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  • 101.
    Sarkisian, Emma
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Social hållbarhet vid ombyggnad av sjukhus: Hur arbetar projektledare med social hållbarhet med avseende på sjukhusets användare?2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Sustainability is a subject that is relevant in many countries of the world. There has been less focus on social sustainability in relation to ecological and economic sustainability, but it has been growing more and more in recent years. Social sustainability is particularly important when it comes to hospitals in terms of their sensitive nature regarding the hospital users. In this study, ‘hospital users’ refer to patients, health care staff and visitors. The hospital environment plays a crucial role in the patient's healing process and the health care staff's work place. A hospital is also a place where people with different backgrounds, conditions and needs gather, which means that social sustainability is an important aspect to take into account in the rebuilding of hospitals. This study examines how project managers perceive social sustainability and how they work with it in rebuilding of hospitals with regard to hospital users. In order to answer the questions posed in the study, interviews with seven project managers and a sustainability manager at a county council owned real estate company have been conducted. The real estate company operates and develops health care properties in a larger county council in Sweden. Furthermore, literature within the subject has been studied in order to fulfill the study's purpose and to answer the questions, in combination with the interviews. The result of this study shows that project managers have a relatively good idea of what social sustainability is, but that they do not always work with it in projects in a conscious and structured way. The broad scope and the ambiguity of the concept are factors that are seen as problematic by the project managers when working with social sustainability in the rebuilding of hospitals. Furthermore, this study shows that project managers work with social sustainability, but not with a systematic view of what the concept means. In order to ensure that project managers have adequate prerequisites in the work with social sustainability, the concept should have a clear definition. Communication about the concept should also be clear, both within the organization and within the project. More over, the study shows that there is room for improvement of the tools that the project manager has at hand in projects.

  • 102.
    Tällberg, Eric
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Statligt och kommunalt väghållaransvar: En studie kring allmän väghållning och kommunala väghållningsområden2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The road network in Sweden is a crucial part of the overall transportation system. Today, the road network is divided into three different types of roads, public roads, municipal streets and private roads. These different types of roads are in turn regulated by different legislations. To ensure that the roads are open and accessible to the public, there is a designated road manager for each road. The road manager is the responsible party for the construction and operation of roads. The road manager for public roads are primarily the state, but if it promotes rational road maintenance, a municipality can be appointed as public road manager. When municipalities are appointed as road manager for public roads, a municipal road maintenance area is established around the main town, within which the municipality becomes the main road manager.  Based on a historical overview and current institutions, this work aims at studying state and municipal road maintenance responsibility for public roads, using a combined method strategy. The paper combines a literature study, a survey and a number of minor case studies, which all aims to study the distribution of road maintenance responsibility today, changes in road maintenance responsibilities, as well as the function of the municipal road maintenance areas. The results in the thesis shows that the municipalities today generally are positive towards a municipal road maintenance responsibility for public roads. In cases of changes in road maintenance responsibility, the most common case is that a municipality that takes over responsibility from the state. The most common way for a municipality to take over a responsibility for a public road is by changing the municipal road maintenance area, and thereby also taking over the public road right. The fact that changes in road maintenance responsibility between the state and a municipality today require agreements, while there are no compulsory methods, can be questioned from both efficiency and justice aspects. The incentives that today are emphasized for a municipal road maintenance responsibility are mainly of socioeconomic aspects. However, most municipalities emphasize that the economic burden from a road maintenance responsibility today aren’t sufficiently compensated by socioeconomic gains.  Furthermore, it has been found that the municipal knowledge regarding road maintenance issues is important and something that needs to be improved. Increased knowledge could potentially lead to more socioeconomic changes of road managers and that municipalities take greater advantage of their role as public road managers. The current regulations concerning road maintenance may also lead to a certain shattering of the road network within urban areas. This since a road with a municipal road maintenance responsibility can change between being a public road, municipal street and private road multiple times. Something that could potentially be compensated by the use of a more uniform legislation where greater distinctions are made between state and municipal public road maintenance.

  • 103.
    Hjertstedt, Nicole
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Strategizing IFRS 16 – Leases and Real Estate: Exploring implementation and contractual strategies relating to new accounting regulation2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Traditionally  Operational  Leases  have  been  exempted  from  being  recognized  on  the  balance  sheet  of  the  financial  statements.  With  the  new  leasing  regulation  presented  by  the  International  Accounting  Standards Board  (IASB);  International  Financial  Reporting  Standards  16  (IFRS  16),  with  effective  date  of  2019‐01‐01  operational leases are to be accounted for as finance leases, being capitalized into the balance sheet as a right of use asset and lease liabilities. This will affect the financial statement considerably for some heavy users of operational  leases,  such  as  retailers,  whereas  another  factor  that  also  have  an  impact  is  balance  sheet  composition  before  implementation.  Many  key  ratios  will  also  be  affected  and  it  is  expected  that  for  some long‐term companies, such as production companies, will take the lease or buy decision up for more serious discussion. This is because operational leasing no longer can be used to balance financing and debt as it has been used in the past. The implementation of the standard will be considerably heavier administration‐wise for companies with no previous  financing  leases  since  they  do  not  currently  have  system  support  for  lease  valuations  or  advanced  administration processes surrounding operational leases. This is common for firms with leased space as a big part of their operations, such as retailers. Implementation will be a big project for many enterprises and the effect on the balance sheet may be finished very close to effective date, resulting in that some shortcuts may be  taken.  This  could  result  in  a  higher  lease  debt  than  necessary  as  there  are  many  assumptions  and  interpretations  to  be  made  during  the  implementation  process.  These  assumptions  and  adjustments  are expected to be continuously worked on by companies to reevaluate and decrease lease debt, where incentives to do so exist.  A qualitative interactive inductive approach, using semi‐structured interviews is used in this study to explore and  dig  deeper  into  possible  strategic  redesigns  of  contractual  clauses  to  decrease  the  effect  this  standard  would  have  on  financial  statements.  The  possible  strategies  described  are  to  be  viewed  as  possible  changes that would reduce the effect on the balance sheet where a company has incentives to do so. There also seem to be changes within the retail market that could change contract structure in the future, independently of IFRS 16. However, these changes could in turn be used to argue for assessments regarding lease terms that would decrease the effect on a company’s balance sheet in accordance with IFRS 16.

