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  • 201.
    Bernebrant, Daniel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Bothin, Ellinor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Land a cquisition for temporary use during construction of municipal streets2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    When infrastructure is under construction there may be a necessity for temporary land access. This thesis aims to explore the temporary needs of land while municipal streets and roads are being constructed. Needs that doesn´t remain when the street is completed. Those needs can for example be temporary cargo roads or - as the cover image shows - a work area by the side of the road.

    When national infrastructure is constructed there are legal possibilities to arrange temporary land access compulsively. Temporary usufruct can be created forcibly through work plans according to the Railway Construction Act and the Road Act. On the other hand, when municipal infrastructure is constructed these legislations do not apply. There is no law that directly regulates municipal road construction. In special legislation which regulates municipal land access there is no explicit support for compulsive temporary land access.

    An empirical study shows that municipalities to a high degree rely on voluntary agreements to access land temporary. In those situations where agreements cannot be met, but there is still a great need of temporary land access, the municipality turn to the cadastral authority. However, the cadastral authority has dubious support in legislation to establish rights of a temporary nature compulsively. A solution that has been applied in practice is formation of temporary easement by the cadastral authority, to meet the necessity of temporary work areas. This solution would be contrary to the requirement of that the purpose of easements must be of permanent significance. Interviews has also indicated that easements formed by the cadastral authority for permanent roadside ditches sometimes also are used as temporary work areas during construction of streets. If such an easement is used for another purpose than a ditch, the easement’s right is exceeded. It cannot be considered a legal secure

    order that easements are used for other purposes than intended.

    There have not been found a satisfactory way in the legislation to compulsively meet the need of temporary land access for municipalities. It is therefore proposed that a change is made in the legislation to allow the cadastral authority to form temporary easements for temporary land access.

    The change should be an exception of the requirement for permanent significance in those cases the purpose of the easement fulfills an important public interest and is temporary. As an alternative, enabling of temporary usufruct through zoning plans could be a solution to the problem.

  • 202.
    Landeman, Marc
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Land compensation for joint facilities. Choice of compensation methods and equal treatment2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    When a property is in need to get access to a facility with a certain purpose – e.g. an access

    road to the property – the Swedish legislation states that it under some certain conditions is

    possible to establish the facility compulsory on another property. When a compulsory acquisition

    occur the legislation also states that the owner of the property that surrender land for the

    facility shall get compensated for the intrusion the facility makes on his or her property. The

    cardinal rule to determine the compensation level for these cases – when the Swedish Joint

    Facilities Act applies – is that the compensation level shall be based on the decrease in market

    value i.e. the damage that the facility causes on the acquired property plus an equitable share

    of the benefit that the facility causes for the properties that get access to the facility. These

    situations are in general speaking named profit sharing cases.

    Further states the travaux préparatoires that the distribution of the profit shall be equitable

    with guidance of the distribution that had occurred in a “normal” voluntary agreement between the involved parties (prop. 1991/92:127 s. 69).

    To be able to apply the legislators requirements of equitable and “normal” voluntary

    agreement in a real situation there are a number of methods that can be used to decide the

    compensation level. A problem with these methods is that it’s not always obvious a priori

    which method that should be used for a certain facility. A risk that occurs when it’s not clearly

    defined which method that shall be used in a certain situation is that substantially different

    levels of compensation can occur in different cases, even if the purpose with the facility is the

    same. For these cases when it’s not a priori defined which method that shall be used it’s up to

    the cadastral surveyor – after his or her preferences regarding what can be seen as equitable –

    to decide in the particular case which compensation level that best correspond to the legislators

    requirements of an equitable and “normal” voluntary agreement. With this said, there is

    an obvious risk that similar situations and cases get treated unequal from a compensation perspective

    according to which method the cadastral surveyor chose to apply.

    With respect to the problem description above, the purpose of this thesis have been to investigate

    how the compensation legislation in the Joint Facilities Act are applied or can be

    applied by the cadastral authority in joint facility procedures. The investigation was performed through a study of procedure acts from the cadastral authority.

  • 203.
    Ekelund, Hugo
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Maturity m easurement for industrialized house building - A study of VeidekkeMAX2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The construction industry is today well known for its way to work in projects where each one is unique and needs its own detail solutions, ways to work and different processes. That means that in the start up phase of each project there has been a need to start all over again since just a fraction of knowledge and solutions pass from one project to another. Companies has been able to work this way due to the fact that lately the interest level has been favourable and the customers has had a buying power which enable construction to

    be carried out this way. Today the interest is so low that it cannot almost go any lower and the construction industry is therefore forced to find new ways to build houses more efficiently and cheaper to be able to match the market. The answer to this problem was found in the manufacturing industry and the way they work with repeated processes. The construction industry has looked into manufacturing and their ways of working before when they looked at the car industry in the early 20th century but it took about 100 years from that for the industrialized house building that we know today to be born.

    One of Scandinavia´s largest construction companies Veidekke is currently putting an effort in developing an industrialized house building concept called VeidekkeMAX that consists of three different areas. The three areas are a technical platform, process and an organisation with the purpose to find more effective ways to construct houses without compromising with the final outputs quality.

    When the work today is carried out with more repeatable process than before it is possible to measure the development of industrialized house building by looking at the maturity of its processes within the company. This study´s aim is to investigate a maturity measurement tool from the manufacturing industry and use it in the construction industry. This study will measure the maturity of the concept VeidekkeMAX and the measurement tool being used is CMM. CMM was developed in the software industry and it measure maturity in five different levels. It is important that the measurement can be repeated so it is possible to see how the development is going.

    Specific fields within the concept have been chosen for investigation and the empirics for the study has been collected through interviews with employees in the chosen fields. The respondent’s answers have been evaluated and the result is presented in this paper. The result shows that today the maturity in VeidekkeMAX is low since the employees are working in different ways and the observed processes within the company today are individual and varies a lot. The result also shows that it is possible to use CMM within the construction industry but it is as most useful if there are clear processes to measure.

    This thesis also briefly investigates the question whether it is possible to take standardisation within the construction industry too far and each interviewed was asked for their opinions on where VeidekkeMAX is going. The result showed that within the company there is a fear to take it one step too far which shows the importance to make sure that every employee is on-board with the change and that everyone is motivated to work with the concept and help develop it making it more efficient.

  • 204.
    Granström, Johanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Vestin, Linnéa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Munic ipal land allocation in larger development projects2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Currently there is a high demand for housing in Sweden, especially in the metropolitan areas.

