An analytic network process for risks assessment in commercial real estate development

Journal of Property Investment and Finance

Volumn 27, Issue 3, 2009, Pages 238-258

  Chen, Zhen ^a,b   Khumpaisal, Sukulpat ^a,c  

^a LIVERPOOL JOHN MOORES UNIVERSITY   (United Kingdom)

^b CHONGQING JIAOTONG UNIVERSITY   (China)

^c Thammasat University   (Thailand)

Author keywords

Decision making; England; Real estate; Risk assessment; Sustainable development

Indexed keywords

EID: 69949106814     PISSN: 1463578X     EISSN: None     Source Type: Journal    
DOI: 10.1108/14635780910951957     Document Type: Article

References (35)

1. Adair, A. and Hutchison, N. (2005), The reporting of risk in real estate appraisal property risk scoring, Journal of Property Investment & Finance, Vol. 23 No. 3, pp. 254-68.
2. Bienert, S.and Brunauer, W.(2007),The mortgage lending value: prospects for development within Europe, Journal of Property Investment & Finance, Vol. 25 No. 6, pp. 542-78.
3. Blundell, G.F., Fairchild, S. and Goodchild, R.N. (2005), Managing portfolio risk in real estate, Journal of Property Research, Vol. 22 Nos 2 and 3, pp. 119-36.
4. Booth, P., Matysiak, G. and Ormerod, P. (2002), Risk Measurement and Management for Real Estate Portfolios, Investment Property Forum, London.
5. Case, K.E., Shiller, R.J. and Weiss, A.N. (1995), Mortgage default risk and real estate prices: the use of index-based futures and options in real estate, Journal of Housing Research, Vol. 7 No. 2, pp. 243-58.
6. Chen, Z.(2007), Multicriteria Decision-Making for the Sustainable Built Environment, The University of Reading, Reading.
7. Chen, Z., Li, H. and Wong, C.T.C. (2005), Environmental planning: an analytic network process model for environmentally conscious construction planning, Journal of Construction Engineering and Management, Vol. 131 No. 1, pp. 92-101.
8. Commission for Health care Audit and Inspection (2006), Criteria for assessing core standards in 2006/2007, Commission for Healthcare Audit and Inspection, London, available at: www.choicementalhealth.com/pdf/Criteria_assessing_core_standards_2006_20 07.pdf (accessed December 31, 2008).
9. D&B (2007), Risk management, Dun & Bradstreet, London, available at: www.dnb.co.uk/Risk_Management/Risk_Management.asp (accessed December 31, 2008).
10. Danter (2007), A sample lodging analysis in the City of Grove, Ohio, Danter Company, Columbus, OH, available at: www.danter.com/PRODUCT/samplodg.pdf (accessed December 30, 2007).
11. Financial Services Authority (2005), Strengthening capital standards, Financial Services Authority, London, available at: www.fsa.gov.uk/pubs/cp/cp05_03.pdf (accessed December 31, 2008).
12. (The) Financial Stability Board (2007), Financial stability report, April, No. 21, The Financial Stability Board, Bank of England, available at: www.bankofengland.co.uk/publications/fsr/index.htm (accessed December 31, 2008).
13. Frodsham, M. (2007), Risk management in UK property port folios: a survey of current practice, Investment Property Forum, London, available at: www.ipf.org.uk/resources/pdf/research/ research_reports/Risk_Management_Summary.pdf (accessed December 30, 2007).
14. Gibson, V.A. and Louragand, M. (2002), Risk management and the corporate real estate portfolio, working paper, Centre for Real Estate Research, Business School, The University of Reading, Reading, available at: www.reading.ac.uk/LM/LM/fulltxt/0202.pdf (accessed December 31, 2008).
15. Huffman, F.E. (2002), Corporate real estate risk management and assessment, Journal of Corporate Real Estate, Vol. 5 No. 1, pp. 31-41.
16. ioMosaic (2002), Designing and effective risk matrix: an ioMosaic Corporation Whitepaper, ioMosaic Corporation, Houston, TX, available at: http://archives1.iomosaic.com/whitepapers/risk-ranking.pdf (accessed December 31, 2008).
17. Khalafallah, A., Taha, M. and El-Said, M. (2005), Estimating residential projects cost contingencies using a belief network, Proceedings of Project Management: Vision for Better Future Conference, November 21-22, Cairo, available at: http://people.cecs.ucf.edu/khalafal/home/publications_files/EstimatingCo ntingencies.pdf (accessed December 31, 2008).