  • 104.
    Sagala, Krisna Adi Surya
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Farag, Sozan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sustainability Maturity in Construction Project Management2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Sustainability and sustainable development have been significant issues of the modern world. Sustainable development emerged the first time in the Brundtland Report (1987) by World Commission for the Environment and Development. During the last decades, the implementation of sustainability into building and construction industry has been focused on the green building design while there are few approaches to measure and evaluate it as a whole process of project management. This study aim to evaluate and seek insight of sustainability integration in the project management practice by using a sustainability maturity model that is developed by Silvius (2015). Three case projects were observed using a qualitative method and the results are compared. An analysis was performed in order to identify the case projects maturity level and common factors that support establishment of high level of maturity in sustainability integration. The findings hint that most of the projects are mature to the level of business process in the environment and social aspect while the economy aspect is considered as highly mature up to the business model level. Further, the study reveals four underpinning factors that influence sustainability maturity which stretch through the three pillars of sustainability; environment, social and economy. The factors are the project organization commitment towards sustainable development, the organization knowledge of sustainability principles, procurement and collaboration form that support sustainability innovation and building purpose and function that meets sustainable requirements.

  • 105.
    Wigsén, Oskar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Swedish real estate firms’ capital structure determinants: A pre- versus post-crisis comparative study2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Understanding the rationale behind a firm’s capital structure is something that researchers have investigated for decades, but still there is not an absolute theoretical framework to explain the rationale to why and how a firm chooses its capital structure. The results from the existing studies have been ambiguous and it is inferred that capital structure determinants are impacted by macroeconomic conditions, a country’s political stability and its legal system. Hence, this study aims to investigate the capital structure determinants in listed Swedish real estate firms as it is a fairly unexplored area in Sweden. Also, the impact on the capital structure determinants that the most recent financial crisis had will be investigated in order to create an understanding on the dynamics of the determinants. The vantage point of the study’s theoretical framework will be Modigliani and Miller (1958) theorem that, on the basis of a firm’s goal to maximize its value, proposes that a firm’s value is independent of its level of leverage in a perfect capital market world. The research that followed developed built upon the theorem to create theories that could explain a firm’s capital structure in a more realistic environment. The two most established theories are the static trade-off theory and pecking order theory. The static trade-off theory argues that a firm takes on debt to exploit the interest expenses’ tax deductibility and will continue to increase its leverage up to a point where the expected costs of financial distress surpasses the value of the tax shields. The pecking order theory assumes there is a hierarchical order of the different financing options based on the firms’ preferences, where internal financing is considered to be the most preferred, ahead of external financing where debt is premiered to issuing equity. The capital structure determinants will be explained and investigated on the basis of the static trade-off theory and the pecking order theory and the study was conducted by conducting a panel data regression analysis.  The results suggest that listed Swedish real estate firms choose a financial policy that are aligned with static trade-off theory as tangibility and liquidity showed a positive relationship with leverage. The comparative study suggests that firms before the crisis chose a financial policy in an opportunistic way that could not be explained by any of the two theories and that firms after the crisis became more risk aware and chose a financial policy that could both be explained by the static trade-off theory and the pecking order theory.

