Trustworthy, accurate and timely opinions of value underpin investors’ key strategic decisions for their commercial real estate holdings. Whilst there are well-established valuation standards, processes and methods for assessing value, these have remained relatively unchanged for many decades. However, the commercial real estate sector is experiencing significant disruption through the sophistication of technology and analytics and the availability of data that may potentially automate valuation processes and influence how value is assessed. The use of technology in the valuation process is not new. For example, Automated Valuation Models (AVMs) have been confidently and efficiently applied to the residential sector for several years. However, to date they have not been able to provide accurate estimates of complex commercial real estate assets. This research will critically review the potential for automation of valuation processes for commercial real estate and seek to test their practical application in terms of efficiency, accuracy and ethics.
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Scholarships will cover tuition fees and provide an annual stipend of approximately £15,009 for the 36 month duration of the project and is available to applicants from the UK, EU and overseas.