商用房地产市场介绍和评估基础房地产金融与投资武

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
Rented on day-to-day basis
Housing and apartment—on annual basis Office space—three-to five-term Retail space
Smaller retail establishment—one or two years Larger establishments—much longer terms
Industrial property—long terms
8.3.2 Financial Contents of Leases
(1) Rent (2) Responsibility for Expense (3) Concessions减让内容 (4) Other important contents in leases
is located地区经济基础
(3)The 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
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 the space will be occupied by tenants during the anticipated holding period for the project.
8.2.3 费用
固Baidu Nhomakorabea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lease agreement
8.3.1 General Lease Terms
Hotel and Motel Rooms
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
Multifamily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
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
PART III
FINANCING INCOM
PROPERTES
(DEBT AND EQUITY)
Chapter 8 Introduction of
Commercial Properties and
Valuation Fundamentals 商用房地产市场介绍 和评估基础
8.1 Property Types
租金收入减去营业支出的净收入额
8.2.1 Market Rent市场租金
The term market rent refers to the price that must be paid by a potential tenant to a particular type of space under the current market condition.
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 (special purpose)机构用（特殊用
Retail零售用
Regional 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
Industrial工业用
途）
III.Mixed use developments综合用途项目
Combinations of one or more of the above uses
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):
II.Nonresidential
Office写字楼
Major multitenant—CBD多租户 Single or multitenant—suburban单或多租户 Single tenant—built to suit单租户—专门设计 Combination office/showroom写字楼与陈列室的 组合建筑
Leases for shopping centers often include
provisions for rents to be partially based on the tenant’s sales volume
Minimum rent(最低租金) Overage rent(溢价租金)