  • 106.
    Kouki, Tuuli
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Effects of Government Policies on Real Estate Sector2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The study investigates the linkages between government policies and the real estate sector via a case study that was carried out on the Japanese market. The applicability of the results were then discussed in terms of whether similar trends could be seen in other economies facing similar demographic and economic issues as Japan. While the real estate sector linkages with the overall economy are relatively well studied topic, there are less studies regarding the links between government policies and the real estate market. The studies in the field furthermore in general conclude that the results are country and location dependent, thus illustrating there to be a research gap. Given that real estate sector is linked with the overall performance of the economy, and fluctuations within the sector can magnify ups and downs of the overall economy, it is of importance to investigate the topic in order to, for example, illustrate the effect that policy changes will have on the real estate sector and thus potentially also on the overall market. The approach of the study was to carry out quantitative analysis through the use of econometric analysis methods such as cointegration and Granger causality. The robustness of the econometric analysis results were then further discussed through the use of qualitative analysis tool of expert interviews. The applicability of the econometric results to other economies was analyzed with simple comparison of key variables. The results of the study indicate that government policies have very little effect on the real estate sector. The econometric analysis suggests that neither monetary nor fiscal policy had notable effect on the real estate sector, especially price development. On the other hand, interest rates were seen as a most notable government policy tool to have an effect on the real estate sector in the expert interviews. As a conclusion, it was argued that the low level of cointegrations and lack of causalities could be due to government policies having an indirect effect on the real estate market via altering the demand and supply for real estate rather than leading to changes within the sector directly. For the comparison, some of the Nordic countries and Germany were noted to be facing similar issues as Japan in terms of ageing population, urbanization trend, notable government debt levels, and low interest rates. It was however noted, that the econometric analysis results could not be mirrored to these markets directly due to the rather straightforward comparison, but rather the results could act as a guideline.

  • 107.
    Hjelte Jonasson, Amanda
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Prick, Cecilia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The investment decision process of real estate owners: How to determine property uses in development projects2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Mixed-use developments have shown to have positive effects on areas’ attractiveness and have thus turned into a planning principle in Swedish urban areas. To ensure that a mix of property uses is obtained and that a sufficient amount of housing is built, many municipalities use constraints in the detailed development plans. Despite the many positive aspects of mixed-use developments there are also challenges. Real estate owners are the long-term investors and which projects and property uses they choose to develop are a matter of risk. Real estate development is characterized by complexity and uncertainty where the end product should result in leasable space over time. In order to succeed, a real estate owner needs to make correct forecasts of future demand and supply for the different property uses. The property owner also needs to manage risk related to detailed development plans, permits, flexibility in the design, construction and lease. The aim of this study is to explore how property owners decide which property uses to include in development projects. The objective is to identify the most important factors behind the decision and to contribute to the body of knowledge concerning the investment decision process of property uses in development projects. The study uses a qualitative method with an abductive approach where semi-structured interviews with 11 of the largest real estate owners in Stockholm have been conducted. The information from the interviews resulted in a general description of the process real estate owners undertake to decide which property uses to include in development projects. The most important factors behind the decision were shown to be the demand in the area, the will of the municipality, the preconditions of the site and the profitability analysis of the project. The detailed development plan, controlled by the municipality, is what ultimately regulates which property uses that can be developed. Real estate owners can negotiate with the municipality when new plans are developed over which property uses to be included, but in the end it is the municipality who has the final say in the matter. 

  • 108.
    Velasco, Fabio
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The learning organisation’s impact on innovation in construction2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Intellectual capital is a valuable resource within today’s construction industry. It is therefore important to maintain and develop a learning organisation, as well as understanding the own organisation’s knowledge processes. The presence of learning disciplines can produce an output of organisational knowledge which in turn can bring about innovation. This innovation can lead to great competitive advantages within the sector. It is therefore the purpose of this thesis to investigate how a site office at a young construction company through the means of organisational learning creates a knowledge organisation, and subsequently enables innovation. Interviews were conducted with employees at one site office at a Swedish construction company. The findings suggested that organisational learning and innovation had a positive relationship. Furthermore, the results indicated that innovation could occur through soft parameters such as openness rather than through hard parameters such as technical systems. 

  • 109.
    Johansson, Mattias
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rosendahl, Caroline
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The preferences of homebuyers with a negative outlook on the real estate market: Investigating the preferences of homebuyers in Stockholm2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The real estate market is constantly fluctuating and when the market slows down, it becomes more difficult to sell real estate. Because of this, it is of importance to construction companies to increase their understanding of homebuyer preferences in order for them to build condominiums that there is a demand for in a declining market, and thereby create a more liquid real estate market.  The aim of this thesis is to examine what the differences in preferences are between homebuyers who are positive and negative to the market development. To achieve this objective, three hypotheses were formulated regarding preferences of homebuyers with a negative outlook on the real estate market concerning location, size and functionality. Using a survey and questionnaire, data from potential homebuyers was collected at real estate viewings and via the internet. Once the respondents’ answers were collected, a principal component analysis was performed in order to find out how the different statements correlated with each other. After removing the statements that did not load correctly, three dimensions clearly corresponded to each of the three hypotheses. Testing the internal reliability for the three dimensions resulted in low values for dimensions 2 and 3, referring to size and functionality. However, internal reliability was good for dimension 1 referring to location. Performing an independent t-test on homebuyers with a positive and respective negative outlook on the market development showed no significant results for our hypotheses. The null-hypothesis is thus not rejected, meaning that for this sample, there are no significant differences in preferences of homebuyers with a positive and negative market outlook regarding location, size or functionality of their housing.

