Course syllabus

ACE 126 autumn 2023

Preliminary schedule, programme under construction

Course-PM

lp1 HT22 (7.5 hp)

Course is offered by the department of Architecture and Civil Engineering

Examiner: Martine Buser, (MB) Associate Professor, Chalmers, buser@chalmers.se

Course responsible: Martin Öberg (MÖ), Senior lecturer PhD, School of Business, Economics and Law, Göteborg, martin.oberg@handels.gu.se

 

Lecturers:

Johan Åkesson, lecturer Department of Business Administration  GU, johan.akesson@handels.gu.se

Martine Buser, Associate Professor, Chalmers

Kaj Granath, teacher ACE

Kim Jacobsen, consultant PhD

Hans Lind, professor Emeritus KTH

Martin Öberg, senior lecturer, Department of Business Administration Gothenburg 

Daniella Troje, senior lecturer ACE

Emílio Brandão, artistic teacher ACE

 

+ guests from the practice

 

Course specific prerequisites

To be eligible for the course you have to meet the entry requirements for the Design and construction project management (DCPM) master programme and (alt. a) have completed the compulsory courses for DPCM or (alt. b) have passed 30 hp in other master level courses in Architecture or Civil Engineering. For programme specific entrance requirements, see programme syllabus.

 

Course purpose

The built environment in Sweden is not only consisting of physical entities, but buildings are also valued as financial assets and the real estate market constitutes an important part of the national economy. Thus, understanding the dynamics and mechanisms of defining value in real estate is an important competence for design and construction project management students.

The aim of the course is to facilitate students understanding and knowledge about the practices and theory of values within real estate and to position this competence within design and construction project management scholarship through critical and interdisciplinary perspectives.

Course design

	Day	Topic	Lecturer
1	29 August Tuesday 09.00-11.45 SB L400	Introduction to real estate finance, fundamentals and its role in construction management. Group formation	Martin Öberg (MÖ) Martine Buser
2	01 September Friday 09.00-11.45   SB L400	Real estate finance   Investors and stakeholders	Guest Rikard Ljunggren Fastighetsägarna   Martin Öberg
3	04September Monday 09.00-11.45 SB M022	Figures and facts 1 afternoon	Johan Åkesson
5	08 September Friday 09.00-11.45 SB L400	Critical approaches, the social construction of market	Martine Buser
4	08 September Friday 13.15-16.00 SB-L200	Figures and facts 2 afternoon	Johan Åkesson
6	12 September 09.00-11.45 SB L400 Compulsory	Literature seminar	Martine Buser Daniela Toje
7	15 September Friday SB-L400	Value creating factors, Spacescape	Martin Öberg
8	19 September Tuesday 09.00-11.45 SB -L400	Presentation of the group assignment	Martin Öberg DT, KM
9	20 September 09.00-11.45 Will be given online SB-L316 open for students	Public housing in Sweden	Hans Lind
10	21 September Thursday 13.15-17.00 SB L400 Compulsory	Architects and value Workshop guideline	Kaj Granath Guest: Mattias Lind, Semrén & Månsson Arkitekter Charlotte Erdegard, Erdegard arkitekter
11	22 September Friday 09.00-11.45 SB L400	City developments, rules and possibilities or possible supervision slot CANCELLED	Martin Öberg
12	26 September Tuesday 09.00-11.45 SB L400	The value creation and city planning	Guest Paul Göransson Urbanivation Johan Åkesson
13	29 September Friday 09.00-11.45 SB L400	Commercial Buildings in Sweden	Martin Öberg,
14	03 October Tuesday 09.00-11.45 Hammarkullen	Social sustainability, value and real estate	Emilio Brandão
15	03 October Tuesday Hammarkullen	Social sustainability, value and real estate	Emilio Brandão
16	03-05 agree date with your supervisor	Supervision 1 Online and onsite according to the supervisor	MÖ, DT, KJ
17	13 October Friday 08.00-11.45 SB L400 Compulsory	Buildings symbolic value workshop	Kaj Granath Martine Buser
	18 October deadline 17.00	No session Hand in final assignment
18	20 October Friday 09.00-16.00 SB-L400 am SB-H3 pm Compulsory	Presentation final assignment and opposition	MÖ, DT, KJ

https://cloud.timeedit.net/chalmers/web/public/s.html?i=669Xg6707ZxQQvQ20543Z6yQY5559Y5Y206ZgQ607

