This thesis investigates whether the phenomenon of companies that seek to disrupt markets through innovation play a role in the rise of coworking spaces. The city of Cape Town in South Africa was selected as the location for this study due to an increase in the establishment of coworking spaces and the appearance of the aforementioned phenomenon. The premise for this thesis is based on the demands for commercial real estate, which has changed as a result of the implementation of new technologies and the sharing economy. This change is argued to have altered the way companies utilise working environments which, in turn, amended the requirements of these companies. The study seeks to establish whether coworking spaces serve as adequate supply to these demands or whether the increase in the establishment of coworking spaces is unaffiliated. Grounded theory was used as the research method in this study. Semi-structured interviews were conducted with seven respondents that were all active founders of coworking spaces at the time of the study. Additional documentary evidence was collected in cases where it was available. An analysis of the responses indicates that there is a strong relationship correlation between the rise of disruptive innovation and the increase in available coworking spaces. This relationship correlation was based on the value that flexibility, affordability and community facilitation held for companies that associate with disruptive innovation. These companies were mainly start-ups, skunkworks teams, research and development departments and other forms of companies that primarily work within the industry of technology. Limitations to the study included that additional documentary evidence was limited due to poor record-keeping of active memberships by coworking space operators, in addition to restrictions that were placed on accessing company information such as revenue statements. The research findings provide academic support and market-related evidence to developers and investors within the real estate sector that could enable them to make more informed decisions relating to the supply of coworking spaces. Moreover, the findings shed light on the general views shared by the founders of the coworking spaces. These views should provide insight to those interested in the industry, and more specifically within the Cape Town region.

Detta arbete har ägnat särskild uppmärksamhet åt kommersiella fastigheter, fastighetsvärderingar och olika metoder för fastighetsvärdering. Uppsatsen börjar med att understryka vikten av korrekta fastighetsvärderingar och presenterar den svenska marknaden för kommersiella fastigheter som en betydande och dynamisk sektor. Syftet med uppsatsen är att få en djupare förståelse för fastighetsvärdering, utforska och analysera olika värderingsmetoder, identifiera de metoder som tillämpas i praktiken och undersöka om olika värderingsmetoder används för olika typer av kommersiella fastigheter. Undersökningen är geografiskt begränsad till Sverige och inriktad på de tre vanligaste värderingsmetoderna för kommersiella fastigheter. Arbetet är baserat på både kvalitativa och kvantitativa forskningsmetoder och inkluderar litteraturstudier, dokumentanalys, personliga intervjuer och samtal med professionella fastighetsanalytiker och fastighetsvärderare från några av Sveriges största fastighets- och värderingsbolag. Den teoretiska grunden för arbetet är strukturerad i fyra distinkta avsnitt: Olika typer av kommersiella fastigheter och deras karakteristiska drag, värdebegrepp inom fastighetsvärdering, marknads- och fastighetsanalys samt ett omfattande avsnitt om de olika värderingsmetoderna. Efter att ha gått igenom teorin presenteras resultaten från den empiriska data, vilka ger en inblick i vilka värderingsmetoder som faktiskt används i praktiken. Slutligen genomförs en analys och diskussion där teori och praktik jämförs för att identifiera likheter och skillnader. Resultatet visar tydligt att kassaflödesmetoden, en avkastningskalkylbaserad metod, är dominerande vid nästan all värdering av olika typer av kommersiella fastigheter i Sverige. / The main focus of this study is on commercial property, property valuations, and different property valuation methods. The thesis begins by emphasising the importance of accurate property valuations and introduces the Swedish commercial property market as an important and dynamic sector. The purpose of the thesis is to gain a deeper understanding of property valuation, to research and analyse different valuation methods, to identify the methods used in practice, and to investigate whether different methods are used for different types of commercial property. The study is geographically limited to Sweden and focuses on the three most common valuation methods for commercial property. The work is based on both qualitative and quantitative research methods and includes literature reviews, document analysis, personal interviews, and discussions with professional property analysts and valuers from some of Sweden's largest property and valuation companies. The theoretical basis of the work is divided into five distinct sections: Different types of commercial property and their characteristics features, Value concepts in property valuation, Market and property analysis, and a comprehensive section on the different valuation methods. After going through the theory, the results of the empirical data are presented, giving an insight into the valuation methods actually used in practice. Finally, there is an analysis and discussion are carried out where theory and practice are compared to identify similarities and differences. The result clearly shows that the discounted cash flow method, a return-based method, is dominant in the valuation of various types of commercial property.

