesworking actively with sustainability.The study commenced with a panel data regression model analysis where a dummy for activesustainability work in the form of membership in the organisation GRESB was used todetermine the financial effects of active sustainability work on the daily total return index.GRESB guides members in their work with sustainability where membership indicates a willto improve. Results landed in a random effects model which showed that GRESB is positiveand significant for daily total return index, explaining 3% of development. Results from thequantitative study were used in the qualitative research method when designing an interviewguide for semi-structured interviews.It can be concluded that active sustainability work has positive effects on the total return oflisted real estate companies in Sweden. Sustainability work differs in its effectiveness andsuitability depending on the real estate companies size and core business area. GRESB islikely to be an umbrella for other sustainability-related factors and future research shouldexpand the number of sustainability variables used for analysis. There is no universal workmodel for sustainability and every organisation needs to design their sustainability strategywith regards to their business. Organisations seeking sustainability rewards should aim to domore than the minimum needed; real estate companies at the top of sustainability brackets arethe ones receiving the highest portion of the rewards.

  • 2.
    Krantz, Evelina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agila arbetsmetoder inom stadsutveckling: En utforskande fallstudie av arbetssättet i Nacka Stad2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With a qualitative method, the study investigates the agile working methods within projectmanagement for urban development projects through a case study of Nacka municipality'sproject Nacka Stad. The study aims to identify and clarify problems and obstacles anapplication of an agile way of working can lead to and how the working method differs fromthe literature in manuals and scientific articles - with the hope of giving a deeperunderstanding of agile working methods within project management of urban developmentprojects.The study describes the agile manifesto and its core principles, the methods Scrum andKanban, and explores what it means to have an agile mentality. By this it is formulated thatthe essence of an agile working method is that the work is divided in short, regular andfrequent cycles of clear tasks, where the participation of the customer and the employees inthe planning process is fundamental and the structure of the organization is in teams.The case study showed that although some agile methods are applied, this is done withoutclear structure. What could be identified as agile was that project results in the form oftimetables were often delivered and the new way of working gave a better overview of theoverall picture for sub-project managers. A new meeting plan showed agile elements ofhaving more meetings with face-to-face communication to get faster decisions. The use of adigital Kanban board and a form of Scrum meetings was observed where a backlog ofinformation was distributed between the coordination team.However, the Scrum meetings had low energy and fundamental agile methods such as standupmeetings and Sprints were not applied. Full application of agile methods proved to bedifficult as decision processes were slow and the organization still had a clear hierarchicalstructure.Four semi-structured interviews were conducted which confirmed the observations.Experienced obstacles with agile methods and implementing them were described as thelacking of motivation and structure.The study concludes that the agile way of working needs to be managed and that it in practicedoes not work to apply agile methods in an agile way, that it instead needs to be structured and consistent in order to obtain the desired results of increased involvement from theemployees and a more efficient organization. The report is written in Swedish.

  • 3.
    Karahan, Gözde
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    An Econometric Analysis of the Office Market Rent in Istanbul: Long-run Equilibrium Rent Estimation2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Istanbul metropolitan area is the largest office investment made in Turkey. According to the CBRE ERIX data, the total office stock in Istanbul by the end of 2018 exceeded 7 million sqm. There is approximately 1 million sqm of pipeline figures. The biggest problem for office projects which in the hold-on status and under construction status, Turkey's economy is rapidly affecting office rents and tenants of office the selection criteria. In particular, high financing costs and construction costs increase the importance of predicting the rent figures in office investments. This degree project aims at contributing to the understanding of the Istanbul rental office market underlying mechanisms. The office market data will be analyzed between Q1 2005-Q4 2018 period. Long-term equilibrium rents will be reached for the Istanbul office market and examined sub-markets. With the econometric analysis method, the long-term causality for rent with employment, stock and vacancy will be examined. Short-term estimates will be made with an error correction model.

  • 4.
    Li, Xiaokuan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Asset-Backed Securitization of Chinese PPP Projects: Operating Mechanism and Current Difficulties2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Under the background that China's economy has entered the new normal, de-leveraging, structural adjustment, and resolution of various risks have become an essential part of macro-control. The unique advantages of PPP asset securitization make this tool widely recognized and respected by the government, enterprises, and investors. On December 21st, 2016, the National Development and Reform Commission and the China Securities Regulatory Commission jointly issued the Notice on Promoting the Asset Securitization of Government and Social Capital Cooperation (PPP) Projects in the Field of Traditional Infrastructure. This prompted the PPP asset securitization process to enter the express train. Therefore, it is particularly important to strengthen the research on the securitization of PPP assets.The author mainly uses the literature review method and a comparative analysis method to study the securitization of PPP assets. This paper first carries out theoretical research on PPP asset securitization, and then studies cash flow analysis theory, asset reorganization theory, risk isolation theory, and credit enhancement of PPP asset securitization; and then participates in the subject, operation model of PPP asset securitization, The operating mechanism is studied; the related cases are used to analyze the cases, and then the research conclusions are drawn, and policy recommendations are proposed. It was found that PPP asset securitization can improve the creditworthiness of the issuer and reduce the issuance cost. Further suggestions include strengthening cash flow management for PPP asset securitization projects; encouraging enterprises to restructure assets through PPP asset securitization; strengthening risk control of PPP asset securitization projects; strengthening statutory construction; Change government functions.

  • 5.
    Sandgren, Marie
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Att leda projekteringsgruppen: En studie om projekteringsledares förmågor att leda projekteringsgruppen och vilka utmaningar som ställs på projekteringsledare med digitala arbetssätt2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The architecture, engineering and construction (AEC) industry is facing many challenges. Notleast, the focus has been on reducing time and increasing the quality of construction projects. Inaddition, there is a development within digitizing. New digital tools and building techniquesrequire new working methods and now challenge the industry that has long been considered bothconservative and characterized by low productivity.A construction project involves actors of several kinds, where clients, project managers, designmanagers and production managers are some of the most obvious roles. To meet new challenges,changes in working methods and attitudes for these positions are required. In this thesis, an indepthstudy takes place within the role of the design managers’ abilities in order to be able to leadthe design team, which also faces new digital working methods. The design process is studied asthe process where input is transformed into output during a constant flow of informationexchange, which ultimately results in a value-creating product for the client. These three conceptsare the roots within the leadership of the design management.This thesis is carried out as a qualitative study, the purpose of which is to investigate the designmanagers’ abilities to lead the design team and how the role and leadership are affected by thedigitizing with BIM and VDC. The study studies the role of design managers when it comes toleading, coordinating and managing people and information. BIM is studied as collected andshared digital information in a virtual model that can be used as a working method. VDC is beingstudied as a strategy for integrating virtual models and a working method within the designprocess which implicates facilitating and making all actors’ tasks more efficient by using BIMand following ICE.Based on the results of the study, it can be said that there are generally six different areas withabilities that a design manager should possess in order to lead the design team; 1) experience indesign or production, 2) leadership skills, social skills and engagement, 3) decision-making skills,4)generalist, 5) organized, clear and well-grounded and 6) responsive. The thesis shows thatcollaboration and interactivity are very important parts for a successful design process. 

    Furthermore, it is demonstrated that a forum is requested where the design team can designtogether. Therefore, design managers should gather the design team to a greater extent for asuccessful design process. This thesis demonstrates that design managers are faced withchallenges to plan and manage the design process from BIM and VDC. They experience changesin roles and responsibilities and difficulties in controlling ICE meetings. Design managers need tobe “awake of new professions” and keep the design team towards the final goal instead of thedigital model.

