The primary objective of this study is to apply hedonic regression techniques to an office market to identify and quantify the significant contribution of the different attributes to office rents. This technique is widely used in the analysis of housing markets but an extensive literature review reveals little application in commercial property markets. The study analyses a sample of 477 asking rents, together with a series of locational and physical attributes, for the City of Glasgow. The results explain approximately 60 per cent of variation in rents across the city, emphasizing the importance of age and location as principal determinants of rents.

A hedonic price model of office rents

Valuation is often said to be “an art not a science” but this relates to the techniques employed to calculate value not to the underlying concept itself. Valuation is the process of estimating price in the market place. Yet, such an estimation will be affected by uncertainties. These input uncertainties will translate into an uncertainty with the output figure, the valuation. The degree of the uncertainties will vary according to the level of market activity; the more active a market, the more credence will be given to the input information. In the UK at the moment the Royal Institution of Chartered Surveyors (RICS) is considering ways in which the uncertainty of the valuation can be conveyed to the use of the valuation, but as yet no definitive view has been taken apart from a single Guidance Note (GN5). One of the major problems is that valuation models (in the UK) are based on comparable information and rely on single inputs. They are not probability‐based, yet uncertainty is probability driven. This paper discusses the issues underlying uncertainty in valuations and suggests a probability‐based model (using Crystal Ball) to address the shortcomings of the current model.

/pdf/the-uncertainty-of-valuation-2w0htnnek4.pdf

The uncertainty of valuation

Part 1: Introduction 1. Urban Planning and Real Estate Development: The Context and Theory Part 2: Urban Planning Organization 2. Policy and Implementation of Urban Planning 3. Town Planning Law and Regulation 4. Planning Appeals 5. The Future for Dispute Resolution in Planning 6. Planning Gain, Planning Obligations and the Community Infrastructure Levy Part 3: Urban Planning Issues 7. Specialist Town Planning Controls 8. Sustainable Development and Climate Change 9. Urban Renaissance and Regeneration Part 4: The Real Estate Development Process 10. Sustainability and Property Development 11. The Property Development Process 12. Development Site Appraisal 13. Development Valuation 14. Property Development Finance 15. Marketing for Development Part 5: Real Estate Development Sectors 16. Retail Development 17. Office Development 18. Industrial Development 19. Residential Development

Urban planning and real estate development

Summary Traditional approaches for housing price prediction fall short of accuracy, as it is difficult to identify a set of variables and account for their weightings when conducting forecasting. This study aims to explore an effective and efficient mathematical model for the housing price forecasting, so as to help developers, purchasers and financial institutes to obtain more reasonable property pricing through better decision‐making in the context of the fluctuant property market in Hong Kong. It began with a review of the macro and micro factors that affect the housing price and an entropy‐based rating and weighting model was presented with the aim of providing objectives and reasonable weighting to these variables. Then based on the key variables, the predictive ability of artificial neural networks (ANNs) was examined. In the empirical study, data were quantified and scaled with reasonable assumptions. Various networks were designed to examine the performance of ANN towards different parameters. Dif...

An Artificial Neural Network and Entropy Model for Residential Property Price Forecasting in Hong Kong

Purpose – Valuation is a “snapshot” in time. It is an assessment of the market price at a single point in time. It is an estimate and any estimate is uncertain. This paper aims to investigate how the property profession conveys this uncertainty to their clients. Uncertainty must be dealt with in a professional manner in order to offer a reputable service to the general public. It is argued that uncertainty must be expressed within the valuation to offer each party a thorough understanding of the circumstances that surround that particular valuation. It is suggested that the Royal Institution of Chartered Surveyors (RICS) should develop a standard approach to uncertainty expression, not only for the valuer's peace of mind, but in order to offer the best possible service to the general public.Design/methodology/approach – The paper reports the findings of a survey of valuers from leading practices throughout the UK. Examples of uncertainty are included in order to highlight the key issues within the discuss...

An investigation into the expression of uncertainty in property valuations

A classic textbook that has guided generations of students through the intricacies of property valuation, The Income Approach to Property Valuation remains a keen favourite amongst students and teachers alike. This new edition has been thoroughly revised and updated to meet the increasingly international perspectives of modern Real Estate students. The links between theory and practice are clearly demonstrated throughout, with a range of new international case studies and practice-based examples. The Income Approach to Property Valuation teaches readers: how to analyse market rents and sales prices to derive market evidence to support an opinion of market value; the investment method of valuation and how it is applied in practice; how specific legal factors can impact on market value when they interfere with market forces; what the market and the profession may consider to be the 'right' methodology in today's market place; and how to use spreadsheets in valuation.

This extensively revised new edition is perfect both for students on Real Estate courses worldwide and for professional candidates working towards their final assessment of professional competence (APC) for the Royal Institution of Chartered Surveyors, needing to demonstrate a valuation competence at levels 2 and 3.

The income approach to property valuation

Valuation mathematics the income approach the income approach to freeholds the income approach to leaseholds taxation and valuation landlord and tenant valuations legislation and the income approach development appraisal analysis solutions.

A study companion to The income approach to property valuation

A classic textbook that has guided generations of students through the intricacies of property valuation, The Income Approach to Property Valuation remains a keen favourite amongst students and teachers alike. This new edition has been thoroughly revised and updated to meet the increasingly international perspectives of modern Real Estate students. The links between theory and practice are clearly demonstrated throughout, with a range of new international case studies and practice-based examples. The Income Approach to Property Valuation teaches readers: 


how to analyse market rents and sales prices to derive market evidence to support an opinion of market value; 


the investment method of valuation and how it is applied in practice;


how specific legal factors can impact on market value when they interfere with market forces; 


what the market and the profession may consider to be the 'right' methodology in today's market place; and


how to use spreadsheets in valuation. 

This extensively revised new edition is perfect both for students on Real Estate courses worldwide and for professional candidates working towards their final assessment of professional competence (APC) for the Royal Institution of Chartered Surveyors, needing to demonstrate a valuation competence at levels 2 and 3.

The Income Approach to Property Valuation : Seventh Edition

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The income approach to property valuation

A study companion to The income approach to property valuation

The Income Approach to Property Valuation : Seventh Edition