18. Kindinger, J.P. (2002), The case for quantitative project risk analysis, paper presented at 10th Annual Conference on Quality in the Space and Defense Industries, March 4-5, 2002, Cape Canaveral, FL, available at: www.lanl.gov/orgs/d/d5/documents/case.pdf (accessed December 31, 2008).
19. Lam, P.T.I., Chan, A.P.C., Chan, D.W.M., Chan, E.H.W., Wong, F.K.W. and Wong, F.W.H. (2006), A model for buildability assessment in Hong Kong, research monograph, The Hong Kong Polytechnic University, Hong Kong.
20. Lee, S.L. (2002), When does direct real estate improve portfolio performance?, working paper, Centre for Real Estate Research, Business School, The University of Reading, Reading, available at: www.reading.ac.uk/LM/LM/fulltxt/1703.pdf (accessed December 31,2008).
21. Moore, W. (2006), Five ways to reduce commercial real estate risks, working paper, Pacific Security Capital, Beaverton, OR, available at: www.pacificsecuritycapital.com/index.cfm?action=hom.data&pageid=364 (accessed December 30, 2007).
22. Morledge, R., Smith, A. and Kashiwagi, D.T. (2006), Building Procurement, Blackwell, Oxford.
23. Moss, Q.Z., Alho, J. and Alexander, K.(2007), Performance measurement action research, Journal of Facilities Management, Vol. 5 No. 4, pp. 290-300.
24. Mynors, P. (2006), What do we need to consider to deliver a more sustainable city? paper presented at the CATCH Dissemination Event, Liverpool, June 28-29.
25. Nabarro, R. and Key, T. (2005), Performance measurement and real estate lending risk, Real Estate Indicators and Financial Stability, BIS Papers No. 21, April, Bank for International Settlements (BIS), Basel, pp. 70-90, available at: www.bis.org/publ/bppdf/bispap21.htm (accessed December 31, 2008).
26. Rafele, C., Hillson, D. and Grimalai, S. (2005), Understanding project risk exposure using the two-dimensional risk breakdown matrix, Proceedings of the 2005 Project Management Institution Global Congress, Edinburgh, available at: www.risk-doctor.com/pdf-files/pmi-e-rbmpaper.pdf (accessed December 31, 2008).
27. Saaty, T.L. (2005), Theory and Applications of the Analytic Network Process, RWS, Pittsburgh, PA.
28. Sagalyn, L.B. (1990), Real estate risks and the business cycle: evidence from security markets, The Journal of Real Estate Research, Vol. 5 No. 2, pp. 203-20.
29. Strischek, D. (2007), Regulatory guidance on commercial real estate risk: mind the gap for great guidance on good lending, The RMA Journal, April, p. 2007.
30. United Nations Environment Programme (2007), Buildings and Climate Change - Status, Challenges and Opportunities, United Nations Environment Programme, Nairobi.
31. Watkins, C.J., Hughes, S.C., Sims, R., Hildebran, M.E. and Hoyer, B.D. (2004), Assessing commercial real estate portfolio risk, Supervisory Insights, Federal Deposit Insurance Corporation, Washington, DC, available at: www.fdic.gov/regulations/examinations/ supervisory/insights/cre_lending.html (accessed December 31, 2008).
32. Chen, Z., Clements-Croome, D., Hong, J., Li, H. and Xu, Q. (2006), A multicriteria lifespan energy efficiency approach to intelligent building assessment, Energy and Buildings, Vol. 38 No. 5, pp. 393-409.
33. CISDM Research Department (2006), The benefits of real estate investment: 2006 update, Center for International Securities and Derivatives Markets, Isenberg School of Management, University of Massachusetts, Amherst, MA, available at: http://cisdm.som.umass.edu/research/pdffiles/benefitsofrealestate.pdf (accessed December 31, 2008).
34. Fisher, J.D., Geltner, D.M. and Webb, R.B. (1994), Value indices of commercial real estate: a comparison of index construction methods, Journal of Real Estate Finance and Economics, Vol. 9 No. 2, pp. 137-64.
35. French, N. and French, S. (1997), Decision theory and real estate investment, Journal of Property Valuation and Investment, Vol. 15 No. 3, pp. 226-32.