    The municipalities own a major part of the land intended for new construction. Through a land

    allocation the land can be allocated to developers, which in turn develops the area. Thus, land

    allocation is a vital tool for the housing development in Sweden. Currently there are no

    regulations concerning how the land allocation should be carried out. Consequently, the

    implementations differ significantly between different municipalities and projects.

    The purpose of this master thesis is to describe and compare different approaches of municipal

    land allocations in larger development projects. Furthermore, the aim is to analyze pros and

    cons of the different approaches and recommend which components that should be used in land

    allocations of larger development projects. When the different approaches have been described

    and compared the particular method has been studied, what criteria that have been used during

    the selection of developers and how the assessment has been carried out. Other than that the

    duration, pricing and regulation of rent and tenure have been investigated. Furthermore,

    questions regarding zoning have also been considered in the study.

    The four projects that has been investigated is Frihamnen (Göteborg), Årstafältet (Stockholm),

    Södra Ladugårdsängen (Örebro) and Vallastaden (Linköping). The objective of the study has

    been achieved through a literature review and a case study of the four projects. The case study is

    based on written documents and conducted interviews with involved parties from the

    municipalities and developers.

    The study has shown that all approaches of land allocation studied differ depending on the

    project conditions and objectives. In all projects a tender process has been the base for selection

    of developers. Price was the driving factor in Årstafältet, while other criterias were in focus in

    the other projects. The study shows that a selection based on other criterias then price is good

    in order to promote quality and diversity in the project. However, a tender based only on price is

    a simple and relatively cheap method. Regarding detail plans, it is concluded that it can be an

    advantage for smaller municipalites to prepare the detail plan before a land allocation takes

    place in order to attract developers. This approach is something that especially promotes

    smaller developers since preparation of a plan is costly and time-consuming. In addition, it is

    concluded that it always should occur some type of coordination and planning among the

    municipality and the selected developers in order to obtain optimal overall solutions for the

    area.

  • 205.
    Bergsjö, Joline
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Photogrammetric point cloud generation and surface interpolation for change detection2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In recent years the science revolving image matching algorithms has gotten an upswing mostly due to its benefits in computer vision. This has led to new opportunities for photogrammetric methods to compete with LiDAR data when it comes to 3D-point clouds and generating surface models. In Sweden a project to create a high resolution national height model started in 2009 and today almost the entirety of Sweden has been scanned with LiDAR sensors. The objective for this project is to achieve a height model with high spatial resolution and high accuracy in height. As for today no update of this model is planned in the project so it’s up to each municipality or company who needs a recent height model to update themselves. This thesis aims to investigate the benefits and shortcomings of using photogrammetric measures for generating and updating surface models. Two image matching software are used, ERDAS photogrammetry and Spacemetric Keystone, to generate a 3D point cloud of a rural area in Botkyrka municipality. The point clouds are interpolated into surface models using different interpolation percentiles and different resolutions.

    The photogrammetric point clouds are evaluated on how well they fit a reference point cloud, the surfaces are evaluated on how they are affected by the different interpolation percentiles and image resolutions. An analysis to see if the accuracy improves when the point cloud is interpolated into a surface. The result shows that photogrammetric point clouds follows the profile of the ground well but contains a lot of noise in the forest covered areas. A lower image resolution improves the accuracy for the forest feature in the surfaces. The results also show that noise-reduction is essential to generate a surface with decent accuracy. Furthermore, the results identify problem areas in dry deciduous forest where the photogrammetric method fails to capture the forest.

  • 206.
    Kimari, Hannes
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Pettersson, Felix
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Price discounts of co-operative conversions in Stockholm city2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The conversion of rental apartments to tenancy-owned housing has been a common phenomenon in the housing market in Stockholm during the last two decades. Rental apartment-tenants have the opportunity to purchase their unit for a hefty discount. The existence of the discount has further resulted in banks providing a mortgage that allows the tenant to purchase the apartment with full leverage and without any cash contribution. The households have been able to sell their apartment with high profit and then reinvest it in other housing alternatives at better locations, in better technical condition and with larger living space.

    The main reason for the discount can be explained by the difference in the valuation methods used by property investors and private households. The property owners value the rental property through the yield method that results in a price that other property investors would be willing to pay. The return generated in a rental property consists of rental revenues. These rental revenues are state regulated according to the use-value method, which means that rents, especially in primary locations, are reduced in order to minimize the segregation in the Swedish society. A price gap appears and consists of the price difference between the present value of the running rental income and the price of each individual apartment on the secondary housing market. The tenant owned association that is willing to buy the property and the private property investor who is willing to sell, usually negotiates a price that both parties are satisfied with. The negotiated price usually results in both parties sharing the profit that arises from the price gap.

    This study aims to investigate how large the price gap is between the conversion price and price generated through sales of the individual units on the open housing market.

    The study includes completed conversions in Stockholm within the city customs during the period of January 2010 and January 2016 and condominiums sold in the same associations during the same period. The discount results to an average of 44 % in relation to conversion price and 57 % in relation to the deposit (Sw. Bostadsrättsinsats). On average, the difference between the value of the property during conversion and the value of tenant owned-housing units on the open property market results to 24,444 SEK/m². The difference between the conversion price and the market value of the deposit on the open housing market amounts to 31,231 SEK/m². This means that the average discount that an apartment holder receives amounts to SEK 1,924,025. Among the converted properties, 38 % of the total gross floor area have been sold on the open housing market within the two first years after the conversion. The value difference has resulted in a total realized discount amounting to SEK 5,279,523,434 in relation to conversion price and SEK 6,672,510,151 in relation to the deposit value.

  • 207.
    Hägglund, Oscar
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ållemark, Hampus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Property allocation in Swedish Pension Funds2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Swedish pension funds have vast  mount of money to invest in order to maintain a stable and functioning pension system. Real estate is an important part of the investment strategy  and contributes as a relatively low risk diversifier to the portfolio. The major share of

    Swedish pension money is place in public pension and in occupational pension. There are several institutions working to manage this capital, both governments owned and private owned institutions. Historically allocation of properties among institutional investors has taken place in the home market due to the need of local knowledge when managing real

    estate. Real estate is less correlated with the interest rate market creating a lag in fluctuation when the interest rate changes, this yield gap creates valuable opportunities to

    invest in real estate to better yields when the rate falls. Since a few years after the turn of the millennium institutional investors has increased their real estate holdings rapidly   onfirming that, or at least indicating, that there exist a yield gap in real estate investments.