  • 6.
    Melander, Elvira
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ekeroth, Linn
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Att producera kulturbärare: En undersökning av hur traineer har formats för att sprida ett bolags företagskultur2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Organizational culture is a success factor for a company's economic as well as social sustainability and has a direct impact on employees' motivation and satisfaction. The culture is strengthened and disseminated by culture carriers, role models which show the way in uncertain or critical situations. Earlier studies about the ability of prominent leaders to influence the organizational culture exist, but the theory suggests that culture carriers can exist within all levels of a company, irrespective whether that employee has a leading position or not. This essay therefore intends to examine which employees that are considered to be culture carriers, what they are characterized by and how employees without leading positions may have been formed into cultural role models.In order to obtain the necessary information, a contracting company's organizational culture and culture carrier, in this case trainees, have been investigated. A large number of shorter interviews were carried out to obtain data about which employees that are considered to be culture carriers. The characteristics of culture carriers, and how they were formed into cultural role models were then examined through a fewer in-depth interviews, with both white collars and representatives from the company's management. This, with a focus on those culture carriers who are not considered prominent leaders, which in these cases turned out to be the company's trainees. The result, together with previous research and theories, provides the basis for the study's conclusion.The study shows that prominent leaders are often regarded as culture carriers, but that other employees at other levels also can be seen as cultural role models. Culture carriers are characterized by the ability to influence other employees' perception of the company, are proud of their work and possess qualities that the culture value. A new discovery is that culture carriers can have a negative effect on the culture, something not described in theory. Furthermore, new observations have been made regarding how a culture carrier, without leading position, can emerge. Some necessary factors have been found, as being part of a distinct group and the combination of lacking previous experience together with supervision of other clear culture carriers and / or prominent leaders. Signs showing that companies deliberately can produce culture carriers have been found.

  • 7.
    Ahnlén, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Geodesy and Satellite Positioning.
    Automatic Detection of Low Passability Terrain Features in the Scandinavian Mountains2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    During recent years, much focus have been put on replacing time consuming manual mappingand classification tasks with automatic methods, having minimal human interaction. Now it ispossible to quickly classify land cover and terrain features covering large areas to a digital formatand with a high accuracy. This can be achieved using nothing but remote sensing techniques,which provide a far more sustainable process and product. Still, some terrain features do not havean established methodology for high quality automatic mapping.The Scandinavian Mountains contain several terrain features with low passability, such asmires, shrub and stony ground. It would be of interest to anyone passing the land to avoid theseareas. However, they are not sufficiently mapped in current map products.The aim of this thesis was to find a methodology to classify and map these terrain featuresin the Scandinavian Mountains with high accuracy and minimal human interaction, using remotesensing techniques. The study area chosen for the analysis is a large valley and mountain sidesouth-east of the small town Abisko in northern Sweden, which contain clearly visible samplesof the targeted terrain features. The methodology was based on training a Fuzzy Logic classifierusing labeled training samples and descriptors derived from ortophotos, LiDAR data and currentmap products, chosen to separate the classes from each other by their characteristics. Firstly,a set of candidate descriptors were chosen, from which the final descriptors were obtained byimplementing a Fisher score filter. Secondly a Fuzzy Inference System was constructed usinglabeled training data from the descriptors, created by the user. Finally the entire study area wasclassified pixel-by-pixel by using the trained classifier and a majority filter was used to cluster theoutputs. The result was validated by visual inspection, comparison to the current map productsand by constructing Confusion Matrices, both for the training data and validation samples as wellas for the clustered- and non-clustered results.The results showed that

  • 8.
    Börjesson, Alexandra
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Geodesy and Satellite Positioning.
    Automatic Generation of Levels of Detail: A Study on the Swedish National Road Database2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    When creating a map, the amount of data and which geographical information chosen to bepresented are decided based on the purpose of the map. Trafikverket is responsible for theNational Road Database that is a reference road network with a large amount of dataconnected to it. The database is built at a carriageway level where several links can be usedto represent a single road. In this thesis the database has been studied as well as thepossibilities to create an automatic workflow that creates a generalisation to road level. Someapplications and analyses that use this database are requesting input data of a higher level ofdetail. It is also found important from a cartographic point of view. Possibilities to create alinear referencing for the data between the different levels was studied as well, to make theupdates between the levels easier and not having the need to maintain two differentdatabases. It would make it possible to inherit attributes and the generic features connectedto the network.The first fully automated workflow for a generalisation of an entire map was developed in theNetherlands in 2014. Several other agencies in Sweden and Norway are currently working ongeneralisations as well and using different approaches. Statens Vegvesen, which is theNational Road Agency in Norway, has already implemented the different levels of detail intheir road database. Lantmäteriet currently has a project where their goal is to create a fullyautomated map to easily change to a larger scale.After studying the programs used in other generalisations and which programs Trafikverketnormally use, FME and ArcGIS were chosen to be used in this thesis. A small study area waschosen, and the proper data was collected from the National Road Database. The study wasconducted by a set of experiments and trying different parameter values in order to obtain asatisfactory result.Three different areas where studied, where the goal was to find a sequence of functions thatsuccessfully generalised all the areas. The areas were parallel roads, complex intersectionsand roundabouts. The result consists of a suggested workflow, but alterations hade to bemade manually since it was not possible to find a fully automated generalisation for the areachosen. Therefore, a set of functions and tools that could be developed were collected as wellin the end to make a more automated workflow possible.The result found in this thesis show that if the cartographic generalisations are more studiedand examined it should be possible to get a more automated workflow to create ageneralisation between the different level of detail. However, it might be difficult to get theworkflow fully automated due to the complexity of the intersections.

  • 9.
    Vogt Thorell, Fredrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Barriers for Wide Adoption of LCA in the Swedish Construction Sector: An Interview Study on Bbarriers and How They Differ Between Big and Small Actors2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Research suggests that the construction industry plays a crucial role in the fight against climate change and global warming. In 2010, the building sector answered for 30% of the global CO2 emissions and 32% of the total energy use. By adopting life-cycle assessments (LCA), the construction companies have a chance to improve indicators for economic, social and environmental sustainability. The Swedish government is in the process of making climate declarations of buildings, through LCA, a requirement to steer the industry towards more sustainable development.This study aims to show what barriers there are for wide adoption of LCA in the Swedish construction sector today and how these barriers are related to the rate of adoption. Furthermore, the study aims to investigate if there are differences in barriers between big and small actors in the industry. The study is guided by the theory “Diffusion of Innovations” by Everett Rodgers. The main method for data collection has been semi-structured interviews with people in the Swedish construction industry.The main barriers identified were lack of demand and lack of regulation. The study shows that the relative advantage of LCA is not perceived as high enough for it to be widely adopted without an increase in demand. It is also shown that high demand on a wide front is unlikely to happen without regulation. Furthermore, this study shows that the barriers are the same for actors of different sizes. The difference is the ability to deal with the barriers. Much of that ability can be ascribed to how much resources are available within the company.

