You have now been introduced to the three major components of what may be called the real estate system: the space market, the asset market and the development industry.
中文
现在，向你介绍可称为房地产系统的三个主要组成部分：空间市场、资产市场和开发行业。
📖 词汇解析
Introduced to 被介绍给，已经了解
Example *We were introduced to new concepts in class today.* 我们今天在课堂上学习了新概念。
Components 组成部分，组件
Example *The engine is a critical component of a car.* 发动机是汽车的关键部件。
What may be called 可以称为
Real estate system 房地产系统
Space Market Where tenants and landlords interact, determining rents and occupancy.
You have now been introduced to the three major components of what may be called the real estate system: the space market, the asset market and the development industry. 现在，向你介绍可称为房地产系统的三个主要组成部分：空间市场（space market）、资产市场（asset market）和开发行业（development industry）。 - Introduced to: 被介绍给，已经了解
You have now been introduced to the three major components of what may be called the real estate system: the space market, the asset market and the development industry. 现在，向你介绍可称为房地产系统的三个主要组成部分：空间市场（space market）、资产市场（asset market）和开发行业（development industry）。 - Introduced to: 被介绍给，已经了解
You have now been introduced to the three major components of what may be called the real estate system: the space market, the asset market and the development industry. 现在，向你介绍可称为房地产系统的三个主要组成部分：空间市场（space market）、资产市场（asset market）和开发行业（development industry）。 - Introduced to: 被介绍给，已经了解
You have now been introduced to the three major components of what may be called the real estate system: the space market, the asset market and the development industry. 现在，向你介绍可称为房地产系统的三个主要组成部分：空间市场（space market）、资产市场（asset market）和开发行业（development industry）。 - Introduced to: 被介绍给，已经了解
📖 词汇解析
Exhibit 1-1 图示1-1，通常指书中的插图或图表
Presents 展示，呈现
Example *This chart presents the sales data for last year.* 这张图表展示了去年的销售数据。
The exhibit also shows how this system is linked to other, exogenous systems, including the national and local macro-economies and the national and international capital markets.
中文
该图还展示了该系统如何连接到其他外部系统，包括国家和地方的宏观经济以及国内和国际资本市场。
📖 词汇解析
Also shows 还展示了
Linked to 连接到，与……相关
Exogenous systems 外部系统
Exogenous 来自外部的，外源的
Contrast with endogenous (内生的)
National and local macro-economies 国家和地方的宏观经济
Capital markets 资本市场
National and international 国内和国际的
The real estate market is influenced by interest rates set by national banks (an exogenous factor).
International capital flows can affect property investment levels in a country.
Let's briefly walk through the real estate system depicted in Exhibit 1-1.
中文
让我们简要地走一遍图示1-1中描绘的房地产系统。
📖 词汇解析
Briefly 简要地，简单地
Walk through 仔细查看，逐步讲解
Depicted 描绘的，描述的
Example *The painting depicts a serene landscape.* 这幅画描绘了一幅宁静的风景。
日本語
図表1-1に描かれた房地产システムを簡単に見てみましょう。
🔤 Key Words
Briefly|簡潔
Walk through|きます
Depicted|描か
U1S2: The Real Estate System
5/38
English
The three large boxes in the exhibit represent the three main elements of the real estate system: the space market, the asset market and the development industry.
Within the space market, we see the interaction of usage demand with the current stock of physical space supply, which determines current rents and occupancy levels in the space market.
Underlying the demand side of the space market are the national and local economies, which determine the need for certain quantities of physical space of various types as a function of the cost for such space.
Investors' desires and perceptions about the investment risks and returns of real estate assets determine the current market cap rates required by investors.
中文
投资者对房地产资产投资风险与收益的预期和偏好决定了当前他们在房地产交易中要求的市场资本化率。
📖 词汇解析
Investors’ desires and perceptions：投资者的欲望和看法
Desires：欲望，需求
Perceptions：看法，认知
Investment risks and returns：投资风险和回报
As compared to：与……相比
Other types of investment opportunities：其他类型的投资机会
Available elsewhere：在别处可获得的
Determine：决定
Current market cap rates：当前市场资本化率
Require：要求
Investment Decisions：
Investors compare real estate to other assets like stocks or bonds.
Risk and Return Trade-off：Higher potential returns often come with higher risks.
Capitalization Rates (Cap Rates)：
Reflect investors’ required returns.
Influenced by investor sentiment and alternative investment opportunities.
If investors perceive real estate as riskier compared to stocks, they may require higher cap rates, leading to lower property values.
Thus, we see how the space and asset markets, reflecting the underlying economic base and capital market forces, interact to determine current real estate asset market values.
Within the development-industry component of the system, a crucial comparison is made.
中文
在系统的开发行业的构成中，进行了一个关键的比较。
📖 词汇解析
Development-industry component：开发行业的构成
Crucial comparison：关键的比较
Is made：被做出（被动语态）
Crucial Comparison：关键比较
Developers compare costs and potential revenues before proceeding with a project.