    Historically institutional investor’s allocation in property as a part of the whole portfolio has

    Been low, in 2001 the public pension funds had approximately 3% invested in real estate compared to todays 10 %. The main explanation to the significant increase in property allocation in the public pension funds is the low interest rate environment the market is currently experiencing.

    The pension funds prefer to own real estate directly for two major reasons. Since real estate is a relatively illiquid asset it is important to keep control over the investment and secondly to avoid short term behaviour. Over the past decade investments in real estate has  increased with 900 billion SEK divided among the institutions invested in this thesis.

    This increase has established real estate as a more vital part of the pension fund portfolio and we believe that allocation levels will remain relatively stable at this level. However the

    Limited supply of properties suitable for pension funds will together with the decreased

    yield--‐gap result in a slowdown or even  stop in the pension fund possibility to further increase their property allocation.

  • 208.
    Roihjert, Samuel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Åhlander, Viktor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Real estate as an investment alternative in an environment with low interest rates and inflation – A comparison between Japan and Sweden2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Today’s market situation for real estate and property developers in Sweden is very unique. It is characterized by low to negative interest rates and low to no inflation. However, many of the existing economic theories are based on positive interest rates and a positive inflation. This has resulted in uncertainties for investors and market players how to assess this new situation and be able to adequately predict how this will affect the real estate market.

    The purpose of this thesis has been to investigate how a low interest rate and inflation environment affects real estate, as an investment alternative. The thesis looks closer on the Japanese market since they have had a low interest rate and inflation environment from the middle of 1990’s. The thesis has investigated what kind of relationship that exists between the return but also the prices from real estate and different macroeconomic variables such as the interest rate, the inflation and the GDP growth. The thesis has been performed at Vasakronan, a leading property company in Sweden. Vasakronan management has provided valuable guidance and assisted in making prioritizations of the very extensive data material.

    Real estate can be considered a good investment alternative and that they still generate a rate of return over time in a low interest rate and inflation environment. Furthermore the findings show that the interest rates and the inflation do not have any direct effect on the real estate returns in a low interest rate and inflation environment. However, we have found that it exist other variables that affect the real estate returns which in turn are affected by the interest rates and the inflation meaning that the returns for real estate are indirectly influenced by the interest rates and inflation. One of the most important variables is the GDP growth, which has an influential impact on the real estate returns. The demand and supply for real estate as well as the expectation concerning the future is also variables that influence the real estate market and returns. As long as the economy is growing as well as the demand is high and future expectations is positive, real estate can still be considered to be a relative secure and good investment.

  • 209.
    Arwidsson, Jacob
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Real Estate Investments in 18-hour Cities: Do 18-hour cities offer better investments than 24-hour cities?2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With the rise of the millennial generation, a new roster of cities has sprung to life – the 18-hour cities. They can be defined as a vibrant second-tier city where there’s a big potential for employment and economic growth and at the same time they offer a lower cost of living and doing business than in 24-hour gateway cities like New York City or San Francisco. They have been named the hottest places for real estate investments by industry literature which poses the question if 18-hour cities really offer better investments than 24-hour cities. This paper uses a statistical analysis framework complemented with qualitative interviews of industry professionals based in 18-hour markets to test this notion.

    From the statistical analysis, it has been found that 18-hour cities offer higher yields than the 24-hour markets but the cash return cannot be said do differ between the two. Furthermore, the interviews with industry professionals indicate that the 18-hour markets have major future growth prospects because of their job growth, population growth and the large in-migration of high-skilled labor gravitating towards these amenity-rich areas where they can receive the highest reward-for-skill

  • 210.
    Stockel, Jakob
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Skantz, Niklas
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Regime shifts in the Swedish housing market - A Markov-switching model analysis2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Problem statement: Accurate and reliable forecasts of trends in the housing market can

    be useful information for market participants as well as policy makers. This information may be useful to minimize risk related to market uncertainty. Since the burst of the housing bubble in the early 1990s the price level of single-family houses has risen sharply in Sweden. The Swedish housing market has experienced an unusually long period of high growth rates in transaction prices which has opened up for discussions about the risk of another housing bubble. Business and property cycles have shown to contain asymmetries, which linear models are unable to pick up and therefore inappropriate to analyze cycles.

    Approach: Therefore, this study uses non-linear models which are able to pick up the asymmetries.

    The estimated models are variations of the Markov-switching regression model, i.e. the

    Markov-switching autoregressive (MS-AR) model and the Markov-switching dynamic regression (MS-DR) model.

    Results: Our ndings show that the MS-AR(4) model allowing for varying variance across

    regimes estimated using the growth rate of FASTPI produce superior forecasts over other MSAR models as well as variations of the MS-DR model. The average expected duration to remain in a positive growth regime is between 6.3 and 7.3 years and the average expected duration to remain in a negative growth regime is between 1.2 to 2.5 years.

    Conclusion: The next regime shift in the Swedish housing market is projected to occur between 2018 and 2019, counting the contraction period in 2012 as the most recent negative regime. Our ndings support other studies ndings which indicate that the longer the market has remained in one state, the greater is the risk for a regime shift.

  • 211.
    Ljung, Håkan
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Regulations of division into property units in detailed development plans – a study of the application in the Stockholm County2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    By the new Planning and Building Act that came into effect 2 May 2011, it became possible to use regulations of division into property units in detailed development plans. With these regulations, there is possible to regulate how an area will be divided into property units, which easements and utility easement that should be formed, amended or repealed and which facilities that should be joint facilities. Earlier, these regulations was an own form of plan – the real property plan – that was abolished when the new Planning and Building Act came into effect. However, older real property plans are still valid as detailed development regulations, according to the transitional regulations to the Planning and Building Act. The purpose with incorporating these regulations in the detailed development plan was to simplify the application by making it not necessary with double procedures to regulate these issues. Another advantage according to the preparatory works was that the property owners would only need to study one plan document to understand the consequences of the detailed development plan.