  • 10.
    Árnandóttir, Kristrún Helga
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    BIM Maturity in Iceland: A Study of Contractors and Sub-contractors2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In the last decade, BIM has provided the construction industry with countless tools that canbe used during all construction phases (Kam et al., 2016). Implementation of BIM in Icelandat the beginning was driven by the heroic’s individuals. In recent years leadership within theAEC has recognized the opportunities BIM can provide.The aim of this thesis is to map BIM maturity of contractors and sub-contractors in Iceland.The results found that there is a lack of awareness about BIM among small to medium sizedcontractors as well as among sub-contractors. Among the larger contractors and designersmaturity is higher then found in the last study performed for GDDA 2013 (Valdimarssonand Kjartansdóttir, 2013). Recent requirement from large public project owners that requiresBIM has speed up implementation.

  • 11.
    Gustafsson Rydell, Robin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hult, Alexander
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Blockchain: fundamentet i en ny fastighetsmarknad?: En studie om digitala identiteter och tokens som verktyg för en likvid och transparent fastighetsmarknad2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Real estate is defined as a relatively illiquid asset, with a rather opaque and inaccessible flowof information. The result is long and costly acquisition and divestment processes, in whichinformational asymmetries is to be erased during the due diligence process. Real estate is thuscharacterized by a partially unwanted inefficiency caused by traditional and conservativeprocesses. However, in a time of rapid and extensive technological change, we seem to find anever-increasing amount of creative solutions to problems we previously could not manage.Among these alleged solutions we find blockchain, which by many has been identified as meanto improve both liquidity and transparency in real estate as an asset class. More specifically, thetopics of discussions have been digital identities and tokenization of real estate. Two termspossessing the potential to create standardized information management and fragmentedownership, which would enable instantaneous trade. These terms remain rather unchartedterritory and hence constitutes the subject of this study. The aim of this study is therefore todepict how the liquidity and transparency problems may be redressed by a fragmented andtransparent ownership structure placed on blockchain.The academic anchoring of the study is grounded in an extensive literature study aimed to definethe terms liquidity and transparency, but also define the meaning of due diligence andblockchain technology as a whole. The results were gathered through qualitative studies, inwhich semi-structured interviews constituted the instrument from which the information wascollected. The study identified liquidity and transparency as two cornerstones of a functioningand effective market. The evident problems related to liquidity and transparency in real estate,are to a great extent expressed via slow paced due diligence processes and non-disclosed rentalinformation. The study may be concluded as a broadly agreed upon view on the potential ofboth tokenization of real estate, as well as digital identities as effective means to enhanceliquidity and transparency. The respondents did however emphasize the current uncertaintyregarding blockchain as a severe hindrance for having enough confidence to whole-heartedly embrace the technology as a key element of the real estate market. With this being said, theydo not doubt its potential, rather inquiring an increased number of applied and successful usecases accompanied by a distinct regulatory framework for the conducting a transaction in thenew market environment. This would be an essential factor to instill the level of trust intransacting that investors require.

  • 12.
    Körner, Erik
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sivula, Sami
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Commercial Real Estate Valuation Based on Modern Technology Solutions: Case Study in Helsinki, Finland2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The current state of global economy and modern technology have emerged questionsregarding the existing property valuation methods. The development of new and moredata-oriented methods has come a necessity to cope with the huge amount of dataneeded in order to compute property valuations. Furthermore, this has raised a need todevelop and study the methods which modern technology can provide to enhanceproperty valuation.The transparency has been acknowledged to be one important factor for theenhancement of the property valuation and the attractiveness of the market. Furthermore,the object of this study was to investigate the transparency of Helsinki real estate marketand further evaluate to what extent the property valuations can be performed with thedata available in the various sources. Additionally, to the quantitative results, the studyevaluates the advantages and disadvantages of property valuation done by utilizing GIStool compared to the traditional valuation methods.To answer the questions a comprehensive literature review was conducted. Based on theprevious literature, the study was implemented by assessing four properties which wererecently transacted with the information available. The quantitative results were comparedto the transaction prices. Additionally, the process was evaluated by comparing it to moretraditional method of conducting property valuation. The conclusions were that GIS toolstogether with aggregated datasets provide a great foundation for property valuation bymitigating biases and making the process more efficient.

  • 13.
    Müller Löfvenberg, Madeleine
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sörensson, Lovisa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Coworking Companies Leading the Way for a Change on the Office Market: A Study About Profitability and Perseverance in the Business Model2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With the advancements that have taken place in technology the recent decades, it is nowpossible to work anywhere and at any time. Coworking space is the type of flexible workplacethat is currently growing the fastest and comprises a workplace shared between severalcompanies and individuals with emphasis on collaboration and knowledge sharing. Withbenefits such as cost efficiency for members, it is now questioned how the companies that offercoworking make it work financially. This thesis investigates the profitability of coworkingcompanies and whether they are persevering enough to survive an economic downturn orrecession.By examining the Stockholm market’s nine largest coworking companies' annual reports,interviewing them and experts from different areas on the market, these questions have beenanswered. In order to further assess the potential of the new market segment, the currenteconomic climate has been compared with the IT-bubble in 2001. Further, the financial positionof the coworking companies has been set against the business model of hotels. Through a datacollection that is both qualitative and quantitative, the results have been discussed thematically.From the study it was concluded that coworking operators are economically weak with low orno profitability. By developing their business model in accordance with the one of hotels,companies are expected to improve their financial position. This is done by overbookingflexible workplaces and in detail work with profit per workplace to increase the total return.The coworking companies' rental cost to their property owners one of the largest expenses andthus also decisive. For companies to be able to operate in the long run, revenue sharing rent isrecommended. Experience, strong ownership, central location and diversification of membersare recognized as success factors. Regarding the coworking companies' sustainability ineconomic downturns, they are also considered weak. Given their deficient financial statementsand balance sheets, they lack the margins and qualifications to endure an economic downturnor recession. A consolidation is expected to take place where survival of each coworkingoperator depend on new customers to leave conventional leases and prioritize flexibility. 

    Furthermore, the study has shown the economic climate today to resemble with what led to theIT-bubble in 2001, which in turn signals for a coworking bubble. A pattern of increased demandfor service in the office market has also been discovered. What we are seeing today is thebeginning of a change on the office market - a servicification that requires a fundamental changein the office sector's business model.

  • 14.
    Andersson, Lukas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Källman, Marcus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Crises in Stockholm’s Office Market: Any Signs Today?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The office market in central Stockholm has since the financial crises in ‘08 showed remarkablegrowth and the current conditions are compared to the once under the previous crises. Thecommercial real estate market has had a substantial role in the last crises, as it is sensitive to cyclesand has high indebtedness. The study aimed to evaluate the market today by comparing it withforemostly the crises in Sweden in the 90s and dotcom-era, but also the great recession in’08.Further, the perception of the market actors was analysed. The methodology was qualitative, as sixprofessionals have been interviewed representing property companies, consultancy firms, bank,and institutional owners. The result shows more differences than similarities to the past crises, inboth macro and micro level. Furthermore, consensus had an optimistic view of the future and thereal estate market. Central Stockholm office market can be regarded as more professional andstable. However, there are uncertainties which were not present during the crises, such ascoworking, market-financing and low-interest rate. The study suggests that the factor causing thenext crisis is something the market does not know.