  • 110.
    Theander, Lukas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The success of the coworking sector: A case study – London, United Kingdom2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The office market has traditionally been observed to be too inflexible to satisfy dynamic workspace demands. Market forces have continuously compressed lengths of commercial leases and new office solutions have evolved. As a result, the coworking sector, associated with a shared workspace environment, has become a multibillion-dollar industry. The aim of this study is to provide insights into the demand for flexible office solutions and the factors that make the coworking sector successful. A theoretical framework based on previously published research and literature is provided in order to examine and analyse the research question. The study is founded on empirical data based on a qualitative research methodology. The results are mainly based on a case study in London where the largest coworking operator WeWork has been studied. To support the case and increase the validity of the study, three supporting sources have been interviewed. The results show that there is a strong connection between the overall development of the business landscape and the growth of the coworking sector. Three factors were established to influence the demand for flexible office solutions: the volatile dynamics of today’s businesses, globalisation and its effects on migration, and the office market’s ridged lease structure. Furthermore, several factors were found to impact the success of the sector, including the natural development of clusters. The study implies that it is possible that the effects of the coworking sector will change the dynamics of the existing structures within the office market.

  • 111.
    Bohlin, Jennifer
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tomträttsupplåtelse i praktiken2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Since 1907 in Sweden, it has been possible to grant a property with site lease hold. This is a special form of usufruct that entitles the leaseholder to use land owned by the state or a municipality on similar terms as ownership against an annual rate. The purpose of this legislation was to give individuals the opportunity to access land for residential purposes at a lower price than in a property purchase as well as to keep the municipality or state retaining the land. This encouraged construction activities while at the same time the state or municipality could influence the purpose of the property, maintain the value increase on the land and receive an annual installment. Although site lease hold is an old term, some uncertainties and question still exist regarding the form of the tenure and its application in practice. As this uncertainty contributes to the fact that the state and municipalities choose to disregard it as a form of tenure, this essay is therefore carried out with the aim of providing information and guidance on the subject and making it more accessible to actors who wish to start using site lease hold. 

  • 112.
    Hermansson, Olivia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kaddani, Sofia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tvångsanslutning till gemensamhetsanläggning: En analys av väsentlighetsvillkoret i anläggningslagen2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Joint Facilities Act provides for the possibility to constitute joint facilities and the possibility to connect properties to these under certain conditions. A condition for the protection of individual interests is the provision of substantial importance, § 5 Joint Facilities Act, which means that a property can only be forced to a joint facility if the facility is of substantial importance for the property. In theory, the configuration of the dispositive provision of substantial importance is aimed to emulate voluntary agreements. Beyond efficiency motives for the provision of substantial importance, there should also be reasons based on justice that the participating property owners would have accepted themselves in a negotiation situation.
 Forced connections are currently taking place for different types of purposes to meet common needs. In some respects, however the compulsory legislation in terms of the provision of substantial importance seems to have provision of substantial importance is examined by studying the regarding law, the preamble of the law and jurisprudence. The study questions the forced legislation regarding whether certain purposes are sufficiently well founded to qualify for the condition. Additionally, it is considered whether it is fair to force a property to a joint facility based on different approaches to justice.
 The Joint Facilities Act has historically grown and developed in accordance with what previously applied to joint facilities. The configuration of the provision of substantial importance resulted in that the requirement for forced connections became milder when the concept in the previous legalisation, LGA, was replaced with substantial importance. Although the community is under development and the application of the provision of substantial importance for different purposes is expanded as a result, it should not result in a change or mitigation of the requirements of the application.
 For a joint facility to be of substantial importance for a property, the purpose of the facility must be a significant need. What constitutes a significant need may, to a greater extent, correspond to a more basic need but it does not mean that a joint facility for a basic purpose can always meet the provision of substantial importance as the trial depends on a number of variables that should be considered in each juridical case.
 The view of government intervention in form of a forced connection of a property to a joint facility differs depending on the theory of justice. However, the final answer to what is a fair application of the provision of substantial importance becomes necessary subjective.
 To limit an extended application as a result of a milder configuration of the current provision of substantial importance, a sharpened configuration of the provision is required. This would reduce the risk of over exploiting the possibility of connecting a property to a joint facility by coercion.

  • 113.
    Ismail, Safir
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Underhållsstrategier för bostadsfastigheter: fem modeller för inre underhåll2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Planned property maintenance should be done in a strategic and thoughtful manner. If this is not done, it usually happens that the maintenance work is done unstructured with dissatisfied tenants as a result. The focus in this thesis is planned maintenance of housing and in particular the maintenance of apartments, which most affect the tenants.

    The purpose of this thesis is to contribute with increased knowledge of how housing companies work with strategic maintenance that directly affect customers' accommodation. The issues studied are how municipal actors work on internal maintenance and customer options, and how it affects profitability and customer satisfaction in companies?

    The work has been limited to include only municipal housing companies, with a minimum of 700 apartments in the stock, in the degree project. The only geographical demarcation that has been made is that the study is conducted within Sweden's borders, the housing companies surveyed are thus scattered throughout the country.

    The various housing maintenance strategies have effects that affect different parts of a housing company. Depending on whether a property owner or tenant determines when a maintenance is to be done, companies can more or less control the planning and, consequently, the cost of maintenance. Either the economies of scale may be lost and maintenance work more expensive than it would be or the models could have direct tax effects for a company.