    When regulations of division into property units is used, some provision in the cadastral laws should be tested already during the plan procedure. During the implementation time of the plan, the cadastral authority is bounded by the testing of the provision that has been made during the plan procedure. The regulations of the division into property units is binding for cadastral procedures in the way that the cadastral authority cannot form property units in contravention of these regulations. Even at the building permit processes, the regulations of the division into property units is binding meaning that building permit cannot be given if the property does not correspond to the regulations of division into property units. Furthermore, the regulations of division into property units gives real property owners right to compulsory acquisition so that the division into property units corresponds to these regulations. The aim of this Master of Science thesis is to investigate how and to what extent the regulations of division into property units have been used in the Stockholm County since the

    new Planning and Building Act came into effect. A quantitative study of all 26 municipalities in the Stockholm County has been made. The study included all detailed developments plan that has been adopted between May 2011 and December 2015. The result was that the regulations of the division into property units have been used in 24 detailed development plans during this period. Only eight of the municipalities had used regulations of division into property units. Almost half of these 24 plans was plans for single-family properties where the regulation replaced a real property plan that was repealed. In general, it can be stated that regulations of division into property units is mostly used in plans for single-family properties. Interviews were made with several of those municipalities that uses regulations of division into property units to largest extent. The most common reason to use these regulations was to make it sure that the plan can be implemented in accordance with the intention of the municipality. There is also common that regulations of division into property units is used when municipalities change a plan that has no regulation of the minimum area of the property units. If part of a real property plan is repealed in order to make it possible to divide a property unit, a new regulation of real property formation can be used to guarantee that it will not be formed too many property units.

    Other reasons to use regulations of division into property units was to expand the possibility of compulsory acquisition, to solve questions of cooperation between property units and to create predictability when it comes to charges of costs for municipal streets. Interviews has also been made with municipalities who do not use regulations of division into property units. The main reasons to not use these regulations was that there is no need of it and that the flexibility is reduced if regulations of division into property units is used. In the thesis the conclusion is drawn that regulations of division into property units is especially suitable to use in conversion of holiday home areas to areas for permanent resident properties. In such detailed development plans, there are many property owners who can have different attitude to the planning. Thus, there may be a need of binding regulations to handle disputed situations.

  • 212.
    Zhao, Jianyu
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Risk Assessment on Housing Segments in Stockholm2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 213.
    Bonander, Johan
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Ulriksson, Hampus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Risk Management in Residential Construction – An analysis of the risk management process of a Swedish construction company2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Risk can be described as the absence of information when a decision is to be made at any time throughout a process. The construction industry is often considered as complex and defragmented due to working in a project based format; with a unique product and a process where there are times when decisions need to be made with insufficient information. Therefore, proper risk management processes can be vital to minimizing risks, maximizing opportunities and securing a successful project process.

    This master thesis has been conducted at a large Swedish construction company that houses both a constructing unit and a residential development unit. Consequently, the focus of this thesis has been on analyzing the risk management process when a residential project is both developed and constructed by the same company.

    The purpose of this master thesis is to describe and analyze risk management in a project based organization within the construction industry. The thesis aims to provide a better understanding of how risk management is used in practice but also what underlying factors that can affect risk management processes. The study will include both the perspective of the developer and the constructor; as well as their separate and joint processes facilitating risk management.

    In regards to the purpose of this thesis, a general risk management model has been used to provide a framework for analysis. This model consists of four steps: risk identification, risk assessment, risk mitigation and risk monitoring.

    The results from this study indicate that risk management within residential construction heavily depends on the personal knowledge and experience of project members. In turn, this creates discrepancies between how risk management is described in internal documents and how it is utilized in practice. Furthermore, it was found that risk management is considered an important part of the overall project process. However, opinions varied to what extent risk management was actually applied in projects. A reason for this could be that there is no joint understanding within the company of what processes are considered as part of risk management – thus, project members sometimes practice risk management without being aware of it.

  • 214.
    Bergstrand, Karin
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Appel, Viktor
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Shorter project lead times in construction2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The manufacturing industry has made an extensive journey through the last century when it comes to increasing productivity. Results in the construction industry end up far behind manufacturing and do not show anywhere near the same efficiency increase, improved quality or decreased costs. There are a lot of potential savings in the form of activities that consumes resources without creating value for the end customer, also called waste. Waste in combination with uncertainty and variability in task duration forces the project duration to be longer than necessary.

    The purpose of this study is to investigate the opportunity to shorten the lead time of a construction project and investigate how construction companies can work continuously towards shorter project lead times. The purpose has been fulfilled through a time study performed at four projects managed by one of the leading construction developers of residential buildings in Scandinavia. Waste and variability were mapped in the interior phase. The measured time for each activity was categorized either as; value adding time (VT), necessary but non-value adding time (NNVT) and non-value adding time (NVT). The results showed that mounting consists of 48 % VT, 28 % NNVT and 24 % NVT, while material handling consists of 0 % VT, 75 % NNVT and 25 % NVT. The results further showed large variability in task duration between the projects.

    Theory from lean, logistics and scheduling were combined to form three different scenarios for shortening project lead times. The first scenario describes how to work with removing waste from the process. The second scenario describes how to reduce variability and thus be able to reduce buffers in the time plan. The last scenario describes how support processes, for example material handling, can be removed from the critical path, in order to reduce project lead times. A proposal for a general approach for continuously working with decreasing project lead times is also presented. Central aspects for shortening project lead times were concluded to be the takt time, variability and risk. The proposed approach involves a combination of the three scenarios, where their impact on each other is considered.

  • 215.
    Braddon, Chanel
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Westergren, Elin
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Should municipalities in Sweden own or rent their public school premises?2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    According to the conducted survey the majority of municipalities in Sweden own their municipal

    school premises, and only a few municipalities hire that type of premises. The reason why

    municipalities own their schools varies. In many cases it will depend on one or more of the

    following reasons; because of political reasons, because they have "always done so”, because of

    policies to own social infrastructure, or because it is considered more economically feasible. In

    theory, the claim that it will be cheaper to own since a private operator requires a premium to

    make profit, is correct. Traditionally, municipalities have also been able to borrow money

    cheaper than private operators.

    Reasons that some municipalities instead choose to rent their school premises is for instance due

    to the long-term benefits that the renting option brings. A building will for instance be erected

    faster if the municipality, instead of a traditional procurement, chooses the renting-procurement

    alternative. A faster erected building can have socio economic advantages. In addition, the

    municipality does not lock up a large portion of capital in real estate. Similar to private investors,

    municipalities has a limit for lending of capital. The rent option of community buildings in

    general, and school buildings in particular, can therefor enable investments in other buildings that

    contribute to the municipality's attractiveness. More tax revenue leads to the possibility of

    investing more in social and traditional infrastructure. The study showed no significant cost

    difference for renting versus owning.