Content

The course is rooted in theories and practices developed within the realm of real estate economics and investments. Within this perspective, the course will present and discuss different perspectives on real estate economy. Cornerstones in the course will be;

• Cognitively-based decision-making by different stake-holder perspectives like architecture, planning, economy and investments and management.
• Theories, tools and methods in real estate market management decisions
• Process related issues in decision-making and management when to develop real estate property

This above, many times inter-disciplinary, parts of the course represent different approaches to understand development and management of real estate markets. The following topics are covered 

• Real estate finance, investors and stakeholders
• Real estate evaluation
• Real estate investment analysis
• Public housing in Sweden
• Residential Buildings in Sweden
• Commercial Buildings in Sweden
• Sustainability, circularity and value in real estate

The course deepens the participants knowledge of real estate markets in general. It further emphasizes the methods as means to research within this theoretical field. This knowledge is useful for different real estate problems. It also gives the participant an insight into his or her decision-making behaviour.

Learning outcomes (after completion of the course the student should be able to)

1. Describe and understand the basic mechanisms in the real estate markets
   b. Describe and understand managerial perspectives in real estate markets
   c. Explain and apply tools for calculation of valuation and profitability of real estate investments
   d. Define, describe, review and interrelate core theories on the notion of value in real estate
   e. Evaluate and critically reflect upon academic literature within the field of value and profitability of real estate investments
   f. Synthesize and apply information from various sources in order to acquire a coherent understanding of how values related theory and professional practice interrelate
   g. Demonstrate an understanding of contemporary opportunities and challenges for real estate in the context of sustainable development and digitalization.
   h. Develop a sustainable and ethical awareness for the management of real estate
   i. Demonstrate an understanding of, and the ability to apply, the principles of teamwork, collaboration and leadership

 

Changes made since the last occasion

Changes has been made in organisation of seminars with a new module on facts and figures, and assignments, new topics and new lecturers are now part of the course and new sessions -6; 7; 10; 11; 12; 14; 15 and 17- have been added!!

Organisation

The course includes lectures, seminars, exercises, and assignments. Guest lecturers provide insights in theoretical concepts, case-based project work include visits to real estate companies.

Literature

Material distributed during the course will include book chapter, scientific articles and practitioners’ material.

 

Below a selection of the important references

Berg P.O. and Kreiner K. (1990): Corporate Architecture. Turning Physical Settings into Symbolic Resources. In Gagliardi, P. (Ed.), Symbols and artifacts. views of the Corporate Landscape. Berlin: de Gruyter Pp. 41-67.

Callon M and Muniesa F (2005): Economic Markets as Calculative Collective Devices. Organisation Studies. 26(8): 1229–1250.

Lekander J. (2017) How do institutional pension managers consider real estate: A
perspective from Sweden and Finland, Journal of Property Investment & Finance, Vol. 35 Issue: 1, pp.26-43

Lind H (2012): Pricing principles and incentives for energy efficiency investments in multi-family rental housing: The case of Sweden. Energy Policy, Vol.49, p.528.

Öhman, P.; Söderberg, B.; Westerdahl, S. (2013): Property investor behaviour: qualitative analysis of a very large transaction. Journal of Property Investment & Finance, Vol. 31 Issue 6, p522-544, 23p.

Vitestam-Blomqvist B. (2014) My home and my economy- a theoretical approach to the use of accounting and valuation when purchasing a cooperative flat. Conference Edinburgh.

Westerdahl, S. (2021). Yield and the city: Swedish public housing and the political significance of changed accounting practices. Critical Perspectives on Accounting, 80, 102161.

Examination including compulsory elements

The students are expected to be main drivers of their own learning by participating to the courses and commit to their group work.  Active participation in seminars, lectures, exercises and workshops can affect the final grading. 

Examination according to learning outcome goals:

• Literature seminar 15%
• Symbolic value workshop 25%
• Group final assignment case study 50%.
• Participation in course elements and minimum attendance 10%

Minimum attendance is requested for 70% of the class sessions (11out of 16 sessions).

Absence from one or several of the compulsory seminars or presentation sessions can be substituted with alternative assignments. The decision to approve that such compensatory procedure may be used is made by the responsible teacher on an individual basis. Some course content will only be given at the time presented in the schedule.

Grades are distributed as follows:

Grade	Point range
5	85-100
4	70-84
3	55-69
Fail	< 55