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  • 151.
    Haglund, Albin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Nudging – A Way to Encourage Public Tenants to More Sustainable Behaviour?: A study on how public landlords can make the sustainable choice easier2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The public sector owns and manages approximately 90 million square meters of premises. One of the toughest challenges today is managing both climate-friendly and energy efficient buildings. For the landlords who facilitate these properties to reach national targets by 2020, they will need well thought out strategies.

    New technology and installations are not enough. Tenants also have to change their behaviour. A relatively new way to influence behaviour without changing values of people is nudging. The term nudging was coined by researchers Richard Thaler and Cass Sunstein. Situations are designed to encourage individuals to choose an individual and society-beneficial alternative. Nudging can be used to help people make choices that are better for the environment and their overall health. To be considered as a nudge the action, per the definition, does not allow the forbidding of options or change of economic incentives. Hence, it respects people’s freedom of choice.

    The purpose of this thesis is to examine how nudging methods impact public tenants’ daily energy consumption. This is explored by looking into what work has been done based on the nudging toolbox; (1) simplification and framing of information, (2) changes to the physical environment, (3) changes to the default option, and (4) the use of social norms. Can nudging be a way to encourage public tenants to behave more sustainable?

    The thesis studies how three public landlords work with influencing behaviour to reduced energy consumption and as well as their view on nudging as a strategy. Six interviews were conducted, three with three different public landlords and three with one tenant representative from each landlord. To be able to introduce sufficient behavioural actions or nudges, consideration must be given to the organisational context. All landlords gave examples of the challenges facing their buildings such as staffed facilities and technical systems running around the clock, patient security, vandalism and historical heritage.

    All respondents had a positive attitude towards nudging but only one of the tenant representatives was familiar with the term since before. The possibilities for the landlords to work with nudging must be considered as favourable and that some of the already implemented measures could classify as nudging. Research shows that nudging works best as an enhancement of other measures, therefore, more research is still needed to investigate how effective nudging is to affect tenants’ energy consumption.

  • 152.
    Karoumi, Maria
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Paketering av Fastigheter: Innebär paketeringsutredningen ett hot mot den svenska fastighetsmarknaden?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish real estate market is attractive. In recent years, the industry has experienced great success as well as managed to deliver good results. This is both a consequence of the generally low interest rates, and the fact that the industry is characterized by good profitability. Its attractiveness can also be confirmed by the number of completed property transactions, which seems to set new records year after year. Just in 2016, properties of a value of 200 billion kronor changed owners.  The majority of the transactions between Swedish companies are in form of a property packaging, in which the property is placed within a holding company. There are several reasons for this choice of method, even though the most decisive one is due to taxation purposes. The packaging procedure can be done in several different ways, from which this master thesis has examined the most common one. The possibility to use this divestment method has existed since 2003. This year new tax legislation was introduced, which allowed for capital gains on shares that were held for business purposes to be tax exempt. This made it possible for any company, which intended to transfer a certain property and did this in form of packaging, to automatically avoid taxing the capital gain the transfer resulted in. The legislation was never solely intended for real estate transactions, yet the legislator whished to ease the transaction of any kind of asset. However, the legislation proved to be particularly beneficial for assets with a long depreciation period, of which real estate is one of these. The fact that a majority of all commercial property owners make use of this method results in, besides the tax benefits for them, also costs. However aren’t these anything they will be affected by directly, but will instead arise for society in the form of state tax losses.  In June 2015 the Swedish government appointed an inquiry, which was referred to as the “packaging inquiry”. Its primary aim was to map the tax situation for companies in the real estate industry, as well as investigating whether the real estate industry could be considered tax-benefit or not. The government also had a plan for the investigators to examine whether real estate packaging has been used as a tool for tax planning. The results from the inquiry were presented on March 30, 2017. 

    This master’s thesis has, based on the inquiry’s results, investigated how upcoming measures may affect the Swedish real estate market and its actors. It has also aimed at clarifying how real estate packaging is currently taking place, and how the method will be affected if the proposed measures will lead to constitutional changes. This by conducting an in-depth literature analysis and several interviews.  The measures presented have so far only contributed to concern, uncertainty and an increased distrust. The criticism from the real estate industry has been huge, and according to interviewees does many market actors find it hard to know how to act in response to the possible upcoming changes. Some has also claimed that the inquiry has been conducted in a faulty way and thus contains several deficiencies. Similarly has some stated that it hasn’t been coordinated with the forthcoming interest rate deduction rules. Criticism has also been received regarding the fact that some of the proposals may imply increased housing costs and a decline in housing construction. This has been seen as very worrying.  The report that the inquiry resulted in is currently (May 2017) submitted for comment. The answers must be submitted no later than August 14, and thereafter it remains to be seen how to proceed. Based on the conclusions this thesis has resulted in, the proposed measures will never be implemented in their present form. However is there still some uncertainty about this. Anyhow, the question that should determine how it all ends should mainly be based on whether or not the government dares to risk the attractiveness of the Swedish real estate market, and to some extent also the financial stability.  The uncertainty that currently characterizes the market, while the transaction volumes are at record levels, is nothing we can manage in the long term. Not if we, at the same time, want to maintain a prosperous market. Change may in the long run be inevitable, but it’s important to remember that it should be implemented correctly and observe the interests of all involved parties. Actors in the real estate market have every right to be worried. We face a time of change, but it’s impossible to predict how it will end. However, we can be sure of that the market will definitely look different from how it is today.

  • 153.
    Bengtsson, Jonas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Grönkvist, Mikael
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Performing Geographic Information System Analyses on Building Information Management Models2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    As the usage of both BIM (Building Information Modelling) and 3D-GIS (Three-Dimensional Geographic Information Systems) has increased within the field of urban development and construction, so has the interest in connecting these two tools.  One possibility of integration is the potential of visualising BIM models together with other spatial data in 3D. Another is to be able to perform spatial 3D analyses on the models. Both of these can be achieved through use of GIS software.

