Abstract摘要.doc

The leasing operation of research of the office building market in ChinaAbstract: The article analysis the external market environment and the situation of requirement and the competitor in market of office building with the same rank and the same type according to market research.The aim is to research the whole processing operation and management, including making the marker orientationconfirming and finding the potential lease making the rent plan ,negotiation and signing the contract.Key words : market research; lease ;rent ; negotiation 1.Office market dynamics of model1.1 Office market：the use of market,investment markets and market development As the market for office space with a high degree of market-oriented operation，the policy interventions small，the characteristics of high profit margin,investors favored the real estate investment too1,also known as real estate investment market“leader”Office market is for office space in the sum of all transactions，including supply and demand between the two sidessuch as the sale or lease transactions and activities developed in the course of the transaction price，rent levels，the vacancy rate，yield，and so onOffice market by the use of market，investment markets and the development of a market：the market for office space refers to the use of office space by the supplier(the owners)and demand(the tenants) together form the office property market and the resulting set of market variables，such as rent，price，the vacancy rate；office investment market for office space it refers to an investment tool and the information of the entire investment market apart of the development of the market for office space refers to the use of office space demand and investment demand for the formation of the property development market.The three market mutual contact and mutua1,common decisions and affected the office market development The use of the office market supply and demand determine the market rent，price，and the vacancy rateThe use of the information office market will quickly back to the investment market office rents and prices to determine the value of the investment officeThis development costs and investment value of the relationship between the expectations of investors and investment income levels of new orifice space has driven the development of the projectIn addition to the investment market for office space by the use of market impact，but also by the broader capital marketInvestors will be office space and other investment vehicles weigh and compare，compare the results will eventually be reflected in investor demand by the rate of return on investment Lags behind the supply impact of the use of market supply and demand for office space， rent and the market price， there by affecting the investment market for office space investment income leve1In l994,the American scholar Keogh established the relationship between mode1The model can be used to image shows the use of the market,investment and development activities in the mutual dynamic roleUsers of the information market will quickly back to the investment market，and then transferred to the investment market by the development of the market,decided to develop activitiesAt the same time，the market will be greater investment in the capital marketUsers of the market and the impact of changes in investment market development of the market，create demand for the development of the market，and the corresponding development of the market for the other two market supply窗体顶端使用的写字楼市场供求关系决定的市场租金，价格和空置rate.The利用信息化办公市场将迅速恢复到投资市场写字楼租金和售价来确定投资office.This开发价值成本和投资者的新口空间的投资收入水平的预期之间的关系，投资价值已带动了project.In除了投资市场对写字楼的利用市场影响的发展，同时也得到了更广泛的资本market.Investors将办公用房等投资工具权衡和比较，比较的结果最终会体现在投资者通过投资回报率的需求。滞后于利用市场的供应和需求的写字楼，租金和市场价格，出现了通过影响投资市场对写字楼的投资收益水平1.In l994.The美国学者基奥供应的影响建立模式1的关系。可用于图像的模型显示在信息市场的相互动态role.Users使用的market.Investment和发展活动将迅速回到投资市场，然后由市场的发展转移到投资市场，决定开发activities.At的同时，市场将更多投资于市场的资金market.Users和市场变化的投资市场发展的影响，创造市场的发展需求，而相应的市场开发其他两个市场的供应。1.2 Office rental market model Tsolacos and McGough (1998) to the Keogh based on the theory，combined with user market and the investment market and its impact on the mutual development activities ,the establishment of the office market dynamics of the mode1 Users of market demand and supply determine the market rentThe use of office space needs and national economic strength related activities, in particular by the office of the office of industry activitiesNational economic strength and trends can be used to represent GDP in the office of the office with activities in the banking industry，financial and insurance industries (BFI： banking， finance， and insurance sector)in the employment rate to representThe supply of ofifce space with new production from that office，but truly effective supply should also include the existing stock of vacant partTherefore，with output as the supply of new office space on behalf of the suitability of the need to look at the vacancy in the stock relative to that part of the new part is obvious In office rentals in the equation of the change is the assumption that rents for office space from the projected demand and new supply decisionsCurrent demand is expected to previous years and changes in the GDP，the current and previous years in the BFI changes in the employment rate of the linear combination of new supply is the current and previous years in office completed a linear combinationSo