Commercial Property Valuation

Methods and Case Studies
 
 
Standards Information Network (Verlag)
  • 1. Auflage
  • |
  • erschienen am 9. Juli 2019
  • |
  • 240 Seiten
 
E-Book | PDF mit Adobe-DRM | Systemvoraussetzungen
978-1-119-51213-4 (ISBN)
 
A practical guide to the best approaches for commercial real estate value assessment

Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selecting and applying the best valuation approach to various situations. Actual case studies of office buildings, hotels, high street retails, and residential developments allow readers to understand and apply appropriate valuation methodologies.

Commercial property is a major investment class that offers abundant opportunities but poses unique risks. Thorough and inclusive knowledge is essential to success in this complex and competitive sector of real estate. This book provides expert coverage of critical topics allowing readers to:
* Identify the unique economic characteristics and potential risks of commercial real estate valuation and investment
* Focus on methods specific to commercial real estate valuation
* Learn how to select and apply the appropriate valuation method in a variety of scenarios
* Access sample Excel spreadsheets and ancillary online resources including slides and useful Internet links

Commercial Property Valuation is an essential resource for investors, appraisers, consultants, accountants, and students in real estate courses.
weitere Ausgaben werden ermittelt
GIACOMO MORRI, PhD, MRICS, is Faculty Deputy and Associate Professor of Practice in Corporate Finance and Real Estate at SDA Bocconi School of Management (Milan, Italy) and a lecturer of Real Estate Finance at Bocconi University (Milan, Italy). He served as a Director of the Master in Real Estate and the Executive Master in Corporate Finance and Banking, and was in charge of real estate executive education. Giacomo is former President and a board member of the European Real Estate Society. He is a freelancing advisor for several real estate companies and asset managers, a non-executive director at UnipolSai Investimenti SGR, and a RICS Registered Valuer. He is also on the advisory board of several real estate funds and a board member of various real estate companies.

PAOLO BENEDETTO, MRICS, is Advisory & Valuation Director at Agire - IPI Group, an Italian real estate service company. His specialization is in real estate valuations. He is an Academic Fellow of Real Estate Finance at Bocconi University (Milan, Italy) and a Fellow of Corporate Finance and Real Estate at SDA Bocconi School of Management (Milan, Italy). Paolo is a member of the Italian board of the Royal Institution of Chartered Surveyors (RICS) and a RICS Registered Valuer.
  • Cover
  • Title Page
  • Copyright
  • Contents
  • About the Authors
  • Foreword
  • Foreword
  • Preface
  • Chapter 1 Introduction to Property Valuation
  • Determining the Valuation Requirement
  • The Subject of the Valuation
  • Purpose of the Valuation
  • Value to Be Estimated
  • Valuation Date
  • Definitions of Value
  • Market Value
  • Investment Value
  • Valuation Associations, Codes and Standards
  • Notes
  • Chapter 2 Economic Characteristics and Elements of Risks of Properties
  • Characteristics of Property Investments
  • Building and Land
  • Use of Space and Investment Asset
  • Owners and Users
  • Business Perspective
  • Location
  • Categories of Property Investments
  • Development Projects
  • Income-Producing Properties
  • Trading Operations
  • Skills in Asset and Investment Management
  • Economic Classification of Properties
  • Property Classification Criteria
  • Macro Categories of Properties
  • A Simple Definition of Risk
  • Common Risk Elements in Real Estate Investment
  • Capital Market
  • Liquidity
  • Financial Structure
  • Regulatory
  • Location
  • Intended Use and Type of Properties
  • Development Projects
  • Authorisation
  • Environmental
  • Construction-Related
  • Market
  • Income-Producing Properties
  • Physical and Technical Features
  • Management and Market
  • Rental and Contractual Situation
  • Notes
  • Chapter 3 Market Analysis
  • Economic Analysis
  • Analysis of the Property Market
  • Comparative Data and Valuation Method
  • Characteristics of the Comparative Factors and Information Sources
  • Notes
  • Chapter 4 A New Simple Classification of Valuation Methods
  • Choice of Valuation Method
  • Depreciated Cost Approach Methods
  • Introduction
  • Description
  • Use, Advantages, and Limitations of the Depreciated Cost Approach
  • Notes
  • Chapter 5 Sales Comparison Approach Methods
  • Approach and Application Criteria
  • Direct Comparison Approach
  • Hedonic Pricing Model
  • Notes
  • Chapter 6 Income Capitalisation Comparison Approach Methods
  • Approach and Application Criteria
  • Direct Capitalisation Approach
  • The Direct Capitalisation Approach Calculation Algorithm
  • Profit and Loss Account of an Income-Producing Property
  • Use, Advantages, and Limitations of the Direct Capitalisation Approach
  • Application of the Direct Capitalisation Approach
  • Discounted Cash Flow Approach
  • Choosing the Time Horizon
  • Estimating the Cash Flows
  • Estimating the Terminal Value
  • Discounting the Cash Flows and Calculating the Asset Value
  • Use, Advantages, and Limitations of the Discounted Cash Flow Approach
  • Residual Value Methods
  • Introduction
  • Single Period Residual Value Approach
  • Multiple Periods Residual Value Approach
  • Notes
  • Chapter 7 Property Return Rates
  • Measuring the Return on a Property Investment
  • Rates and Capital Market
  • Cap Rate
  • Definition and Description of the Cap Rate
  • Going-In and Going-Out Cap Rate
  • Discount Rate
  • Definition and Description of the Discount Rate
  • Consistency Between Discount Rate and Cash Flow
  • The Components of the Discount Rate
  • How to Estimate Property Return Rates
  • Market Extraction
  • Determining the Discount Rate from the Cap Rate
  • Build-Up Approach
  • Analysing the Opinions of Market Players on the Return Expected
  • Notes
  • Chapter 8 Structure of the Valuation Report
  • Executive Summary
  • Preamble
  • Description of the Property
  • Market Analysis
  • Valuation
  • Conclusions
  • Appendices
  • Notes
  • Chapter 9 Office Property Appraisal
  • Description of the Property1
  • Choice of Valuation Method
  • Market Analysis
  • Valuation
  • Choosing the Time Horizon
  • Estimating the Cash Flows
  • Determining the Terminal Value
  • Determining the Discount Rate
  • Calculating the Market Value of the Property
  • Notes
  • Chapter 10 High Street Retail Unit Appraisal
  • Description of the Property
  • Choice of Valuation Method
  • Market Analysis
  • Estimating the ERV
  • Estimating the Cap Rate
  • Estimating Vacancy and Leasing Time
  • Estimating Refurbishment Costs
  • Valuation
  • Notes
  • Chapter 11 Hotel Appraisal
  • Description of the Property
  • Choice of Valuation Method
  • Market Analysis
  • Macroeconomic Climate
  • Supply and Demand Analysis
  • Forecast of Average Rate and Occupancy
  • Projection of Income and Expenses
  • Valuation
  • Notes
  • Chapter 12 Development Project Appraisal
  • Description of the Property
  • Choice of Valuation Method
  • Market Analysis
  • Valuation of the Development Project
  • Choosing the Time Horizon
  • Estimating the Cash Flows
  • Determining the Discount Rate
  • Calculating the Market Value of the Development Project
  • Notes
  • Glossary
  • Bibliography
  • Index
  • EULA

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