    This study explores how integration of BIM and GIS could look. The goal was to perform typical GIS analyses in 3D on BIM models. Previous research points towards some success within the field through use of the indicated standard format for each tool – IFC (Industry Foundation Classes) for BIM and CityGML (City Geographic Markup Language) for GIS. Transformation between the formats took place through use of the BIM software Revit, the transformation tool FME and the GIS software ArcGIS. A couple of reviewed applications of GIS analyses were chosen for testing on the converted models – indoor network analysis, visibility analysis and spatial analysis for 3D buildings.

    The input data in the study was several BIM models, both models created for real-life usage and others that only function as sample data within the different software. From the results of the practical work it can be concluded that a simple, automated and full-scale integration does not seem to be within reach quite yet. Most transformations between IFC and CityGML failed to some extent, especially the more detailed and complex ones. In some test cases, the file could not be imported into ArcGIS and in others geometries were missing or existing even though they should not. There were also examples where geometries had been moved during the process. As a consequence of these problems, most analyses failed or did not give meaningful results. A few of the original analyses did give positive results. Combining (flawed) CityGML models with other spatial data for visualisation purposes worked rather well. Both the shadow volume and sightline analyses did also get reasonable results which indicates that there might be a future for those applications.

    The obstacles for a full-scale integration identified during the work were divided into four different categories. The first is BIM usage and routines where created models need to be of high quality if the final results are to be correct. The second are problems concerning the level of detail, especially the lack of common definitions for the amount of details and information. The third category concerns the connection between local and global coordinate systems where a solution in form of updates to IFC might already be in place. The fourth, and largest, category contains those surrounding the different formats and software used. Here, focus should lie on the transformation between IFC and CityGML.

    There are plenty of possible, future, work concerning these different problems. There is also potential in developing own tools for integration or performing different analyses than those chosen for this thesis.

  • 154.
    De Lama Blasco, Violeta
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Precision Analysis of Photogrammetric Data Collection Using UAV2017Independent thesis Advanced level (degree of Master (Two Years)), 80 credits / 120 HE creditsStudent thesis
  • 155.
    Bakke, Thomas Ungersness
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Real Option Valuation of Real Estate Development Projects2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis introduces the theory of Real Options connected to real estate development, and assume a model that can value projects through a compound option formula. The basic theory of Options has been around for a long time, with the earlies recorded mention of dealings being made with options dating back as far as 600b.c (Kodukula & Papudesu, 2004). But only since 1973 has the research been driven in a way to yield a working framework of the concept. The introduction of the Black & Scholes (1973) formula gave arise to a new movement of research within the field. Many noteworthy contributors have since made adaptations and introduced new ways of looking at Options. Projects with high uncertainty in returns and many flexibilities often yield close to zero NPV calculations. The classic NPV approach is a static valuation technique that does not capture the true value of flexibility. It does not yield proper insight to opportunities that lie in the project, thus often undervaluing the true value of a development project (Copeland & Antikarov, 2001). The real option method lets you capture the true value that lies within these flexibilities, through the assessment of stochastic variables that drives project value. The compound option model created have the ability to analyse different scenarios and give understanding to how market conditions affect the value of the projects. Along with the economic understanding of the theories, the compound option formula gives the developer a new and more financially correct way of assessing an opportunity. The model is applied to a real-world case project, where the prediction of project value is similar to the NPV value assumed by the company. One of the most valuable traits of the model lies in the scenario analysis, where the developer can analyse different market scenarios and make informed decisions based on the options that lies at hand.

  • 156.
    Harrami, Hamza
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Paulsson, Oscar
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rent modelling of Swedish office markets: Forecasting and rent effects2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 157.
    Nilsson, Evelina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Mähler, Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rental affordability solutions for startups and SMEs2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

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

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

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

    choosing office space.

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

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

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

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

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

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

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

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

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

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

    constructing an affordability index.

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

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

    and society.

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

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

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

    rental affordability index in further studies.

  • 158.
    Petrovic, Dario
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Risk Management in Construction Projects: A Knowledge Management Perspective from Swedish Contractors2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Projects within the construction sector is characterized as fragmented, temporary and complex which inherently brings upon risk exposure. Decision makers within the industry need reliant access to information and knowledge in order to manage risks in a sufficient and systematic way. Thus, the implementation of an effective risk management in relation to managing associated project risk knowledge may facilitate successful construction project endeavors.  The purpose of this master thesis is to explore and evaluate project risk management within the Swedish construction industry, with the emphasis on the perspective of Swedish contractors. The aim is to examine the recognition and practical adoption of risk management in order to investigate how project knowledge is utilized in the process. The methodology consists of a literature review on risk management fundamentals, the diverse risk attitudes and knowledge management in relation to risk. Data collection and analysis are based on a mixed method approach in which conclusions are made in relation to theoretical groundwork. The empirical data is collected through the usage of an online survey and in-depth semi structured interviews with key professionals within the Swedish construction industry. The results from this research indicate that theoretical models and processes for risk management is fairly unknown within the industry, analogous methods are used within respective organizations but the sharing of definitions and concepts within the industry are absent and the methods are not as structured as described in risk management theory. However, findings suggest that the perception of actors within the industry regarding risk and the risk management process is one of high importance for obtaining project objectives. Furthermore, findings indicate that the interplay between knowledge- and risk management and the incorporation of these processes is underutilized among the contractors and developers.

  • 159.
    Wang, Xinyu
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Risk management of PPP projects in China2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis report is aiming to make a literature review on the risk management of PPP projects. At first, 22 risks are identified from different literatures, and next the suggested risk allocations from various literatures are given and get compared with each other. In addition, one more important part in the risk management, i.e. risk mitigation strategy, is collected from some literatures.  The risk management of PPP projects will not focus only on Chinese area, but mostly on the management of commonly occurred risks in PPP projects worldwide. Also, the PPP projects will only focus on the infrastructure projects. The scientific research method in this report is mainly qualitative data collection. In the discussion chapter, knowledge risk management is introduced to be added to the risk management of PPP projects. The SECI model and PPP knowledge base are two rational ways of handling risks. They can not only improve the communications and understandings among the stakeholders, but can also tackle many risks and the knowledge gaps. Finally, conclusions will be drawn from the results and the discussions; recommendations for future research will be given.

