RE1104_price_of_space - The Emereid Research Regiéter for...

Info icon This preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ' - The Emereid Research Regiéter for this journal is avaiiable at sextant issue are} fell text archive of this joumai is avaitaifflie at I h httpu’lwww.emera-ldinsight.cemlresearchregister ACADEC PAPERS " The price of Space: the convergence of value in use and value in exchange Nick French Acacia Senior Lecturer arid forzatitart Edwards Ceresatttng, Fellow ta -- The University of Reading, Reading, UK and Georgina Wiseman fonatlearz Edward Consulting, Loedon, UK ..Cor:oorate Real Estate, "-‘Keywords Value, Land, Eamon-tic theory j 'betract This paper dz‘seaeses concepts of value freeze the pater 0f w’ew of the user of the space age demand for the product (at a fixed team! of sufifily); the priee mitt increase and the it: (tiara rertt theery where the 521,!)pr of [and is fixed and a single good is produced In sa'etz a “ads ofprz'ee, price of production or “value ire use” {as determined by the Labour theory of j, aad market price or “eatae tr: exchange” (as determined by sappbz and deemed). It is price and worth should coirm’de. However a a market where access to try‘ermatz'on is not rm,;.'a_ad where diflerent uses compete for the same space, it is more tz'teeét that the twe eslwz'tt diverge. This paper argues that the traditional retiarzee of miners to use methods of .gprecess of the user in oasessz'rtg the worth of the space to be let. auction - . _.§3Ii1£ifld could be forecast, businesses were stable and that their space ' "Were correspondingéy steady. ' ' ""501: to determine "price" has ted to are artzfictat divergence of “value in use” and "oatae in 5;" '_ 5 3 _.t:1ge_”_,' but new sac}: comparisons are becoming more difficult due to the diversity of letterth Z .. the-market place, there will be a requirement to retam to farrdamentats and pay heed to the '._ E." ? ' the last ten years there has been a significant structural change in the '5 . ._ Which businesses operate. With the advent of new technologies and new '1 3-. 3; _ - _' '- és'gj-practicea prodacts and services are becoming more transient in. __ jfi : _- . __ __ 19503, the average fifecycie of a precinct was 20—25 years. That is, 3._ : : H ' reduce was developed and apart from regutar reedvertising and relaunch :_' _ Qaegiis,-it remaiaed essentially the same for a. 20-year period. This meant-l '2 chefiged in the 19905 as a rangc'of new innovative Workplace products .513 5 -3 - the fore. This had {We mairj. imelications for the prepetty market. 