    "The research field service management summarizes a leadership strategy that focuses on customer relations through a customer-oriented service structure and a customized service offering". Striving to develop and offer top quality services is something that all organizations can and should do. Regardless of the industry, the literature finds reasons and motives that service management and quality of service are something that should be worked with. For public housing companies, Blomé presents the following three arguments which point out that housing companies can benefit from using principles of service management:

    Customers are particularly dependent on housing company services because they depend on different social ties to the environment. This means that customers can not change supplier from one day to another as easily as other service markets.

    The housing company is particularly dependent on a good relationship with the tenant because it is difficult to cancel unfavorable relationships.

    A long-standing customer is usually a profitable business for the housing company, with less costs for renting.

    In order to answer the questions asked in the thesis, information about what the housing companies perceive about the different models and services is collected. The study will therefore consist of a questionnaire and semi-structured interviews. This means that the choice of method is both qualitative and quantitative, which literature refers to as "mixed-methods".

    The main results listed in the conclusion are as follows:

    - No matter how you choose to define the different models, it can be noted that the definition of them looks very different in the industry. What the companies have said they are working on for model versus what they actually work with differs in many cases. The theory describes a general problem of the concepts and definitions of the concepts when it comes to maintenance, the same problem seems to exist around the maintenance models.

    - The model Periodic apartment maintenance results in significantly more maintenance than the other models. Frequency is brought up as one of the factors that affect maintenance costs, reasonably those companies working with this model should have a higher maintenance cost compared to other companies.

    - Tenant-based apartment maintenance is the model that generates most satisfied customers while at the same time it is the least profitable model. Customer satisfaction is based on the theory of a service-oriented organization and this model, which is more customer and service oriented, confirms the theory of increased customer satisfaction. The interview also shows that it largely depends on the rental discounts that the tenants have the opportunity to receive. The fact that it is not particularly profitable can be partly due to rental discounts and partly to the rental regulations that exist.

    - Regardless of the number of customer options a housing company has in its range, the financial outcome looks similar, but for customer satisfaction, the more options, the happier customers.

    This thesis has focused on the municipal housing companies and how they experience the different models of apartment maintenance. Muyingo (2017) studied the differences between municipal actors and private actors regarding operating and maintenance costs, it would also be interesting to study if, and in that case how it differs from the apartment maintenance between these two different actors. How do the different actors differ in the way they work with internal maintenance and why, and also what are the consequences of that?

  • 114.
    Andersson, Helen
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Granudd, Louise
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Valmöjligheter vid köp av bostadsrätt: En studie om ökad kundnytta via frånval och tillval2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    There are many published articles that deal with increased customer customization through, for example, add-on options, but few or none that deal with removable options. One example, is by Mohamed and Elkaftangui from 2016 studying add-on options on the United Arab Emirates housing market. The conclusion of Mohamed and Elkaftanguis article is that there can only be a limited number of options to choose from in order to make it possible for a project to be cost-effective. Furthermore, an article by Griz and others, from 2017, discusses the housing buyers need to customize their own apartment. This article also emphasizes the need to build standardized, partly because it provides stability and quality, but also because it is cost-effective. However, it is necessary to build in such a way that the apartments can subsequently be changed according to the home buyers own needs.There are several scientific sources that say it is important that the home buyer must be able to adapt his/her accommodation according to his/her own circumstances. However, all articles appear to be focused on the fact that either this should be done through add- on options (which must be kept limited from a cost and building point of view) or that the customer can easily change the apartment afterwards. These two options both have major disadvantages. The option of tearing out and changing a brand-new apartment is not environmentally friendly. Further, offering only three options that are Mohamed and Elkaftangui alternative will not satisfy all home buyers. When interviewing industry professionals, it has been found that customization is difficult and expensive, many companies instead go for offering fewer choices. Removable options are also not possible today due to law requirements. Some interviewees favored removable options if legal, some opposed it since they considered it to be too complicated and expensive, and a third group expressed doubts. The purpose of this report was to highlight removable options as a possible alternative to reducing environmental impact in the construction industry, as well to increase customer benefit. Furthermore, flexibility has been a recurring topic that has come up in both literature and interviews, of which flexibility has become a central part of the essay. The results were mainly achieved through interviews with two lawyers, one researcher, one architect and twelve industry experts. Literature and legal texts have also been crucial for achieving the results. The conclusion has been achieved by compiling the interviews, literature and law. The conclusion is that to be able to remove options an amendment to the Housing Code of Building Regulations is required. Additionally, removable options are not something that the construction companies currently seem to have a greater interest in as it complicates their processes. In order for removable options to be attractive to the construction companies, it will probably be required that the entire project will be built as a shell rather than ready-made apartments. This could furthermore be an opportunity to reduce costs of new built apartments, as well as a way for customers to fully choose their own interior

  • 115.
    Eriksson, Nils
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Vilka attribut skapar mervärde för kontorshyresgäster?2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose with this report is to examine what attributes that creates value for office tenants in a property in Södermalm, Stockholm. This paper uses a qualitative method with a case study approach. First, a literature review was made, including reading and summarizing articles and other, already written research articles within the subject. Secondly, a case study, on a property in Stockholm, was made. This included inspection and interviews with tenants. Furthermore, interviews with tenant advisors were performed with purpose to broaden the perspective.    The results of this study show that if the real estate owner choses to establish a gym in the facility, managed by an external operator, this would create a value for the other tenants in the building. Common spaces converted to larger conference rooms are also creating an extra value for the tenants.  This subject has a scientific relevance as it is constantly changing and the attributes that has been tested before, can be classified as outdated, or focusing on the office environment, rather than the office building attribute. As the office market is headed to a digital transformation, the demand of reports of this kind, within the academy, as well as the private industry, is highly demanded.

