Nya arbetssätt har vuxit fram till följd av en osäker tid, vilket skapat möjligheter, men också tvingar arbetsgivare att ompröva sitt behov av lokaler. Under flera år har flexibla kontor diskuterats och hur kontorsmarknadens progression skapat förutsättningar som gjort att denna utveckling har kunnat fortsätta. Redan innan pandemin slog till fanns en stor efterfrågan på hyresavtal med korta löptider, vilket skapade ytterligare osäkerhet och gjorde det svårare att förutse framtiden. Efterfrågan på korttidshyresavtal förväntas fortsätta att öka under 2022, med avstegsklausuler som blir allt vanligare. Tidigare forskning har identifierat ett obestämt område i hur fastighetsvärdare och fastighetsägare värderar risken med hyresavtal med kortare löptid, givet den förändrade marknaden till följd av pandemin. En jämförelse med traditionella hyresavtal samt forskning kring värderingsmetoder och processer är ett spännande ämne för bland annat investerare och fastighetsägare. För att besvara studiens forskningsämne har kvalitativa intervjuer med fastighetsvärdare och fastighetsägare genomförts. Samtalen var semistrukturerade med frågor av öppen karaktär och ett induktivt förhållningssätt för att möjliggöra ett mer djupgående samtal. Syftet med denna forskning är därmed att titta på hur respektive part uppfattar risken förknippad med dessa hyresavtal och hur riskpremier och avkastningsräntor kommer till uttryck som ett resultat av den ökade efterfrågan på korta hyresavtal och avstegsklausuler. Resultaten visar att korta hyresavtal och avstegsklausuler inte påverkar värderingar för avkastningsfastigheter generellt, dock finns det vissa villkor i kontrakten som beaktas av marknaden. Samtidigt bör en fastighetsvärderare göra antaganden om vem som kommer att vara den mest sannolika köparen vid uppskattning av marknadsvärdet på en fastighet. Dessa villkor anses inte vara avgörande för större fastighetsbolag och pensionsfonder i Sverige. Eftersom internationella investerare inte besitter samma typ av marknadskunskap om Sverige som nationella investerare kan detta vara avgörande. / New ways of working have emerged as a result of an uncertain time, which has created opportunities, but also forces employers to reconsider their need for premises. For several years, flexible offices have been discussed and how the office market's progress has created conditions that have enabled this development to continue. Even before the pandemic hit, there was a great demand for leases with short maturities, which created further uncertainty and made it more difficult to predict the future. Demand for short-term leases is expected to continue to increase in 2022, with breakoptions becoming more common. Previous research has identified an indeterminate area in how property owners and property owners value the risk of leases with shorter maturities, given the changing market as a result of the pandemic. A comparison with traditional leases and research on valuation methods and processes is an exciting topic for investors and property owners, among others. To answer the study's research topic, qualitative interviews with property valuers and property owners were conducted. The conversations were semi-structured with questions of an open nature and an inductive approach to enable a more in-depth conversation. The purpose of this research is to look at how each party perceives the risk associated with these leases and how risk premiums and yields are expressed as a result of the increased demand for short leases and severance clauses. The results show that short leases and breakoptions do not affect valuations for return properties generally, however, there are certain conditions in the contracts that are taken into account by the market in addition to their conventional value. At the same time, a property valuer should make assumptions about who will be the most likely buyer when estimating the market value of a property. These conditions are not considered decisive for larger real estate companies and pension funds in Sweden. As international investors do not possess the same type of market knowledge about Sweden as national investors, this can be crucial.