0;" ‘3- - tthz’WWW,emeraidiosightcoth63-578X.htm Academic papers: The price of - space 23 ted-the counter view of the provider of the same. Lead and property are factors of predacttea. ; '_'-e.atae of.th leadflewsfrorrt the use to which it is put, and that in turn, is dependent upon the ' and {and supply-for the product or service that is predated/protected from that space. If there ; .'. . aomic rentfer the (Tana/property aatt increase accordtngty. This is the aaderbe'ag paradigm of I he rent oftana’ is whoth are economic rent. Economic theory generality distinguishes between ' ' am a coherent and consistent theory ofvatae and price. Efieetioebl the dfitinet‘ion is between .- 5-5: I Sfidce'is “worth” to an {editede and that space’s price ofexcizange in the market plaee. It: a Ii. _. ket.._mar'}zet where any individual has access to the same information as ail others in the ' - 3 - ems-e ' ' jomiai bfhoperty [fivestmem & I II 'I I Finance . V0}. 21 Na 1, 2003 pp. 23-30 : . . MCI?) U1" Limited '. ;_ ' 1463—573X" 90} “H 1081'} 45357803] {3458284 . mmN 8.3m E Mona 2m. “gang umEuUmué no gig? cm mo mm: E“ E3 wEmwcfimEuas mM H: £me was no dong“? m5 #3 23mm 9% “8 mmst 5 >3 8 325w am “5.55 Ema Econ can flag” .. EwEEm Emma“.an n ma EQEDcB 32$ “253.628 umxuwfi. FEB E ME vnw $8 05 2: ac was.“ meohmm mfi u; .65me “mnmtowfioo Spawn» DE. we $35 E 3 .35 25mm E5.“ week?” 2% 55558 Exam m awnflmfl. pm. .mfifma‘ icon 2: E .bfi S :2an. Pa hwmfi wmfi EB "Burning. .5 EB Ragga“. Aug .mfififi £95m E .6ng m5 mnmcfiewvm: mfifinwfiwvgd at E Efiommsm an 2:8 3% mmofi we $85 5 £95 £3.“ 8 3:3»... . 035358 Eccmfiow EEK momma flaw ufi E fining: Hunt mam mambomfi BE mmfimamtma mm») fish .33 3 mem magnum“ wfi Eat. mammmfimmm mfiouwn, Pan £96m REE mm 3?me 9:3 emcmnas E MEWS» mam own E mfifir Eu. mum Emfimwm mm“; mm ESE at “85 masz 3 m3 3 .bbnoxa we . H gm" msmcmmmoo 3m “bacon my? muia mwfi wmfi bu”? mm 2 456% mm fixamfififib .mgotfluoaxm ham“ £3; mmofi @580 EB .2332; ES. .fikfim m3 nonflumnwm #629: E: Ema SEQ/E. 9t 8 Exam Ea we ate», 2t fluqu “m5 Eon . E .258 EB 23; 2; £53 wc "Hangman .wbbfi Eu 3 gmfihfimw MEN Bun £an $50 :w .mefi 2: 5% $2 >353 .35 636wa $2 Em muémém. fikbwm 9t minus 3% a .Bou Ema wmfi “ESE 8 8th fiwfi n 3a 33 Efi .mEEM: bofiflmuwm 833:9 m5 Amumafio Emma 5%ch mummwmzw 9% fish. $36.»an v2 8 Ram ammo 233 0% WEE“ 3% m $5988 3% we maggot a” 233 at we mmcnfiummxm 6mm Eggnog 85o E6 M5 Emma £5523” mmwmnw mfi “E €95 .mfi mmummum EB $295 2% 49,2 Emofimvmfl m Egg 3 MEETS bummtwd Em “SEE «5 am €932 “EB E BEESQU mm Bra. “NE mum .hfiaficu uEmw mfi E. Emfiw bfic 38 mm 25% any Evin fl SE? 28 umfiwfi «SE at mm monEEm Eutmfioax £5 8 awoflmmmcm 0th “Enumo @553 33 Egg .gmaoa mm mag 3363 a co downing mo vofimfinmg on 8 $8: Eco Eda? EB: wngammnéon was 3%: ma cam fibmoa mm m. .mtomoa “mam we "39% .2: mmummw 2:03 uufimfi “map 3 E992 may Boa flame.” B 5.:wa Eowahfi Esowa Eon 95. 