Commercial Real Estate Investing: An Evidence-Based Approach to Risk Management, Strategic Valuation, and Enhanced Returns - Hardcover

Zisler, Randall

Hardcover

ISBN 10: 1394326378 ISBN 13: 9781394326372

Publisher: Wiley, 2025

Synopsis

The hard, unfiltered truth about the biggest myths and mistakes in real estate investing

Commercial Real Estate Investing: An Evidence-Based Approach to Risk Management, Strategic Valuation, and Enhanced Returns is an evidence-based guide and critique of investment practices that teaches investors how to avoid uncompensated risk, improve risk-adjusted returns, and avoid wealth-destroying myths. Each chapter includes an executive summary and numerous exhibits. The book also features interviews with senior real estate industry leaders.

The author, Dr. Randall Zisler, legendary advisor to the largest global institutional investors, former Goldman Sachs real estate research director and Princeton University professor, has completed over $6 billion of institutional transactions. Not beholden to any investor or money manager, he is uniquely positioned to speak truth to capital and power; he is completely objective.

Topics include:

• Investment challenges like COVID, inflation, diversification, liquidity, downside, development risk, leverage, underfunded public pension funds, default, obsolescence, and the Winner's Curse
• The building blocks of real estate, including public and private equity and debt
• Property types, such as housing, retail, self-storage, industrial warehouses, and office
• Public policy, including land use controls, rent stabilization, affordability, and sprawl;
• Risk-based simulations of deals with leverage, limited and general partners and fees
• Investor checklist of risks and opportunities

Sidestepping industry platitudes and abstraction, Commercial Real Estate Investing is a must-read for all real estate professionals as well as novices who seek better decisions with greater confidence while avoiding one-size-fits-all solutions.

About this title

About the Author

Randall Zisler, Ph.D., Co-Founder of Zisler Capital Associates, LLC, was a Princeton University professor teaching economics and finance. He was real estate research director at Goldman Sachs and Nomura Securities, co-head of investment banking at Jones Lang LaSalle, a partner at Pension Consulting Alliance, and CIO to Merv Griffin.

From the Back Cover

A trusted investment guide for success in the commercial real estate industry

In Commercial Real Estate Investing: An Evidence-Based Approach to Risk Management, Strategic Valuation, and Enhanced Returns, seasoned financial executive, Randall Zisler, Ph.D., delivers a compelling critique of institutional real estate investment practices that will help investors avoid uncompensated risk, achieve superior risk-adjusted returns, and reject wealth-reducing myths. For readers seeking new ways of thinking about real estate, Commercial Real Estate Investing offers evidence-tested insights regarding risk-based analytics, valuation challenges, leverage, property and REIT risk metrics, capital markets, inflation, cap rates, liquidity, development, diversification, public policy, investment selection, MSA risk, fees, opportunity funds, and investment advisor failings.

“I’ve long been asked by students and practitioners to recommend a book that serves as a strong primer for the industry and have always said that it doesn’t exist. Thanks to Randy, now it does.”
―ETHAN PENNER, Founder and CEO, Mosaic Real Estate Partners; Founder and former CEO, Nomura Asset Capital Corp and Capital Company of America

“Randy combines his intellect, academic and analytical frameworks, market and product knowledge, and practical experience to the world of real estate investing. It’s a unique background and provides a unique perspective and advantage to those of us in the real estate investment business.”
―MICHAEL FASCITELLI, Founder, MDF Capital; former CEO, Vornado; former partner, Goldman Sachs & Co.

“Randy eruditely synthesizes data, theory and practical insights into actionable investment strategies, pushing the frontiers of our knowledge in essential ways.”
―JOSEPH L. PAGLIARI, Jr., Ph.D., CFA, CPA, John Mazarakis and Chicago Atlantic Clinical Professor of Real Estate, The University of Chicago, Booth School of Business

Edition details

• Publisher: Wiley
• Publication date: 2025
• Language: English
• ISBN 10: 1394326378
• ISBN 13: 9781394326372
• Binding: Hardcover
• Edition number: 1
• Number of pages: 512