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1、COMMERCIALREALESTATEANALYSIS&INVESTMENTSDAVIDM.GELTNERNORMANG.MILLERMassachusettsInstituteofTechnologyUniversityofCincinnatiJIMCLAYTONPIETEICHHOLTZUniversityofCincinnatiMaastrichtUniversityPensionRealEstateAssociationCommercialRealEstateAnalysisandInvestments,SecondEditionDavidM
2、.Geltner,NormanG.Miller,JimClayton,PietEichholtzVP/EditorialDirector:Sr.TechnologyProjectManager:ArtDirector:JackW.CalhounMattMcKinneyLindaHelcherVP/Editor-in-Chief:Sr.ManufacturingCoordinator:InternalDesigner:DavidShautCharleneTaylorJoePagliaroExecutiveEditor:ProductionHouse:Co
3、verDesigner:ScottPersonLEAPPublishingServices,Inc.CMillerDesignAssociateAcquisitionsEditor:Compositor:CoverImages:SaraGlassmeyerInteractiveCompositionCorporationEdPritchard/Stone/GettyImagesSr.MarketingManager:Printer:MarkLintonWestGroupEagan,MNContentProjectManager:ErinDonohoeA
4、LLRIGHTSRESERVED.LibraryofCongressControlNumber:Nopartofthisworkcoveredbythe2006908590copyrighthereonmaybereproducedorusedinanyformorbyanymeans—graphic,electronic,ormechanical,includingphotocopying,recording,PrintedintheUnitedStatesofAmericataping,Webdistributionorinformation123
5、4509080706storageandretrievalsystems,orinanyothermanner—withoutthewrittenStudentEdition:permissionofthepublisher.ISBN-13:978-0-324-38214-3StudentEdition:ISBN-10:0-324-38214-0StudentEditionwithCDISBN-13:978-0-324-30548-7StudentEditionwithCDISBN-10:0-324-30548-6Thisbookisdedicated
6、toourparents,ourwives,andourchildren,andtoallthestudentswehaveknownwhowantedtoknownotjustwhat,butwhy.ThispageintentionallyleftblankBriefContentsPARTIINTRODUCTIONTOREALESTATEECONOMICS11RealEstateSpaceandAssetMarkets32RealEstateSystem21PARTIIURBANECONOMICSANDREALESTATEMARKETANALYS
7、IS373CentralPlaceTheoryandtheSystemofCities394InsidetheCityI:SomeBasicUrbanEconomics595InsidetheCityII:ACloserLook796RealEstateMarketAnalysis103PARTIIIBASICFINANCIALECONOMICCONCEPTSANDTOOLS1217RealEstateasanInvestment:SomeBackgroundInformation1238PresentValueMathematicsforRealEs
8、tate1499MeasuringInvestmentPerformance:TheConce