Nesta dissertação são analisados os contratos de lease-back perante a lei brasileira. Lease-back é uma modalidade de arrendamento mercantil financeiro em que o vendedor do bem e o arrendatário são a mesma pessoa jurídica. Desde 1930, teorias econômicas, políticas e jurídicas têm debatido a importância de propriedade e controle de bens no capitalismo, sendo hoje geralmente aceito que empresas não precisam ter a propriedade dos ativos para desenvolver suas atividades. Neste contexto, operações de lease-back podem ser usadas pelas empresas como uma fonte alternativa de financiamento, em que se dispõe do direito de propriedade sem perder o direito de usar e fruir dos ativos. O foco desta dissertação consiste em analisar (i) o que é um contrato de lease-back; (ii) os elementos de contratos de lease-back; e (iii) a legalidade de contratos de lease-back perante a lei brasileira, especialmente em vista da proibição do pacto comissório em direitos reais de garantia (penhor, hipoteca e anticrese) e na alienação fiduciária em garantia. / This dissertation analyzes lease-back agreements under Brazilian law. Lease-back is a type of finance lease (arrendamento mercantil financeiro) wherein the seller of the asset and the lessee are the same legal entity. Since 1930s economic, political and legal theories have debated the importance of ownership and control in capitalism and nowadays it is commonly accepted that companies do not need to retain ownership of their assets to develop their business. In this context, lease-back transactions can be used by companies as an alternative source of financing, by disposing of the ownership of their assets without losing the right to use them. The focus of this dissertation is to analyze (i) what is a leaseback agreement; (ii) the elements of lease-back agreements; and (iii) the legality of leaseback agreements under Brazilian law especially in view of potential violation to rules prohibiting pactum commissorium in agreements involving in rem security interests (pledge, mortgage and antichresis) or chattel mortgage (alienação fiduciária em garantia).

Nesta dissertação são analisados os contratos de lease-back perante a lei brasileira. Lease-back é uma modalidade de arrendamento mercantil financeiro em que o vendedor do bem e o arrendatário são a mesma pessoa jurídica. Desde 1930, teorias econômicas, políticas e jurídicas têm debatido a importância de propriedade e controle de bens no capitalismo, sendo hoje geralmente aceito que empresas não precisam ter a propriedade dos ativos para desenvolver suas atividades. Neste contexto, operações de lease-back podem ser usadas pelas empresas como uma fonte alternativa de financiamento, em que se dispõe do direito de propriedade sem perder o direito de usar e fruir dos ativos. O foco desta dissertação consiste em analisar (i) o que é um contrato de lease-back; (ii) os elementos de contratos de lease-back; e (iii) a legalidade de contratos de lease-back perante a lei brasileira, especialmente em vista da proibição do pacto comissório em direitos reais de garantia (penhor, hipoteca e anticrese) e na alienação fiduciária em garantia. / This dissertation analyzes lease-back agreements under Brazilian law. Lease-back is a type of finance lease (arrendamento mercantil financeiro) wherein the seller of the asset and the lessee are the same legal entity. Since 1930s economic, political and legal theories have debated the importance of ownership and control in capitalism and nowadays it is commonly accepted that companies do not need to retain ownership of their assets to develop their business. In this context, lease-back transactions can be used by companies as an alternative source of financing, by disposing of the ownership of their assets without losing the right to use them. The focus of this dissertation is to analyze (i) what is a leaseback agreement; (ii) the elements of lease-back agreements; and (iii) the legality of leaseback agreements under Brazilian law especially in view of potential violation to rules prohibiting pactum commissorium in agreements involving in rem security interests (pledge, mortgage and antichresis) or chattel mortgage (alienação fiduciária em garantia).

