商用房地产市场介绍和评估基础(房地产金融与投资-武

PARTIIIFINANCINGINCOMPROPERTES(DEBTANDEQUITY)Chapter8IntroductionofCommercialPropertiesandValuationFundamentals商用房地产市场介绍和评估基础8.1PropertyTypesI.Residential住宅类Singlefamily单户住宅Detached独立式Clusterdevelopments群聚式开发项目无分区开发项目Multifamily多户住宅Highrise(usuallyCBD)高层建筑Lowrise多层建筑Gardenapartments(usuallysuburban)花园公寓II.NonresidentialOffice写字楼Majormultitenant—CBD多租户Singleormultitenant—suburban单或多租户Singletenant—builttosuit单租户—专门设计Combinationoffice/showroom写字楼与陈列室的组合建筑Retail零售用Regionalshoppingcenters/malls区域购物中心／购物街Neighborhoodcenters邻区中心Stripcenters条形中心Specialtycenters专业中心Discountcenters折扣店Industrial工业用Heavyindustrial重工业LightindustrialWarehouse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(specialpurpose)机构用（特殊用途）III.Mixedusedevelopments综合用途项目Combinationsofoneormoreoftheaboveuses8.2IncomePotential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NetOperatingIncome(NOI):租金收入减去营业支出的净收入额8.2.1MarketRent市场租金Thetermmarketrentreferstothepricethatmustbepaidbyapotentialtenanttoaparticulartypeofspaceunderthecurrentmarketcondition.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.Therentdependsonmanyfactors:(1)theoutlookofnationaleconomy国民经济前景(2)Theeconomicbaseoftheareainwhichthepropertyislocated地区经济基础(3)Thedemandforthetypeofspaceprovidedbythepropertyinthelocationbeinganalyzed需求状况Thesupplyofsimilarcompetitivespace类似房地产供给竞争状况8.2.2Vacancy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Toprojectincomeofaproperty,itisnecessarytoprojecthowmuchofthespacewillbeoccupiedbytenantsduringtheanticipatedholdingperiodfortheproject.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leaseagreement8.3.1GeneralLeaseTermsHotelandMotelRoomsRentedonday-to-daybasisHousingandapartment—onannualbasisOfficespace—three-tofive-termRetailspaceSmallerretailestablishment—oneortwoyearsLargerestablishments—muchlongertermsIndustrialproperty—longterms8.3.2FinancialContentsofLeases(1)Rent(2)ResponsibilityforExpense(3)Concessions减让内容(4)Otherimportantcontentsinleases基础租金Theinitialrentthatmustbepaidundertheleasecontractisrefertoasthebaserent租金调整Step-upprovision(逐期递增)CPIadjustment百分比租金PercentagerentLeasesforshoppingcentersoftenincludeprovisionsforrentstobepartiallybasedonthetenant’ssalesvolumeMinimumrent(最低租金)Overagerent(溢价租金)(1)Rent(2)ResponsibilityforExpenseTheleasesshouldidentifywhichpartyhastheresponsibilityforpayingforbuildingoperatingexpensessuchaspropertytaxes,insurances,utilities,andmaintenance.Grossorfull-servicelease(毛租赁)Alloperatingexpensesarepaidbythelessor.Netlease(净租赁)Alloperatingexpensesarepaidbythetenant.Expensestop(最高费用)Onealternativewouldrequirethelessortopayoperatingexpenseuptoaspecificamount.Expensepassedthrough(传递)(3)ConcessionsConcessionsordiscountstendtobeusedduringperiodswhenmarketsareoversuppliedwithrentalspace.Forexample,atenantmaynotberequiredtopayrentduringthefirstyearofafive-yearlease.Anotherformofconcessionisforthelessortopayforthecostoftenantimprovement.(4)OtherimportantcontentsinleasesAllrentsareafunctionoflocation,age,qualityandconditionofthepremise.RentpremiumRentdiscountFixedversusvariablebaserentTenantimprovementLeaseconcessionSignage(5)RentableAreainaBuildingRentableareawouldusuallyequalthetotalareaonallfloorsandthelobby,lessthenonrentableareawhichusuallyincludesthethicknessoftheexteriorwalls,anycolumnsorprotrusionsthroughthefloorssuchaselevatorshaftsorstructuralsupports,mechanicalequipmentclosets,basements,andsoon,neededbytheownertomaintainoroperatethebuilding.(6)LoadFactor(分租因子)LoadfactorperfloorRentableareaperfloorUsableareaperfloorOnefloorhasatotalof20000squarefeetEverytenanthas4500squarefeetUsablearea=18000(=4500×4)squarefeetCommonarea=2000squarefeetLoadfactorperfloor=20000÷18000=1.111Rentableareaforatenant=4500×1.111=50008.3.3EffectiveRent有效租金Tocalculatetheeffectiverentwewillusethefollowingprocedure:(1)calculatethepresentvalueoftheexpectednetrentstream.Thenetrentalstreamistheamountreceivedafterconsideringexpensesthattheownermustpay.(2)Calculateanequivalentlevelannuityoverthetermofthelease.1、Netleasewithsteps租金逐期增加的净租赁方式Rentwillbe$10persquarefootthefirstyearandwillincreaseby$1persquarefooteachyearuntiltheendofthelease.Alloperatingexpenseswillbepaidbythetenant.Leaseterm=fiveyears,discountrate=10%54321.1141.1131.1121.1111.110PV77.44$81.11$79097.377.44)5%,10,(yrsPVIFAPVEffectiveRent2、NetLeasewithFreeRentyear12345Netrent14.5015.5016.5017.50Averagerent12.80Presentvalue45.76Effectiverent12.073、NetLeasewithCPIAdjustmentsTherentwillbe$11persquarefootthefirstyear.Afterthefirstyear,therentwillbeincreasedbytheamountofanyincreaseintheCPI.TheCPIisexpectedtobe2%duringthesecondyear,3%thethirdyear,4%thefourthyear,5%thefifthyear.3、用CPI调整租金的净租赁方式NetLeasewith100%CPIAdjustmentyear12345ExpectedCPINA2%3%4%5%Netrent11.0011.2211.5612.0212.62Averagerent11.68Presentvalue44.00Effectiverent11.614、GrossLeaseYear12345Grossrent17.5017.5017.5017.5017.50Lessexpenses4.004.505.005.506.00Netrent13.5013.0012.5012.0011.50Averagerent12.50Presentvalue47.74Effectiverent12.595、GrossleasewithExpensestopat$4Year12345Grossrent15