4.33% $5 an» E. £25m, wmnmao EH5 “and 3.6305 m “m5 938me fl : 5E3 am 8% on“ mfigflmm 8 mm magma» m we Ema Eh: .3th 23 mm Eume an“ we mmuuca Emuofi 2n 33E 9.. mm HEM: 5 “flag. fienmifi» No “552: .Em we 333a NEE .mfimn Em‘ga a no magma" “£88 . 8E0 «EB memwauES “E mucficufim 53 “52 $5 $2? MERE mmmfifihflw H E BE muggy m“ wEH .53 2% we gain? wfi 50¢ ESE m we unto»; an“. mEEBfiw B 39; Etong man teamwch momma? m5 uEmE a We .mufifififi .. .56 Eat “5%ng gonna 95 mo 53% 2: omfimam. 8 umfiuflw as: 3% «m. . dcmtmanu «a 32:05 £36 m rmfimm my ficfimfi Hagga‘VE flwmoEwmb EH . . .maflmflm? «8.55m 22 wmmn 2 533 cc Ema SEEMS m 535% um $53353”. E 8.5% $58 m as: $3 .5 .EoE o: mm “H .uufiBfiEE mam E «afimnuxg we. Ema we assznmm mfimmommfl w maufiéa 3&me Lagos: E cam mowflaufio . uEEE m 2 d dim.» BE: 8 mm“? 355 B 05$ 05 hmfimm mm £2335? ufi wit «Em .mmmhmcm ESL wunmnrmfiré ofi E Managua mg 23% LEM??? u maniacs: aoflmfiéfi 2%. we wwwflmcw «by "E. 335 mm? mm cumming gnaw.“ an“ mammm mar—En 225w 2.5 umfi mflwfiumu $5 moans?» E “mama Ea mm mm Bunk .Ewpmmmm Em; um . Emma ammo“ ufiwb 35M 05 mm macqu “EEG £3» mmfifluw bow/Pa BEES 3 #52me >53 mm. : mam £53“ we wwmfi Una Ewan“ 53 E shaman wmmm . mEoump gm: mummom .muwmmbfi mam EEExmm How Beanbag“ an“ mm Sikom .Muvtma v5 9. DMEBWES ms 933% m mm 255 $33 50% can?" 3 Eco d8. newtmafico .ccwtamfioo mama we ficfimfi m tfi E mm um swofimfi “mugmupfla “EH Ema... mm wofiufi gamuch m5 mcowmswg Wfififi £73 £9053 .mmmbmmm we 32 "waving 2% mm :EMEQES 5% 3:8 «52 £ng norms?» $285“me .H omfifiuxu E 033, .ummfl gmmwvmfim. a “maxi on mm Sufi. mfififimfiaw Encomme we $552338 2: Sufi E 3395 mm: .bmhuou mfi :o “mama” 3 @339 3% “Em. .3239 9%me Emma on man wsurfi‘. EB 3:9?ng 353% fig .3 Emtvfififim 2 ammo“ fizoafinmfi 2E. .wfimfim mum,me E $28,» 9% Emma“;me «E Same“ “on 8% £5 gmpwfiom Ema» my 8 Emmmbmm man wommfl m5 am 333w fimcfl ammo“ 9mg: 2m. “NE mBosm $me ,wommv Sam. mam we mmmfimfiw Hwmewa 80S 53 max REEF. ufi E mmmmnu 9.: *mEuEuEmm Mamba“ mfiwam NEE “Em Etosm S 83$me mg “mime.” v5 ufi mm 35 ESE wEm‘ $me H$m.mm fiaoufifiam Eu 3 ufiwfifiom unifimfimfi w E EMEE EOE . 53 mm: BEE v5 m5 5 83% m5 .uoawEocwsm Egon“ m fl mfifimmfls . . .83.» am umcwnuxo 3 SE 2% won: 635m 8? EB fiEa @838» gm Emouucfl 60$ uummomumcmpo E mmwmbmw m E Ewufim mama“ mm uEm bmmmm m5 warm. .mmfimeu 33 ES macaw Emma» 5 Sn 8 Bum ufi 3055 Emma.