Flexibilitet att kunna anpassa sin verksamhet är något som de flesta företag värderar högt i den snabbrörliga världen vi lever i idag och detta tillgodoses till stor del genom flexibla arbetssätt. Däremot, hur företag kan ges flexibilitet genom olika kontraktstyper kopplat till kontorslokaler är sparsamt behandlat inom litteraturen. Syftet med studien är utreda hur hyresgästernas behov av flexibla hyresavtal kan tillgodoses och hur fastighetsägarna kan agera för att fånga en förväntad betalningsvilja för denna flexibilitet Studiens resultat visar att det idag tycks finnas en efterfrågan på flexibla hyresavtal på Stockholmsmarknaden bland ett flertal olika företagskategorier. Detta tillgodoses främst genom tredjepartslösningar, optioner och även till viss del av färdiginredda lokaler med korta kontrakt. Av de företag som efterfrågar flexibilitet är det främst de med mellan cirka 10-20 anställda som idag inte får sina behov tillgodosedda. En av anledningarna till detta är att denna grupp bland annat har ett behov av att skapa en egen företagskultur och identitet med hjälp av lokalen, vilket inte alltid kan tillgodoses genom de lokallösningar som erbjuds via tredje part. Anledningen till det begränsade utbudet av flexibla hyresavtal beror till stor del på ett antal observerade friktioner i marknaden kopplat till dessa avtal. Det handlar främst om att flexibla hyresavtal är associerade med en ökad risk för vakanser och ökad arbetsbelastning för förvaltningsorganisationen. Ett sätt att hantera dessa friktioner är att öka hyresintäkterna för flexibla hyresavtal, vilket kan uppnås genom att en meny av kontrakt erbjuds hyresgästerna. Om hyresintäkterna ökas, samtidigt som risken förknippad med flexibla hyresavtal kartläggs bättre samt diversifieras, skapas möjligheter för att utbudet av flexibla hyresavtal ökar i framtiden. / Flexibility to adopt the business is highly valued amongst most companies given the rapid-changing world we live in. Today this is largely catered for through flexible working methods. However, how companies can be given flexibility through different types of contracts is sparsely addressed in the literature. Therefore, the aim of this study is to examine how supply and demand for flexible leases can be matched, and how property owners could act to capture a potential future increase in willingness to pay for flexible leases. The results of the study show that there seems to be a demand for flexible leases on the Stockholm real estate market in a number of different categories of companies today. This is mainly achieved through third party solutions, real options and a few types of short-term contracted premises. Among the companies that demand flexibility, it is primarily companies with between approximately 10-20 employees who do not receive their flexibility requirements today. One of the main reasons for this miss-match is because this group has a need to enhance their own corporate culture through the rented office space, which cannot always be met by the facilities offered through third party solutions. The reason for the limited supply of flexible leases can be derived from a number of observed frictions in the market, primarily because these leases are associated with an increased risk of vacancies and increased workload for the property management organization. However, as a counterpoint to this, a menu of different office leases with varying degrees of flexibility can be offered to tenants to capture the willingness to pay for flexibility. Thus, if the rental income increase, while the risk associated with the flexible leases is better identified and diversified, the supply of these leases might increase in the future.

