Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


After the course the student understands the process and function of market analysis in commercial property markets as well as the dynamics of commercial property markets, including price formation. He/she is familiar with the sources and contents of market data and understands their shortcomings. He/she can apply this knowledge in the valuation of a commercial property using the income approach. In addition to student will be able to analyse, assess and create information by interpreting domestic and foreign research, sources and other information.

Credits: 6

Schedule: 10.01.2019 - 22.02.2019

Teacher in charge (valid 01.08.2020-31.07.2022): Heidi Falkenbach

Teacher in charge (applies in this implementation): Heidi Falkenbach

Contact information for the course (valid 11.12.2018-21.12.2112):

Heidi Falkenbach

Assistant Professor

Real Estate Economics

Department of Built Environment

Aalto University School of Engineering

P.O.Box 14100, FI-00076 Aalto University


CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    Market analysis, discounted cash flow, commercial property demand and supply, price formation and price factors of commercial properties, rental dynamics, yields.

  • Applies in this implementation:

    The course consists of lectures, tutorials and the home assignment.

    The Thursday lectures are constructed using a modified version of flipped class-room techniques. The students will receive weekly reading tasks and materials that are to be read before the lecture. The reading materials will be provided to students in the MyCourses pages. The reading materials will be announced weekly.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Home assignment, option for an pre- or final exam (preliminary). The assessment methods and criteria will be defined in course syllabus.

  • Applies in this implementation:

     The evaluation is based on the home assignment.

    The home assignment is done in pairs. You can choose you pair. A student can get the permission to do the home assignment individually, however, the evaluation criteria is the same as for home assignments done in pairs. Groups of three are not allowed.

  • Valid 01.08.2020-31.07.2022:

    160 hours (6 cr). The workload per activity type will be presented in the course syllabus.

  • Applies in this implementation:

    Lectures: 24 h (12*2 h)

    Independent reflection related to lectures: 36 h (12*3h)

    Tutorials: 8 h (4*2h)

    Home assignment: 35 hours (includes the Q&A and instruction sessions)

    Reading tasks: 57 h


Study Material
  • Valid 01.08.2020-31.07.2022:

    To be announced in course syllabus, MyCourses and lectures.

  • Applies in this implementation:

    Fanning et al. (1994) Market analysis for valuation appraisals.

    Articles and texts specified by the teacher.

Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    REC-E1050 Commercial Real Estate Markets and Analysis

  • Valid 01.08.2020-31.07.2022:

    REC-E3100 Real Estate Economics and REC-E3200 Institutions in Real Estate Economics

SDG: Sustainable Development Goals

    9 Industry, Innovation and Infrastructure

    11 Sustainable Cities and Communities


Details on the schedule
  • Applies in this implementation:

    Lectures will be held on Thursdays and Fridays 13-15.  The room varies from week to week, so please check carefully where to come.