日本語
システムの開発産業構成要素の中で、重要な比較が行われる。
🔤 Key Words
Space market|空間市場
Asset market|資産市場
Development industry|開発業
U1S2: The Real Estate System
18/38
English
Current development costs, including construction and land costs incorporating necessary profit for the developer, are compared against current asset values.
中文
当前的开发成本，包括施工和土地成本（包含对开发商的必要利润），与当前的资产价值进行比较。
📖 词汇解析
Development costs：开发成本
Including：包括
Construction and land costs：施工和土地成本
Incorporating necessary profit：包含必要的利润
Compared against：与……比较
Current asset values：当前的资产价值
Feasibility Analysis：
Developers assess whether the potential sale price or value of the completed project exceeds the total development costs, ensuring profitability.
日本語
開発者が必要な利益を含む建設費と土地費を含む現在の開発コストが、現在の資産価値と比較される。
🔤 Key Words
Operating cash flows|営業キャッシュフロー
Cap rates|キャップレート
U1S2: The Real Estate System
19/38
English
If asset values equal or exceed development costs, then development will proceed, thereby adding to the physical stock on the supply side of the space market.
中文
如果资产价值等于或超过开发成本，那么开发将继续，从而增加空间市场供应方的物理存量。
📖 词汇解析
Equal or exceed：等于或超过
Proceed：继续，进行
Thereby：从而，因此
Adding to：增加
Physical stock：物理存量
Supply side of the space market：空间市场的供应方
Supply Increase：
New development increases the total available space in the market.
Market Cycles：
High asset values can lead to increased development, which may eventually lead to oversupply.
A key component of development costs is the opportunity value of the land, including all of the land acquisition costs.
中文
开发成本的一个关键组成部分是土地的机会价值，包括所有的土地收购成本。
📖 词汇解析
Key component：关键组成部分
Opportunity value of the land：土地的机会价值
Opportunity value：机会成本，放弃其他机会的价值
Site acquisition costs：土地收购成本
日本語
開発コストの重要な構成要素は、すべての土地取得費を含む土地の機会価値である。
🔤 Key Words
Development costs|開発コスト
Equal or exceed|等しいか超える
U1S2: The Real Estate System
21/38
English
This opportunity value is determined in the real estate asset market, as land is a type of real estate asset.
中文
这个机会价值是在房地产资产市场中确定的，因为土地是一种房地产资产。
📖 词汇解析
Determined：决定，确定
Real estate asset market：房地产资产市场
As：因为（表示原因）
Type of real estate asset：房地产资产的一种类型
Land Valuation：
Land prices are influenced by factors like location, zoning, and potential uses.
土地价格受位置、分区和潜在用途等因素的影响。
日本語
この機会価値は、土地が不動産資産の一形態であるように、不動産資産市場において決定される。
🔤 Key Words
Developer|開発者
Newly completed|新築完成
Built property|建設済み物件
U1S2: The Real Estate System
22/38
English
Of course, development takes time, and this requires that the development industry be somewhat forward-looking.
中文
当然，开发需要时间，这要求开发行业要有一定的前瞻性。
📖 词汇解析
Development takes time：开发需要时间
Requires that... be：要求……是……（虚拟语气）
Development industry：开发行业
Somewhat forward-looking：有一定的前瞻性
Forward-looking：前瞻的，考虑未来的
Project Timelines：
Development projects can take years from planning to completion.
Forward-Looking Nature：
Developers must anticipate future market conditions to ensure profitability upon project completion.
日本語
もちろん、開発には時間がかかり、これにより開発業界はある程度先見性を持つことが求められる。
🔤 Key Words
Account for|占める
Incentive|誘因
U1S2: The Real Estate System
23/38
English
The developer succeeds only if the newly completed built property's value exceeds its total development costs at the time of completion, which may be several years away.
Asset market participants are inherently forward-looking.
中文
资产市场的参与者本质上是前瞻性的。
📖 词汇解析
Asset market participants：资产市场的参与者
Inherently：本质上，固有地
Forward-looking：前瞻的
Investors' Focus on Future Returns：
Investment decisions are made based on anticipated future income and appreciation.
日本語
アセット市場の参加者は本質的に先見性を持つ。
🔤 Key Words
Principal|主要
Ability|能力
Regulate flow|流れを規制
U1S2: The Real Estate System
27/38
English
Investors make or lose money depending on how their investments do subsequent to their purchase.
中文
投资者根据其投资在购买后的表现来赚取或亏损资金。
📖 词汇解析
Make or lose money：赚钱或亏钱
Depending on：取决于
Investments：投资
Do subsequent to their purchase：在他们购买之后的表现
Investment Performance：
Returns are realized over time; immediate profits are rare.
Time Horizon：
Investment outcomes are dependent on future market conditions.
日本語
投資家は、投資を購入後のパフォーマンスに応じて利益を得たり損失を被ったりする。
🔤 Key Words
Boom and bust|好況と不況
Cycle|サイクル
U1S2: The Real Estate System
28/38
English
Even when an investor sells relatively quickly to another investor, the price the second investor is willing to pay depends on her views of the future.
