商用房地產(chǎn)市場(chǎng)介紹和評(píng)估基礎(chǔ)(房地產(chǎn)金融與投資-武(更新版)
【正文】 sed during periods when markets are oversupplied with rental space. For example, a tenant may not be required to pay rent during the first year of a fiveyear lease. Another form of concession is for the lessor to pay for the cost of tenant 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 20230 square feet Every tenant has 4500 square feet Usable area=18000 (=4500 4) square feet Common area=2023 square feet Load factor per floor=20230247。 NOI=100000 － =$ 147 915)25%,15,( 82 ?年MP V IFA 8479 15)25%,?,(1000 00 ?年MP V IFA%?i Discount Rate and Capitalization Rate 貼現(xiàn)率與資本化率 Discount rate or required internal rate of return,是投資者在投資期內(nèi)要求的與風(fēng)險(xiǎn)相當(dāng)?shù)念A(yù)期收益率。 對(duì)加油站例子 %8479 15$1000 00$ ??R資本化率貼現(xiàn)率增加，資本化率增加。也等于負(fù)債價(jià)值與股本價(jià)值之和。清理場(chǎng)地費(fèi)用將用光土
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