The impact of geographical choices is crucial for both individuals and businesses to assess. Generally, companies are favored by being in accessible areas, which pushes up the demand and price for space. This phenomenon is referred to as a bid-rent theory. Infrastructure like roads and public transport contributes to accessibility. Earlier studies have shown that property prices are affected by all public means of transport but seems to be mostly affected by the accessibility to metro stations. With a quantitative research method, the aim of this master thesis is to explore how commercial property transaction prices are affected by the proximity to public transport specified on metro stations in Stockholm. Our study is performed on 123 officebuildings, and all observations are within the timeline of 2015 to 2021, in both the inner and outer city. The aim is also to explore the difference between those areas. In this study, a hedonic price model is used, where price/sqm is the dependent variable: y = m + β1x1 + … + βnxn + ε 10 independent variables are used, all arguably related to determine a price for a commercial office property. The variables Metro and I/O are in focus and considered our main variables to examine, Metro represents the distance to metro stations and I/O is a dummy for inner and outer city. In total, 7 models are presented in the results, with different combinations of independent variables. All models contribute to discussion, however, the model that we consider gives the most relevant results has a degree of explanation R2 of 46,7%. This model gives us significant results on both independent variables in focus, and the model itself. A large factor that interrupted better results was the limitations on observations. The interpretation of the model for offices in the inner city showed that the dependent variable changed 0,667 units when the independent variable I/O changed 1 unit. Moreover, when the distance to metro stations increased with 1 unit the dependent variable decreased with 0,0454 units per km. Furthermore, within the inner city the distance to metro stations tends to have less significance, to clarify the reason why, is yet to be discovered. / Valet av geografisk placering är något som både privatpersoner och företag påverkas av. Generellt sett är det ekonomiskt fördelaktigt för företag att placera sig i lättillgängliga områden, vilket i sin tur bidrar till en högre efterfrågan och högre hyror i vissa områden. Infrastruktur såsom vägar och kollektivtrafik bidrar till ökad tillgänglighet. Tidigare studier visar att närhet till kollektivtrafik, oavsett trafik-slag, har en effekt på priset. Dock verkar priset påverkas främst av tillgängligheten till tunnelbana. Med en kvantitativ forskningsmetod är syftet med denna masteruppsats att undersöka hur kommersiella fastighetspriser påverkas av närhet till kollektivtrafik, med en inriktning på tunnelbanestationer i Stockholms län. Vår studie grundar sig på 123 kontorsfastigheter och samtliga transaktioner är utförda mellan år 2015–2021, i både innerstad och ytterstad. Syftet är därför också att undersöka vilken skillnad det finns mellan dessa områden. I studien används en hedonisk prismodell, där vår beroende variabel är pris/kvm: y = m + β1x1 + … + βnxn + ε 10 oberoende variabler, som i någon mån kan förklara priset, har använts i analysen. Bland dessa har vi haft störst fokus på variablerna för avstånd till tunnelbanestation Metro samt dummy-variabeln för innerstad/ytterstad I/O. Totalt sett redovisas 7 modeller med olika kombinationer av oberoende variabler. Samtliga modeller bidrar till diskussion, men den modell vi anser ger oss mest relevant information har en förklaringsgrad R2 på 46,7% och visar signifikans på modellen i sin helhet samt våra oberoende variabler i fokus. Tolkningen av modellen för kontorsfastigheter i innerstaden visade att den beroende variabeln steg 0,667 enheter när den oberoende variabeln I/O ändrades med 1 enhet. Samt visade det sig att när avståndet ökade till tunnelbanestationer med 1 enhet så minskade den beroende variabeln med 0,0454 enheter per kilometer. Dessutom, tenderar avståndet till unnelbanestationer i innerstad, att ha mindre påverkan på priset. Orsaken till detta, framgår inte i denna studie.

