COURSE INFORMATION

Course Number: REDV1-CE9635-01

Course Title: Real Estate Development Market
Analysis
Term and Year: Spring 2017
Class Meeting Time/Day: Asynchronous/log into:
home.nyu.edu
Office Hours: By appointment only over Lync
(Skype for Business)

CONTACT INFORMATION
Instructor Name: Seydina M Fall, CFA
Telephone #:
Email Address: smf334@nyu.edu
Office Hours: TBD
Review Sessions: TBD

TEXTBOOKS AND RECOMMENDED/REQUIRED READINGS

Required reading: Lecture slides, lecture summary, and case
studies. These documents will be made available via NYU CLASSES.
Optional reading: Schmitz and Brett, Real Estate Market Analysis, A
Case Study Approach, ISBN 0-87420-868-8.

COURSE STRUCTURE AND OBJECTIVES

This is an asynchronous format course. Your learning will be based
on both self-study and peer-to-peer interactions. My role as instructor
is to facilitate discussions and deliver knowledge in the following
manner:
1 Establish Learning Outcome Statements (LOS) for the course in
general and for each lesson.
2 Develop a PowerPoint slide deck (with a brief voice narration less
than 15 minutes) of the main points of the lesson.
3 Write a one-page summary of each lesson, including the lessons
LOS.
4 Illustrate how each lessons main points are applied in practice.
Please refer to the Concepts in Action paragraph accompanying
each lessons summary.
5 Generate and post Thought Questions in the forum.
To get the most out of this class, I recommend you do the following:
 -Read the syllabus carefully.
-Read each lessons summary page.
-Review each lessons PowerPoint slide deck along with
audio narrative.
-Reflect on each lessons Concepts in Action paragraph.
-Actively participate in the forum.
All assignments are due by 11:59 pm Eastern Standard Time on the
due date mentioned in the syllabus. Assignment write-ups should be
emailed to me at smf334@nyu.edu. They should be brief and concise
(maximum TWO pages with double-spacing and 12-inch font.)
Learning outcomes for the course
Upon successful completion of this course, students should be able
to:
1 Describe all elements of the study framework (5 steps).
2 Calculate and interpret average household income, number of
households, and total purchasing power in trade area.
3 Describe economic base analysis approach to estimating office use
demand.
4 Calculate Location Quotient (LQ) for a particular trade market.
5 Estimate office space demand by using the appropriate economic
base model.
6 Explain issues that analysts should consider when conducting
economic base analysis.
7 Describe the three categories of shift share analysis.
8 Analyze and compare employment data for a specific sector/location
to the national trend.
9 Identify changes in industry mix and competitive mix for a location
and forecast their effect on demand for real estate space.
10 Estimate demand for residential development.
11 Distinguish between market analysis and feasibility analysis.
12 Contrast the three different scenarios that warrant a feasibility
analysis.

COURSE REQUIREMENTS AND SPECIFIC GRADING POLICY

Course Requirements
50
Final Exam
%
Forum 30
Participation %
Problem Set #1 10
 %
10
Problem Set #2
%

Grades
There are three letter grades for this course: A= 90% or better,
B=80% to 89%, C=50% to 79%. A grade below 50% will
automatically result in an F. Failing grades will require remediation.

DESCRIPTION OF ASSIGNMENTS / PROJECTS

Problem Set #1
1 Explain briefly the nature of a real estate market study and how it
might be used by a developer, an investor or owner, and a
prospective tenant.
2 List the phases of market study in sequence and briefly explain each
phase.
3 What considerations enter into determining a potential market or
trade area?
4 In economic base analysis, what is a location quotient? Explain the
use of an LQ in identifying the economic base of a community.
Problem Set #2
1 To what extent does a market study remove all the risks from a
project for a developer or an investor? Discuss.
2 At which stage of the development process do you conduct a market
study? A feasibility study? A highest and best use analysis?
3 How do you estimate demand for an office building? A shopping
center? A supermarket? A warehouse?
4 What are some of the factors that influence trade-area boundaries for
retail shopping centers?
5 How is market capture rate incorporated into the calculation of
justifiable space for a given market area?
6 What are limitations of economic base analysis?
7 What is shift share analysis? How are the different components
calculated?
8 Identify and explain briefly the three types of situations for which
feasibility analysis is suited.

Final Examination
The final examination will consist of four questions and a case study.
You will be graded on your ability to apply the concepts taught in
class and the accuracy of your investment decision-making.

DETAILED OUTLINE OF CLASS SESSIONS

Weeks Topics Reading
Week 1 Market Analysis vs Marketability Analysis; The Five-Step
2/13/2017 to Study Framework Schmitz
2/19/2017 Geodemographic market data
Week 2 Geodemographic market data
Case st
2/20/2017 Five-Step Study Framework
Center
to 2/26/2017
Week 3
2/27/2017
Estimating Potential Market Demand for Office Uses Schmitz
to
3/5/2017
Week 4
Estimating Potential Market Demand for Residential Uses
3/6/2017
Estimating Potential Market Demand for Retail Uses TBD
to
3/12/2017
Week 5
3/13/2017 Case St
Shift Share Analysis
to Housing
3/19/2017
Week 6
3/20/2017 Case St
Feasibility Analysis and Course Review
to Develop
3/26/2017
The instructor reserves the right to modify and/or change the course
syllabus as needed during the course.