rent is GDP，BFI and the employment rate for office space completed in a linear sequence of their growth portfolio，which BFI GDP and employment rate is positive effect，the office of the completion of a negative effect，this is because the new office space to meet the investment needs of some，thereby inhibiting the rent increaseRent equation is as follows： In the equation for the change of；R is the actual rent levels； is the value； industry is in the employment rate； the private sector is the number of completed ofifce space；, are often factors；i,j,k are the years；is the occasional error2Office market in vestment model According to Keoghs theory ，there are three key office investment market forces influence the value of the assets First，the demand side，the existing office space and expected level of rent will affect the value of the assets，rents and demand is directly proportiona1 Secondly，is still the demand side，the value of assets by the office of the investment objectives of the impact of yield Yield goal is to invest in other comparable office space investment opportunities in the existing income level， the level of expected income and relative risk level of functionAccording to economic theory，investment opportunities in the Pricing of any deviation will lead to investment flows,investment opportunities that various risks and benefits are balanced In the model， stock price volatility to changes in economic conditions that Investors in the office and investment preferences Finally，the market supply side，the development Of the market to new supply，such attacks will increase In the yield fell to the asset value of negative effects The market value of the assets investment Equation is as follows：2.1 Office market development model Office development model main factors affecting office building obviously The development and construction of the office space rent and the value of the as sets，because they Represent the user and investment market conditions These two factors and that the situation over the past few years to be included in the equationIn addition,the new development will be of short-term financing costs,so as a short-term interest rates also explain variables,have a negative effectShort-term interest rates can also be used as the future economic expectations，this is expected to affect the expected demand for office spaceThe completion of the development of the market equation is as follows： This equation is meaning the actual short-term Interest rates，s，g，f are constant coefficients；n，h are years；is the chance for error. To sum up，the rental market for office space，the value of assets and the completion of a number of factors and indicators as shown inTable1 The use of statistical data and regression analysis various factors can be calculated,as well as make sure to explain the variable delay(in previous years of data to be interpreted variables are obvious role),quantitative come to rent，the value of assets and the number of completed The equation，and thus of GDP，BFI employment rate，rent，office space completed volume， stock prices，the interaction between the interest rate.3The investment management market for office space The main mode of operation for office space is leasing business，that is the ultimate occupier(users) rather than primarily through the purchase of leased way to get the right to use the office spaceTherefore， the rental management office to become the core of investment management market. Office market in general the investment management market research from the start，first of all，the market environment，the Same level with the type of market demand for office Space and an analysis of competitors，and so on，and on the basis of this market positioning，then identify And find potential lessees To develop programs rent，lease negotiations and a final contract3.1 Office tenant choice Choice of the tenant，to consider the main criteria for a potential tenant by the type of business and its reputation, financial stability and long-term profit ability of the capacity of the required size and The need to provide the special property management services Property management companies must be careful analysis of each tenant to the credibility of the office rental property affectedPotential lessees should be content with the business office of the lessee has been operated by the content of coordination，its credibility should be able to strengthen the overall image building .Property management companies should also analysis the potential lessees engaged in business in the process of financial stability，as it relates to potential lessees of the lease period stipulated in the contract whether the obligation to pay the rent on timeFrom the tax authorities，business administration，bankers，brokers and financial statements provided by the lessee to determine its credibility and financial positionTenant selection process of one of the most Complex office building is to determine whether there is sufficient space to meet the characteristics of a Particular tenant needs，to meet the leasing of space to the area of the specific needs，which often determines the potential .The lessee can become a reality the lessee In considering whether a suitable area for leasing space can be used often to consider the Following three aspects：(1)Of the combination of buildings，whether a separate portfolio of rental units to meet a certain Rent-seeking