PhD Position New Approaches to Options Valuation for Circular Real Estate

Do you want to be part of the circular revolution to rethink the way we value the built environment? Join us as a doctoral candidate (DC) in the EU-funded QuiVal programme where we reimagine value!

Job description

In order to make our cities more circular, we need to fundamentally revisit the way that we define and quantify the value of our built environment. This fully-funded doctoral project is part of a Marie Sklodowska Curie Action Doctoral Network, QuiVal, a programme funded by the European Union with the aim to develop a fundamentally new approach to real estate valuation, allowing the sector to rapidly transition towards a more sustainable, low carbon and circular future. This will be achieved through a transdisciplinary doctoral training programme across 8 universities and 14 industry partners, and including 13 doctoral candidates who will work, together and separately, to rethink the philosophy, principles and processes of valuation. The programme is transdisciplinary and co-produced by leading academics and practitioners who are passionate and knowledgeable about the real estate industry and about sustainability. Five objectives have been developed through which to achieve the aim, and each doctoral project will respond to one of these objectives.

The doctoral project at Delft university of Technology (research project 1a) is part of the response to the objective, ‘Quantum inspiration and implementation’. This project will explore improvements to valuation and decision-making of real estate on a multitude of parameters. The aim is to make real estate investment decisions more adaptive, by using the time dimension and real options analysis in valuation methods. Time value of money and real options analyses are strongly affected by linear assumptions in investment calculations, for example through interest rates that are smoothened over time. Quantum mechanics can contribute to break open this linearity, as it conceptualises a non-linear world to pioneer models for capturing value assumptions in dynamic and fuzzy real-world conditions. The project will conceptualise new innovative models and analyse how these can more accurately reflect real estate valuation in a circular economy for different industry players. As well as a dissertation, and a number of academic papers, the project will produce an accessible report for real estate professionals.

You, the doctoral candidate (DC), will spend the majority of time at Delft University of Technology in Delft, The Netherlands, but will also be funded for two periods on secondment to QuiVal partners, one to industry partner Rabobank and the other to university partner Tallinn University of Technology in Tallinn, Estonia. There will also be significant opportunities for sharing knowledge and fostering discussions with the other 12 DCs, through five workshops and three summer schools. The DCs will also work together to collect data and collaborate with stakeholders including a network of industry frontrunners who are partners in the programme, increasing understanding, research impact, and chances of employment in the real estate and related sectors.

Requirements

You will be embedded in the QuiVal community. For your role in research project 1a, we are looking for a doctoral candidate who has:

• An MSc degree with a background in big data, valuation, economics, mathematics, real estate finance, quantitative finance, behavioural science or governance.
• Proficiency in English speaking, reading and writing, (preferred).
• Strong skills in mixed research methods.
• Good communicative and entrepreneurial skills, independent attitude paired with an ability to work in a research team.
• Able to lead in research and involve the research team and industrial partners in knowledge co-creation and sharing activities.
• Affinity with concepts stemming from quantum mechanics and an open mind to stretch the imagination of its application are considered a benefit!

This vacancy follows the recruitment procedures of QuiVal, which are set up in compliance to the MSCA doctoral network recruitment rules from the European Commission, most notably the mobility and eligibility of the Doctoral Candidates:

• Candidates may not have a PhD degree.
• Candidates must have not lived in the Netherlands for at least 2 years out of last 3 years.

Doing a PhD at TU Delft requires English proficiency at a certain level to ensure that the candidate is able to communicate and interact well, participate in English-taught Doctoral Education courses, and write scientific articles and a final thesis.

Conditions of employment

Doctoral candidates will be offered a 4-year period of employment in principle, but in the form of 2 employment contracts. An initial 1,5 year contract with an official go/no go progress assessment within 15 months. Followed by an additional contract for the remaining 2,5 years assuming everything goes well and performance requirements are met.

Salary and benefits are in accordance with the Collective Labour Agreement for Dutch Universities, increasing from € 2770 per month in the first year to € 3539 in the fourth year. As a PhD candidate you will be enrolled in the TU Delft Graduate School. The TU Delft Graduate School provides an inspiring research environment with an excellent team of supervisors, academic staff and a mentor. The Doctoral Education Programme is aimed at developing your transferable, discipline-related and research skills.

The TU Delft offers a customisable compensation package, discounts on health insurance, and a monthly work costs contribution. Flexible work schedules can be arranged.

For international applicants, TU Delft has the Coming to Delft Service. This service provides information for new international employees to help you prepare the relocation and to settle in the Netherlands. The Coming to Delft Service offers a Dual Career Programme for partners and they organise events to expand your (social) network.

TU Delft (Delft University of Technology)

Delft University of Technology is built on strong foundations. As creators of the world-famous Dutch waterworks and pioneers in biotech, TU Delft is a top international university combining science, engineering and design. It delivers world class results in education, research and innovation to address challenges in the areas of energy, climate, mobility, health and digital society. For generations, our engineers have proven to be entrepreneurial problem-solvers, both in business and in a social context.

At TU Delft we embrace diversity as one of our core values and we actively engage to be a university where you feel at home and can flourish. We value different perspectives and qualities. We believe this makes our work more innovative, the TU Delft community more vibrant and the world more just. Together, we imagine, invent and create solutions using technology to have a positive impact on a global scale. That is why we invite you to apply. Your application will receive fair consideration.

Challenge. Change. Impact!

Faculty Architecture & the Built Environment

The Faculty of Architecture and the Built Environment has a leading role in education and research worldwide. The driving force behind the faculty’s success is its robust research profile combined with the energy and creativity of its student body and academic community. It is buzzing with energy from early in the morning until late at night, with four thousand people studying, working, designing, conducting research and acquiring and disseminating knowledge. Our faculty has a strong focus on 'design-oriented research’, which has given it a top position in world rankings.

Staff and students are working to improve the built environment with the help of a broad set of disciplines, including architectural design, urban planning, building technology, social sciences, process management, and geo-information science. The faculty works closely with other faculties, universities, private parties, and the public sector, and has an extensive network in the Netherlands as well as internationally.