  • 116.
    Asplund, Oscar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tzobras, Othon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Why Does Cash Still Exist?2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With non-cash transactions on the rise and the debate about the future cashless society is raging, cash is still being used around the world with varying degrees. This thesis studies the behavioral determinants of consumers with regard to cash usage. The current research have found several determinants of consumer behavior and this study aims at combining the existing knowledge into one model that might explain peoples’ payment medium behaviors. The method chosen in this thesis was to do a factor analysis in order to validate the hypothesized model. The obtained data-set was analyzed by using IBM SPSS Statistics, version 24.0.0.0. To start with the data was deemed to be suitable after checking the adequacy of our data set through a KMO and Bartlett’s test and further by looking at the MSA table where the variables score quite high indicating that the data is suitable. Secondly the results from the factor analysis indicated that there are eight components extracted with some components being uncorrelated but the majority of extracted components from the output being correlated. Finally we found that our theoretical model holds but we recommend further research to be conducted on how locations determine cash usage. Moreover, we noted that some components into the socio-demographic groups are uncorrelated and thus we would like to recommend further research into the statistical validity of the model.

  • 117.
    Reppling, Simon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ändringarna i Expropriationslagen 2010: En analys2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Expropriation (also known as compulsory purchase or eminent domain) is the method used for acquiring land by force to cater public needs. The regulations regarding this is in Swedish law is found in the Expropriation Act (SFS 1972:719) where it is specified who may use expropriation, how it works, how the compensation is decided, etc. The law has been mostly unaltered since its adaptation in the early 1970’s and in 2005 a group was assigned to investigate possible changes. This was to achieve the purpose of strengthening individual and ownership rights and resulted in three main changes. Firstly, the land compensation was raised from 100 % of the market value to 125 %, secondly a special tolerance deduction was removed, and thirdly the rule of presumption was also removed. This thesis aims to answer the question of why there are compulsory measures and how they work. It will also examine the changes to the Swedish expropriation act from 2010 to evaluate how it affected other parts of the justice system, what could be unclear and whether they achieved their own purpose. To answer this, existing legislation has been used, as well as its preparatory work and other legal documents. Furthermore, other relevant legal documents have been reviewed. A brief investigation into other international legal systems has also been conducted. In summary we can draw conclusions regarding these amendments and see that they are mainly positive and serves the purpose behind the changes. There are however certain problems with the legislation, such as difficulties with the valuation and definitions, certain follow-up changes to other legislation and some unforeseen consequences. The raised compensation for market value was the clearly biggest change and in comparison to international law, the compensation regulations in Sweden is among the most liberal. Some countries have begun altering their respective laws in accordance with the same principles used for the Swedish amendments but have yet to reach the levels that has been adapted here. This is probably something that will change further in the near future as individual rights are more in focus and because expropriation these days is used for different purposes than before.

  • 118.
    Källbrink, Marcus
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Månsson, Jacob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Överlämning av Byggprojekt: Digitaliseringens inverkan på projektledarens arbete2018Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With the high rate of development in tech and digital systems of today, new possibilities appear for large changes, and evolution within the real estate sector. This results in potentials to enhance and optimise the work processes of the facility managers. Generally, this can be achieved through further implementation of CMMS, and other digital aids. The development will result in a need to change of routines among the workers in facility management, as well as during the construction and design stage of the project. To investigate these changes and the development in real estate, several interviews and a literature review on the subject has been performed. Through these, a more thorough study of how the information in construction projects is managed, how the role of the project manager is affected, and lastly what impact the digitalisation has on the handover from construction phase to facility management.  The results show how the facility managing companies should be involved in the early stages of the project. Preferably their involvement should start in the design stage, and continue during the project, to provide valuable input and receive information from involved parties. It is also important that the project organization, including the facility management, start work on separating information into primary and secondary information aimed at the management stage. Where the primary information consists of operation and maintenance information to be kept up to date by the facility management. The secondary information can be stored in an archive ready to be used in case something unexpected happens but does not need to be updated like the primary. To aid the separation of the information it is not only expertise about the diverse perspectives that is important but also an understanding of each individual way of working and the different needs between the many different parties involved.  For a smooth and efficient handover, it is essential that the receiving organisation is prepared to receive the digital information being delivered through some sort of digital tool, like MMS or similar systems for facilitating and monitoring properties. These systems may both lower costs and ease maintenance planning, streamline the general facility management and improve the sustainability in operation and maintenance of properties.  Finally, it is important that the project does not end too abruptly, so that information and experiences acquired gets lost without being documented. It is consequently of great importance that experience feedback is given a significant priority in every project.

