Future Markets For Commercial Space

Future markets for commercial space: hearing before the Subcommittee on Space and Aeronautics, Committee on Science, House of Representatives, One Hundred Ninth Congress, first session, April 20, 2005.

Future markets for commercial space : hearing before the Subcommittee on Space and Aeronautics, Committee on Science, House of Representatives, One Hundred Ninth Congress, first session, April 20, 2005.

This book analyzes the commercial space activities and commercialization processes of the last fifteen years and maps the future challenges that NewSpace companies will face developing commercial space markets. What is new and what has happened in these markets up till now? Is there a business case for private companies for commercial space? What are the targeted commercial space markets? Who are the future customers for commercial space transportation markets? How can NewSpace companies attract investors? Can we learn lessons from traditional space industries or other companies in other areas? In what way have the last fifteen years made a difference in the evolution of space markets? Is there a future for in-situ resource mining, space debris services, in-orbit satellite servicing and sub-orbital transportation? What are the lessons learned from ISS commercialization? In addition the reader will find a synopsis of several space transportation programs, commercial space markets, future Moon and Mars missions, in-situ resource exploitation concepts, space debris mitigation projects and sub-orbital commercial markets. Major lessons learned are identified, related to the attraction of first time customers and long term R&D funding, managing technological and market risks and developing new markets and applications.

This new text provides a rigorous analysis of real estate markets. Three main sections cover: microeconomics of property markets the macroeconomics of commercial property the financial economics of property Global empirical examples illustrate the theories and issues. This often complex area is made accessible: each chapter contains a boxed summary and questions for self-testing or discussion.

This book introduces three innovative concepts and associated financial instruments with the potential to revolutionise real estate finance. The factorisation of commercial real estate with factor-based real estate derivatives is the first concept analysed in this book. Methodological issues pertaining to factors in real estate risk analysis are covered in detail with in-depth academic reference. The book then analyses the digitalisation of commercial real estate. The environment in which buildings operate is changing fast. Cities which used to be made up of inanimate architectural structures are growing digital skins and becoming smarter. Smart technologies applied to the built environment are fundamentally changing buildings’ role in cities and their interactions with their occupants. The book introduces the concept of smart space and analyses the emergence of ‘digital rights’ or property rights for smart buildings in smart environments. It proposes concepts and methods for identifying, pricing, and trading these new property rights which will dominate commercial real estate in the future. Finally, the tokenisation of commercial real estate is explored. Sometimes described as an alternative to securitisation, tokenisation is a new tool in financial engineering applied to real assets. The book suggests two innovative applications of tokenisation: private commercial real estate index tokenisation and data tokens for smart buildings. With factorisation, digitalisation, and tokenisation, commercial real estate is at the forefront of innovations. Real estate’s unique characteristics, stemming from its physicality, trigger new ways of thinking which might have a profound impact on other asset classes by paving the way for micro markets. Factor-based property derivatives, digital rights, and tokens embody how commercial real estate can push the boundaries of modern capitalism and, in doing so, move at the centre of tomorrow’s smart economies. This book is essential reading for all real estate, finance, and smart technology researchers and interested professionals.

"No one can really predict how the real estate market will develop. However, we can look at patterns, how they might develop and thus give a direction to the future of real estate. This book wants to contribute to that. COVID-19 has had a considerable influence on society and real estate, particularly in the recent period. We are surprised by a development that we had not seen coming and that has seriously impacted our lives. The various manifestations of lockdowns around the world have been gradually phased out and reset in 2020. This has a structural impact on living, working and shopping and therefore has a direct impact on the use of property. Since COVID-19 will be present in many respects for the foreseeable future, the pandemic will have a significant impact on real estate and urban developments. Perhaps when we look back on this period, this pandemic will prove to have been the starting point for drastic property changes. Many were surprised by the empty shelves in supermarkets during the first days of the pandemic. The supply chains were running at full speed, but a large part of the retail sector came to a standstill or switched to online. Multi-channel has now really proven itself and COVID-19 has abruptly increased the demands on "last mile" logistics spaces. Much more will change in the area of supply chains. Moreover, in light of increasing trade tensions, there is a trend of onshoring and it is clear that logistics and warehousing will become increasingly important. Public space is also in the spotlight. The importance of parks and greenery was great during the lockdown. Guaranteed distance on streets and squares will remain the focus of attention in the coming period. Space is scarce. We need terraces in order to realize some turnover. And the fact that the car is currently considered a safe means of transport-what does that mean in terms of traffic pressure? A number of real estate experts in the world at various universities have each looked at developments affecting the future from their own perspective and share that knowledge with everyone. Topics covered in this book are: (1) Blockchain and Real Estate in The Netherlands: A Database Exploring 2015-2018 and Extrapolation to the Future, (2) Principle of Substitution in the face of COVID-19 Pandemic: An Application to Tenant's Choice in Commercial Real Estate Markets, (3) Selected Aspects of Slovenian Legislation on Lease of Agricultural Land and Forests, (4) Land Value Capture's Potential in Norwegian Projects, (5) Environmental Stress and Contemporary Understanding of Human-built Environment Relations: Study Case on Zero-Waste City Ljubljana, (6) Property Development Viability and Community Spirit - Rethinking the Safety Angle, (7) Implementation of Land Policy at Local Level, and Impacts of the Functioning of the Real Property Market, (8) Work From Hotels: Is Hybrid the Future and (9) Real Estate as a Service"--