“ an, Eu @5ng Bmcacamm 06v meEBa 5m? 33. fig: madam. $23308 mafia? : mammm flm Emmow 95$ 33 wMfiEEn .mmmmhgcoo .m » . 35$» .. HEM 8x95 uumfimw “9:693 mm 6358 Em 9595 3 5%: BER B 3389 55 Mmfi moQO 2% we Managua“? mfitfl an“ E bxfifimm Emma Emma?" “33 . mommmmfioo dwcmtonm gm: Emu? 6385 E» Mamas: “Em E E “€395 €53 . . E be; mfi no 383% .55 E was mEm. .HmuanFEw $5595 353388 .5: m5 3 magm “Em $3me 8 2&me bmfimmubfi 088mm 8 «um: 3m: mummuswmzn “mmfiqufiw gfluunfig Fag w Memo muufing mwummdficnufi mmw .hmcmofiufi 335355830 E mwumwpwm . .3 twang mafia, >5: mm wumaohuflu mummfi was mummwvw 53 mmm .3205 win 55 032% EBB Ewfiafig ummsbumwm Mo BEESEE 2t ~35 whammy Ens? 30658“ ammo Emmaou 33 wmfi “35$me mums? H933 “0.9823 .Efimmcfifimfim “6% man mmwmoqmmmn hufi do «wow amofiomnuB mowwuwfimfiau mam momgficm E SEEM 2m $063 9 E: was @9358 :w 633$ .mmemmEoo 53 in m5 we LEE?“ m E gagfi 52:51“ . we my; .5358 #2 Em .wfifimxm .83 “mag: @395 am we. figummhfim Eng 5 chESmmn 8 32 ~23 €53 .flmuEEEwE 328a gnaw mag 32 833mb mag fiEB £38m mfimmmfi $3503 Em: .wfiucfigxy $6358 :mbmzwam Emma we 538% w E Examan wax $20533 Bum dang 25 23 . 3m Ea EN. 8QO .. we 8% 2a. “Emma uflEmmmofi Run :8 85% we mafiwmfiufin Emmufim 2E. .memmE mmmfimfifinmfi .3me 8 095%... E5 mfififimxmé 83388 .3 “ume mfifi 2m mmfipmm Em: €33 6qu bzfififiomw 2% mm mommEotma .8 92.558 @33me bmnmmmo cw ..flbuacm .wmfitafio H65 Manger: 9 mwzumoamm Efltufimw 30:9 ..m. . $023539 ~55me .3355”. mfi Ho Seagotua “macch 2% 3mg“. 38mwa ESQEQ 35 we «unmatcth mfi answme 8 "Emma Etc mat” do w ..hwfiwbm wwmfimfi 33388 «E Emma 33% mama mtgon ummfigm mam .mflflofioo 3. Emma: an E5 mufimfifi bfio Managua 25 E Sn" Emuumu FEE En vmwmgnou mtg. mfl 25 .95 ma 5sz domfiflxu S. mvmmnfimfi mfi mammmbmw gunfirfidfi fin. 985% mg .Echw canan an“ E ufimmfim BEE mm 8536 Emma gamma 550 53553 .BmEuum rm.»anan mam $538de 8 $5 $3me . 859.5 35.” EQEEES £885 momma—m». 2: we t3 355.85% ... . ...Ea 3m. paufimmmmmfi B @3098 En @233 m Bfiucww E 838 ESQ “m5 wofifinm an“ aim,“ng 22 Enmamuomns E muswfi .5 .385 $833.6 “m8 a. on“ «:33 mmvfimmn 2m .8 mtg mwonm. .chfistoa wagging Mb 3.3.2»; Echfifi 32: SEE m BE 8 nonmagth «E @5ch m .Eufi 393mg“. $3353» $3652 mfi B 362% Emfi 8mm: tam ...ntumoa fins. ENE. flmou wfifimg mam bxuznfi wwEmoQE 8 ccfimmmmmmpo 05 mafia“. .buuaoa M8 mmfima Samara 8535mm 8 mmmnxfiu caummmmmmuo 5 8mm? umou REES mm mm .vmbflmcfir m_ Emma? @255 m5 *0 “m8 cm a 25 Ehflamtmm 3 mEm. flows mafia “on a “may 83w mmmflfl ms» wanna. may “fit uEmmmm om umamcemmuh