    With the increased population and need of new school premises it is important that municipalities

    conduct investment analysis and base their decisions on the option that is most economically

    advantageous. Allowing a long-term private operator to construct and rent out the new school should therefore be seen as an option for more municipalities in Sweden, municipalities should hence conduct economic comparing calculations for the two options. The economic assessment, and later the action plan for future school constructions, should be based on the municipality's economic conditions. The assessment should also most probably result in a mix between renting and owning schools, to promote, inter alia, competitiveness and quality.

  • 216.
    Tourtier, alice
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Study of the contribution of an ionospheric model embedded on a dual frequency GNSS receiver.2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    GNSS (Global Navigation Satellite System) is a system that allows a receiver to know its position. It includes GPS (Global Positioning System), a system designed by the United States, Galileo (European), Beidou (Chinese) and others.Currently, with a stand-alone GPS receiver, the accuracy on the position estimation is around 1m. Indeed,GNSS signals are altered when spreading through the atmosphere and can be diffracted, reflected or scattered by the nearby environment of the receptor. These contributions (respectively called atmospheric delay and multipath) lead to errors on the receiver position estimation. The goal of this study is to present methods in order to tackle these errors.

  • 217.
    Dabrowski, Peter
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Surplus Cities: An Investigation in Density Externalities and a Consequent New Approach to Urbanism2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The founding premise of this paper is simple; that urban density has positive externalities and

    that these are unaccounted for in the developers’ density choice. This paper looks at the

    incentive structure of individual developers though a theoretical perspective and shows that

    the density choice is a suboptimal product of a prisoner’s dilemma game. Two mechanisms

    are proposed to achieve the optimal level of density. The first is an Inverse Density Tax which

    fixes the incentive structure at the agent level by internalizing the positive externalities of

    density. The second is the Supply Buffer which solves the regulation problem. The disconnect

    between what is good for a city and what policies are actually practiced by planners is

    addressed by suggesting a new approach to urbanism called the Surplus Cities approach

    which suggests a more positive approach to urbanism instead of the multitude of normative

    approaches that encompass the existing urban planning profession. The significance of the

    model in the paper is that it shows that the optimum density a developer should build is not

    the commonly accepted quantity where marginal revenue equals marginal cost, but greater

    due to positive externalities of density. In addition this paper presents the tools to a) achieve

    the optimal level of density and b) introduce a separation of powers in municipal government

    between planning the city and controlling real estate supply which restrains the growth of

    cities; as has been a prominent subject of contemporary urban economics discourse.

  • 218.
    Keberku, Hanna
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Larsson, Anna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The capital structure of listed real estate companies2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The Swedish economy is currently characterized by a low interest environment, which has

    contributed to a thriving real estate sector in Sweden. The property companies’ financial costs are extremely low and in the search for yield, many investors have shown an interest in real estate.

    Due to the high demand on the real estate market there has been an increasing demand for funds. Historically, the balance sheet of Swedish property sector has been comprised of common shares and a large share of bank debt. However, in recent years real estate companies have diversified their capital structure and the use of bonds and preference shares has become increasingly common.

    This master thesis aims to investigate the development of the capital structure of the listed real estate sector in Sweden and examine the driving forces. Furthermore, the purpose of the study is to identify and analyze what will drive the use of different financing options in the future.

    Consequently, the effect on the capital structure of the listed sector will be investigated. The study has been conducted primarily based on interviews conducted with key actors active in the real estate sector, the bank sector as well as the institutional and non-institutional investors.

    The study suggests that the access to financing will be increasingly dependent on the firms’ size and vice versa. Secondly, due to regulations of the banks, the listed real estate sector will have a growing need of financing through the capital markets. However, the thesis has identified a number of obstacles on the Swedish corporate bond market, such as illiquidity. Given the current conditions on the Swedish corporate bond market, the listed sector will be unable to acquire the funds needed to support a growth of the real estate sector. The final finding relates to the capital structure theories and concludes that access to different financing options will be more important than the capital cost.

    The study shows that there is a clear trend of growing real estate companies. The larger

    companies are beginning to approach the Swedish major institutional stakeholders in size and

    reaching a size which makes them more competitive on the international capital markets. Access to funding will therefore increasingly depend on their size and vice versa. In line with previous studies, the listed property sector has a growing need for financing through the capital market due to regulations of the banking sector. Consequently, the distribution between bank and market financing in Sweden will change. Due to the current conditions on the corporate bond market, the  listed sector is unable to access the resources needed to support a strong growth of the property sector.

    The elementary conclusion of this study is that an access to various financing options will be

    more important than the capital cost. The result is therefore not support by the already established capital structure theories. To explain the growing need for a diversified capital structure and the importance of access to multiple markets, the results of this study suggests a new capital structure theory. The optimal capital structure is first and foremost a question of optimal access to various funding sources. Thereafter the company should regard the cost of capital and the impact on the rest of the capital structure.

  • 219.
    Agholme, Alexandra
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Hammar, Caroline
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Effect of Attefall-houses – Can Attefall-houses assist to solve the housing shortage?2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    In Stockholm, there is a great shortage of supply on the housing market and many newly

    established on the market find it hard to find a home. During 2014 the Planning and building

    act was changed, allowing for a new kind of small buildings, so called Attefall-houses, of up to 25 sqm to be built without building permit on single family housing units. This thesis evaluates the impact that Attefall-houses have on the housing shortage in Stockholm and how these houses could be property tax assessed.

    As a part of this, the profitability when those are let out have been calculated and whether they have a potential to become more popular has been investigated. Comparisons with foreign renting markets with a more widespread secondary market have furthermore been carried out.

    The thesis is limited towards Attefall-houses classified as residential. Few Attefall-houses have been built and are available for rent. Since the number of transactions pertaining to single family housing units with Attefall-houses was insufficient, market values have been estimated by studying the attitude of market actors, by an income based approach and by a cost approach. In order to get a more perspicuous view of the profitability, repayment times on those let out have been calculated.

    The value an Attefall-house entails on a single family housing unit has been estimated to

    between 200 000 SEK and 300 000 SEK. The repayment times when the Attefall-houses are

    let out and then are sold at this value vary between 5 and 12 years with the current  egislation, depending on financing and municipality. If all rental income had been tax-free, the repayment times would vary between 4 and 7 years instead. If the Attefall-house, on the other hand, is reformed into a tenant ownership unit, the sales prices vary between 1 500 000 and 2 100 000 SEK. According to this, Attefall-houses have the potential to be a profitable investment. A couple of problems and misleading incentives when building and renting them have, however, been found.

