Atualmente no Brasil, é possível observar um movimento no mercado dos FIIs (Fundos de Investimento Imobiliário). Este movimento inclui desde alterações recentes na regulamentação, nos prospectos e regulamentos como alterações nos novos tipos que têm sido ofertados no mercado. Além disso, este mercado está em uma fase de grande expansão, no cenário nacional. O ambiente econômico nacional e internacional têm propiciado uma busca por alternativas de investimento, e o FII possui características muito relevantes. Em um mercado cada vez mais pulverizado e mais negociado em bolsa de valores, os critérios de Governança Corporativa se tornam peça fundamental para qualquer tipo de investimento, com seus diversos aspectos, representa transparência, equidade no tratamento e prestação de contas. Itens fundamentais requeridos pelo investidor atual, que busca diversificar seu risco em veículos de investimento transparentes e com retorno considerável. Diante do momento econômico do mercado, da movimentação dos FIIs e da relevância dos critérios de Governança Corporativa, surge o presente estudo. Analisando as alterações no ambiente de investimento FII, com base em seus prospectos, regulamentos e na própria regulamentação, é possível identificar como seus critérios de Governança Corporativa estão atualmente. Comparando os critérios presentes nos FIIs com os critérios presentes em outros ambientes de investimento nacionais é possível identificar o seu posicionamento no mercado. A partir das evidências coletadas nos itens anteriores o estudo buscou validá-las através da realização de entrevistas com gestores. O presente trabalho conclui como as alterações dos critérios de Governança Corporativa influenciam o posicionamento dos FIIs no mercado, quais alterações ainda podem ser feitas para aumentar sua flexibilidade e discute os reflexos de alterações de Governança Corporativa em ambientes de investimento. Palavras-chave: fundos de investimento imobiliário, FII, portfólio, governança corporativa, estratégia.

The paper presents a research of the theory on corporate governance and its applicability in Real Estate Investment Funds. Facing the crisis of subprime and derivatives, the item Corporate Governance takes emphasis. Item of fundamental importance in any operation, should never lose focus, much less be forgotten, but the items are not exactly of governance requirements. In the U.S. you can see now, a major concern and the search for rules and the obligation related topics in Brazil rare and little regulation requirements. The article seeks to identify the weak point of financial transactions, the lack of information. Even where there is awareness of the risks involved in the transaction by the investor. The governance is not only an organizational structure, it also involves the rules of information within and outside the corporation.

In the last two years were significant changes in the laws of real estate investment funds. These changes have allowed the institutions of learning new funds and introduce some modifications of Corporate Governance in existing funds from the new possibilities of legislation. This research seeks to identify these items to change in the regulations and prospectus, thus understanding the reaction and positioning of investment funds at the market after the new legislation. The method used is a comparative analysis, based on the collection of the data contained in the regulations and the prospects of a selected sample. The survey is done by examining the regulations and prospectus of the new funds. For existing funds to research includes the analysis of documents (prospectuses and regulations) before and after the relevant changes in legislation. All research was showing the respective relationships of the topics identified in the documents analyzed, with the relevant legislation. One major change that caused a great impact, was allowed to apply their resources funds in securities and other assets related to real estate. This change is perceived not only in existing funds, but mainly on models of the new funds launched in the market.

This paper shows a Matrix of Attributes that influences the motivation of a target public, belonged to the higher income population, to abdicate the concept of centrality and accept to live in a Gated Community, located on the outskirts of urban centers. This matrix has resulted of the critical analysis on the first field research, realized in the master dissertation which is in the development stage. For this field research was used the method ANALITIC HIERARCHY PROCESS (AHP), with five specialists that work in this market segment in the micro-region of Barueri and Santana de Parnaíba, where are located Alphaville, Tamboré and Aldeia da Serra. The Hierarchy of Matrix of Attributes considers that LOCATION and CHARACTERISTICS OF GATED COMMUNITIES, as well as the needs and the preferences of the target public associated with the stage in the cycle of FAMILY LIFE and WORK LIFE determine competitive strategies on the selection of land for development of this type of product.

The article summarizes a comprehensive study on the evolution of the supply characteristics of building products over the past twenty-five years in a cluster of the city of São Paulo. Data were collected through field research in print media (newspapers) and Internet. The characteristics were related targeted in five cycles, represented by phases and / or changes both macroeconomic and urban over the years 1984 and 2009. This segmentation of attributes in stages facilitates the discussion of the evolution of some features found in the provision searched within a defined geographical cluster-economic and cross with the macroeconomic and urban interference found for the country and the region analyzed. It was created by the authors who discussed a wide qualitative emphasis or not the features offered, allowing evolution to illustrate the proposal in each cycle and over time, the appeals of search marketing. It was also possible to discuss each stage in which the set of features to offer with a greater emphasis intensity. These tests allow the generation of information and that from a knowledge management can improve the efficient development and formatting of new real estate, represented by macroeconomic changes and urban, when compared with data obtained in each of the supply cycle, current or future that can be formatted.