mm x 633mm we was 39.2mm an“ wmmEovmm 5568 35m 3 aaflflfl E .Gsmasuua we v.38 “Emmuamwm 98 fifl...mfi m3 363% Bme 3 EH. Emmamuuc “a “m8 2: .BEE a. 8wa Eng .53. .6 BREE m .5 macaw E mam: SmEfi 5 E05358 umENMm .Safimfia “macaw “aubufim manmm £me 5% 5 Eu.» w ac Emfiflmm .flfifi I mfifimfififim we um: 23 @235 :5 Sn $358 0%., we mascara Eu 8. mnmufiuua EB mmfi. 33:5 wonmmuofiwwa we “mm m pmcmwmw ~3me mmmSSm fits, me$ ESmmcmMm 8&8; :8 mmfimfim €305 35mg m Us En mm E3 mmfi ME can Emou 3:858 58 mwnfinufio .Ema Hmccufioao .6 #38 m mm 3E8. 5 Emscm mm “BM 25 momma Ava/comm: m mm 832; E3 @333 mm: i8...“ .mmmmouwwmh um? .fimou ham 9 baa vacuum bfiufib .mmonmmmwamho 359:3. 508 8% “m8 wfifiPS E 8858 “mamth 2: we 25 Pa Ema 332mg. $8 3. .25 H £36 33 E. mmfimm Spa $.50 flammm m mfigfifi .3 98.85 mfiumm Bantam cmutmg. Ea AEsaEwbm Ewfimv £38. Etc 3c mammaon mfiam mmfifioa mo £3 E33 32 @355 6556393 55 an we“ $.86 m mafia» Em wefimmficn H 82: .Bmfimu 35880 at E MEN Qficfimufl mum mmfiufiu gamma E. mummfiu we “Ewe a mu qufiacm ..mm: 5033.. wfi ma 32mg 3335 55 we smug 2.3 3338 8. $25 om? “SE mmEEES ESE @9338 M33. . “a Emmi mfi MEEEumauum: .5 mcmficfimanmmmmE 5 28mm “an 9% magma? . $.48 .Gxfiguc mfigfifmumb . .scumhwEmcou 95m £5 “£5 whim.» >5.“ mam .3353”. m .5 Emma ccnmaauuo “$5.5 ufi E 86mm 25 and.“ E. M82 duQO MEEwuuo Ho Ewan EB 23 “RB 358:8 805 “5 mt; he”: .mumfiauo 8 “$03;me mm Haw» “was?” ..prugcm .umb...ccu Ezcnm aura mam £33 J8EE “56%.... am pm 553 We Eat. mbfimuuo Eu "new www.mmsmmfi 38.43 $3 “$9.: unsung m6 £95.33 .25 8 aim wam wEEB 3w m."me “5% “EB we “88me “m3 ufi an— 3 38338 mm 3.3 “mm.” “mm: 2w ..Cmbuoo wfi :0 diam 355m”me ufi .L man S 35% .66. mam mama:qu 3393 S 3.5“ RES wfi BEE 3 8&5“.me mm mmmfinaw oz .mmcgfl EBB 88w . 35: uéfimmfiou so 3me goung mfi .6 “£595? 2m Eon 88m mhuflwcao GEE wmfifin ENEEEU 23 5x38 “Eta m6 aw 58% mummsumfi m< .vmmfl an“ 353M303“ mama @603 mm Ego “ma 2% E 0me ~an 5838.8 we ccnmuamw 2.: n8 mmmfl 2: E mnEE on“ E Eco was wmwumwmuu. 3 03m @303 bfifinfi £5. £3 E? 35 955 95 £53 m5 magmficm.6w 208 awn magnum “um .mmzvmfiufi S 55% mmficufiu “m5 $.5me 5mm.ch 338.35 2: GEE.» has Saw @2592.“ mfi 5.“ ~me mm? has» .EMEB m E umfimmfiuw mm mg 8 3.5323 fl. 325%me b duflfiufimfi 9.: E “Eon mmdmfifia «E wqmfibfim “may flofifi “EM Momma Ewanm mummw m0 955 SE $5. omz E 03%.? 53mm.” fiu>£fim an 2393 Squmhmbnau 5% $8.55 83m ma hang .5 “583% «Brahma 232m Em .nmE Emfifi 8 .383 Em 80E 538$ Enumth a hay magnum FEE mm Sufi m .3956 man 3995 53553 afiwaouflm.