    A property with an Attefall-house will get two property tax assessment fees after 15 years. In

    addition, the rental income is taxable, which creates trouble for the property owner but also for the taxation authorities. It is also more economically profitable to re-form the Attefall-houses into tenant-ownership units rather than to keep them as complementary buildings. If the house is re-formed into a tenant ownership unit it is less of a clear alternative for newly established on the market hence not as good complement to the exiting property market as if the owners rent out the dwelling. The process when the houses are built is, furthermore, not as easy as it sounds since the municipality requires detailed documents and the buildings have to meet tough building standards to be allowed to be let out. The processing time before starting decision can be given also varies a lot between different municipalities.

    There are also a lot of ambiguities and grey areas that have been found. It is not clear when

    letting of Attefall-houses should be classified as a business rather than a private activity and it is also not clear on which market value maximum rent and property tax assessment should be based.

    Possibilities for a good investment and economic benefits exist but to make the Attefall-houses more popular, misleading incentives should be removed and incentives for renting should instead be created. The legislation should also be clarified to lower the risk for property owners.

    At the end, time is needed for Attefall-houses to become an established alternative on the

    residential market.

  • 220.
    Langer, Niklas
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Koller, David
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Effect of Portfolio Allocation Strategy on Stock Market Behavior in Publicly Traded Real Estate Companies2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Within the real estate asset class, most companies own and operate properties. How the companies construct their property portfolio, in respect of property type and geographical focus, differ. Some companies have chosen to be focused while the holdings of some companies are well diversified. Depending on which strategy is chosen, the underlying assets of the companies will be different and affected by different factors. This paper investigates if, in Sweden, the composition of the publicly traded real estate companies’ property portfolios affects how their stocks behave on the stock market. Four hypotheses about the behavior is stated, each hypothesis is linked to certain key financial figures that is calculated and analyzed over time. The financial figures that are investigated are the correlation between the companies as well as the correlation with the stock market portfolio, the risk and the risk-adjusted return of the companies. All figures are tested over either a 36 month or a 12 month rolling time period.

    The results show that the diversified companies display a higher correlation with each other as well as the market since the beginning of the 21st century. Companies that are diversified across property types but focused geographically also display higher correlation. Hence, if a company is focused or diversified geographically doesn’t seem to affect the level of correlation between the companies. Another result is that the smaller, often more focused, companies have a low correlation with each other as well as with the market. However, there are exceptions among the diversified as well as the focused companies.

    The risk is measured with the help of two variables, the beta coefficient and standard deviation. The results of the rolling beta coefficients show that the companies that are diversified over property type have a higher market risk compared to those that are focused. Whether a company is diversified or focused geographically doesn’t seem to matter. The results of the standard deviation measurements do not show this result as all companies moved in similar fashion.

    Risk-adjusted return is measured with the help of the Sharpe ratio. The results show that the risk-adjusted return is independent of the composition of the companies’ portfolios. However, in the crisis, the risk-adjusted return of all companies are compressed regardless of how well they performed prior to the crisis.

  • 221.
    Nitti, Alessandro
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The Italian Asset Management market from an Asset Servicer’s perspective2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The asset management industry constitutes a vital part of the economy thanks to its financing role.

    The sector has profoundly changed since its establishment and, nowadays, changes in organization,

    investors’ behaviour and regulatory framework are deeply reshaping the industry. In this context,

    also the Italian market, which has traditionally been characterised by some distinguishing features,

    is being influenced by a series of modifications at both European and national level.

    The purpose of this paper is to analyse the Italian Asset Management industry’s structure and

    organisation, understand how it is evolving and grasp the factors that can affect its market to then

    draw implications influencing the business and operations of an asset servicer.

    This work divides the Italian Asset Management market into two parts, the Asset Managers

    segment, including collective management and discretionary mandates, and the Pension Schemes

    segment. These two composing parts are analysed from an Asset Servicer’s perspective, presenting

    data over the financial instruments they contain. The paper follows the Case Study approach

    employing mainly secondary quantitative data.

    In Italy, the distribution of Asset Management products as well as trading activities remain based

    on banking networks. In recent years, among collective management products, foreign-law mutual

    funds are the ones that grew the most. This, along with the fact that the asset servicers’ market is

    dominate by few specialized players operating on a global scale, puts the spotlight on asset

    servicers’ cross-border level of integration. Even tough discretionary mandates are struggling to

    recover and have grown at a slower pace, due to “MiFID II” upcoming rules, financial

    intermediaries will be encouraged to place these products on the market. Lastly, the Italian pension

    system is underdeveloped if compared to other European countries and few players own the

    majority of the complementary pension schemes market.

    The paper highlights how technology innovations, policies of the ruling governments, interest rates

    levels and national and communitarian regulation are the factors driving the asset management

    industry.

  • 222.
    Isberg, Frida
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Widén, Johanna
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    The modern way of communicating – A study of organising the use of an ICT tool on construction sites2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Digitalisation is on the rise throughout society, this applies for the construction industry as well. The use of ICT tools, such as applications for tablets and smartphones, are in continuous development for the construction industry. A review of the literature shows that, despite this, the construction industry has not had the development that other industries have had regarding digitalisation. Many construction companies have been motivated to invest in and implement new technology because of the expected benefits, such as a more efficient construction process. A company's ability to take advantage of the knowledge and information available within the company is also closely associated with the use of ICT tools.

    The aim of this thesis has been to study how an actor in the construction industry could organise the work around ICT tools and how to motivate employees to use them. The thesis also aimed to study how the use of these tools can contribute to an organisation's learning process.

    To find out how the use of ICT tools could be organised, an analysis of the current situation must first be made. Mapping the user’s experience of ICT tools have been made to gain understanding of the current situation. A case study has been done, where data from interviews have been gathered. Interviews have been conducted with supervisors and subcontractors working in the production phase.

    The interviews show that the majority are in favour of working with this type of tool in the production phase. The largest identified driving force among supervisors are the time that can be saved on administrative work. Subcontractors considered that the greatest opportunity of this approach is to get access to statistics, which can create a learning process in their organisation. A recommendation for how a residential developer can organise and work with ICT tools have also been developed. It is based on the respondents' opinions and the studied literature. The recommendations include that users need to be well informed about the purpose of the tool. Users also need to be well trained in how the tool should be used, in order for the purpose to be fulfilled. Finally, drivers need to be identified and communicated in order to motivate users.

