This might take the form of a table of rentable floor areas for a retail center, office building, or warehouse the number of rooms by type of room for a hotel or, as in our example, the number of houses by size and model in a residential subdivision.Īrchitects refer to this as the project’s “program.” This tabulation also sets out the non-income producing space for things like parking, lobby areas, mechanical and utility rooms, and other support space. The first thing that has to be done is to set out in quantifiable terms just what is being proposed to be built. We’ll use this as a guide throughout the article as we consider some of the challenges developers face in putting a project together - and how several key variables can affect the overall success of the project. Figure 1 shows a simplified summary table from this generic case study. There are few “absolutes” as to how such analyses can be constructed, but there are common practices and techniques that nearly all proformas attempt to provide in one form or another.īy way of a basic introduction to this subject, I have created a simple case study proforma analysis for a hypothetical residential subdivision. The proforma is the basic “go / no-go” analysis that developers use to decide on whether to move forward with a project. It then estimates revenues that are likely to be obtained, the costs that will have to be incurred, and the net financial return that the developer expects to achieve. It begins by describing the proposed project in quantifiable terms. To achieve a minimum level of “literacy” about the economics of development requires at least a navigational knowledge of the basic tool of real estate feasibility analysis - the proforma.Ī proforma analysis is a set of calculations that projects the financial return that a proposed real estate development is likely to create. If members of the board had a better appreciation for the push and pull of costs and income, time and risk, and how changing one factor can affect a whole domino chain of other factors, the entire process of real estate development would be more understandable. Planning commissioners frequently find themselves wishing they knew more about how real estate development really works in terms of dollars and cents. You can also take a look at a conversation I had with Wayne about his article. If you take the time, you’ll learn a lot - especially if, like many citizen planners, you’re not very familiar with the world of real estate development. Don’t be put off by all the numbers and calculations. I urge you to take the same attitude in working your way through this lengthy, but highly rewarding, article. We are making it available in an online format here on .Īs a planning commissioner I’m sure you’re used to rolling up your sleeves and getting to work when your board meets. Wayne also served for many years as a member of the Planning Commissioners Journal’s editorial advisory board. Findings are discussed in relation to theoretical, methodological, and operational issues.Illustration by Paul Hoffman for Įditor’s Note: Pro-Forma 101 was written in 2007 by the late Wayne Lemmon, who was (among other things) a skilled real estate market economist. Finally, this practice appears over-focussed on prisoner behaviours that signify risk, rather than protection or resilience. Whilst some behaviours may (also) signify general non-compliance in prisons, others appear more distinct in potentially signifying terrorism risk. Tentative findings suggest that many behaviours are consistently identified across open and closed data sources, indicating these are similar in different jurisdictions – although how they manifest locally may not be – and in both the fields of research and practice. Reflexive thematic analysis identifies 29 distinct behaviours (subthemes), brigaded under 6 domains of functioning (main themes). This study addresses this issue by systematically examining the nature and prevalence of different behaviours indicated across a large and unique international data set of both open and closed sources, which primarily focusses on Islamist groups and ideologies. However, there is a dearth of research that systematically examines which behaviours signify, or prison staff consider to signify, terrorism risk. A key practice in many prison services is for prison staff to observe prisoner behaviours that may indicate such risk. Detecting and monitoring prisoners who present a risk of committing terrorism is an important objective of prison authorities.
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