“ mg no “commoaww mi. monumggmoo mat we 33m 2: 503350 ..afimmfi «Magoo EB 3:358 23 E 63.5 #8 E 3...? mam 232 395 mmmfiuxu E 2:? HE 235 3 $5.6m EB @Eufimfi 0% “Eu 588 320mm“ wfih .EEEEMEQE gagkmfi 8w 29: $8 Em manna Eume “Eu 3% .35 m @3828 BEES .QE wan “fig 2% E $53 we 35,2 0%. 380m 8. mafia; $2 EfiEufi Em mfimmflnmfiahmmwfi wuQO :ufi E macaw E comma? fiwoo 2w “a zoom 3 388 :89 Paws mummeEoU .Emfioafim 39m @583 was warms? “man may ca . ..Emou. mo Huang 9: .mmzé “mean .55 EM magma $32 38%“ 8 88368 was“ mg zoEBQEB mm “an 5235 Eamfim a moon mmgmw was mEB .cofifivom HEM Sam finfimoa ugh 8 Eme 3% 95 525m 08 S comm?» Bun £25m ENE“ 23 .3 6me mm «mfi ~sz 2% .ExEE mnEfl 850 £5 E @3588 Em fig? mfigufiw 8 33 an“ “8%.” «8.335 @326 E58 nowmamg “Enwfimccuw a bro? 5E. uEchu Esafim warm duwa 9mm.“ ufi EN“ 8 03mm: .5 ME:ng 988$ whmEEuo mm $5.88.“ Ea swab ES 3%?» 2m 56. flammmfimfi so“ “.583 35 b 4.53.6 fimfiufimwufi mvdfi firs Efiflfimsg we #5 an 8 Raw? 88:8 Ema .5: was” 2% E .«ofimmwofimu ammo“ on E 6k: m5 8% 5E m mm m 53 actfiam 88“ 9% how magma 3% HE: E 38 ..oEwEowaz 2h auxme Econ a E Emma mm .998“ m a wash 38w 2: E tfimofi um NEE EoESEEB mfi Mm Em.“ on.“ mafia we team 2% mm; J5 Eu 5 3mg 30.5558 2m bang E mmbmuu mm 553 dometh Emma: 38 ficafifiag 2% was flammgu EM: 3 mmfimfi 8 92... £558wa 89m tang HJN is 3%.; . «Gamazuuo E52322 . . . .a 25. .880 >333“: WEE» E as“; .mm, 8me we 8% a; “mafia umamwwuaw Em E drum.“ zfimfis ufi fink. mmcuwmfiuu €833“ Ezwm WEB 8.5”». mg Showmmw Sawaw a?“ 3 88¢ 9553 EM i 85 “Hammad mg 2 m3 gimmme gm 3 m3 «E 89.8 Smfimfi Saga. :3 3 8.8. gamma ram 3 81$ 8%un a? 3 ma. Sagan» «am 3 an Ea 98.8 Ho umwm: 83m MSEEQ mfigmgfi mm :25 mmwmfimbw 39933 hufiaflmbmfi 8 am 98 mommmmfifi HE mama bfio PE .958 .ngaam #382 2.58m 58 DEE m S 8828 B was”? mad umnm Em on? gqmmfiou we “.8, mimmflufi an Ex Pant I “8:5: SEE no $215ng #553 .86.“. Emzmbumm m Rec an 8 moon 2: mafia. new s 53on EWUUEEQ w 8 . Em “EM @3368 on £33? £3 Emfi “£55 fish m>mmEBE cm 3 Em . 3%. 83m m5 939%. B EEO E 330? a» @38me 995 4% .Emafiod .kammafi it 3 5m $88..» E:Emmm>m 83% Mo um: “waouunnuflwfinfi. ummfi U8 bmmevam mm 553 mcfimb :58 2t £85.: 8 var” savage” Emmy 5:3“ mm dotmbmi: haw 35mm Eu» 2% Ufimwomm mm: mmmbmnm mmfi bmgtfio... . .camhmmm We .mcfimazuuo we Eco hogan has a .E 89%. ma $55 3 “mam mg, «a 33500 .5353 558%: w B ufiwfiawfi mm .Bm «fig.» 22303., 5.5 hmou; Ewuflofia < kEmanQ ficmfiuhnauh saw mama has,“ we mammme :BQQM m men: 39mm .5023 mo «Em .3565 8 gang? m Swing 9 “538m @388 m5 .hwmymbm 338a 23 E :5 6m magma mfi 8mg 8 m2; .Enmm “mmhfi Ba: Ba flaw mommgfiuc wofico “5.95 ufi flan gonna :2.» gm swim.“ mag zmowmmguo we 38 SEE. “mag EM “8%, EH... .2238me SEES mam muwucnm WEE 33383 S Ema . 