Real Estate

Since 2003, the Nyenrode Center for Real Estate, led by Professor Dr Tom Berkhout MRE MRICS, has been involved in research in the developments on the real estate market and in knowledge transfer through publications, executive training, congresses, seminars and round table meetings on real estate issues.
Vision on Real Estate
Real Estate is society’s greatest capital reserve, and according to recent American research, comprises over 40% of the value of S&P companies’ possessions. Despite this, research repeatedly shows that the attention of top financial management regards ‘corporate real estate’ is not in proportion to that which it deserves. Possession, use and ownership are commonly seen as self-evident.
In classical and modern thought regarding the function of real estate for investors, users or other parties, however, a consideration of ‘value’ is critical. In developing, constructing, managing and investment in real estate, creating value and following and steering the value potential are key. This means that the focus lies on the capacity of real estate to directly and indirectly generate a return.
This basic premise gives rise to issues such As ‘What is it worth?’, ‘What will its value be in time?’, ‘How do you measure value development and make it transparent?’, ‘Can you make predictions with respect to the creation and development of value?’.
Disciplines such as value measurement and value prediction (investment analysis), value determination (appraisal studies) and value reporting (corporate and fiscal balance) are generally seen as distinct subjects, while in fact they aim for the same and are increasingly converging, even integrating. This development is clear not only in the domestic arena, but is also evident internationally, and is reflected in further alignment of international normative systems.
The issue as to the value of real estate for a company can be approached from a variety of angles. Increasingly, in tax systems, investment analyses, appraisal and accountancy, the answer is sought in a future-oriented vision of cash flows that real estate generates. Although practitioners in the various specialist fields set out to do the same, and their answers to their questions not infrequently match from a material point of view, the heterogeneous array of concepts unnecessarily and unwontedly generates vagueness and complexity. It would therefore be desirable to make concepts used more transparent and to clean out and harmonize the concept apparatus, thereby defining it unambiguously for the user.

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Mrs E. Stevers
+31 (0)346 291 497