  • 223.
    Wilson, Tyler
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Urban Renewal Investment:: A CASE STUDY OF HAMILTON, ONTARIO2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Urban Renewal activity can be attributed to the reuse and intensification of tertiary

    areas. Past research suggests areas of regeneration can perform at par and/or better

    then prime property sectors. Policy initiatives lowering perceived risk, attracting

    investment is conditional to the unique characteristics of renewal areas. As a

    progressive area of research there still remains insufficient data to quantify related

    returns and associated risks. Financial institutions tend to favor prime property and

    neglect tertiary areas. Local, smaller developers can comprehend the holistic nature

    of renewal investment. A comparative analysis of past urban renewal investment

    behavior with actors of renewal investment in Hamilton, Ontario, Canada, were

    evaluated leading to empirical possibilities of investment alternatives.

  • 224.
    Kiwara, Lekamere
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Urban Renewal Policy on Housing Conditions in Dar es Salaam, Tanzania2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    With increased urbanization around the world, accessing land as well as housing in urban

    areas presents huge development limitations. This master thesis will explore the relationship

    involving law as well as development through examination of ways in which law affects the

    regulatory structures that govern official accessibility to land along with housing processes. It

    can be argued that legal reforms affect ways in which regulatory frameworks are articulated

    that in turn influence the efficient and unbiased processes whereby poor people in urban areas may have formal access to housing as well as land. This thesis focuses on the urban renewal policy on housing conditions in Dar es Salaam in Tanzania. Other mega cities within Africa such as Johannesburg in Southern Africa tends to have several post-legal-reform positive trends involving the processes compared to Dar es Salaam, thus illustrating the role played by law as an important tool that can be used to achieve development and bring change in urban areas.

  • 225.
    Gebert, Lovisa
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    What impact do flexible working arrangements have on team members?2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The conditions for workplace and working times have changed due to advances in technologies. The employees’ interest in practices to achieve a balance between work and other responsibilities has increased as well as an interest from employers to gain employees with greater accessibility and responsibility. It has resulted in flexible working arrangements being a relevant subject within companies. The construction industry is both demanding and complex and flexible working arrangements do not play an obvious role in the working ways. Studies are made on the impact of flexible working arrangements on individuals and their balance between work and life. There are also studies connecting work-life balance to the performance of organizations. However, few studies can be found of the impact on team members that have flexible working arrangements. The purpose with this study is to identify advantages and disadvantages for team members, due to the use of flexible working arrangements. To understand team members’ perceptions of flexible working arrangements, interviews were performed. Six individuals within two projects at one construction company, were interviewed. The theories used in this study are Social exchange theory, Organizational citizenship behavior and the theory of flexibility. Social exchange theory analyzes the relations in the team by social associations and need for reciprocation. It also discusses contributions to the team in terms of costs and rewards. Organizational citizenship behavior lifts several behaviors within a team which contribute to cooperation and productivity. The behaviors are both the cause and effect of flexible working arrangements. The theory of flexibility introduces concept used to present and discuss the empirical findings. The study concluded that advantages and disadvantages with flexible working arrangements on team members derive from two main aspects. One of the aspects is the team member’s possibility of using flexible working arrangements. The possibility derives from role, self-knowledge, self-discipline and present tasks. Different possibilities induce different expectations which can lead to status differences and conflicts. The second aspect is the importance of taking responsibility for your duties. Taking responsibility is vital in the studied teams and it induces a climate of freedom. This climate of freedom and responsibility connects well with using flexible working arrangements. As long as you take responsibility for your work you are free to work when, where and how you want.

  • 226.
    Navarro Lobera, Alejandro
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Banking and Finance.
    A comparison of consumers´ perceptions of insecurity -A case study comparing Spain and Panama-2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The consumer perception of insecurity plays an important role on how individuals see the reality of urban spaces. In this thesis the shopping center, the area around and the way consumers choose to go to the shopping center is in focus of interest. Spain and Panama are two examples of different markets with different security issues, for instance, in Madrid a security issue is a smartphone being stolen in contrast with Panama, where people are worried about being wounded in an assault. Thus, how individuals see the reality differs in terms of previous experiences which generates different values of insecurity perception.

    The thesis uses qualitative data obtained through 40 short interviews in two shopping centers, one in Madrid and the other in Panama. The thesis is focused on responding to the different types of insecurity perception, mainly how different insecurity perceptions affect consumer interactions with shopping centers in Spain and Panama respectively.

    The results of the thesis show that insecurity perception is an important aspect for the demand. This might indicate that the variable is important for future analysis, but this needs to be studied by more examples.

  • 227.
    Torkaman, Tiam
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Zhouson, Sara
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A study of the perceived benefits of LEED certification by tenants2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 228.
    Imamovic, Jasmina
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    A tt köpa och sälja konsulttjänster inom byggsektorn - En undersökning av kompetensupphandling inom offentlig och privat sektor2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 229.
    Kyhälä, Jari
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Käck, Christian
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Aktivitetsbaserat kontor eller öppet kontorslandskap? – En multivariat studie av attityder till kontorstyperna2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 230.
    Olsson, Frida
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Alternativa finansieringsmöjligheter av företagsfastigheter2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 231.
    Kala, Ufuk
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Användning av Earned Value Management i en matrisorganisation: En fallstudie av Förbifart Stockholm Kontrakt 022015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Earned Value Management, matrisorganisation, infrastruktur, Work Breakdown Structure, rapportering

  • 232.
    Cronsioe, jesper
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Awareness of Conflicts of Interest in the Swedish Tenant Representation Industry and How Tenants Are Affected2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Real estate firms operating in the field of tenant representation may represent both tenants and

    landlords. As such their interests might be in conflict with those of the tenants they represent.

    A questionnaire was created and sent to 800 individuals. 78% of respondents indicated that

    they are aware of such conflicts. Meanwhile, only 40% of the respondents perceived such

    conflicts to be positive rather than negative.

    A game theoretical model showing how a tenant hires a tenant representative was created with

    three different scenarios, all using data from the questionnaire to mimic reality as closely as

    possible. In the first scenario, a tenant hires a representative at one occasion only. In the

    second scenario a tenant is considering to hire the representative for two sequential

    transactions. In the third scenario, a contract is introduced to ensure alignment of incentives

    between the representative and the tenant.

    The questionnaire and the modelling shows that if no incentivized contract is written the

    representative always benefits from engaging in conflicting business and, regardless of the

    conflict of interest and extra benefit to the representative, the tenant always benefits from

    hiring the representative. However, introducing a contract to align incentives it is shown that

    there exists a break even point at which the representative starts to benefit from not engaging

    in business with conflicting interests.