2:95 3% J5“ 535,—me 96 awn 8 mum”? .5 uwnm E: 3%.. @388 2m. m “3803an Snug/u Enfiafia can 338on 509313. at we muggy“ mfi . E 3.8858 mm wfifl. fiancee “swag. #88 at We Be? on“ 3, .hfiufiufi gm mm Emma 3an Eu E E5“ Mo 63W «5 “m6 Efimnsmm cums $8.? mg a . .. .mmamfiua am 02m» i EOE ban 9 3335 «.53 he Eowm Esau Eumfl wauwafioo 33? 63m “8% 5x35 m E mmuunficu Eu? 5% $5 588 8 on: 4 ‘mammaoo .uu>u%om . dcuflmufiu 58% 3 am: E. SE? . ‘55 2. 3 Sam 25 how .58 8 30mm. EU a Smfifinm fidfimsg ma ,3 53:8 . 25.33% 8&3 #3 “a 8%. ago so.an #3 ha 8&1 mafia BEE Bfififi ram a 8m 83x auwmmd mg an E. . Em . . mg 08.3 . . $3 dam 6% B @8362 mwB smoummmuuo we $8 5589 an; up“ wwhmmw uwmfi can: .vwmwm .5 @355 muumfimgshu Radian £50 .55 8 wmfiawm Ema”. ham EES $3.8 fume mommmuuc mm .EuEEm wfi mm QB m3“ E “m8 5:388 . ofi mwuaxm 8 Emma mm? a 6%me mwB E3838 .3 “m8 Emfimm 5Q mfi £3.5pr mmm was @555th my .3me8 2w “m5 uufi $3 5% memmm d Bast mgmwofio cmfim mmmfi F. E958 mfi 8 Sam 2: we “£33, at Emummfim." mfirfi .wfimmzcwm “an; 83%me 2t ufimfiwpem . 8 $328.. an n8 $33528 23 dme bfimmmfihfim wfi mfiflum hmm .Eflmw Gm? mm? Ewan. . . Enigma E maria ES Ea om m uumfium 8 “558.26 REEEUN am .0555“ wmmwwbmm 3 Ex: 32me Emou $.52 smack“ Bifium mm? mam ~me 855 ck .Ewo [an S E “m 8.1%“: 8.8. 2595 EH umembm 2m 3% «539% mm? : comfimsmsmm camfimfimum Enumfimfi 8% .38 $0M NH we mwfivpm mbmzvfi 8 Banfiou ES mom mam 06 3E bmfimufifim ca man ¢ unamfico wzauhau .chu 3:338 hug @533 8 .38 w ES,» fiwfimufimhzwfl Quasi Mmmfi mmemmmfi 8 Bwfifiommo . 2: a?» B mm.wa wcmafiou 05 mam wficcE E E P:ng 8 26 mm €305 “me so $3 «5% downs we Eu “8%, a: 5.3m? ram cookom m 3233 .mmfi hummbzo down?” “gag E 52>on 833m mm‘am m mm 4‘ @3800 mg: Saw Sam 8 Beam m3 mmfi «m5 mama we H96“ Em 3w gamma? 9: Exam. 5% $8 @388 m5 533 GEE fiEflmEofim Em magnum Am .555» Us «Emfia “mafia. an bmgw fl 3%." EmmnmEobm 3% .bmfimpouum .mwfimbm m mozaw w§.nmgfi._mfinummn €59“.me mmfimbm Egg: mm “mmfimm ova.“ fififififitm Emma mnmmmafioo mfi mEEQES E can Awflmpmfificfi Hmfifimu 3mg mam wmwfinofimfia m 56 LEEch mmfi 3B2 B wuwuflfi 8. $8 hmfimhm gunman Q: fivfimnflmo n82 mm: camp ban—«Pawn mfi EEO Emma $8 56 E mamwnfimmwcfi 3:850 cw 3m. wax whamqu SE US 3w 5% m mcfimim 8 2an 8m Ewcmafiou Efiafiw .55 39%“ 8 wanhfim Boa mu». mamcaficu v5 .mfimcuum hammfioo 23 E 380 we 58355 a Efiwfi BEBE rummage E 3% $8 @5338 82? «db 0%, E mimic mm wax mEmfiz: mfiF muscume fimoo homage REM. H 3E hmfimmkflfiw H5388 mfi we $95.23 m5 umcfimm 3:35am we “wow :39 2w “3 :8:me8 mm“ m“. :25. Em»: Smtcu BMW 2mg gang“ Eu.th HAN”. . H. H entering into the new breed of service agreements with specialist service I 21,1 ' providers. Conclusions The driving force in the reemergence of companies assessing their property ; _ costs in relation to their perceived value in use is the rapidly changing business - . 