  • 15.
    Ghalandar Zehi Jalalabad, Toomaj
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Design Quality in Architecture and Construction Research2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The issue of design quality in construction projects has long been a major concern for designprofessionals (Gann et al. 2003). The emphasis on improvement of processes in constructionin order to manage or reduce “cost, time and waste” in projects, at times has led to concernsthat the design of a building could become a matter of less importance due to such processimproving measures (Gann et al. 2003, p.319) “Design Quality” in architecture andconstruction is an ambiguous and “dynamic concept” in relation to its context, continuouslygoing through changes (Rönn 2010, p.48; Slaughter 2004).Quality itself is related to value and multiple definitions of it (Rönn 2010). It is often possiblefor both people and professionals to feel and experience design quality in buildings ratherintuitively, but to frame it in a recognizable manner has always proved challenging (Rönn2010). Essentially, human behavior apart from being influenced by the physical environmentis also influenced by the social context existing within the physical environment (Vischer2008).These challenges further extend to judgement, assessment and measurement of design quality,and setting out the relevant criteria for them (Rönn 2010, Slaughter 2004). Therefore, it’sdifficult for building designers, to structure design solutions that could guarantee theachievement of such ambiguous concept (Rönn 2010).

  • 16.
    Hanna, Jacoub Jack
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Purasell, Michael
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Det långsiktiga investeringsstödet – Ett bostadspolitiskt misslyckande?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish housing market is flawed. The supply of affordable housing is limited throughoutthe country. The available apartment stock consists of either expensive condominiums or newlyproduced rental apartments with high rents. The limited stock has resulted in subsidies toincrease the availability of rental apartments. The investment support was implemented as anattempt to increase the stock of affordable housing for low- to mid-income households and topressure real estate developers to minimize buildings costs.The essay aims to describe the current housing situation and to evaluate the investment support.Both a quantitative and qualitative study will be conducted where the qualitative parts consistof a theoretical literature review and semi-structured interviews with experts within the subjectarea. The quantitative segment of the essay consists of an area-based cash-flow simulationwhere the key figures and assumptions are dependent upon the chosen area.The results show that the investment supports feasibility is highly dependent on location. Theinterviewees consider the subsidy to be a short-term solution. In the long-term the intervieweesbelieve that innovation in the building sector is necessary to reduce building costs.The literature review and the results show that there is a clear housing supply shortage as aresult of the dysfunctionality that has emerged from the lack of a clear housing policy. This hasled to the need of housing subsidies. Whether the investment support is the right way tosubsidize housing is questionable. The subsidy has not had a notable effect on the housingsupply and decreases the profitability for real estate developers that have achieved low buildingcosts. Furthermore, it is quite difficult to achieve the goals that have been set when the subsidyis addressed towards the supply-side. For these reasons the investment support is not a goodsolution for the current housing supply shortage. The subsidy should be carried out in a differentmanner, possibly by subsidizing the demand-side.

  • 17.
    von Heideken, Hedda
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Höglund, Nina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    E-commerce and its Effects on Commercial Real Estate and F&B: Space Conversions, the Optimal Meeting Place and Future Expectations on Development in Stockholm CBD2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    People are becoming more digital today, and are spending the majority of their time behindscreens. Because of this, the importance to socialize have become more prominent. In thisdigital era, more businesses are establishing online. A structural reformation in the retailmarket is inevitable. One of the reasons for this is the competition which comes frominternational competitor. Consumers can click home goods directly from internationallow-cost production actors. With this change, it has become harder for physical retailbusiness to become profitable. Even though the online retail market is blooming, there is stilla need for physical spaces in Stockholm, and this is because of webrooming and Halo effects.In combination to this, retailers desire fewer and smaller spaces. Further, the effectse-commerce has on physical retail have altered the way real estate owners establish theirspaces. Several real estate owners convert retail stores into food and beverage (F&B). TheF&B sector has become more important and prominent today because of its importance ofcreating a meeting place in today’s society. Due to this, the F&B market is saturated causingcannibalization between actors.The aim of this study is to explore and interpret qualitative data, based on interviews withbranch experts from real estate owners and consultants, retailers, researchers and F&B actors.Considering, if the online retail market affects the F&B market in Stockholm CBD. What willbe the future for physical retail and F&B spaces, based on the change in consumer behaviour?What is the relation between the expanding online market and the conversion from retail toF&B? What will happen when the market is saturated and how will the future meeting placebe established? The thesis will also be based on a case study of Sergelstan, a developmentproject in Stockholm CBD, owned and established by Vasakronan.The conclusion of the research is that e-commerce has an indirect impact on the F&B sector,based on direct effect from retail. The physical retail sector creates vacancy due to a changedconsumer behaviour, which enables other sectors to grow. Due to the importance of ameeting place for society, real estate owners have almost doubled their F&B supply in theCBD of Stockholm.

  • 18.
    Alveman, Filip
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Karlsson, Gustav
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Empirical Study on the Term Structure for Stockholm Commercial Property Leases2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Over recent years, the economic climate on the Swedish office market has been advantageous,and, as a result, both property prices and market rents have been on a constant rise for almost adecade. Moreover, an increased demand for flexibility in lease terms has been seen on themarket, which begs the question; how would changing preferences in length of tenure affectrent levels? There exist several convincing theoretical cases that leases should yield differentpricing dependent on its maturity and expectation about future market conditions. Theconceptual framework developed by Grenadier (1995, 2005) has been used for the valuation ofgeneral leasing contracts and lease terms - applying an option-pricing approach. In total, threepapers have analysed the effect length of tenure has on office equilibrium lease rates. However,the empirical evidence, to this date, has been inconclusive in its result when trying to isolatethe effects.The purpose of this report is to investigate the relationship between rent and lease maturity. Ahedonic pricing model will be developed, which allows for different shapes of the term structurecurve, building on the model created by Gunnelin and Soderberg (2003), while controlling forprice-relevant characteristics omitted in previous research – such as, building quality, qualityof office premise, location, and tenant industry. The model will be used in an empirical studyapplied to commercial office contracts in Stockholm, Sweden, concluded between 2012 and2019.The data used in the regression comprise of 1 508 office leases, contracted on the Stockholmmarket during the investigated period. The result showed a significant term structure for 4 outof 8 years for the full sample, and 5 out of 8 years for the subsample only including leasessigned in the CBD. Concludingly, giving further evidence to the reasoning that the marketadjusts the rents after lease length, according to future market expectations.

  • 19.
    Olsson, Kimberly
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    How Have the Amortization Requirements Affected Housing Prices in Stockholm?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The aim of this study was to investigate how the amortization requirements of 2016 and 2018 haveaffected the housing prices in Stockholm county, using an event-study approach and a regressionanalysis. Furthermore, the paper studies how the regulations have affected single-family housescompared to tenant-owned apartments, if the effect was different for tenant-owned apartments ofdifferent sizes and if existing housing compared to newly produced housing were affected differently.The reasoning behind the introduction of amortization requirements was to regulate and decreasegrowing household indebtedness that was making Swedish households vulnerable to changes in theoverall economy. The second requirement aimed to further regulate household indebtedness and wasexpected to lower housing prices, which it received criticism for. The report is limited to thedevelopment of house prices for single-family houses and tenant-owned apartments betweenDecember 2013 and February 2019.The primary findings of this report are that the amortization requirements have resulted in decreasedexpected returns. Consistent with previous literature, the introduction of macroprudential policiesreduced the price growth for existing tenant-owned apartments and decreased the housing prices ofsingle-family houses and newly produced homes. The amortization requirements accomplished theFinancial Supervisory Authority’s aim of reducing household indebtedness, but increased the averageloan-to-value ratios for households. Lastly, it has become increasingly difficult for younger householdsto finance their housing purchase due to increased monthly payments and thereby failing to pass theleft-to-live-on computations created by lenders. At the same time, the rental housing market remainslimited.

