第8章 节 商用房地产市场介绍和评估基础 房地产金融与投资 .ppt

PART IIIFINANCING INCOM PROPERTES;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;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 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 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（特殊用途） III.Mixed use developments综合用途项目 Combinations of one or more of the above uses ;8.2.2 Vacancy空置;8.2.3 费用;8.3 租赁合约Leases;8.3.1 General Lease Terms;8.3.2 Financial Contents of Leases; 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 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);(2) Responsibility for Expense;(3) Concessions;(4) Other important contents in leases;(5) Rentable Area in a Building;(6) Load Factor(分租因子);8.3.3 Effective Rent有效租金;1、Net lease with steps租金逐期增加的净租赁方式;2、Net Lease with Free Rent;3、Net Lease with CPI Adjustments;3、用CPI调整租金的净租赁方式;4、Gross Lease;5、Gross lease with Expense stop at $4;6、gross lease with Expense Stop at $4 and CPI Adjustment;8.3.4 NOI分析;房地产价值与抵押权益和股本权益;Example ;8.3.5 Discount Rate and Capitalization Rate贴现率与资本化率;Capitalization Rate;