Factors of investment attractiveness of commercial real estate

Abstract

The article considers the factors of investment attractiveness of commercial real estate. Based on the analysis of the results of other research in this field, a comprehensive methodology for assessing the investment attractiveness of commercial real estate was studied, combining traditional economic and financial models (DCF, IRR, PI), comparative and cost approaches, as well as modern risk accounting methods (sensitivity analysis, scenario analysis, VaR). A scheme of multi-criteria ranking of attractiveness factors is described, taking into account their relative importance. It is concluded that although economic parameters retain a dominant role, infrastructural and ESG determinants acquire special importance, and full-fledged risk management makes it possible to increase the resilience of projects to external shocks. The scientific novelty consists in the integration of traditional and risk-based approaches to assessment, as well as in the proposal of a unified classification of determinants and tools for their quantitative weighing. The information reflected in this article will be of interest to university faculty specializing in real estate economics, financial analysis and urban studies, as well as to researchers at research centers studying the macro- and microeconomic determinants of capital investments in the property sector. In addition, practical data and methodological aspects of this topic are in demand among portfolio managers of investment funds, development companies and government agencies that form regulatory policies and strategies for the development of the commercial real estate market.