  • 20.
    Feng, Minggang
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    How Will Proximity to Higher Education Affect the rental Housing Market? A Case in Beijing: A Regression Analysis of Rent Level in Beijing2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Education would always be an important issue in China. Capitalization of education wouldhave impact on housing price and rent price and affect the housing market, this can bereflected from the phenomenon of ‘over-priced school district house’. While thecapitalization of higher education on rent price is always be neglected.In that case, the propose of this study is to estimate the relationship between highereducation and rental market price level in China based on the rental market in Beijing.And the study would focus four zone in Beijing, each of them contains one to twouniversity district and surrounding non-university district.Hedonic pricing model would be used in this study to determine the impact of independentvariables on the rent price development.The result of this study indicates a complex relationship, it finds that the relationshipbetween higher education and rent price in different zones while most zones shows apositive relationship, and the overall result is insignificant. And according to our research,some target suggestions were pointed out.

  • 21.
    Smedberg Svensk, William
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Höglund, Anders
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hur påverkas hyresnivån av miljöcertifieringen Miljöbyggnad?: En studie inom Akademiska Hus fastighetsbestånd2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction and real estate industry accounts for a significant proportion of theemissions that are directly hazardous to the environment. Environmental certificationsof buildings are part of the work to reduce the human impact on the environmentwithin the real estate industry.Akademiska Hus is a Swedish and state-owned property company that managesuniversity premises. The company works actively to reduce its environmental impactand one of the tools in this process is that the company certifies all new constructionand major renovations with the Swedish certification system Miljöbyggnad.This study reports on how the rent level within Akademiska Hus real estate portfolio isaffected by the fact that a building is certified. This study has been carried out bycreating a statistical model based on a variety of variables that explain the rent level.The data used is based on rental contracts and attributes for the buildings to which thecontract belong.The result shows that an environmental certified building within Akademiska Hus realestate portfolio has a ten percent higher rent level compared to other buildings. Theresult was in line with both expectations and what previous similar studies have shown.

  • 22.
    Laab, William
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Pataky, Adam
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Impact of Interest Rate Increase on Stockholm’s Households2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The housing prices have increased in a rapid pace in Stockholm the past decades. Simultaneously, the interest rates have decreased drastically, since the global financial crisis in 2008. The two movements combined have led to higher debt among Swedish households and especially in the capital, Stockholm. This article presents a quantitative research investigating which types of households, based on their social economic profile, will be mostly affected by an increased mortgage rate. The DSR is calculated for each HH, taking in account the amortization regulations introduced in 2016 and 2018. By doing a regression analysis using the DSR as the dependent variable and the socioeconomic factors as independent variables, we find that income and age are the variables with highest significance describing the DSR. Additionally, we investigate the socioeconomic profile of those households that have the highest DSR increment, based on specific cluster made by Insightone. The findings of the paper suggest that four out of 44 types of families have exceptionally higher exposure to the two different mortgage-rate increase scenarios. Three of these four family clusters are young, have children, high income and lives in houses. The remaining family cluster is young, have no children, has low income but is highly educated.

  • 23.
    Wisén, André
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Integrating IFC Models and Virtual Reality for Indoor Lighting Design2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous research has studied the use of Building Performance Simulations (BPS) tools withBuilding Information Modeling (BIM). BPS can be used to visualize and evaluate the designof buildings. Virtual Reality (VR) can be used as a BPS tool for designing indoor lighting.The problem is that previous research still has difficulties with data interoperability. That isthe integration of VR with BIM. Many studies suggest using the file format IFC to mitigatethis problem.The aim of this study is to investigate how to increase data interoperability by using a fileformat IFC. A prototype system will be developed to test this. The research question is if openBIM formats can improve the quality of design solutions? The study will try to answer howVR can be integrated with BIM and how VR can be used for indoor lighting design.The result from this thesis is in part a prototype system called FooBar. FooBar shows how VRcan be integrated with BIM. However, the file format IFC was not used throughout the wholedesign process. Instead, IFC is only used at the beginning and the end of the process. Thisstudy shows how VR can be used as an alternative BPS tool. Users can manipulate lights inthe building model. These changes are then updated in the original BIM model.This means that VR can be used to improve the quality of design solutions. In other words,FooBar can help to cope with multidisciplinary design processes. Users can immersethemselves into the virtual environment and see different design alternatives for themselves.Different design alternatives can easily be rendered in VR. With a system like FooBar, userscan easily define, propose, and analyze different design ideas to reach design goals.

  • 24.
    Le, Mai
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Eriksson, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Investeringsbeslut i komplexa projekt: Fallstudie - Överdäckning av centralstationsområdet2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    There are many aspects to consider when investing in complex projects and there exist several methods to evaluate those investments. Complex projects such as a decking over existing thoroughfares engender new areas that generate more utility than just economic. Therefore it is of great importance in case of investment decisions to evaluate the investment with regards to the aspects of interest.Cost Benefit Analysis (CBA) is a method used in contexts where more than just the economic aspects are included in the investment decision. The method is well-known and appears in both the academic field and practical at companies. A different method, Option Games is newer and so far mainly applied theoretical and not used in daily practice yet.The aim with this paper is to compare the two methods, Cost Benefit Analysis and Option Games. The goal is to assess which of the two methods best includes the aspects of interest when considering investment decisions for complex projects. The methods will be evaluated based on three selected criteria. Firstly, assumptions and inputs of the two methods. Secondly, their applicability in the current case study and finally the scope of the methods. The paper is conducted as a case study applied on the planned over decking of Stockholm Central station.The result indicates Cost Benefit Analysis to be the preferable method compared to Option Games. Cost Benefit Analysis generates a better foundation when investing in complex projects. Nevertheless, Option Games does regard some aspects that are not considered in the Cost Benefit Analysis method. The most important parameter for both methods is the discount rate in relation to the implemented sensitivity analysis.

  • 25.
    Örtevall, Marcus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kommunala markanvisningar: Logik och transparens i anbudsutvärderingen2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The population in Sweden continues to increase and a majority of the municipalities state thatthey are experiencing a housing shortage. To meet the need for more housing, there isconsequently a need for continued exploitation of municipal land, where the municipalities'process for allocating land to builders is called land allocation. However, until 2015 this hasbeen unregulated, which has also led to large variations in the allocation process between themunicipalities and few studies have been carried out in the field.The purpose of this study is to describe the land allocation process in different municipalitieswith a focus on transparency in the tender evaluation and the logic that governs this. The aimis to discuss different approaches including its predictability and transparency with regard toprevious studies and theories for the rational decision-making process. The empirical materialwas collected primarily through interviews with respondents from selected municipalities incombination with information from public control documents.The results of the study confirm the variations between the municipalities, which werepreviously identified, but give a new insight into how the evaluation processes are implementedin practice. The study proposes an alternative categorization of allocation methods, while theresults show a general lack of clarity and standardized evaluation processes. The lack of generalguidelines reduces transparency towards market actors and a trend towards more iterativedecision-making processes also reduces predictability. In order to improve these aspects withinthe land allocation process, further research is needed which studies the municipal conditions,increased knowledge dissemination and exchange of experience together with a discussionabout suitable methods for achieving the highest socio-economic benefit.

