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dictionary of real estate terms glossary of commercial real estate dictionary of architecture and construction the dictionary of urbanism planned and executed in a fixed time period. 2. The total construction designed by the architect, of which the work performed under the contract documents may be the whole or a part. regeneration scheme. 2. (U.S.) A public housing development. The equivalent in England and Wales is “estate” and in Scotland “scheme.” Property The rights that one individual has in lands or goods to the exclusion of all others; right gained from the ownership of wealth. Property Property Market: The supply and demand for ownership interests in property. Property Any asset, real or personal. An ownership interest. Property Buildings, land, and infrastructure. Public Public Sector: The portion of the economy run by various levels of government. Public Public Public Space: 1. An area within a building to which there is free access by the public, such as a foyer or lobby. 2. In some codes, an area or piece of land legally designated for public use. Public Public Interest: That which will be to the collective benefit of society or of the inhabitants of a particular place. Both politicians and some professionals (town planners, for example) choose to see themselves as having a role in defining the public interest. Public sphere: The sociologist Jürgen Habermas’ concept of the place where people talk about life. It is a sphere which “mediates between society and state, and in which the public organizes itself as the bearer of public opinion” (Habermas, 1962). He sees its growth in eighteenth-century England with the development of a new urban culture which flourished in, among other places, the coffee houses. 208 209
dictionary of real estate terms glossary of commercial real estate dictionary of architecture and construction the dictionary of urbanism Real Estate 1. In Law, land, and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens. Distinguished from personal property. Same as realty. 2. In Business, the activities concerned with ownership and use transfers of the physical property. Ex. The following are engaged in real estate business activities: accountants, appraisers, attorneys, etc. Real Estate Real Estate Fluctuations: Shortterm variations in real estate prices or rents (usually lasting anywhere from one day to a few months), caused by natural hazards (such as tornadoes, hurricanes, floods, earthquakes, and wildfires), or boosts or shocks to the local economy (such as the entry or exit of major employers). Real estate trends: Long-term movements or tendencies in the demand for commercial real estate (which can typically last for years or decades), usually tied to macroeconomic or business cycles. Real Estate Property in the form of land and all its appurtenances, such as buildings erected on it. Real Estate Immovable property such as land, buildings, ownership rights, businesses and leaseholds. Return Return of Investment: Portion of the receipts from an investment that represents recovery of the amount invested. Return Rate of Return: The percentage return on each dollar invested. Also known as yield. Return The continuation of a molding, projection, member, or cornice, or the like, in a different direction, usually at a right angle. For example, see cornice return. Return Risk 1. Uncertainty or variability. The possibility that returns from an investment will be greater or less than forecast. Diversification of investments provides some protection against risk. 2. The possibility of a loss. Insurance can offer protection against certain risks. Risk The probability that actual cash flows from an investment will vary from the forecasted cash flows. Risk Risk Management: In the building industry, the systemized practice of avoiding potential risks, such as culpability and liability or legal entanglements. Risk 1. The possibility of an undesired outcome. 2. The possibility of an unexpected outcome. Where this second definition is being used (as in the world of property development), the possibility of an undesired outcome is referred to as “downside risk.” Risk-Free Rate: The interest 210 211
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In 2013, in the United States, the
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The Temple Hoyne Buell Center for t
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Preface The Art of Inequality: Arch
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Introduction What is inequality? Or
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to tangible evidence drawn from rea
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1.1 Defining Inequality Jacob Moore
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ership rate, this became especially
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1.1.4 Race in Place Since the late
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American Apartheid (Cambridge, MA:
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Perhaps predictably, the practices
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According to the CEA’s narrative,
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additional direct provision of aid
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22. U.S. Census Bureau, Statistical
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and renovated instead of demolished
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Residents displaced by the redevelo
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ut the separation of residents of t
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1. This was encouraged among other
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Part 2 Architecture 90 91
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ity is challenged as a matter of mo
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further downtown, on which stands t
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lower end, then, the annual housing
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