文档介绍:Add your text here and write down your opninon thank you add your text here
商用房地产市场介绍和评估基础(房地产金融与投资-武
Vacancy空nant improvement.
(4) Other important contents in leases
All rents are a function of location, age, quality and condition of the premise.
Rent premium
Rent discount
Fixed versus variable base rent
Tenant improvement
Lease concession
Signage
(5) Rentable Area in a Building
Rentable area would usually equal the total area on all floors and the lobby, less the nonrentable area which usually includes the thickness of the exterior walls, any columns or protrusions through the floors such as elevator shafts or structural supports, mechanical equipment closets, basements, and so on, needed by the owner to maintain or operate the building.
(6) Load Factor(分租因子)
Load factor per floor
Rentable area per floor
Usable area per floor
One floor has a total of 20000 square feet
Every tenant has 4500 square feet
Usable area=18000 (=4500 × 4) square feet
Common area=2000 square feet
Load factor per floor=20000÷18000=
Rentable area for a tenant=4500 ×=5000
Effective Rent有效租金
To calculate the effective rent we will use the following procedure:
(1) calculate the present value of the expected net rent stream. The net rental stream is the amount received after considering expenses that the owner must pay.
(2) Calculate an equivalent level annuity over the term of the lease.
1、Net lease with steps租金逐期增加的净租赁方式
Rent will be $10 per square foot the first year and will increase by $1 per square foot each year until the end of the lease. All operating expenses will be paid by the tenant.
Lease term=five years, discount rate=10%
Effective
Rent
2、Net Lease with Free Rent
year
1
2
3
4
5
Net rent
Average rent
Present value
Effective rent
3、Net Lease with CPI Adjustments
The rent will be $11 per square foot the first year. After the f