30 = environment, compounded by changes in the major economies. . ' '1 ' ' Occupiers require greater flexibility to be able to meet change and they are willing to pay for that advantage but only within strict parameters of overall ' _- worth to the company. - _ ' In the past occupiers have not fully considered the pricing of space. Preperty ,costs have been a low priority in the overall business costs and as such the - value in exchange has been the dominant consideration. However, occupiers are now more aware of the worth of the space that they Occupy and this is- affecting their View of What they are willing to pay. There is a convergence of . I' value in use and value in exchange. Notes. 1. Gordon Moore, cofounder of intel, predicted this. in the 19708. 2. in assessing their property needs the company also looked at the way in which they used space and determined that they needed a similar (or larger) space allocation in future. Obviously these issues impact on the overall occupancy costs but are not discussed at length in this paper. I ;-_ -_ 2 Reference ' ' - i __ RICS£1997), Right Spaceflight Price?,RlCS Research PUblications, London .,.._.i . Further reading " _ Crosby, N. and Murdoch, S. (1994), “Capital valuation implications of rent—free periods”, Journal " of Property Valuation &Invesitmnr,_Voi,12,pp. 51764. _ - French, N. (1997), “Market information management for better valuations: concepts and ' definitions of price and worth”, journal of Property Valuation & Investment, Vol; 15', pp.403~11. - - ' - I: _'2 _.French, N. (1999), Pricing Flexibility in Real Estate, Television Education Network (TEN) I: - Connnerciai Programmes, ju'l'y. - . French, N'. (2001), “Uncertainty in property valuation: the pricing of flexible leases”, journal of ' Corporate Real Estate, Vol. 3 N0. 1, pp. 17—27. 3 . ' ' _' 5 French, N18. and Ward, C. (1995), “Allowing for rental incentives: capital; value implications”, _'_. - ' PropertyRew‘ew, Vol. 5,1313. 119-22. - 3- ' I i: 5 I' I.Wa_rd, C. and French, N. (1997), “The valuation sf upwards only rent reviews: an option pricing - ' _mo_dei”,]ouma1ofProperty Valuation chihocstmeni, Vol.15, pp. 171-82. _' : -- _': E'Ward, (3., Hendershott, P. and" French, N.-"(1998);,‘...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern