In this case, a property company, a water privatizer, and municipal engineers explore the causes of and solutions to a severe water shortage in Mexico City, a great global capital. The protagonist is a real estate investor doing due diligence on the magnitude of the crisis, the impact on the firm's operations, and the likelihood of resolution. Due diligence includes interviews with city water officials and global-scale water privatizers. This case is an excellent introduction to city scale infrastructure issues on a global level. A related case, "Water Shortage and Property Investing in Mexico City," HBS No. 210-085, contains more real estate finance and less water infrastructure finance material than this case does.

A commercial property company evaluates water risks including the government's ability to remedy, the company's operating exposure and mitigation, and whether to relocate because of water risk. A real estate fund manager assesses investment prospects in Mexico City in the context of a major water supply and distribution crisis facing one of the world's largest cities. Can the investment manager understand the water problems so she can make a decision whether to invest in Mexico City? What will she learn about how water is sourced and distributed in Mexico City? And how might the potential public-private partnerships being discussed affect her investment prospects? The fund's investors are seeking real estate exposure in major world cities, particularly Mexico City. How can they assess and mitigate this exposure? How can they extend this thinking to other cities and countries?

This note provides a comprehensive research guide for real estate students, professionals, and executives. It includes lists of real estate industry trade organizations, publicly available research resources, books, and journals relevant to a wide range of financial and operational careers in real estate.

A real estate developer assesses its ability to capture the benefits of investing in LEED Platinum, Vedic Design, and EnergyStar components in new buildings. The building at 2000 Tower Oaks Boulevard in Rockville, Maryland is said to be the healthiest building in the National Capital Region. Does this matter? Can the developer realize higher rents because of this? The developer performs a detailed cost-benefit analysis of energy-saving measures that overlap and reduce their cumulative benefit. They consider the impact of these measures in combination with Vedic design features (aka Vastu) on the overall health, productivity, and business success of building occupants. "Green leases" are discussed as the developer tries to establish a leasing strategy that reflects these benefits and associated cost savings. The case takes a deep look at many of the critical on-the-ground issues involved with innovative real estate development.

"CityCenter (D)" follows the (A), (B), and (C) cases with subsequent chronological events through CityCenter's grand opening in December 2009 and financial results through March 2010. The case includes a simple valuation exercise intended to explore CEO Jim Murren's options as he seeks to avoid an MGM MIRAGE bankruptcy. The (D) case presents Murren with the choice of selling the Borgata casino in New Jersey or receiving an ownership stake in CityCenter itself. Students will draw on EBITDA comparables and projections to complete a simple valuation analysis to take a position on which asset to sell. "CityCenter (D)" can serve as an in-class exercise or homework assignment to follow discussion of the (C) case.