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A multicriteria approach for rating investments in commercial real estate

Stefanakis Konstantinos, Doumpos Michail

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Περίληψη

The commercial real estate (CRE) sector concerns a diverse set of actors that specialize in real estate activities, such as brokerage, valuation, construction, and asset management. CRE activity is a key indicator for the level of corporate growth and the economic development of a country. However, investments in CRE face a volatile global environment, which is characterized by deep uncertainties and cyclical behavior. In this context, decision support tools that facilitate the monitoring and assessment of CRE investments are of major importance for various stakeholders, including investors and policy makers. The objective of this study is to present a comprehensive approach for assessing CRE investments based on a multicriteria evaluation framework. The analysis is based on a sample of commercial assets taken from the portfolio of a real estate investment company in the United States. The proposed multicriteria approach considers a rich set of evaluation criteria, including macroeconomic indicators, information about the local CRE markets, as well as the characteristics of the assets under consideration. Using analytical methodologies from the family of ELECTRE outranking methods, the assets are ranked and rated according to their overall performance. Different scenarios are explored for the weightings of the appraisal criteria, thus enabling the analysis of the robustness of the results.

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