Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market
Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.
| Main Authors: | , |
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| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2014
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| Online Access: | http://hdl.handle.net/1721.1/84179 |
| _version_ | 1826202922655940608 |
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| author | Burgett, Bonnie L. (Bonnie Leigh) McDonald, John R |
| author2 | Walter Torous. |
| author_facet | Walter Torous. Burgett, Bonnie L. (Bonnie Leigh) McDonald, John R |
| author_sort | Burgett, Bonnie L. (Bonnie Leigh) |
| collection | MIT |
| description | Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013. |
| first_indexed | 2024-09-23T12:25:29Z |
| format | Thesis |
| id | mit-1721.1/84179 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T12:25:29Z |
| publishDate | 2014 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/841792019-04-12T15:46:36Z Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market Impact of the JOBS Act and crowdfunding on the commercial real estate market Burgett, Bonnie L. (Bonnie Leigh) McDonald, John R Walter Torous. Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. Center for Real Estate. Program in Real Estate Development. Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013. This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. Cataloged from student-submitted PDF version of thesis. Includes bibliographical references (pages 145-152). This thesis systematically evaluates how rapid developments in the nascent crowdfunding industry, combined with recent regulatory changes, will impact the commercial real estate markets. The phenomenon of crowdfunding, defined as raising numerous small amounts of capital from a large number of people, or the crowd, has been accelerated by the recent passage of the Jumpstart Our Businesses Start-up Act (JOBS Act). The JOBS Act legalizes and facilitates the sale of securities used to crowdfund equity and debt investments, giving rise to a proliferation of new crowdfund entrants in various business sectors, including the commercial real estate arena. This thesis first gives a detailed analysis of the JOBS Act legislation and how it alters the current regulatory and business landscape. The focus then turns to the commercial real estate markets, tracing the evolution of commercial real estate as an institutional asset class and the influence large, institutional investors such as pension funds and real estate investment trusts exert on this market. The authors also examine the impact on the average investor and conclude that these large institutional investors have bifurcated the market, leaving the average investor unable to gain exposure to "hard" commercial real estate assets. The authors then link the research to crowdfunding, first with a chapter on the emerging and dynamic crowdfund industry in general, and then on specific commercial real estate crowdfunding sites, also discussing sites related to this sector. The authors strengthen this primary research with field investigations, conducting interviews with real estate developers, investors, and securities lawyers specializing in regulatory law. They concurrently surveyed 138 well-vetted real estate professionals (the MIT Center for Real Estate alumni). The thesis then projects the size of the potential dollar value of the commercial real estate crowdfund market based on existing value and turnover in the commercial real estate markets. The final chapter imagines what this market will look like in 2015; concluding that crowdfunding will have a profound effect on the commercial real estate market. by John R. McDonald and Bonnie L. Burgett. S.M.in Real Estate Development 2014-01-23T17:12:17Z 2014-01-23T17:12:17Z 2013 Thesis http://hdl.handle.net/1721.1/84179 867639428 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 201 pages application/pdf Massachusetts Institute of Technology |
| spellingShingle | Center for Real Estate. Program in Real Estate Development. Burgett, Bonnie L. (Bonnie Leigh) McDonald, John R Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title | Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title_full | Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title_fullStr | Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title_full_unstemmed | Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title_short | Democratizing commercial real estate investing : the impact of the JOBS Act and crowdfunding on the commercial real estate market |
| title_sort | democratizing commercial real estate investing the impact of the jobs act and crowdfunding on the commercial real estate market |
| topic | Center for Real Estate. Program in Real Estate Development. |
| url | http://hdl.handle.net/1721.1/84179 |
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