  • 26.
    Linjo, Sofia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Andonov, Alexandar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kontorshyresgästers betalningsvilja för flexibla hyresavtal: En undersökning av kontorshyresmarknaden i Stockholm CBD2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    such as coworking and flexible office companies have absorbed the market that meets the tenants' demand for flexibility. The current market that property owners in Stockholm is in with high rents and low vacancies has led to a situation where they do not have to take the step to adapt the office supply to the tenants' desire for flexibility, but in line with the progress of digitization, changed working habits and a potential prospective recession this can change in the future. However, the question of how profitable it will be to offer more flexible rental options remains for those property owners who choose to go through the process of adapting the office supply so that flexible leases can grow. The purpose of this thesis is to examine office tenants’ willingness to pay for flexible lease agreements concerning contract length, area and service in Stockholm CBD. In order to capture the willingness to pay, a quantitative survey and a qualitative interview study were conducted, where tenants with offices in the CBD were respondents in both surveys. The results of the study show that there is a very large proportion of tenants in Stockholm's primary business district who are willing to pay a premium of 4% on the market rent in order to benefit from shared service in the form of reception, conference rooms, changing rooms and bicycle garage in the property. A large proportion of the tenants were also willing to pay a premium of 25% on the market rent in order to rent an office in a property where there is also access to a coworking area and thus the opportunity to rent extra workplaces. The survey also showed that there was a relatively large willingness to pay for turnkey offices with lease agreements that run indefinitely and have a short notice period where the premium was 50% on the market rent. Previous studies show that the demand for flexible lease agreements for office tenants exists, and the results from this study also indicate that a willingness to pay more than the market-based rent to get the flexibility exists. For property owners who are willing to offer more flexible leases, it will be important to diversify the tenant portfolio to minimize the risk that flexible leases entail. By offering tenants a menu of contracts, a larger mix of rental agreements can be achieved.

  • 27.
    Arafat, Dalill
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Czerkinsky, Karolina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kritiska framgångsfaktorer för fastighetsägande bolag2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The real estate industry in Stockholm is in growth, urbanization is continuous, the housing queueis longer than ever before and the vacancy rate for office spaces is at a record low. The intensivemarket competition forces real estate organizations to adopt strategies to ensure survival, growthand development in a fast-growing environment. In this regard, organizational methods andtechniques has become a prioritized field of study. The real estate companies' success should catcheveryone's attention as these are of great importance for the economic and social life of an area.This study is placed in this theoretical framework and aims to identify the critical success factorsfor property owning companies in Stockholm, both from a holistic and property managementperspective. The study also aims at investigating any differences in critical success factorsdepending on what type of real estate the company is specialized in. Furthermore, the studyhighlights if there are any differences in critical success factors depending on geographicallocations and whether it has an influence on property companies’ decisions on whether to expandin new locations. The methodology of the study includes interviews with six real estate companiesrelated to the property management sector in Stockholm, as well as Hans Lind, ex professor in realestate economics at KTH. The interviews were administered by phone calls and personal andrecorded meetings with respondents. The model studied provides an overview that can easily beused by companies for internal analysis of critical success factors.The research is presented in four main parts. The first part encompasses the characteristics of thereal estate industry in Stockholm, specifies the research problem and determines the conceptualanalysis of the real estate industry's internal factors. The second part consists of a literature studyon critical success factors in general and in a facility management environment. The third partestablishes the method and interpretation of the results that follow the conducted interviews.Finally, the report ends with a general conclusion and recommendation. Our conclusion indicatethe existence of a common critical success factor for all property-owned companies participatingin the study: to offer local presence within owned holding. There is no significant variation amongcritical success factors depending on the companies included in study. Furthermore, all companiesconsider that there is a difference in critical success factors depending on geographical location,but it does not affect the decision whether to expand to said position or not.

  • 28.
    Bohman, Peter
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Karlsson, Erik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Leasing Risks and Commercial Real Estate: A Study on the Relationship Between Risk Premium and Leasing Risks2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Purpose: The purpose of this thesis paper is to evaluate what the current market practice of real estatevaluation and investment decisions is when it comes to different leasing risks and the risk premium.With regard to some of the ongoing trends within real estate, it is believed that investor preferencesaffect the market practice and the underlying theories of valuation does not fully comply to the currentmarket practice.

    Method: The implementation of the method is stage wise. At first already existing research andliterature was evaluated and triangulated to find relevant knowledge as basis for the theoreticalframework. Afterwards an analysis was performed to answer whether there is a research gap or not.By analyzing the literature, a research gap as well as potential problems related to leasing risks wasfound. The second phase consisted of a qualitative method where experts in the field were interviewedregarding leasing risk to evaluate whether the problem exist in practice or only in literature.Experts on the topic also helped to develop the questions consequently delivered to the interviewees.The mentioned strategy was done with guidance of our tutor Han-Suck Song at KTH and DanielHolmkvist at CBRE.

    Interviews: Nine interviews were conducted where experts in the business (consultants and propertyfirms) participated to deliver different perspectives on the research question. All interviews were madein Stockholm and held in Swedish and afterwards translated to English.

    Results: The results consist of the answers from the interview-part, where the relevant findings weresummarized and pin-pointed with regard to the respective field of business and property segment.The general themes that arose throughout the methods are presented, as well as the extremes in termsof opinions and answers. It was found that there is a clear relationship between the leasing risk and therisk premium for commercial real estate. The relationship depends on several factors such asgeographical location, the different submarkets and finally the segment. A municipal- or corporate bondcannot be fully comparable to a leasing contract but for a 20 year or longer contract where the tenant ispublicly financed, the contract can become an interesting investment alternative due to the currentinterest rate cycle. Finally the leasing contract needs to be more effortless to liquidate in order to becomparable to the bond situation.

    Scientific relevance: The recent transaction activity on the Swedish real estate market has been ratherdefensive for multiple segments the last twelve months with an exception of community properties.A common understanding is that such objects feature “stable tenants” and are viewed as a safeinvestment by the market. This investment practice raises the awareness of what a stable tenant is, andhow the consultants and property owners’ reason during investments and appraising decisions.This research paper illustrates that a common perception on the subject is that the risk exposurecompletely depends on the specific segments, location or contract length etc. The academic researchexplains the theory behind how to derive the discount rate for an investment decision, however thisstudy has during the literature review proven that several important concepts are left out in the theorypartand thus does not fully cover phenomena’s that investors and appraisers are exposed to duringmarket practice. The most critical part is how to relate leasing risk to the risk premium on the Swedishmarket. Since this study focuses on specifically the Swedish market it is crucial to relate to suitableliterature review for further discussions. On foreign markets, more rigid literature on the subject wasfound.

  • 29.
    Sten, Mikael
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Höjdefors, Jakob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ledning av internt förändringsarbete: En studie på ett konsultföretag2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous studies have problematized changes in companies through how leaders implement change. Further, studies have also shown that changes can affect those who are involved in the change process by a resistance towards the new change. Therefore, the study in this report focuses on understanding how a consultancy company works with internal development-changes. By analysing formal leaders' approaches to implementing changes, the study can propose standpoints and potentials for development too be more effective within change management.Qualitative data has been collected through interviews with formal leaders who have previously led changes at the company. The interviews were semi-structured, and the questions were designed through the theoretical framework that the report highlight. The empirical result shows how the formal leaders were leading change. By analysing the findings through the theory that the writers choose as framework they found out what is important for the formal leaders when leading change and what they can do better.The conclusion should contribute to how leaders at a consultancy company works with change, what is important for them and what they can do better for a more effective change management. The results show that four standpoints and one potential of development have been discovered in the formal leaders' approach to implementing internal development-changes. The four positions are, ‘Communication’, ‘Attending the concerned’, ‘Flexibility’ and ‘Attitude’. Where each position is a generalization of what the formal leaders consider to be important during the implementation process. The potential of development is ‘Planning’ and the conclusion highlights how and why a formal leader could apply this. The potential of development is a generalization of what the formal leaders together believe is important and what the theory reinforces.The theoretical implications say that all activities within the theoretical framework are not as relevant to this typical company. It has also been found that the formal leaders' attitude towards change is important for the company, which the theoretical framework does not elucidate. The practical implications describe that a company can understand their most important standpoints and which areas they need to develop within the implementation of internal development-changes.

