Real Estate Market Analysis and Feasibility Training Course

Duration 5 days 10 modules · 33 contact hours
Level Intermediate Certificate on completion
Who attends Real Estate Analysts, Development Managers and others
Fee from USD 1,100 KSh 95,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 9 Nov 2026 Course code SD-RE-022

Before you join: Participants should understand basic property terminology, including rent, yield, vacancy, operating expenses and sale price.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Real estate decisions can fail when market evidence, development assumptions and financial projections are prepared separately. A promising site may have insufficient demand, an unsuitable product mix, planning constraints, unrealistic rents or costs, or returns that do not meet the investor’s hurdle rate. Analysts, developers, lenders and asset managers need a defensible process that connects market research to valuation, cash flow and an investment recommendation.

This course teaches participants to prepare and review market analyses and feasibility studies for residential, office, retail, industrial and mixed-use property. Participants examine demand and supply, define competitive sets, assess site and planning factors, forecast rents and occupancy, estimate development costs, and build discounted cash flow and residual land value models. They test assumptions through sensitivity and scenario analysis, identify material risks, and present findings clearly for investment committees, lenders, boards and public-sector stakeholders.

Teaching combines focused briefings with property cases, group analysis, spreadsheet-based financial modelling, valuation discussions and investment-committee simulations. Participants work through the evidence and decisions required for a property proposal rather than treating market research and financial analysis as isolated tasks. They leave with a reusable feasibility-study structure, assumption register, market-analysis framework and model-review checklist that can be adapted to live acquisitions, developments and asset-management decisions.

The course is suited to professionals who already work with property data, development proposals, lending submissions or investment cases and need stronger analytical judgement. It is relevant to private developers, banks, pension funds, government land agencies, corporate real estate teams and advisory firms.

What you will be able to do

  • Define a market area, demand segments and competitive set for a property proposal
  • Collect and assess market evidence using primary research and comparable-property analysis
  • Forecast rents, absorption, occupancy and operating income from market assumptions
  • Build a discounted cash flow model using unlevered cash flows and exit assumptions
  • Calculate residual land value and test development viability against land acquisition price
  • Apply sensitivity, scenario and break-even analysis to material feasibility assumptions
  • Review valuation inputs against International Valuation Standards and RICS Red Book principles
  • Prepare an investment recommendation supported by a feasibility-study report and risk register

Benefits of attending

For you

  • Assess whether a development concept is commercially viable before detailed design expenditure
  • Challenge unsupported rent, occupancy, cost and exit-value assumptions with evidence
  • Produce clearer feasibility inputs for investment committees and credit approvals
  • Build confidence reviewing appraisals, valuation reports and development financial models
  • Develop a repeatable method for screening sites, acquisitions and repositioning proposals

For your organisation

  • Improve consistency between market research, underwriting assumptions and investment recommendations
  • Identify weak demand, oversupply and pricing assumptions before capital is committed
  • Strengthen lender, board and investment-committee submissions with traceable evidence
  • Reduce avoidable losses from unrealistic absorption, cost escalation and exit assumptions
  • Create a common feasibility-review process across development and investment teams

Course modules

10 modules over 5 days

Participants can scope a feasibility study around a defined property decision and approval requirement.

  • Investment decision types: acquisition, development, redevelopment, refinancing and disposal
  • Feasibility-study sequence from site screening through recommendation and approval
  • Stakeholder requirements for developers, lenders, investors and public landowners
  • Defining the proposed use, target market and investment horizon
  • Assumption registers linking evidence sources, dates, owners and confidence levels
  • Materiality thresholds for assumptions affecting value, return and funding

Participants can identify site conditions and statutory constraints that affect feasible development options.

  • Site inspection checklist covering access, services, topography and neighbouring uses
  • Title review: ownership, easements, covenants, encumbrances and rights of way
  • Planning controls: zoning, permitted use, density, height and setbacks
  • Environmental screening for contamination, flood exposure, heritage and protected habitats
  • Infrastructure capacity assessment for utilities, roads, public transport and drainage
  • Due-diligence red flags requiring specialist advice or revised project assumptions

Participants can define a relevant property market and estimate demand from credible evidence.

  • Market-area boundaries defined by catchment, transport links and buyer behaviour
  • Demand segmentation by occupier type, income, household profile and business activity
  • Primary research methods: interviews, surveys, broker calls and tenant enquiries
  • Secondary data sources: census, transaction records, planning registers and listings
  • PESTLE analysis of demographic, economic, regulatory and infrastructure drivers
  • Demand forecasts translated into unit demand, floor space or absorption

Participants can analyse competing supply and position a proposed scheme against alternatives.

  • Competitive-set selection using location, quality, use, size and tenant profile
  • Comparable-property schedule with rents, sales, incentives, vacancy and lease terms
  • Pipeline-supply analysis using planning approvals, construction starts and delivery dates
  • Absorption-rate calculation from historical take-up and available competing stock
  • Market-gap assessment between target demand and competing product offerings
  • Positioning statement covering product, price point, amenities and differentiators

Participants can convert market findings into transparent income and operating forecasts.

  • Rent benchmarking using comparable adjustments for condition, size and location
  • Effective-rent calculation after incentives, rent-free periods and leasing costs
  • Absorption schedules phased by construction completion and market take-up
  • Vacancy and collection-loss assumptions aligned with property and tenant risk
  • Operating expense forecasts using area-based benchmarks and service contracts
  • Income escalation linked to indexation clauses, market growth and lease events

Participants can assemble development cost and timing assumptions suitable for feasibility modelling.