  • 119.
    ZHANG, PENG
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning. KTH.
    3D Building Models, Production and Application.2017Independent thesis Advanced level (degree of Master (Two Years)), 80 credits / 120 HE creditsStudent thesis
    Abstract [en]

    3D models have been widely used in many areas since decades ago. When BIM (Building Information Modelling) and VR (Virtual Reality) become popular recent years, 3D model, as an essential part of it has been frequently asked or even required, which is both a challenge and opportunity to a surveying engineer.

     

    Through investigation of three different alternatives to create 3D models: image based, terrestrial laser scanning based and airborne laser scanning based modelling, the author aims to help a surveying engineer to choose the proper method and tool. Workflows, costs and applications have been discussed for each approach and the results show that image based modeling is most time and cost efficient but with lower accuracy which is suitable for visualization while thanks to the high resolution of data capture, terrestrial laser scanning based modeling can be utilized for detailed as-built modeling or BIM. The weakness of such method is the high initial cost and much time demanded; for large area city modeling, the airborne laser scanning approach is the most efficient way with limitations of the low level of details and expensive equipment.

     

    However, it should be critical to understand that there is no automatic way to reconstruct a controllable 3D object at present. Due to the limited accessibility of equipment, the photogrammetric 3D building reconstruction method is not included in this study and thus, a future study may continue with this method. 3D object may be converted to a format that can be used in BIM, such kind of format exchange can be an interesting topic for further study. 

  • 120.
    Bills, Adam
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A Revised Model to Determine Leasehold Fees for Development of Wind Farms2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Obtaining buildable land is an important step in onshore wind power development. The most common way to obtain land in Sweden today is through leasehold agreements, where property owners are compensated with periodical leasehold fees.  The process of determining and allocating leasehold fees is not regulated by Swedish law, but solely through leasehold agreements. There are concerns that the models used for this purpose are inconsistent and time consuming. This study aims to review current practices to increase the project efficiency and make the process more unified.    The thesis concludes, for the general investment profile of onshore wind power, that leasehold agreements are currently the most an economically and legally viable option today. Leasehold fees have a relatively large impact on the investment, being up to 10 % of the total investment cost, but the actual value is much larger since the leasehold fees can be seen as option prices, enabling the developer to access developable land to use to generate a profit on. Using leasehold agreements also enables the developer to withdraw relatively easily if for example project financing is not granted, due to terminations clauses in the agreements. When determining and allocating leasehold fees, it’s important to consider project specific attributes before using general methods. The leasehold fee determinants should reasonably be a percentage of production revenue, where the percentage is dependent on changes in the price of energy. This will distribute risk fairly between the developer and the property owners. An alternative approach is to use lump sum fees, but this could be risky to both parties since the valuation of the leasehold fees could be incorrect, meaning property owners could be either over- or undercompensated. This option is, however, worth considering.  To allocate the leasehold fee, a bigger weighting should be given to property owners owning properties containing wind turbines since these are more affected than by the wind farm. Secondly, compensation should be paid to properties within the project area. Finally, a small part for infrastructure should be included, as this is a significant part of projects.

  • 121.
    Corluka, Denis
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lindh, Ulrika
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Blockchain: A new technology that will transform the real estate market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

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

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

  • 122.
    Fredriksson, Lukas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Larsson, Johan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Byggentreprenörers upphandling av underentreprenörer på den svenska marknaden2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 123.
    Widin, Therese
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Jonsson, Jessika
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Capital Structure Determinants: An empirical study of swedish real estate companies2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The global financial crisis that followed after the crash on the American housing market in late 2008 changed the situation for financing real estate. While traditional bank debt still is the major source of finance, alternative sources of financing, such as preferred stock and corporate bonds, are nowadays more frequently used by Swedish real estate investors.  Previous studies show that capital structure can be explained by numerous variables such as profitability, fixed asset structure and firm size. A large number of previous studies have focused on different industries and different countries. The changed situation on the market for financing together with the lack of econometric research regarding capital structure determinants of Swedish real estate firms forms the basis for this study which aims to investigate possible explanations to the financial choices and differences in capital structures across Swedish property companies today. By applying panel data regression analysis on secondary data, 250 observations, from the database Retriever Business, the study sheds light on the special characteristics of properties.  The empirical results show that the variables fixed asset structure, profitability, size of firm and non-debt tax shield have a negative effect on total debt ratio. The growth variable has a positive effect on total debt ratio while the variables type of company and type of asset class seem to have a negative effect on total debt ratio. However these effects are not statistically significant. The finding from this research is that the results where only partly in line with the in advance expected results. In many cases this is attributable to the fact that the data used in this study contains property companies only. The possible and logical explanations to the deviant result from the expected are that property companies have higher ratios of fixed assets and that properties are solid and illiquid assets. 