Investment decision in the property market is closely connected to property valuation. Thus, accuracy of valuation results and deep analysis of the market is essential. Artificial Intelligence (AI) models have been successfully adopted in different fields and markets. However, the real estate market is typically lagged in time to adapt to these changes. Swedish commercial property market arrangements are characterized by increasing confidentiality of certain data types. As a consequence, the adoption of the AI valuation models in the Swedish commercial property market is slowed down.  This study aims to bridge the gap in existing research by focusing on the market actor’s behavior in relation to market development and exploiting the capabilities inherent in adopting AI models in commercial property valuations.  The qualitative approach based on interviews with experts has been used to achieve the main objective of this study. Results suggest that the AI valuation models used on commercial properties are applied on valuation data and not on real transaction data. Analysis covers different aspects including data challenges and its disclosure, the role of government authorities, market and data perspectives of AI application on property valuations. A framework on AI implication in property valuation in different time horizons presented in this study will help to overcome data challenges and improve transparency of valuation results. This study is beneficial to various actors in the property market, including government authorities, investors, valuers and researchers. / Investeringsbeslut på fastighetsmarknaden är sammankopplat till fastighetsvärdering. Således är noggrannhet i värderingsresultat och en djup marknadsanalys nödvändiga. Artificiell intelligens (AI) modeller applicerades framgångsrikt inom olika områden och marknader. Fastighetsmarknaden är dock försenad i tid för att anpassa sig till dessa förändringar. Svenskt kommersiellt fastighetsmarknadsarrangemang är känd för ökad sekretess för vissa datatyper. Som en följd av detta minskar adopteringen av AI-värderingsmodeller på den svenska kommersiella fastighetsmarknaden. Denna studie syftar på att fylla i gapet i befintlig forskning genom att fokusera på marknadsaktörens beteende i förhållande till marknadsutveckling och utnyttja de möjligheter som ligger i adopteringen av AI-modeller i kommersiella fastighetsvärderingar.Den kvalitativa metoden baserad på intervjuer med experter har använts för att uppnå huvudmålet för denna studie. Resultaten tyder på att AI-värderingsmodellerna som används på kommersiella fastigheter tillämpas på värderingsdata och inte på transaktionsdata. Analysen täcker olika aspekter, inklusive datautmaningar och dess avslöjande, myndigheternas roll, marknads- och dataperspektiv för AI-tillämpning på fastighetsvärderingar. Ett ramverk för AI-implikationer i fastighetsvärdering inom olika tidshorisonter som presenteras i denna studie kommer att hjälpa till att överkomma datautmaningar och förbättra transparensen i värderingsresultaten. Denna studie är nyttig för olika aktörer på fastighetsmarknaden, inklusive myndigheter, investerare, värderare och forskare.

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

The article provides the analysis of market development of commercial property constructions, trends, regularities, optimal site locations, characteristics of constructive choosing of combinations, of the main financial investment indices after change of political, economical and social relationships in the East Europe. The overview of the main modern investment requirements important for construction of commercial objects in order to get the maximum profit for exploitation thereof is provided. The models of choosing such indices as market research, site location, constructive combinations, financing of commercial objects are provided. It is emphasized that multiple criteria decision methods are most suitable and particularly ELECTRE III for research and valuation of investment project alternatives of commercial objects is singled out.

The article provides the analysis of market development of commercial property constructions, trends, regularities, optimal site locations, characteristics of constructive choosing of combinations, of the main financial investment indices after change of political, economical and social relationships in the East Europe. The overview of the main modern investment requirements important for construction of commercial objects in order to get the maximum profit for exploitation thereof is provided. The models of choosing such indices as market research, site location, constructive combinations, financing of commercial objects are provided. It is emphasized that multiple criteria decision methods are most suitable and particularly ELECTRE III for research and valuation of investment project alternatives of commercial objects is singled out.