  • Gross-to-net area schedule for saleable, lettable and common areas
  • Hard-cost estimates derived from elemental rates, quantities and specifications
  • Soft-cost categories covering design, permits, legal, insurance and marketing
  • Contingency assessment based on design maturity, procurement route and site risk
  • Development programme linking approvals, procurement, construction, leasing and sales
  • Cost escalation and interest assumptions aligned with project cash-flow timing

Participants can build an unlevered property cash flow and interpret investment return measures.

  • Monthly or quarterly cash-flow structure for development and holding periods
  • Unlevered cash flows separating revenue, operating costs, capital costs and taxes
  • Net present value calculated from discount rate and periodic cash flows
  • Internal rate of return interpreted alongside timing and reinvestment assumptions
  • Terminal value estimated through direct capitalisation or sale comparison
  • Equity multiple and cash-on-cash return for investment performance reporting

Participants can calculate residual land value and assess the price a scheme can support.

  • Residual valuation equation linking gross development value, costs and target profit
  • Gross development value derived from sales schedules or capitalised income
  • Developer profit expressed as percentage of cost, value or equity
  • Land acquisition costs including taxes, fees, due diligence and holding costs
  • Residual land value compared with asking price and alternative land uses
  • Bid-price recommendation adjusted for risk, conditions and negotiation strategy

Participants can test feasibility resilience and communicate the assumptions that drive downside risk.

  • Sensitivity tables for rent, price, cost, yield, timing and occupancy
  • Scenario analysis comparing base case, downside case and upside case
  • Break-even analysis for sales price, occupancy, cost overrun and delays
  • Tornado charts ranking variables by impact on value and return
  • Risk register covering market, planning, construction, funding and execution risks
  • Mitigation actions assigned to owners, trigger dates and decision gates

Participants can review valuation evidence and present a decision-ready feasibility recommendation.

  • RICS Red Book principles for purpose, basis, assumptions and reporting
  • International Valuation Standards concepts of market value and investment value
  • Model audit checks for formulas, timing, units, signs and circular references
  • Investment memorandum structure: opportunity, evidence, economics, risks and recommendation
  • Recommendation options: proceed, redesign, defer, renegotiate or reject
  • Application plan identifying live decisions, data gaps and next review steps

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Feasibility-study report template
  2. Market evidence and comparable-property schedule
  3. Development assumption register
  4. Discounted cash flow model structure
  5. Residual land value worksheet
  6. Feasibility model-review checklist

Who should attend

  • Real Estate Analysts — need defensible market and financial evidence for property decisions
  • Development Managers — need to assess site, product and financial viability before commitment
  • Property Investment Managers — need to screen acquisitions and development proposals consistently
  • Credit and Lending Officers — need to challenge property cash flows and collateral assumptions
  • Asset Managers — need to evaluate repositioning, redevelopment and disposal options
  • Public-Sector Land Officers — need to assess development proposals and land-value implications

Skills and tools covered

Market demand analysisComparable property analysisFeasibility financial modellingResidual land valuationSensitivity analysisInvestment recommendation writing

Tools and standards

RICS Red Book Global Standards, International Valuation Standards (IVS), Argus Enterprise, Microsoft Excel

How the course runs

Training methodology

The course uses short instructor briefings to establish methods, followed by property cases drawn from development, investment and lending decisions. Participants interpret market evidence, define competitive sets, build and review feasibility assumptions, and test financial outcomes in spreadsheet models. Group exercises examine competing site and product options, while simulations require participants to defend recommendations before an investment committee. Individual application planning connects the course methods to current property proposals, pipeline sites or portfolio decisions.

Requirements and prerequisites

Participants should understand basic property terminology, including rent, yield, vacancy, operating expenses and sale price. Experience reading property proposals, appraisal reports, lending papers, investment memoranda or development budgets is helpful. Participants should be comfortable working with percentages, discounted cash flow concepts and spreadsheet formulas at a basic level. Prior experience building full feasibility models is not required. The course does not require valuation licensure, formal finance qualifications, advanced accounting knowledge, programming skills or prior use of Argus Enterprise.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

You should understand basic property terms and be comfortable with percentages and simple spreadsheet calculations. Experience reading development proposals, valuations or lending papers is useful, but prior feasibility-modelling experience is not required.

Bring a laptop with spreadsheet software if attending in person, plus a current property case or proposal if you have one. Confidential material should be anonymised before use in discussion.

It suits analysts, development managers, investment professionals, asset managers and credit officers involved in property decisions. It is particularly useful for professionals moving from market research or valuation support into investment and development appraisal.

Valuation courses focus primarily on estimating value for a stated purpose and valuation basis. This course uses valuation inputs within a wider decision process that includes demand, supply, development costs, cash flow, delivery risk and investment returns.

You can use the study structure and assumption register to screen a proposed acquisition, site purchase, redevelopment or refinancing request. The model-review and risk methods also help you challenge submissions prepared by advisers, developers or internal teams.

The programme runs from 08:30 to 16:30 each day, providing about 6.5 contact hours daily. Time is divided between instructor input, property cases, group analysis, spreadsheet work, review discussions and application planning.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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