中文
即使当投资者相对迅速地将资产卖给另一个投资者时，第二个投资者愿意支付的价格也取决于她对未来的看法。
📖 词汇解析
Sells relatively quickly：相对迅速地出售
Second investor：第二个投资者
Is willing to pay：愿意支付
Depends on：取决于
Perception about the future：对未来的看法
Future Expectations Affecting Price：
Buyers consider future income potential and appreciation when determining how much to pay.
Short-Term Transactions：
Even in quick turnovers, the future outlook remains critical.
These are dampening mechanisms that tend to make a system self-regulating, preventing it from spiraling out of control.
中文
这些是抑制机制，倾向于使系统自我调节，防止其失控。
📖 词汇解析
Dampening mechanisms：抑制机制
Tend to：倾向于
Self-regulating：自我调节的
Preventing... from...：防止……发生……
System Stability：
Negative feedback helps maintain equilibrium in the real estate market.
日本語
これらはシステムを自己調整的にするダンピング機構であり、制御不能なスパイラルに陥ることを防ぎます。
🔤 Key Words
Subject to cycles|サイクルの影響を受ける
Pronounced|顕著
U1S2: The Real Estate System
33/38
English
The principal negative feedback loop in the real estate system is the ability of the asset market to regulate the flow of financial capital to the development industry.
中文
房地产系统中主要的负反馈循环是资产市场调节资本流向开发行业的能力。
📖 词汇解析
Principal：主要的
Ability：能力
Regulate the flow of financial capital：调节资本流动
Development industry：开发行业
Capital Allocation：
Asset market conditions influence investment in new developments.
Market Control：
When property values decline, funding for new projects may decrease, slowing down development.
If either supply or demand threaten to get out of balance in the space market, the resulting impact on asset operating cash flows will trigger pricing reactions in the asset market.
中文
如果空间市场的供应或需求任何一方有失衡的威胁，对资产经营现金流的结果影响将引发资产市场的定价反应。
📖 词汇解析
Threaten to get out of balance：有失衡的威胁
Resulting effect：结果影响
Operating cash flows：经营现金流
Trigger a pricing response：引发定价反应
Asset market：资产市场
语法要点：
条件句：*If either supply or demand threaten...*
一般将来时：*will trigger*
句子结构：
条件从句：*If either supply or demand threaten to get out of balance...*（如果供给或需求中的任何一个威胁要失去平衡……）
主句：*the resulting effect... will trigger a pricing response in the asset market.*（由此产生的影响……将在资产市场引发定价反应。）
Market Dynamics：
Imbalances in supply and demand affect rental incomes, influencing asset values.
Feedback Mechanism：
Changes in cash flows lead to valuation adjustments, impacting investment and development activity.
If this reduction is sufficient, it will make additional development unprofitable.
中文
如果这种下降足够显著，它将使额外的开发无利可图。
📖 词汇解析
Reduction：减少，下降
Sufficient：足够的
Unprofitable：无利可图的
Development Decisions：
Developers may halt projects if expected returns fall below acceptable levels.
Market Self-Regulation：
Negative feedback prevents overbuilding.
日本語
この削減が十分であれば、追加の開発は採算が取れないものになります。
🔤 Key Words
Reduction in return|リターン減少
Sufficient to cover|十分なカバー
Unprofitable|赤字
U1S2: The Real Estate System
36/38
English
This new development will eventually service the growth in demand and bring rents down to their long-run equilibrium level.
中文
这种新开发最终将满足需求的增长，并使租金回落到其长期均衡水平。
📖 词汇解析
Eventually：最终
Service the growth in demand：满足需求的增长
Bring rents down：使租金下降
Long-run equilibrium level：长期均衡水平
Equilibrium Restoration：
The market tends toward a balance between supply and demand over time.
Price Adjustment Mechanism：
Increased supply moderates rent levels.
日本語
この新しい開発は最終的に需要の成長に対応し、家賃を長期均衡レベルに引き下げます。
🔤 Key Words
Eventually balance|最終的な平衡
Service demand growth|需要成長への対応
Lower rents|賃料低下
U1S2: The Real Estate System
37/38
English
Commercial property markets have been subject to pronounced boom and bust cycles.
中文
商业地产市场经历了明显的繁荣和萧条周期。
📖 词汇解析
Operated exactly like a well-oiled machine：运转得像一台润滑良好的机器
Well-oiled machine：比喻运转顺利、高效的系统
In this regard：在这方面
Market Imperfections：
Real estate markets have inefficiencies due to information asymmetry, regulations, and lag times.
日本語
商業用不動産市場は顕著な好況と不況のサイクルを経験してきた。
🔤 Key Words
Well-oiled machine|よく油を注がれた機械
Operate smoothly|円滑に運営
In this regard|この観点で
U1S2: The Real Estate System
38/38
English
However, improvements in asset market efficiency, related to the increased role of the more informationally efficient public capital markets, have provided hope for a more stable future.