  • 30.
    Bergsten, Lisa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ledningsrättslagens sakägarbegrepp2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Interested parties in a cadastral procedure or process holds the right to take legal actions. Incadastral procedures such as utility easement procedures, it is the cadastral surveyor decidingon who should be considered an interested party.Utility easement is a way for a proprietor of utility easement to ensure its right to have publicutilities in someone else’s land. In Sweden it is the cadastral authority determining if utilityeasement can be formed in a utility order according to the Utility Easement Act.The legal framework in deciding which ones should be considered as interested parties in autility easement procedure are to be found in the Utility Easement Act and the PropertyFormation Act. According to these the cadastral surveyor is responsible for investigating whoshould be interested parties in the procedure. It also says that a right-holder, with the right tospace on a property that will be claimed by the utility easement should be an interested party ifhis right is concerned.To examine how the legislator intended the law to be interpreted, the legislative history hasbeen investigated. Also, cases from court regarding this specific question has been studied forguidance in the interpretation. To investigate how cadastral surveyors’ apply the concept inutility easement procedures a study of cadastral documents has been done. In addition to thisseveral cadastral surveyors and technical judges have been interviewed to convey their viewand approach to the concept.The result shows that who is considered an interested party in the utility easement proceduresis handled differently between different cadastral procedures. The interviews reinforce thepicture of a concept that is difficult to interpret and therefore has a varying interpretation.The legislative history does not describe how to interpret the concept of interested parties. Butaccording to the cases, the court seem to have a quite low threshold for when a right-holdershould be considered as an interested party. The differences in how the concept of interested 

    parties according to the Utility Easement Act are interpreted indicates an inadequatelegislation.The formation of the concept of interested parties is vague which opens for a lot of differentinterpretations. A clarification is well needed, and a reformulation would be even better –both in the interpretation of the concept interested parties and the cadastral surveyors’ duty toinvestigate.

  • 31.
    Linell, Markus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Riise, Theodor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Logistics in a Changing Retail Landscape: How Will Warehouses and Logistics Real Estate Evolve With the Transformation of Retail?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish retail sector is experiencing a structural shift, where the e-commerce sector isgrowing steadily each year. As of 2017, e-commerce had seen an average annual growth rateof 14% over the past decade. Currently, e-commerce corresponds to 8.7% of the total retailsector. As the e-commerce sector is growing, so are the requirements for the underlyinglogistics operations. Larger trade volumes implicate a greater need of warehouses andlogistics real estate.The purpose of this master thesis is to investigate how the changing retail landscape will affectdemand for logistics real estate in Sweden for the coming decade. The study is based on amixed-method research design, combining a data analysis on the current market situationwith scenario-based interviews with 14 professionals about future market expectations. Thisthesis is structured around the DAS-framework, a strategy model developed at the Real Estateand Housing department at Delft University of Technology in the Netherlands.From observations, the conclusion is that the logistics real estate stock in Sweden needs to becomplemented by several, smaller distribution terminals located in close vicinity to the citycores. This in order to address the last-mile issue from the continued development of ecommercein areas with dense population.

  • 32.
    Brunius, Charlotte
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lorenius, Alexander
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Osäkerheter kring förhandsavtal för nyproducerade bostadsrätter i Stockholm: Vilka finansiella orsaker ligger till grund för de problem som har uppstått?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Residential investments have increased over the past years in Sweden. Thefavorable price trend has resulted in more investments in new-construction, and thenumber of new-built apartments has been large. During this market situation, itbecame increasingly attractive to sign pre-sale agreements on newly producedcondominiums. Since the prices subsequently fell in Autumn 2017 and thereafterstagnated, there has been an increased uncertainty in the Swedish housing market.In this stagnated market, the residential housing developers’ financing models for thepre-sale agreements has received greater medial attention. Most of this attention hasbeen about criticism and shortcomings regarding the pre-sale agreements that havebeen signed and which have become increasingly appeared when the marketswung. This has led to enhanced numbers of disputes between residentialdevelopers and buyers, as an attempt to lift these agreements. Today an increasingnumber of households have been waiting to sign pre-sale agreements, especially oncondominiums where access dates are well ahead.In the paper, interviews were carried out with housing developers in Stockholm,financiers and legal representatives for consumers in order to compile the view of themarket today regarding pre-sale agreements for newly produced condominiums,from various players. In addition, a case study has been conducted to get a deepdive into two different housing developers' business models and control processes,in order to be able to examine the underlying reasons why any disputes with buyershave arisen. The purpose of the thesis has been to identify the financial causes thatunderlie the problems that have arisen in the market today, and to give suggestionsfor solutions that could further be investigated on the subject.

  • 33.
    Westerberg, Tim
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Karadja, Riad
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Price Development of Residential Assets in the Stockholm Inner City Areas: Regression Analysis of Macro Prudential Policies, Construction Levels and Determination of Price in the Tenant Owned Market2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    After the financial crisis in 2008 Sweden implemented a stricter monetary expansionary enforcement trying to stabilize the overall economy of the country. These measures have led to discussions about secular stagnation and an increased savings glut when the interest rate is lowered.Between 2013 and 2018, Stockholm has seen an increase of construction levels trying to meet the market demand of a somewhat neglected supply of housing. The import of the new tenant-owned assets has shown indications of not fulfilling the market demand as after stricter amortization requirements was implemented, the possibilities to purchase these assets has been somewhat limited.The research will focus on four inner city areas in Stockholm between the timeline, aiming to determine the household effect of a larger intake of supply and implemented regulations onto the price point of tenant-owned assets.Regression analysis is utilized to statistically determine the effects of these market conditions together with an overall analysis of the imposed dataset with a theoretical framework capitalizing models of the Stock-flow theory, Tobin’s Q and the four-quadrant model.Statistically the research regression model is built up with newly imposed variables such as user cost and new supply together with a variation of other independent variables determining effects the variables have had on the price development of tenant-owned assets. The empirical analysis then researches the mentioned scenarios together with individual area analysis in all of the specific research areas imposed by a hedonic cross-sectional method.The results of the paper indicate the amortization requirements as having a large part of the declining price development within the research areas. The new supply entering the market has had a small effect. Nevertheless, the intake of new supply has been greater than previous years, amounting to 30% over thetransaction volume at the end of 2018 indicating a large supply of tenant-owned assets that are not being sold.We conclude that the market is not in equilibrium and together with a large intake of new supply in a certain segment and strict amortization requirements, the price development has decreased indicating myopic and herd behavior by construction firms and developers that are advised to further increase and advance their strategies as well as tactics with deeper market analysis before processing new construction.