  • 160.
    Gyllberg, Johan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Samarbetet mellan kommunen och byggherren i detaljplaneprocessen: Vilka är framgångsfaktorerna?2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

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

  • 161.
    Yücel, Gizem
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The communication in project management organisations during hospital construction projects: An investigative study of ongoing hospital construction projects in Gävle, Hudiksvall and Stockholm, that a technical engineering consultant company participates in2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 162.
    Ahmetasevic, Mia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Shamoun, Helena
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Incorporation of the Tenant into the Public Construction Project: Through the three parameters of communication; Organisational culture, power and trust2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 163.
    Desmond, Martin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hansson, Henrik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The safety manager as a boundary spanner between communities of practice: The employment of a safety manager in a Swedish construction company2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Safety is an important concern within the construction industry.  Many different management strategies exist in the literature, but despite ambitious efforts to improve the safety and prevent accidents, the accident incidence is still unacceptably high. This paper examines the employment of a safety manager in the Swedish construction industry as a strategy to foster a better safety culture, and discusses how the safety manager should approach the project based organisation (PBO). The study uses an abductive approach with an iteration of interviews, observations and a literature study to gain deeper knowledge of the subject. The research comprises a cross sectional interview study of semi-structured interviews to narrate the role of the safety manager accompanied with a short survey. The study is limited to three projects of one Swedish construction company, and a new role not yet established in the company. Furthermore, the study uses a human resource management approach with focus on communities of practice and boundary spanning. The findings report that the safety managers take on a role as a boundary spanning link between well-established but unsynchronized communities of practice. The identified communities are the HR department and the PBOs. Furthermore, the safety manager functions as a “double-sided” boundary spanner, to broke knowledge and support employees to achieve a satisfactory safety culture.  However, the narratives express a present ambiguity and a need to clarify the role and its responsibilities regarding safety in the PBO. The thesis contributes with insights of the safety manager’s practice and discusses how safety knowledge should be transferred between communities of practice in the fragmented PBO and its high level of tacit knowledge.

  • 164.
    Kosovic, Valentina
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Granlind, Yasmine
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Variation in Stock Return for Swedish Property Companies: A fundamental analysis examining the explanation power of key figures concerning the variation in stock returns in Sweden 2008-20162017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    A high average return mostly come at the cost of high risk, predictability can therefore be a fair compensation for taking on risk. To better understand the determinants of asset prices, a good way to start is to study the determinants of risk. The possibility of predicting an increase in an assets value means an opportunity to make money (Royal Swedish Academy of Sciences, 2013). It is therefore interesting from several different perspectives to study key figures concerning profitability, operating efficiency and liquidity to try to create an investment strategy. In this thesis, Swedish property companies have been studied with the aim of providing information on which key figures that are important to study when analyzing listed property companies. This was tested using three different models, as well as a backwards-stepwise regression of the third model. The models were based on the foundations of the Capital Asset Pricing Model and Fama-French Three Factor Model. For each model more variables were added and the purpose was to potentially discover an increasing explanation power with the number of variables, as well as if some variables were specifically interesting. Model 3, the “full property model” was considered the most theoretically justifiable model with an R2 of 43.91 percent. The remaining variation in stock return can be explained by macro factors and behavioral finance.

  • 165.
    Björkholm, Aron
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Östman, Åsa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Tredjepartslogistik i byggsektorn: Ur entreprenörens perspektiv2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 166.
    Freiman, Rickard
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Nöjd, Leo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Trust in Swedish Construction industry – obstacles, facilitators and positive outcomes2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis makes a contribution to the trust literature by analysing and pinpointing specific actions and behaviours that are seen as negative or positive to the building of trust in the construction industry in Sweden today. The thesis therefore aims to look at trust from different perspectives – developer, contractor, consultant and subcontractors in the Swedish construction industry. Specifically, it examines the different notations and definitions of trust from the literature along with a qualitative study aiming at understanding the underlying factors and principles for creating trust. The qualitative data was collected through interviews with seven people. The results show that trust is considered important in all projects and is a prerequisite for a good project. However, there is a lack of trust in the construction industry today, but with a shift of generation and a forthcoming digitisation, a positive trend might be pending. Partnering and other forms of collaboration are seen as facilitating for trust building processes – if implemented in a proper manner. However, partnering is rarely implemented in such a way, why those processes many times fail in ending up in trust. Further, it has been concluded that trust is highly affected in a negative way by changes in standard contracts such as AB/ABT, whereupon such changes should be avoided. Trust is seen as strongly connected with building long-term relationships where opportunism is avoided and future profits rather are given priority. Lastly, trust helps to keep focus on the important things in a project, making the way for a better product in the end. It is also seen as a factor for creating a better work environment and an attractive industry.  The study has identified that the major factors affecting trust in the Swedish construction industry are: changes from the standard contracts (AB/ABT), different collaboration forms and the execution of these (mainly partnering), the digitisation and coming generational change, the focus on cheap constructions and a lack of long-term relationships.

  • 167.
    Peng, Yurou
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Who or What Really Matters?: A stakeholder analysis for student housing development in campus KTH2017Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

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

  • 168.
    Katongole, George
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A COMPERATIVE STUDY OF LEAN CONSTRUCTION IN THE DEVELOPED AND THE DEVELOPING WORLD2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry is a very important part to the economy of many nations. This comes from its significant contribution to the GDP. The productivity of the construction in-dustry has been written about as being below the required figures in many parts of the world.

    Coming from the research done by Koskela, Ballard and Womack the term lean construction was defined and introduced into the construction industry. This showed a way of reducing waste in the industry. The reduction in waste would consequently result in higher levels of productivity.

    Using a detailed review of literature as the methodology, the research looks at the foundations of lean construction and goes on to compare the construction industry in the developed and the developing world. It looks at the barriers to lean construction and the efforts to implement it.