  • 124.
    Feng, Philip
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Change management - New Ways of Working2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Many organisations have moved into an activity based workplace (ABW), and this have led to great changes for the employees’ ways of working. The workplace is supposed to provide with different workstations/environments for the employees, where they can choose the environment that best suits their task at hand, such as concentration areas or open space. This means that the employees do not have assigned seats, and they are free to choose between different workstations. The ABW is supposed to improve factors such as collaboration, satisfaction, flexibility and productivity. In order for the employees to work in ABW, the employees’ ways of working needs to change, and this is usually referred to as New Ways of Working (Newwow). It is not unusual that organisations have had problems with the implementation of Newwow, where the implementation have not been as successful as hoped. This master thesis looks into the problems that occurs when Newwow is implemented, and what factors that are important when organisations changes from traditional ways to Newwow. This thesis has been a qualitative study, interviewing people from three Swedish organisations that have implemented ABW, as well as interviewing consultants that helps customers with the implementation.    The human factor is important in the change, and there is a need to get people on-board in order to create a workplace where the employees can thrive. Many different things needs to be done in an implementation of Newwow and ABW, such as physical workplace, digitalisation, work culture and more. In this master thesis the human perspective have had more focus, as humans are going to work in the workplace and the goal is to improve their work. Many of the difficulties is usually to get humans on-board with the implementation. Making some deviations from the ABW is ok if the reasons are justified, for example someone gets to sit on an assigned seat due to health reasons. A clear and open communication has proven to be important factors for a successful implementation. Further research in Newwow and ABW is important, as many organisations are moving to ABW, which affects many employees. 

  • 125.
    Waldenström, John
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Constructing with wood: What are the economical and environmental benefits and barriers of using wood as a construction material2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 126.
    Ahlinder, William
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Grass, Emil
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Construction Management: Risker och möjligheter för byggherrar2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 127.
    Hellström Ängerud, Linnéa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Credit Risk Assessment of Real Estate Companies: How does the Credit Assessment of Banks and Bond Investors Differ?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 128.
    Johansson, Gustav
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Kvarfordt, Lukas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Determinants of Real Estate FDI on the Swedish Market2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 129.
    Muhabatt Zada, Nasir
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mitropoulpu, Panagiota
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    EFFECTIVE CONSTRUCTION PROJECT COMMUNICATION MANAGEMENT: WSP PARSONS BRINCKERHOFF Case Study2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 130.
    Ardalan, Airin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Stopner, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Effective Real Estate and Infrastructure Asset Management in complex environments: A case study of an airport corporation2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 131.
    Larsson, Hanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Stålhult, Josefine
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Employment requirements in public procurement: Can shared value be created?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 132.
    Mendoza, Fabian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    En jämförelse av förekommande hyressättningsmodeller för hyresrätter2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

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

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

  • 133.
    Lovén, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ersättning för järnvägstunnlar: En jämförelse mellan servitut och 3D - fastighet2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The population of Stockholm has increased over the last few years and will continue to increase in the near future. In order to facilitate a continuing development of Stockholm the Metro will expand. The Metro expansion will run mostly underground and requires access to underground space. There are two different options to receive access either through three-dimensional property or easements. Depending on which method is used there are different consequences for the railway owner and the property owners.  The purpose of this thesis is to describe the reasons for using either ownership or easements and the consequences of the choice, the effect an underground tunnel has on the property value, and if there is a difference in the effect on property value depending on which method is utilized.    A qualitative study has been employed to answer the research questions. The research consisted of case studies and the interviews. Three cases have been studied; the cases are railway tunnels in Stockholm, Gothenburg and Malmö. Interviews have been held with the cadastral authorities in Stockholm, the Transportation administration, and a property evaluator specializing in infrastructure. The research concludes ownership is a more suitable for railways and makes the maintaining easier. However it can be considered more intrusive and thus the compensation received should be a little higher. The compensation values that Norell came up with are appropriate for the seized space. 

  • 134.
    Myrehed, Petter
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sederström, Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Flexibla hyresavtal: Utbud och efterfrågan på Stockholms kontorsmarknad, idag och i framtiden2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

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

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

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

  • 135.
    Malmström, David
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Schultz, Anthon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Foreign Direct Investments on the Swedish Real Estate Market: Fundamentals Impact on Foreign Transaction Volume2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 136.
    Granström, Rebecca
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Wahlström, Sofia
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    From Boring Boxes to Beautiful Cost-Effective Houses: A study about housing development and exterior architectural preferences2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 137.
    Arvidsson, Daniel
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Green Bonds – A beneficial financing form?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Title: Green bonds – A beneficial financing form? Purpose: The purpose of this master thesis was to examine housing companies reasoning behind issuing green bonds for financing their projects. What advantages and disadvantages that are currently connected to green bonds and if the green bond market can motivate companies to build more sustainable.  Methodology: This thesis is built upon a literature review and a quantitative study, where the data was collected through a questionnaire sent out to various housing companies on the Swedish real estate market.  Findings: Weather or not green bonds is a beneficial financing for seems to be individual for each company. Companies with more ambitious sustainability goals seems to be more likely to issue green bonds. The positives with issuing green bonds is that the company is able to reach out to new investors and that the gain positive attention from important stakeholders. The current downsides with the financing form is that the issuing costs are currently higher for green bonds than conventional bonds and many companies still believe that they are not getting enough compensations for the higher costs. With this in regard it is not very likely that the green bond market can be a motivation for actors to build more sustainable. Today there are actors that do have both the financial capability and the projects needed to enter the market, that still chooses not to. Therefore, it is hard to believe that the green bond market in its current state will drive green investments that wouldn’t have been financed in any other way. 

  • 138.
    Gl