商用房地产市场介绍和评估基础房地产金融与投资

1、商用房地产市场介绍和评估基础房地产金 融与投资 (DEBT AND EQUITY) 商用房地产市场介绍和评估基础房地产金 融与投资 Chapter 8 Introduction of Commercial Properties and Valuation Fundamentals 商用房地产市场介绍商用房地产市场介绍 和评估基础和评估基础 商用房地产市场介绍和评估基础房地产金 融与投资 8.1 Property Types I. Residential住宅类 Single family单户住宅 Detached 独立式 Cluster developments群聚式开发项目 无分区开发项目 M

2、ultifamily多户住宅 High rise(usually CBD)高层建筑 Low rise多层建筑 Garden apartments(usually suburban)花园公寓 商用房地产市场介绍和评估基础房地产金 融与投资 II.Nonresidential Office写字楼 Major multitenantCBD多租户 Single or multitenantsuburban单或多租户 Single tenantbuilt to suit单租户专门设计 Combination office/showroom写字楼与陈列室的 组合建筑 Retail零售用 Regional

3、shopping centers /malls区域购物中心 购物街 Neighborhood centers邻区中心 Strip centers条形中心 Specialty centers专业中心 Discount centers折扣店 商用房地产市场介绍和评估基础房地产金 融与投资 Industrial工业用 Heavy industrial重工业 Light industrial Warehouse轻工仓库 Office/warehouse办公仓储 warehouse仓储用房 Hotel/Motel旅店汽车旅馆 Recreationa1娱乐休闲用 Institutional (specia

4、l purpose)机构用（特殊用 途） III.Mixed use developments综合用途项目 Combinations of one or more of the above uses 商用房地产市场介绍和评估基础房地产金 融与投资 8.2 Income Potential 收入潜力 两个决定因素: 吸引租户的能力 营业费用 净营业收入Net Operating Income(NOI): 租金收入减去营业支出的净收入额 商用房地产市场介绍和评估基础房地产金 融与投资 8.2.1 Market Rent市场租金 The term market rent refers to the

5、price that must be paid by a potential tenant to a particular type of space under the current market condition. 在现行市场条件下,某潜在租户为租用某宗房地产而 付出的租金价格. The rent depends on many factors: (1) the outlook of national economy国民经济前景 (2) The economic base of the area in which the property is located地区经济基础 (3)The

6、 demand for the type of space provided by the property in the location being analyzed需求状况 The supply of similar competitive space类似房地产供 给竞争状况 商用房地产市场介绍和评估基础房地产金 融与投资 8.2.2 Vacancy空置 空置有两种情况 旧的租约到期而新租约未签时 从没被租用过,如新建房 空置越高,租金收入越少 To project income of a property, it is necessary to project how much of

7、the space will be occupied by tenants during the anticipated holding period for the project. 商用房地产市场介绍和评估基础房地产金 融与投资 8.2.3 费用 固定支出 房产税 保险费 维修保养费 变动支出 公共事业费 管理费 清洁费 商用房地产市场介绍和评估基础房地产金 融与投资 8.3 租赁合约Leases 出租人Lessor(owner) 承租人Lessee(tenant租赁者) 房地产租赁合同lease agreement 商用房地产市场介绍和评估基础房地产金 融与投资 8.3.1 Genera

8、l Lease Terms Hotel and Motel Rooms Rented on day-to-day basis Housing and apartmenton annual basis Office spacethree-to five-term Retail space Smaller retail establishmentone or two years Larger establishmentsmuch longer terms Industrial propertylong terms 商用房地产市场介绍和评估基础房地产金 融与投资 8.3.2 Financial Co

9、ntents of Leases (1) Rent (2) Responsibility for Expense (3) Concessions减让内容 (4) Other important contents in leases 商用房地产市场介绍和评估基础房地产金 融与投资 基础租金 The initial rent that must be paid under the lease contract is refer to as the base rent 租金调整 Step-up provision(逐期递增) CPI adjustment 百分比租金Percentage rent L