    The aim of this research was to explore the different ways lean construction has been imple-mented in developed countries and how it can be implemented in developing countries. The limitations to implementation of lean construction mainly included; little investment towards research and development, financial constraints, culture and attitude, poorly skilled labour and lack of top management commitment while in developed countries the limitations mainly included lack of top management commitment, culture and attitudinal issues. In as far as im-plementation was concerned, staff trainings and the use of tools provided the most positive results.

  • 169.
    Pietrewicz, Natalie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Rörström, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A public clients’ opportunity to create motivations in the procurement strategy to obtain an effective project performance2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The purpose of this study is to develop knowledge about collaborative procurement strategies and how these strategies can contribute with motivation for an effective project performance in smaller municipal infrastructure projects. The study also aims to develop an understanding about how a construction logistics centre is applicable to an infrastructure project. Also, how the procurement strategies can create motivation to obtain an effective utilization of a construction logistic centre. To achieve the purpose with the study, a case study of Stockholm Royal Seaport (Norra Djurgårdsstaden) with focus on two infrastructure projects with a mandatory utilization of a construction logistic centre, has been examined. By an abductive method, in terms of literature studies and semi- structured interviews, this study results in that partnering and the payment form cost reimbursement have been a considerable important strategy for the project success.

    The main conclusion in this study is that collaborative procurement strategies and its components are applicable to a smaller municipal infrastructure project. Significant components to obtain an effective project performance has also been found. Furthermore, the study has shown that a construction logistics centre, designed as in Stockholm Royal Seaport, is not fully adapted to infrastructure projects with similar conditions as the two studied projects. This makes it difficult to draw general conclusions about how procurement strategies should be formed to create motivations for an effective utilization of a construction logistic centre. However, suggestions are given about how procurement can create motivation to obtain an effective utilization of a construction logistic centre by using literature studies. Conclusions can be drawn that partnering and a focus on long term relationships has created motivations for the actors to work effective.

  • 170.
    Forsman, Linn
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Jonsson, Sofie
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Addressing social sustainability in residential development - An analysis of a residential developer and two municipalities in Sweden2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Social sustainability is one of the three dimensions in the concept of sustainability and is seen as the weakest pillar of sustainable development. Previous literature concludes that social sustainability is a difficult concept to define and achieve. Therefore, the social dimension has not been addressed to the same extent and has been frequently avoided in research and practice. However the importance of the social dimension of sustainable development has been recognized from both the private and the public sector during the last decade. The social aspect of sustainability requires more attention and it is important to define the social sustainability processes that should be integrated during the planning phase of residential development projects.

    The purpose of this research is to contribute with knowledge about how social sustainability can be addressed in the housing industry and within the scientific fields of urban planning and project development. By looking deeper, from both the developer and municipality perspective, into how social sustainability aspects are addressed today, how cooperation regarding these aspects is working, what values a focus on social aspects can create for both parties as well as desires for the future, the research also aims to provide a recommendation of how residential developers can improve their working process.

    Four projects located both in Stockholm and Gothenburg have been used as a basis for the empirics in this research. Empirical information has been collected primarily through interviews but also from existing social sustainability tools. Interviews were conducted with representatives from JM AB and the municipalities of Stockholm and Gothenburg.

    The research has identified that concrete tools, cooperation, clear objectives, and an understanding of each other’s aims and goals are crucial for a good working process regarding social sustainability. A recommended working process has been developed with the aim of helping residential developers to address social sustainability in residential projects. The identified steps in the recommendation provide an understanding of how developers should work with social sustainability internally and in cooperation with the municipality. By working systematically with social sustainability in residential development, the research indicates that developers can become more attractive in the eyes of the municipality and thus gain a competitive advantage over their competitors as well as increase the possibility of creating shared values.

  • 171.
    Danell, Jenny
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Olausson, Mona
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Affordable housing through inclusionary zoning – the case of Frihamnen, Gothenburg2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The current housing crisis in Sweden affects more municipalities today than ever before. There is a high demand for all type of tenures and the housing shortage is primarily evident in the metropolitan cities. Sweden has during the last 15 year focused on building for high-income households, with the vision to create migratory chains providing other society groups with housing as well. The migratory chains unfortunately often become significantly short and the housing shortage remains for low-income households. Municipalities are now facing an unsustainable situation, with an urgent need to resolve the situation for low-income households. This needs to be performed without the stigmatization and segregation that clusters of only affordable housing brings.

    A Swedish pilot project, RiverCity, including affordable housing through inclusionary zoning is currently under development in Frihamnen, Gothenburg. The first phase of the RiverCity that will be completed is called "RiverCity 2021" and includes parts of Frihamnen and Ringön. The completion will coincide with Gothenburg's 400th anniversary in 2021.There are ongoing discussion, and some factors regarding rent setting and distribution of the affordable housing units are not yet determined. It is a new, interesting and innovative development project that has not yet been studied, and therefore considered suitable for a Master of Science thesis project. The thesis and case study was conducted through a qualitative inductive research approach, with a case study of the pilot project in Frihamnen, Gothenburg.

    The study indicates a high level of innovation among the actors to fulfill the requirements for the assignment of a land allocation. The impression is that the aktors are keen to determine criteria that ensure that the apartments are distributed to households without the financial ability to afford a lease in a new construction building. Inclusionary zoning and requirements in land allocation to develop affordable housing seems to be a prerequisite for the current development of affordable housing. The study provides a basis for further research on the outcomes of the current plans in the future.

  • 172.
    Ekström, Axel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Pettersson, Emma
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Agile project management in the design stage – Construction projects possibilities to apply agile methods2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry has a clear process it follows therefore the working method within it also has become rigid. Through long time the stage-gate model has been used by the project management. Construction projects are often complex, have long stages and long decisions routes. When a stage is completed questions have been raised and lead to that change is needed to be made before moving on to next stage. This takes time, costs more than calculated and the function gets compromised. The purpose with this thesis is to investigate if the current project management approach can be performed more efficiently by applying agile project management to the design stage.