    Moreover, there exists little correlation between awareness and perceived effect, involvement,

    or premises size.

  • 233.
    Rosén, Carl
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Lizén, Mårten
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Börsintroduktioner av fastighetsbolag – En studie av 8 fastighetsbolag på Nasdaq OMX Stockholm2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 234.
    Nordqvist, Felix
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Åhs, Linus
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Commercial real estate trends: An office market comparison between Stockholm and Boston2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Over the past few years there has been a clear trend regarding demand for office space in the central business district, CDB. The rent level is far greater there than in any other area, and vacancy is very low compared to other submarkets. People tend to prefer greater office location over salary and the office location works as a status symbol. Over the past few years companies have started to rearrange their offices, both interior wise and location wise. Some larger firms have moved their headquarters and offices from the central to prime suburbs, and many more are following this strategy. This study examines, by comparing different sub markets in Stockholm with similar submarkets in Boston, how the commercial real estate market in Stockholm will develop and what movements to expect in the office market. Are Stockholm’s sub markets following the Boston sub markets footsteps?

    Stockholm is growing rapidly both economically and population wise. Access to land in the city is limited and the boundaries of the inner city are pushed outwards. To the meet the demand in the inner city a common trend the past few years has been to reconstruct and convert office space to housing. Former industrial premises that earlier where converted to offices are now reconstructed as housing. Another trend has been to exploit and develop new areas outside the city to meet today’s demand. Problems occur when the majority of offices operate within the city, pushing the demand for transportation and increasing the density of 2

    commuting. Since the commuting hours are becoming greater the demand for adjacent work places and offices may increase.

    The purpose of this master thesis is to investigate how the trends for office locations in Stockholm may change. In addition to that a comparison to the office market in Boston will be made. The areas that are defined in the study are Solna, Sundbyberg and Stockholm City in Sweden and Cambridge, Seaport and Downtown in Boston, USA.

    Every office market and sub market is unique in many ways which always needs to be in the back of the head of the reader when looking at this report. Boston and Stockholm are both premier cities when it comes to center of education and being a hub for tech start-ups and financial giants and are both following the general ups and downs of the economy.

    The conclusion drawn from this study is that each market are following the same trend but varies in initial levels and relative to each other. Regarding the rent level, Solna and Sundbyberg will, unlike Cambridge and Seaport, most likely not exceed the rent level in CBD and also not fall below in vacancy rate. The sub markets in each country differs a lot but Solna and Sundbyberg will most likely follow Cambridge and Seaport in both increasing rent levels and decreasing vacancy rates thanks to continuous increase in popularity - A big partition factor between the two Cities.

  • 235.
    Jönsson, Erik
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Consequences of Implementing the buildingSMART Data Dictionary2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 236.
    Prieur, Davy
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    De stora utländska entreprenörernas påverkan på den svenska anläggningsmarknaden2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 237.
    Ekblad, Jacob
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Lips, Jacob
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    Development of a Workflow for Automatic Classification and Digitization of Road Objects Gathered with Mobile Mapping2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Mobile Mapping Systems gathers a lot of spatial data that can be used for inventory and analyses regarding road safety. The main purpose of this thesis is to propose a workflow for automatic classification and digitisation of objects in a point cloud gathered by a Mobile Mapping System.

     

    The current method used for processing point clouds is performed manually which is cost-inefficient and time consuming due to the vast amount of data the point cloud contains.

     

    Before defining the workflow, different software were reviewed for finding which ones to use for the classification. The software review showed that a combination of using Terrasolid and FME is suitable for performing the steps suggested in the classification and digitisation method.

     

    The proposed workflow for performing automatic classification and digitisation is based on six different steps: Identify characteristics of the objects of interest, Filter the point cloud, Noise reduction, Identify objects, Digitise and Control. This method has been carried out on two examples, road signs and painted road lines. Attributes that have been used for classifying the objects involves intensity, colour value and spatial relations.

    The results showed that for digitising road signs, the method found 15 out of 16 signs (94%). For digitising the painted road lines, the results produced by the automatic function had an average misalignment of 3.8 centimetres in comparison to the initial point cloud.

    The thesis demonstrates that the carried out functions are less time demanding for the user, compared to the manual method carried out today.

     

  • 238.
    Lankila Niemi, Jeanette
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Sande, Amanda
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Effektivisering av miljöcertifieringsprocessen med hjälp av BIM2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 239.
    Matouzko, Yuriy
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Efficient Construction Logistics, A case study of an Office Block Project2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 240.
    Jing, Hui
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
    Eliminating Barriers on Knowledge Sharing through Communication in MCC: A Mechanism of Performance-Motivation Control2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 241.
    Melesse, Fentaw Degie
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    EVALUATION OF PHOTOGRAMMETRIC TOTAL STATION2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Photogrammetry is a science which obtains reliable measurements by a means of pho-tographs, and it can be aerial or terrestrial. This study is done in KTH main Campus on L building located at Drottning Kristinas väg 30. It assessed the precision of Trim-ble total station S8 for photogrammetric point measurement relative to the coordi-nates measured with a total station. The steps performed in the study were: planning the measurements (selection of the study area, selection of the instruments, selection of the station points, selection of the software and putting the target points over the facade), data acquisition and finally data processing in TBC software. In the work, sys-tematic error tests were carried out, and the tests results show that there are systematic errors in easting and northing of the measurement result, however it was difficult to say there is or there is no systematic error in the elevation. The most likely source of these errors might be an incorrect orientation of the camera. It was seen that there were some factors influenced the precision of photogrammetric point measurements, such as image redundancy and parallax angle between images. The precision assess-ment was done by calculating photogrammetric points; from different parallax angles between images and from different numbers of images which were taken from differ-ent station points. The better results or smaller differences between the total station and photogrammetric coordinates were detected from five station points relative to four and three station points and from parallax angle in range 60-105 degree relative to parallax angles in range 30-60 and 0-30 degrees. In general, precise photogrammet-ric coordinates were obtained from parallax angle in range 60-105 degree and from five station points.Keywords: Photogrammetry; precision; station points, checkpoints, Trimble total sta-tion, Trible Business Center.

  • 242.
    Melesse, Fentaw Degie
    KTH, School of Architecture and the Built Environment (ABE), Urban Planning and Environment, Geodesy and Satellite Positioning.
    EVALUATION OF PHOTOGRAMMETRICTOTAL STATION2015Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
  • 243.