10、eases for shopping centers often include provisions for rents to be partially based on the tenants sales volume Minimum rent(最低租金) Overage rent(溢价租金) (1) Rent 商用房地产市场介绍和评估基础房地产金 融与投资 (2) Responsibility for Expense The leases should identify which party has the responsibility for paying for building

11、operating expenses such as property taxes, insurances, utilities, and maintenance. Gross or full-service lease(毛租赁) All operating expenses are paid by the lessor. Net lease(净租赁) All operating expenses are paid by the tenant. Expense stop (最高费用) One alternative would require the lessor to pay operati

12、ng expense up to a specific amount. Expense passed through(传递) 商用房地产市场介绍和评估基础房地产金 融与投资 (3) Concessions Concessions or discounts tend to be used 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 five-year l

13、ease. Another form of concession is for the lessor to pay for the cost of tenant improvement. 商用房地产市场介绍和评估基础房地产金 融与投资 (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 Ten

14、ant improvement Lease concession Signage 商用房地产市场介绍和评估基础房地产金 融与投资 (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

15、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. 商用房地产市场介绍和评估基础房地产金 融与投资 (6) Load Factor(分租因子) Load factor per floor Rentable area per floor Usable area per floor One floor has a total

16、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=2000018000=1.111 Rentable area for a tenant=4500 1.111=5000 商用房地产市场介绍和评估基础房地产金 融与投资 8.3.3 Effective Rent有效租金 To calculate the effective rent we will use t

17、he 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. 商用房地产市场介绍和评估基础房地产金 融与投资 1、Net lease with ste

18、ps 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 $1 per square foot each year until the end of the lease. All operating expenses will be paid by the tenant. Lease term=five years, discount rate=10% 5432 1 .1 14 1 .1 13 1 .1 12 1 .1 11 1 .1 10 PV 77.44$ 81.11$79097

19、.377.44 )5%,10,( yrsPVIFAPVEffective Rent 商用房地产市场介绍和评估基础房地产金 融与投资 2、Net Lease with Free Rent year12345 Net rent14.50 15.50 16.50 17.50 Average rent12.80 Present value45.76 Effective rent12.07 商用房地产市场介绍和评估基础房地产金 融与投资 3、Net Lease with CPI Adjustments The rent will be $11 per square foot the first year

20、. After the first year,the rent will be increased by the amount of any increase in the CPI. The CPI is expected to be 2% during the second year,3% the third year,4% the fourth year,5% the fifth year. 商用房地产市场介绍和评估基础房地产金 融与投资 3、用CPI调整租金的净租赁方式 Net Lease with 100% CPI Adjustment year12345 Expected CPINA

21、2%3%4%5% Net rent11.0011.22 11.56 12.02 12.62 Average rent11.68 Present value44.00 Effective rent11.61 商用房地产市场介绍和评估基础房地产金 融与投资 4、Gross Lease Year 12345 Gross rent17.50 17.50 17.50 17.50 17.50 Less expenses4.004.505.005.506.00 Net rent13.50 13.00 12.50 12.00 11.50 Average rent12.50 Present value47.74

22、 Effective rent12.59 商用房地产市场介绍和评估基础房地产金 融与投资 5、Gross lease with Expense stop at $4 Year 12345 Gross rent15.50 15.50 15.50 15.50 15.50 Less expenses4.004.505.005.506.00 Plus reimbursement0.000.501.001.502.00 Net rent11.50 11.50 11.50 11.50 11.50 Average rent11.50 Present value43.59 Effective rent11.5

23、0 商用房地产市场介绍和评估基础房地产金 融与投资 6、gross lease with Expense Stop at $4 and CPI Adjustment Year 12345 Expected CPINA2%3%4%5% Gross rent14.50 14.79 15.23 15.84 16.64 Less expenses4.004.505.005.506.00 Plus reimbursement0.000.501.001.502.00 Net rent10.50 10.79 11.23 11.84 12.64 Average rent11.40 Present value42.84 Effective rent11.30 商用房地产市场介绍和评估基础房地产金