    This thesis is performed with a qualitative research approach. It started with a thoroughly literature review of relevant topics such as agile project management, the construction process and change management. When a solid base of knowledge was gathered about the research area an interview study was conducted and a survey was sent out. The findings are a result from the interview study and the survey. The interview questions and findings are divided into four focus areas of agile project management which are project planning, meeting structure, group collaboration and communication. The discussion connects the literature with the information from the interviews and the discussion is presented with the reflections from the authors. The conclusions present the answers on the research questions. The final chapter about further research is presenting perspectives that have not been answered in this thesis.

    The thesis concludes that project management methods within construction projects are not as rigid as it is described in the literature. The lack of knowledge and awareness of other working methods creates a culture of "this is how it always has been done" within the four focus areas of agile project management. All of the reference projects were time pressured and it was in those situations where ii

    most tendencies to adjust management method was shown. The studied projects had fixed meeting structures and when emergency occurred, extra meetings were held. The project management teams had good collaboration due to that they were co-located and not too big groups. The co-location also facilitated the communication which was compared to team members that were not co-located and struggled with the communication. The communication generally worked well vertically and was struggling horizontally.

    Agile project management cannot be achieved to 100% and it is difficult to apply all of its characteristics on the construction industry since it was developed from the software industry which has other traits than construction. On the other hand, agile project management is a mindset of continuously improvement and flexibility of the used working methods which can be used by the construction industry. The construction industry has to follow some specific processes such as applying for building permits and is affected by political decisions. Therefore the current project management methods are restricted to follow certain frameworks. The framework is hard to change though it leaves space for changed methods and attitudes within the framework and the design stage. All types of construction projects can use the agile mindset and it is important that the whole organization relates to the agile mindset to achieve greatest outcome. Steps towards agile can be done in current projects by emphasis more on reconciliations and let the projects progression decide the meeting structure.

  • 173.
    Sterner Nordin, Amanda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Air rights - A study of urban ropeways from a real estate law perspective2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Ropeways and cable cars are a means of transportation in the air, which is best known for transporting goods and people across natural obstacles such as lakes, mountains and valleys. Ropeways are tightly associated with alpine areas, but in recent years, a new use has emerged for ropeways. Ropeways have evolved into a personal transport in urban environments and are used to bind together neighborhoods that are separated by urban obstacles such as highways, railways and ports. Urban ropeways have been highlighted both as a way to make efficient use of land space and as an ecologically sustainable transport. Urban cableways are common in South America but has also increased in popularity in Europe. Today we can find urban ropeways in cities such as London, Coblenz and Ankara, and now urban ropeways are also planned for in Sweden. The municipality of Sollentuna and the city of Gothenburg are investigating the possibility of integrating urban ropeway in the public transport system.

    In conjunction with a new transport system in the air in urban environments, many real estate legal issues that need to be addressed. The aim of the master thesis was to investigate the possible and appropriate approach to acquire rights to the air space in urban environments for ropeways.

    The study has been carried out as a legal study which has its basis in a groundwork study. In addition to this a supplementary interviews with experts in the field, case studies, studies of cadastral documents and case studies of the planned ropeways in Sweden were conducted. A comparison has been made with other types of ropeways which already exists in Sweden, and with other types of public transport in Sweden.

    This thesis has been able to show that the three-dimensional property is possible for some urban ropeways. The study shows that there is no special legislation is possible to apply to urban ropeways, but that the Expropriation Act and the Real Property Act are applicable. Easements and three-dimensional spaces are shown to be appropriate rights to the aerial space for ropeways, and there is the possibility of forcible land acquisition. Finally, the thesis gives suggestions on how land access for urban ropeways (and other transport systems in the air) should be done continuously.

  • 174.
    Navid, Babak
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Analysing different quality situations within public-private partnership of infrastructure2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Due to the increasing amount of private-public partnership procurements, the pros and cons of this subject area is of great concern for economists and stakeholders. Previous studies regarding the rationale of this type of procurement argued on the externalities of private-public partnership. Most arguments were upon the negative externalities, which can reduce the private-public partnership’s value. In this thesis, externalities in private-public partnership for infrastructure projects are explained by using operation and maintenance, and user’s quality in more detail and compared in different situations. This study carries that with having positively correlated qualities, the private sector will have maximum profit and by having uncorrelated qualities, and the private sector will have more profit compared to negatively correlated qualities. Furthermore the ways to design optimal contract for public sector, which gives the incentive to the private sector to enhance quality and reduce life-cycle costs, is analyzed.

  • 175.
    Davidsson, Gustaf
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Appeals of decisions to adopt detailed development plans in practice2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The housing shortage is currently one of our most significant societal challenges and the low housing production levels is one of the reasons behind this. The slow planning process is often assigned part of the blame for this and appeals of decisions to adopt detailed development plans for new development is often accused for obstructing and delaying such new development. This study has aimed at clarifying how the right to appeal detailed development plans is being used in practice and

    – especially – by whom? Furthermore, the study has aimed to clarify what the outcome of the appeals actually is.

    All 292 decisions to adopt new detailed development plans taken by any of the 26 municipalities of the county of Stockholm in 2013 have been studied. The study has showed that about 27 percent of the decisions were appealed. However, plans of especial importance, either due to containing many housing units or being of special significance to society in other ways were appealed in much greater extent. For example, 5 000 out of the total 10 000 housing units planned were appealed. Furthermore, the study has shown that the people appealing are not representative for the general population neither concerning age, education, purchasing power nor country of birth. However, the appellants have turned out to have an equal gender distribution.

    The study has also shown that the appeals to a very limited extent jeopardize the implementation of the plans. Although 5 percent of the appealed decisions were revoked, only one was revoked as a consequence of something that an appellant had actually stated in the appeal. In the remaining cases the decisions were revoked due to some other reason "evident from the circumstances". Out of the 689 individual appeals made concerning the studied plans only one and a half per mille (1 of 689) resulted in a revoked decision due to a reason actually stated in an appeal. An additional 2 percent (14 of 689) of the individual appeals resulted in a revoked decision due to some other reason "evident from the circumstances". In all cases where a decision to adopt a plan has been revoked, the municipality has commenced a new planning process in which the municipality assert to meet the demands of the county administrative board or the court. However, no such assertion has been made concerning the demands of the appellants whenever these differ from the ones of the authorities.