When faced with an investment opportunity in commercial real estate, the investor requires knowledge of the discount rate since it can be used to convert expected future cash flows from the property in today's terms and in doing so, place a value on the property. The so-called required rate of return would be the appropriate conversion rate since it compensates the investor for risk and, if attainable, will induce the investor to invest. An inaccurate assessment of the discount rate could, depending on the direction of the error, lead to a potential over or under estimation of the property value. A number of single or multiple variable frameworks for required return have been derived by other researchers for the US, UK and EU property markets. Each of the variables encountered in these frameworks acts as a proxy for some aspect of systematic risk associated with the investment. However, locally, such models are either not extensively published or well described and are limited to single explanatory variables. Some professionals prefer to avoid frameworks and simply divert to qualitative, gut-feel and experienced based considerations in order to derive at required return rate. This dissertation addressed the possible local need for an explanatory framework of required return on commercial property. The scope of work entailed: (i) a review of the literature to establish the theoretical determinants of return and (ii) an empirical study to test a short-list of parameters for Retail, Offices and Industrial sites in Cape Town, Pretoria, Bloemfontein and Durban, respectively. Three categories of explanatory variables were identified: (i) Capital market variables and alternative investment opportunities in the form of stocks on the JSE, (ii) economic activity indicators and (iii) property market fundamental parameters. The empirical study entailed a three-phase methodology, which included the following steps: (i) data sampling and processing, (ii) screening variables through the simple regression and correlation coefficients and (iii) multiple regression complemented by statistical significance testing. Between 69% and 98.2 % (alpha=O.1) of the variation in returns could be explained in terms of the variation by the explanatory variables that passed the rigorous screening process. The relative good results are likely to be related to the higher explanatory power of the multi-factor approach. The remaining unexplained portion of return can potentially be decreased by using larger samples and pursuing some of the other recommendations for additional research. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2006.

Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...

財產稅素來為政府重要財政收入，有關財產稅稅基計算為政府與民眾關心之重要議題。國際上財產稅稅基評估方式，依收益來源之不同，可分為由「租金收入」所得之年租金價值，或由「交易」所得之市場價值。我國財產稅稅基為土地申報地價與房屋評定現值，屬於以成本法評估之市場價值。 本研究經由稅基理論之文獻回顧，並針對臺北市觀光旅館與辦公大樓進行模擬分析與迴歸分析，研究結果發現，國際上財產稅稅基評估方式為市場價值或租金價值，應用於臺灣其實屬於「成本價值」與「收益價值」之爭。本研究認為，基於商業不動產經營獲利特性、交易型態與行政便利，並且符合量能課稅原則，商業不動產宜採用收益面之租金價值作為財產稅稅基；然而，現行制度僅反映不動產成本面，未反映不動產收益面。另外，若以租金價值作為稅基，需扣除無形資產之價值。 最後，若財產稅稅制轉變為以租金價值作為稅基，就旅館而言，於政策上可以鼓勵廠商興建大規模觀光旅館，並對經營初期業者有利，對於旅館產業發展有助益。就辦公大樓而言，於政策上可以鼓勵廠商興建大規模辦公大樓，可以促進開發者整合較大面積土地進行開發。 / Property tax is one of the important tax revenues of the government. People care about how to calculate property tax base. There are two values-based approaches that depends on different revenue sources one is “Annual Rental Value” which is based on rents, the other is “Market Value” which is based on sales. The Taiwanese property tax is based on market value and on cost approach. The study explores the tax base theories and use differential tax incidence and regression model to test the property tax bases of hotels and offices. According to the literature, there are two main ways to assess the property tax bases: Market Value Basis and Annual Rental Value Basis. However, it turns out to be the difference of Cost Value and Income Value in Taiwan. Due to the revenue-generating feature and transaction style of commercial properties, administrative convenience and the ability-to-pay principle, the study suggests that we should use annual rental value as the property tax base of commercial properties. Nevertheless, the Taiwanese property tax base only reflects the cost of properties, not the revenue-generating capacities of properties. On the other hand, the rent value includes the intangible assets such as famous brand names, the additional value which is not from the property should be excluded from the tax base. Nevertheless, if the rental value is substituted for the cost value as a tax base, there will be some possible situations as a reference for policy makers. For hotels, it will encourage firms to construct big scale hotels, and it will be beneficial for the initial operation of hotels. For offices, it will encourage firms to construct big scale offices and it will promote the developers to create more land area as well. Keywords: commercial property, property tax, house tax, cost value, rental value