Kontorshyresmarknaden i Stockholm har de senaste åren blomstrat med höga hyresnivåer, låga vakansgrader och en stabil ekonomisk tillväxt. Allt fler företag söker sig till kontor inne i Stockholm city vilket har lett till att hyresgästerna befinner sig i en position där det är konkurrens om utbudet på lokaler samtidigt som efterfrågan på mer flexibilitet i hyresavtalen har ökat. Hittills har få fastighetsägare i Stockholm börjat erbjuda mer flexibla hyresavtal till sina hyresgäster, istället har tredjepartsaktörer såsom coworking- och kontorshotellsbolag absorberat den marknad som möter hyresgästernas efterfrågan på flexibilitet. Den positionen fastighetsägarna i Stockholm befinner sig i just nu med höga hyror och låga vakanser gör att de inte behöver ta steget för att anpassa kontorsutbudet till hyresgästernas önskan om flexibilitet, men i takt med digitaliseringens utveckling, ändrade arbetsvanor och arbetssätt samt en potentiell annalkandelågkonjunktur kan detta komma att ändras. För de fastighetsägare som väljer att gå igenom processen för att anpassa lokalutbudet så att flexibla hyresavtal kan växa fram återstår dock frågan om hur lönsamt det kommer vara att erbjuda mer flexibla hyresalternativ. Detta arbete syftar till att undersöka betalningsviljan för flexibla hyresavtal rörande kontraktslängd, yta och service hos kontorshyresgäster i Stockholm CBD. För att fånga betalningsviljan har en kvantitativ enkätundersökning samt en kvalitativ intervjustudie genomförts, där hyresgäster med kontor i CBD varit respondenter i båda undersökningarna. Resultaten från studien visar att det finns en mycket stor andel hyresgäster i Stockholms primära affärsdistrikt som är villiga att betala ett premietillägg om 4% på marknadshyran för att få ta del av gemensam service i form av reception, konferensrum, omklädningsrum och cykelgarage i fastigheten. En stor andel av hyresgästerna är även villiga att betala ett premietillägg om 25% på marknadshyran för att hyra ett kontor i en fastighet där det även finns tillgång till coworkingyta och därmed möjlighet att hyra extra arbetsplatser. Undersökningen visade även att det finns en relativt stor betalningsvilja för nyckelfärdiga kontor med hyresavtal som löper på obestämd tid och har kort uppsägningstid där premietillägget var 50% på marknadshyran. Tidigare studier visar att en efterfråga på flexibla hyresavtal hos kontorshyresgäster finns, och resultaten från den här studien pekar på att det också finns en vilja att betala mer än marknadsmässig hyra för att få mer flexibilitet i hyresavtalet. För fastighetsägare som är villiga att erbjuda mer flexibla hyresavtal kommer det vara viktigt att diversifiera hyresgästportföljen för att minimera den risk som flexibla hyresavtal medför. Genom att erbjuda hyresgästerna en meny av kontrakt kommer en större mix av hyresavtal kunna uppnås. / such as coworking and flexible office companies have absorbed the market that meets the tenants' demand for flexibility. The current market that property owners in Stockholm is in with high rents and low vacancies has led to a situation where they do not have to take the step to adapt the office supply to the tenants' desire for flexibility, but in line with the progress of digitization, changed working habits and a potential prospective recession this can change in the future. However, the question of how profitable it will be to offer more flexible rental options remains for those property owners who choose to go through the process of adapting the office supply so that flexible leases can grow. The purpose of this thesis is to examine office tenants’ willingness to pay for flexible lease agreements concerning contract length, area and service in Stockholm CBD. In order to capture the willingness to pay, a quantitative survey and a qualitative interview study were conducted, where tenants with offices in the CBD were respondents in both surveys. The results of the study show that there is a very large proportion of tenants in Stockholm's primary business district who are willing to pay a premium of 4% on the market rent in order to benefit from shared service in the form of reception, conference rooms, changing rooms and bicycle garage in the property. A large proportion of the tenants were also willing to pay a premium of 25% on the market rent in order to rent an office in a property where there is also access to a coworking area and thus the opportunity to rent extra workplaces. The survey also showed that there was a relatively large willingness to pay for turnkey offices with lease agreements that run indefinitely and have a short notice period where the premium was 50% on the market rent. Previous studies show that the demand for flexible lease agreements for office tenants exists, and the results from this study also indicate that a willingness to pay more than the market-based rent to get the flexibility exists. For property owners who are willing to offer more flexible leases, it will be important to diversify the tenant portfolio to minimize the risk that flexible leases entail. By offering tenants a menu of contracts, a larger mix of rental agreements can be achieved.

published_or_final_version / Real Estate and Construction / Master / Master of Philosophy

published_or_final_version / Housing Management / Master / Master of Housing Management

published_or_final_version / Housing Management / Master / Master of Housing Management

This thesis explores the arguments and evidence for reform of commercial property leases through legislative intervention. It identifies and explains the causes of landlord and tenant disputes arising mainly from poorly drafted commercial leases. It investigates the relevant codes for leasing business premises, the Law Society business lease, the regulatory reform of part II of the 1954 Act, the British Property Federation lease, and various other attempts at reform of commercial property leases. This research also investigates the potential need for ethnic minorities in commercial property to have the key legal terms of commercial property leases made available in both English and other languages. There is little previous academic research on reform of commercial property leases through legislative intervention (other than Crosby Reading reports). This research aims to contributute towards filling the gap that exists in the literature by investigating reform through legislation. This research involved semi-structured interviews with participants from five groups: lawyers, surveyors/agents, landlords, tenants and business owners. Most interviewed supported reform of commercial property leases through legislative intervention, and better guidance explaining the meaning of key legal terms of commercial property leases, especially from ethnic minority businesses.

The main theme of thesis is comparison of accounting of leasing according to czech legislative and IFRS. The thesis is divided into six parts. The first section is devoted to history of leasing and its developement. Second part deals with definition of leasing and its types and characteristics. The third part contains the definition of leasing according to czech law. Fourth part is devoted to reporting of leasing according to czech accounting principles. The fifth part deals with issue of leasing from point of view of IAS 17. The sixth part deals with practical application of the rules contained in czech legislative and in IAS 17 at real lease contract.