  • 34.
    Dag, Maria
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Garg, Apoorv
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Production Planning With the Last Planner System on Construction Projects in Sweden: An Exploratory Case Study of Challenges and Improvement Measures2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    One of the main assumptions in conventional production process is that each component or part of the production process can be controlled separately as if they are not dependent on anything. This assumption gives rise to problems such as need of effective collaboration with different actors and constraints in budgets. Conventional planning process also causes delay as well as cost overruns which ultimately leads to reduction in productivity.The Last Planner system, LPS, is a tool used in the construction sector with the goal of streamlining production. The tool has several advantages, for example, to make collaboration between different actors more efficient, achieve a better workflow and increase production efficiency. The purpose of this masters’ thesis is to explore how two construction projects in Stockholm work with LPS. Apart from the fact that LPS provides many advantages in the production planning of the projects, this study aims to explore the challenges that they face while working with LPS. The goal of this study is to be able to suggest improvement measures for the challenges that the projects are facing.Semi-structured interviews were conducted on both projects to understand how they work with LPS and what challenges they face. The results section contains the information from the interviews. That is then discussed against the theory on which the Last Planner system is built.The conclusion of this study is that the production planning in the projects differs from how the tool should be used according to the framework of LPS. Learning, which emphasizes what has been done during the project, is a phase in LPS's framework. According to one of the founders of the LPS system, ‘learning’ is the most important phase. However, due to the lack of time, the studied projects were not able to involve the learning phase into their production planning. The projects faced several challenges, including repeated changes from the design teams, which entailed new actions during the project. Also, the involvement of the construction workers in the planning phases came out as a big challenge for the managers. Furthermore, communication problems and lack of cooperation with subcontractors is also present. Some of the improvement measures suggested to meet the challenges are that managers should increase commitment to involve especially construction workers in the planning phases, create nucleus teams, create a standard protocol for how production planning should be implemented, and improve visual planning to enhance communication.

  • 35.
    Magne, Sofie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Stenswed, Jacob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Revenue Management Applicability on Coworking Space: Operator Perspective2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis explores the potential use and implementation of a revenuemanagement model for coworking operators. With a critical realism philosophyand abductive approach, a quantitative study using primary data from a coworkingoperator has been conducted. Based on a comprehensive literature review, wehave found that much research is done on revenue management in the airline andhotel industries. However, we found no research on revenue management modelsthat intend to optimize revenue for coworking operations. Hence, this thesis aimsto fill this gap in existing academic research. Features from revenue managementmodels used in the hotel and airline industries are identified and analyzed with theobjective of implementing these in the coworking industry to efficiently maximizerevenue. The paper proposes the use of multinomial logit (MNL) model in theprocess of market segmentation; this method allows one to determine whichfactors influence the different segments. Moreover, the MNL model is used todefine the demand function from which a probability (probable?) distributionof total demand can be separated into demands representing each product class.Furthermore, the demand is used to calculate protection limits according to theExpected Marginal Seat Revenue (EMSR) model, with the objective of allocatingcapacity to the highest-yielding customers.Results indicate that the MNL regression is an effective tool to analyze themarket segmentation and demand allocation for coworking operators. Afterour successful analysis, we are prepared to argue with confidence that revenuemanagement models are applicable to coworking operations.

  • 36.
    From, Sebastian
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lindén, Lasse
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Samverkan mellan entreprenör och underentreprenör: En studie ur underentreprenörens perspektiv i byggbranschen2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry has a major impact on a country's economic growth. The subcontractors account for a large part of the total value for construction projects. The study examines how collaboration between contractor and subcontractor can promote problem solving during the production phase.To answer the questions created, eight subcontractors' site managers have been interviewed. The interviews have then been compared and analyzed together with information from the literature study of articles, reports and other texts.The result shows that problem-solving methods are used for the usual problems on the construction projects today, but there is the possibility of improvement. Planning, information sharing and unpredictability are the factors that characterize the most common problems. The contractor and subcontractor should focus on creating a good relationship with each other and have a mindset that the work should be done together. The contractor's site manager should ensure that there are structured meetings that help both subcontractors and the contractor with planning. The form of compensation on a current contract causes the subcontractors to focus more on the main project objective and create solutions together.

  • 37.
    Ingelmark, Emelie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Nettelbladt, Susanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Social hållbarhet i markanvisningstävlingar: Urval, tydlighet och rättvisa2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish planning and construction market have been investing more in developing sustainable cities, that is, more sustainable urban development. Sustainability has historically been divided into three different parts: economical, environmental and social aspects. Today, there is no generally accepted definition of the concept of social sustainability and therefore the concept needs to be further explored. There is also a legal justice aspect in creating clarity of the concept, in order to reduce the risks that there will be disputes about what the agreements entail. With the ambiguity around the concept, information asymmetry can arise between municipalities and the property developers, and between the property developers. In the context of municipal land allocations, clarity is needed for the parties to be able to work together towards the common goal – sustainable urban development.The overall purpose of this study is to clarify to municipalities and property developers how they can contribute to social sustainability in urban development, through fair land allocation competitions. The aim of this study is to, through analysis of land allocation competitions, describe how municipalities express and use the concept of social sustainability, as well as describe how they make selections and assesses entries in land allocation competitions in urban development projects.The study was carried out with a descriptive method with three different approaches: documentary review, in-depth semi-structured interview and text interviews with municipalities. The urban development projects examined were Skeppsbron in Gothenburg, Kolkajen part 2 in Stockholm, Nya gatan in Nacka and Vallastaden in Linköping. The result of this study indicates that no significant efforts have been made to clarify the concept social sustainability in urban development projects, even in the investigated municipalities that have made expressed attempts to achieve socially sustainable development projects. Instead, the municipalities work with unique conditions and solutions in each of their projects. They have no uniform management or definition of the concept social sustainability in urban development. One conclusion that can be drawn is also that clearly designed models that are dynamic and leave room for innovation and creativity would probably ease the management and incorporation of sustainability in the municipalities. These proposed models would enable the municipalities to host clear, fair and transparent land allocation competitions where property developers can compete within the same conditions.

  • 38.
    Haegerstrand, Anna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Knutsson, Emelia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Attractive Workplace: Are the Site Offices Meeting the Employees´Needs?2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous research have shown a possible relationship between the indoor work environmentand the impact it has on the employees’ performance. Different factors can affect theperformance; physical parameters, such as ventilation and air quality, noise levels, thermalclimate, lighting and access to daylight, as well as the level of flexibility of the work, furnitureetc. Therefore, this study aims to investigate the quality of the indoor work environment at siteoffices within Company AB in Sweden. Further, how the physical and the psychologicalenvironment play an important role regarding the attractiveness of the workspace. The studywill only focus on four physical parameters affecting the physical functionality of an office; airquality, noise, temperature and lighting. The following research questions were asked: 1) Whatdifferent types of site offices can be identified in Sweden and what are the commonly usedoffice layouts? 2) How well does the actual indoor work environment at site offices align withthe restrictions by the Swedish Work Environment Authority? 3) How is the indoorenvironment of the site offices perceived by the people utilizing the workspace? 4) Which arethe most important parts to look at to improve the attractiveness of the site offices at CompanyAB? The study is both qualitative and quantitative including measurements, interviews,meetings, and a questionnaire as the main sources of information used to answer the researchquestions.According to the results, the two most commonly used site offices are construction trailers andrented premises. The visited offices had varied layouts since they are designed to fit the needsof the specific project organizations. Out of the four parameters, noise was the only one thatentirely fulfilled the requirements in the six site offices visited.The employees perceived the physical parameters in the site offices differently. The a