characteristics of the needs(2)Rent-seeking to experience the nature of business，some agencies need to be able to separate the officeAnd often can hope that these office along the exterior of the building layout，to be able to receive adequate natural horizonsBut there are also light an d broaden their Some companies may not want to have too much room and around the external walls(3)To lease office space to future expansion plans,if a company in the future expectations of a Large-scale expansion must be considered in a building whether or how to meet their future business Development needs，particularly when the rent-seeking，Hope that when his office on layout. In general，for each office staff of 15-20 unit within the construction area of more appropriate，although each staff closed the office space in general need only 5-6.However，reception room， conference rooms，traffic area，storage space，office equipment and the size of the public activities area than office space may Be to increase the number of indicators Some rent-seeking，for the smooth conduct of its business，the need to provide some special services， property management companies have provided a greater difference in standard services， property management companies if not properly consider these issues in the future management of the property on the may be many contradictionsIn accept or reject the special requirements of potential tenants,property management companies and owners should consider leasing the entire period of the actual expenses and costsbenefit ratio,in the future in order to determine who should bear the contract special servicesFor example，a company to install a computer workstation,as the workstation need to consume a large amount of electricity，may be more than office building in the supply line load some lessees need additional independent of the cooling system；some tenants to install themselves as the larger equipment，the bearing capacity of the building has put forward higher requirementsTo meet these requirements may be a lot of money and construction equipment of the system also may bring some trouble However，property management companies or owners may have to consider a result of the favorable factors，such as ,the initial installation of such equipment could put the future installation of other equipment convenient，and rent-seeking are very clear and its subsidiary construction equipment or installation of the Equipment of the work And the cost，it is likely to Seek a long-term leases，in order to avoid repetition of such investment3.2 Determine the rent for office space Determine the rent for office space，the general Should seriously consider the following three aspects：(1)Or can be calculated using the lettable area Accurate measurement of the importance of this relationship to ensure whether the property rental income and maximize the value of the property marketOffice space in the measurement when there are three very important concept，that is，building area and the lettable area of rental units within the construction area. According to the relevant provisions of the Ministry of Construction, the Construction area of the country “construction area of the rules” calculation； rental unit within the construction area,including the use of units with in the area，external wall，the wall between the units and common units and the construction of the separation Barrier between space .The level of projected area of half a lettable area of rental units within the construction area with sharing the common Construction area(including：elevator shaft，stairways，bathrooms， transforming rooms， equipment rooms，Public foyer，aisle，the basement，on duty Jingwei Shi，And other functions for the entire construction services on the use and management of the public release of the construction area，rental units and public Building space between the wall and the external walls Of the wall half the level of projected area)In the calculation of sharing the common construction area，who have the use of space rental as an independent in the basement or garage as well as air defense projects not included in the basement of the building area of sharing common partsEach of the independent rental units，following： Each of the independent rental units yuan =lettable area of rental units within the construction area x(1+construction area sharing common factor)， the building area of sharing the common factor =Entire building including the common area of building The entire rental unit and the construction areaA commitment to lease the area who can be part of one floor，may also be the whole floor or several layers of the floorFor the whole of the lease,the tenant, the tenant must not only share in their common floors of the building are,a but also sharing the bottom hall and all other services for the lessee or the use of the common construction areaGeneral construction of the common area of oldsharing factor is much Greater than the new constructionThe office building，sharing the common factor of 0.2 to 0.3 in between(2) Develop rental programmeThe level of rents for office space depends largely on local real estate market conditionsDetermine the rent，according to the owners should generally be the first to achieve the investment objectives and its yield an acceptable minimum level of rent(that is，able to cover mortgage debt service，operating expenses and lossofvacantrenta1)to determine a bas