  • 176.
    Baran, Bahar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Storm, Ebba
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Att skapa drivkrafter till förändring vid upphandling: En fallstudie av två nyproduktionsprojekt i Norra Djurgårdsstaden2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    As a step towards a more environmentally friendly and sustainable Stockholm, a logistics center for coordinated construction logistics (BLC) was established in 2013 at Stockholm Royal Seaport, an urban area, at the initiative of the municipality of Stockholm. Coordinated construction logistics of this size is rare in Sweden and BLC requires mandatory affiliation for every developer and contractor in the area. BLC has caused a need for change in the different stakeholders’ working processes during production in order to fully utilize the logistic center. Being affiliated to and using BLC also implies increased costs for the project. That is the reason why discussions occur regarding which stakeholder should take the financial risk. This could be managed during the procurement. Thereof, the aim of the study has been to look at how the ability to adjust to changes that innovations as BLC requires could increase or decrease by the choice of procurement strategies. The intention is thereby to identify whether or not procurement could be used as a tool for change management.

    The report is a compilation of a case study of two new production projects with an abductive approach. The study is based on an extensive literature study, observations and interviews of participants of the two projects and can be classified as qualitative, empirical research with a hermeneutic approach to obtained empirics.

    The study shows that the procurement strategies have been affected by BLC in such way that the developer has made an addition to the technical specifications that is handed out when procuring contractions. The addition contains information about the purpose and the scope of BLC. It also includes recommendations for how BLC could be used in an effective and innovative way. The main contractors then in turn forward the extended technical specifications to the subcontractors. Despite the developer’s vision of an effective and innovative use of BLC, the right incentives for such use have not been created. It has been proven that the difficulty lies in the fact that BLC does not yet function smoothly for its users and that the users doesn’t fully understand how BLC functions and its purpose. The stakeholders also find it difficult to estimate the costs of using BLC, which is why the developer has taken the biggest economic risk regarding BLC in the projects. The general opinion among the contractors is that BLC is redundant and not necessary in the area. The reception and adoption has therefore been problematic and the attitude towards using BLC has been negative.

    In order to expand the use of BLC and ensure that all stakeholders share the same view about the purpose of and the need for BLC the developer should be more proactive in this matter. An early involvement of the contractors in the procurement phase and jointly defined ways of using BLC in combination with financial incentives could have a thawing effect on the contractors and increase their ability to accept and adopt the changes BLC requires. 

  • 177.
    Some, Liene
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Automatic image-based road crack detection methods2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Pavement crack detection is an important procedure in road maintenanceand traffic safety. Traditionally, the road inventory was performed by field inspection, now it is replaced by the evaluation of mobile mapping system images. The acquired images are still a significant source of temporal condition of thepavement surface. The automatisation of crack detection is highly necessarybecause it could decrease workload, and therefore, maintenance costs.

    Two methods for automatic crack detection from mobile mapping imageswere tested: step by step pixel based image intensity analysis, and deep learning. The objective of this thesis is to develop and test the workflow for the streetview image crack detection and reduce image database by detecting no-cracksurfaces.

    To examine the performance of the methods, their classification precisionwas compared. The best-acquired precision with the trained deep learningmodel was 98% that is 3% better than with the other method and it suggeststhat the deep learning is the most appropriate for the application. Furthermore, there is a need for faster and more precise detection methods, and deep learningholds promise for the further implementation. However, future studies areneeded and they should focus on full-scale image crack detection, disturbingobject elimination and crack severity classification.

  • 178.
    Hertéus, Robin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hilmgård, Simon
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Capital Structure and Diversification Strategies - A Study of Swedish Real Estate Companies Over Time2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis’ aim is to study four Swedish real estate companies between the years 2006-2015 to see whether their capital structure and investment strategies have changed over the years. The data upon which the thesis is based, is gathered from the four companies’ annual reports. These years are of interest due to the changing economic environment, both in Sweden and the world, during this time period. The time period includes one financial crisis and a never before experienced interest rate environment with rates around zero percent. Traditional capital structure- and diversification theories have been overviewed and serves as the base for the discussion regarding the results from the gathered data.

    Two hypotheses have been constructed to study this topic:

     The low interest rate environment has provided the real estate sector with access to more capital, which has led to real estate companies increasing their financial leverage, i.e. the capital structure has changed.

     The accessibility of capital in the market, combined with funds actively seeking return on capital in real estate, increases the competition and decreases yield spreads, which in turn leads to real estate companies investing capital in markets associated with higher risks.

    The result indicates that the hypotheses are incorrect. The real estate companies have not increased their financial risk through an increase in their long term debt at the end of the studied time period. However, the companies have increased their borrowing but the financial risk has not increased since their equity has increased proportionally.

    The studied real estate companies have not been mainly investing in markets associated with higher risk. Increased investment volumes have been observed all over Sweden. The investment strategies differ between the companies; some invest mainly in the bigger cities while some invest mainly in smaller cities.

  • 179.
    Warodell, Emelie
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lindholm, Victor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Circular economy – the way to a more sustainable urban environment? A study of how conversion and a circular economic business model can benefit the aspects of sustainability2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Today there is a global growing discourse regarding sustainability and the need for ecological

    responsibility. This in combination with the high level of shortage of accommodation on the market in Sweden and Stockholm, which is the geographically limitation of this study. One strategy to handle the shortage of accommodation and the high vacancy levels is property development through

    conversion where the change of use is in focus. This study is an exploratory study were the aim is to investigate how the existing property portfolio can be used to benefit the aspects of sustainability by conversion and a circular economic business model. There is also a goal to deepen the understanding of the incentives and market strategies in relation to conversion.

    The chosen method for this research is to use an abductive research method to ascertain the

    possibility for changes along projects’ life-time. Qualitative data have been collected with semistructured interviews as the main source where the respondents have been projects managers, and other essential actors, on a few selected companies as well as influential actors within the real estate sector.

    The three dimensions of sustainability, ecological, social and economic, have different influential roles depending on which explaining model that are studied. Also, there could be a ‘fourth dimension’ of sustainability, the cultural dimension, which widens the perspective. Further, the need for an environmental change have led to the birth of another economic model; circular economy. Here the traditional linear economic model is challenged with a model where recycling together with re-usage are in focus.

    Conversion is a strategy that is more frequently used now then for example 20 years ago, but the concept could have a larger role in today’s society. This could be seen as a circular economic approach for the construction, and/or real estate, industry, in which there have been investigations whether this new economic business model could have a bright future. Although, the actors on today’s market do believe that the traditional linear economic model is a better fit since it provides them with a larger profit in a shorter amount of time. Furthermore, the actors do believe that a circular economic business model is a good approach, but it is unfortunately not economically defendable in a large scale today. Since the market is full of uncertainties there are few actors that are willing to step into the world of conversion.

  • 180.
    Hjelmqvist, Viktor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Consultant service procurement in the public sector – The competence requirements for construction-and design managing consult-ants2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The demand for consultancy services has increased significantly since the companies began to shift from in-house staff to the purchasing of consulting services. The procurement of consul-tancy services can be considered among the most difficult service that goes to procure which means that it requires extensive knowledge of the purchaser to succeed in the process.

    In this report, I will examine how five public Swedish purchasers expressed their competence requirements regarding construction and design management ten years ago. I will also con-sider what type of skills they think are the most important today, and also see how the con-sultants' alleged expertise is examined. Finally, I will explain the five public purchasers thoughts on what might happen to their competence requirements in the nearest future.

    The report is structured in two parts where the first part is an analysis of the client's previous competence requirements. The second part consists of interviews with each individual client. The people that were interviewed all have extensive experience in project management, both from the private and public sectors. Conclusively, I will present what happened with their skills requirements over time and the likely reasons behind it, what forces that are behind changes in organizations, how the public purchasers follow up skill requirements and what they predict will happen to their skills requirements in the nearest future.

  • 181.
    Ericsson, Jacob
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Waldén, Erik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Conversion of office buildings to dwellings2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    During the current market boom, Sweden’s property market represents an attractive investment market with a continuously bright future. Stockholm contributes, according to last year's notations, to a third of Sweden’s total transaction volume and is by investors seen as the most attractive investment market in the Nordic region. While interest in investing in Stockholm's commercial property market is high, the region is facing exceptionally high numbers in population growth, which are putting pressure on the production of new housing. The amount of new construction projects in Stockholm is too low to reach the market’s demand, which encourages other options to produce new housing. In the present real estate stock for the office segment, there are several older buildings with poor economy and yields. This may be due to the property's structural conditions, floor plans and location. For properties of this kind, reconstruction to condominiums may be a viable alternative. Here, property owners have a decision to either implement a renovation to satisfy the market’s requirements for adaptable office space, or to convert into condominiums.

    This report presents an economic profitability analysis in converting existing office buildings into condominiums for selected sub-markets in Stockholm. Transaction prices for condominiums, office properties and standardized market valuations of office properties forms the groundwork for the analysis. This is presented in a general area analysis, which is verified by two case studies of properties in selected markets.

    Considering the high condominium prices in Stockholm, the region constitutes a favorable market for conversion of this type. The highest profitability has been identified in submarkets, which are AA- or A-areas for housing while at the same time C- or D-areas for offices.

  • 182.
    Malmeby, Emma
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Conversion or new construction – the choice from real estate developer’s perspective2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This thesis aims to explore property developer’s view of the choice between rebuilding

    (converting) commercial properties into housing or to demolish existing buildings in order to

    make way for new construction. This means, among other things, to examine which types of

    economical, legal and technical problems that may occur when converting a building. Also to

    find possible reasons why conversion is not used as a method by more property developers

    to create housing. To analyze conversions from an additional perspective, an examination of

    how people that lives in converted buildings experiences their homes was made. A

    comparison of operation and maintenance costs between converted buildings and housing

    in general was carried through.

    The thesis is based on a qualitative study which has involved interviews targeting real estate

    developers and residents in converted buildings. This method was the chosen as the primary

    technique to gather information. A conclusion that converted office buildings can be suitable

    for housing has been done, another conclusion is that it is not possible to suppose that a

    converted building would be less efficient from a cost perspective. This based on the result

    from the comparison of operating and maintenance costs.

    Since conversions, in general, take shorter time than new construction is it interesting to

    discuss if conversions could be a tool for solving the shortage of housing in Stockholm.

    However, the fact that argues against this is that it is difficult to build the large amount of

    volume that is needed with conversion as method. The thesis presents as a final point,

    obstacles to conversions and the decision process when real estate developers make the

    decision of which method to use.

  • 183.
    Ahlberg, Johan
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Jansson, Anton
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Corporate Hybrid Bonds2016Independent thesis Advanced level (degree of Master (Two Years)), 20 HE creditsStudent thesis
    Abstract [en]

    Hybrid securities do not constitute a new phenomenon in the Swedish capital markets. Most commonly, hybrids issued by Swedish real estate companies in recent years are preference shares. Corporate hybrid bonds on the other hand may be considered as somewhat of a new-born child in the family of hybrid instruments. These do, as all other hybrid securities, share some equity-like and some debt-like characteristics. Nevertheless, since 2013 the interest for the instrument has grown rapidly and has become a well-accepted, as well as a fairly standardized, source of financing for many well-established corporations around the world. Yet, we have seen very few issues in Sweden and no issues by Swedish real estate companies.

    Corporate hybrid bonds could in a rather simplified manner be explained as a subordinated bond with some equity characteristics. Examples of such equity characteristics are perpetual maturity (or at least very long), coupon deferability and the fact that it due to its subordination provides significant loss absorption. Yet, it also holds typical debt-like characteristics such as regular coupon payments and seniority to equity.

    The outcome of this research has shown that issuing corporate hybrid bonds could be beneficial to a firm. Coupon payments are, unlike dividend payments to holders of preference shares but alike interest payments on a standard bank loan, tax deductible. Other probable advantages with corporate hybrid bonds are; a stronger credit profile (which potentially could improve the (shadow)credit-rating and thus also the terms of other sources of finance), a diversified investment base as well as diversification from a capital structure perspective.

    However, despite the many advantages, numerous obstacles remain. The main shortcoming highlighted among potential issuers is the high pricing of the instrument in relation to other alternatives. Moreover, the lack of Swedish investors investing in hybrid bonds, the assumingly poor liquidity of the product along with the high denomination (piece price) due to regulatory legislations make up for topics of concern among both potential investors and issuers. Although, considering the many benefits, we believe that the weaknesses can be overseen and that there is a potential future use for the product in event of further expansion and acquisition or if the access to capital markets is limited. After all, all good things take time.

  • 184.
    Sylvan, Ida
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Huuva, Renée
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Crowdfunding applied to Real Estate – Risks and Opportunities2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Due to the low interest rates and uncertainty in the economic outlook investors seek

    alternative investments to achieve a satisficing return. Real estate is the third largest asset

    class and represent a large amount of physical capital with a unique risk. For an investor's

    utility-maximizing real estate should be a natural part of a portfolio. The thresholds for

    investing in real estate has generally been very high but thanks to digitisation, the emergence

    of Internet-based platforms facilitated and enabled capital seekers to exploit small private

    investors. The intermediate method is called crowdfunding. Through observations, interviews,

    questionnaires to potential investors in crowdfunding for real estate and literature studies, a

    triangulation from an investor perspective has allowed an investigation of crowdfunding of

    real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest

    growth in recent years. The first crowdfunding platform within real estate on the Swedish

    market was introduced in 2014. So far, projects presented on the platform have been

    successful and generated returns. For an investor, the phenomenon also implies risks. Today

    there is no legal definition of crowdfunding and the market is only partially regulated. In

    many respects, the consumer protection is not equivalent to the ones available for regulated

    investment vehicles. The new phenomenon also implies limited liquidity and lack of a

    secondary market. Crowdfunding is facing both challenges and opportunities in the future.

  • 185.
    Zengshiting, Zhang
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Detecting and resolving work-space conges-tions and time-space conflicts through 4D - Modeling in the Micro level2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This degree project aims to find solutions to prevent construction process from delay by detecting and resolving work-space congestions and time-space conflicts based on 4D-modeling.

    The purpose is to improve the work efficiency on the construction site of a hospital project. Through a software experiment, the proposed solutions will be tested to see if the conflicts on the construction site can be resolved or minimized. This is achieved by following the construction phase of the NKS project from Skanska AB. The largest hospital project in Sweden.

    The theoretical framework focuses on the concepts of 4D, work-space congestions, time-space conflicts, lean construction, last planner system, project organization as well as reviewing a variety of literature regarding how to resolve the conflicts during the construction process. The useful data and information have been gathered through semi-structured interviews with project managers and workforce. The obser-vations have been done on-site. Followed by 4D software experiment, by associating the tasks to the different areas through LBS with the time constraint data, the effi-ciency of work based on the quantity takeoff can be evaluated and thus it allows pro-ject managers to foresee the potential conflicts easily. Eventually, applying 4D - modeling helps the planners visualize the inefficiencies in the schedule and thus re-schedule the tasks before they lead to delays.

  • 186.
    Wang, Shinan
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Detection and Analysis of GNSS Multipath2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Multipath effect is generated when a signal arrives at the antenna by multiple paths instead of one direct path. It is, to a large extent, dependent on the surrounding environment of the antenna and the satellite geometry. Despite all the efforts put into the mitigation of multipath errors, it remains the dominant error source that cannot be ignored for GNSS precise positioning and other GNSS applications. In this thesis report, two methods have been developed with Trimble Business Center and MATLAB to study the presence and performance of multipath effect. The first method – Trimble baseline analysis focuses on the height change pattern of the study station with regard to its reference station over time. The second method – RINEX analysis focuses on the change of the geometry-free combination of pseudorange codes and carrier phase measurements over time. These two methods have been firstly tested on station KTH and then applied on station Vidsel and station Botsmark. Various forms of results all indicate the existence of multipath effect on the three suspicious stations. The height value of the study station has a variation pattern on a daily basis because of multipath. Multipath errors also cause noise in the satellite signals, with pseudorange more affected than carrier phase. It is also worth-noted that satellite at low elevation angle is more susceptible to multipath errors than that at high elevation angle.

  • 187.
    Gustafsson, Joacim
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Peng, Zhuquan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Discount and Premium to NAV in Swedish Listed Property Companies2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Listed property companies trading at a discount or premium to their Net Asset Value (NAV) is a widely recognized phenomenon. Previous research within this field has primarily applied OLS-regressions and is mainly focused on U.K. and U.S. markets. This study is the first to empirically assess discounts and premiums in Swedish-listed property companies. By applying a fixed effect model controlling for panel data, this study also expands previous work and contributes to more knowledge about company-specific effects.

    The study covers 14 Swedish-listed property companies between the years of 2008 to 2015. Two OLS regression models and one fixed effect model were applied on cross-sectional data. Overall, the results show that the size, reputation, portfolio concentration and debt to asset ratio of a firm are negatively correlated with discount to NAV. The overall market sentiment and stock volatility are positively correlated with discount to NAV. Moreover, the overall market sentiment in tandem with firm-specific factors is believed to significantly impact discounts and premiums. Board size, insider ownership, administration costs and cross-border investments were found to not have a significant impact on discounts and premiums. Last it was also found that discounts and premiums are not determined by within variations in the subject companies, rather it is determined by across variations in the firm-specific variables.

  • 188.