政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/35887
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 96163/126772 (76%)
Visitors : 32243629      Online Users : 345
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/35887


    Title: 租戶結構對辦公大樓租金收益穩定性之影響-兼論辦公大樓投資組合分析
    Authors: 曾翊瑋
    Tseng,I Wei
    Contributors: 張金鶚
    曾翊瑋
    Tseng,I Wei
    Keywords: 租戶結構
    辦公大樓
    租金
    空置率
    投資組合
    Tenant Structure
    Office Building
    Rent
    Vacancy Rate
    Portfolio
    Date: 2005
    Issue Date: 2009-09-18 16:18:29 (UTC+8)
    Abstract: 過去文獻少有探討不動產的收益穩定性,多重視市場租金或市場空置率的變化,但隨著辦公大樓證券化投資風潮,個別大樓的租金和空置率變化,以及大樓租金收益穩定性成為投資的重要判斷指標,而其中租戶結構更是辦公大樓租金收益穩定的主要來源,也是大樓空置率的重要影響因子,成為本文研究之焦點。本文實地調查台北市主要辦公室商圈中90棟辦公大樓,並以三階段最小平方法(3SLS)聯立模型分析影響個別辦公大樓租金及空置率的因素,研究結果發現,空置率增加1%將使每坪月租金減少13.09元,但每坪月租金增加100元會造成大樓空置率上升1.55%。其次,平均每層租戶數目多、租戶平均面積大、租戶以外商公司為主體、企業平均利潤率高、「金融及保險、不動產及租賃、專業科學及技術服務業」等行業佔大樓面積比例愈高等因素,皆能有效降低辦公大樓空置率,使投資人的租金收益更穩定。由此可知,成功的辦公大樓投資或證券化,租戶結構對於空置狀況的影響應加以重視,方能確保未來擁有穩定的租金收益。
    因不動產證券化發展,辦公大樓投資組合情況也應受到市場重視,本文以90棟辦公大樓進行兩兩任意組合模擬,在現有資料下,結果為相較於個別辦公大樓投資,若將辦公大樓採兩兩投資組合,能獲得較高報酬及較低風險。而分析組合內容可發現,重視大樓的建物品質比重視租戶品質更能達到效率組合,若選擇「好建物」的大樓納入投資組合中,將能提高組合的報酬;若選擇「好租戶」的大樓納入投資組合中,將能降低組合的風險。
    Previous literatures mostly focus on the change in market rental and vacancy rate of office buildings, but rarely discuss the rental income stability of real estates investment. However, with the prevalence of office building securitization as investment targets goes on, the rental income stability of individual real estates has become an important indicator for investment purposes. Among many, tenant structure, the main focus of this study, is the major source of income stability of office buildings, and also an important factor to building vacancy rate.
    This study makes researches of ninety office buildings in the major business areas of Taipei, applying three stage least squares(3SLS) methods to analyze the factors that affect the rental and vacancy rate of individual office buildings. The empirical results of this study suggest that increasing per 1% in vacancy rate shall make decrease monthly rent by 13.09 $NTD/ping and increasing per 100$ NTD/ping in monthly rent shall make increase1.55% in building vacancy rate. Moreover, there are many factors, such as the average number of tenants on per floor, average rental size from per tenant, foreign firms are the main tenants of office building, the average firm return rate, can all efficiently lower the vacancy rate of office buildings, and make rental returns more stable for investors. Besides, if the industries of finance and insurance, real estate and rental, science expertise and technical service make up a high proportion of total floor surface will lower the vacancy rate.Therefore we know that, for a successful office building securitization or investment, the effect of tenant structure on vacancy rate should be more recognized in order to ensure a future possession of stable rental returns.
    Due to the development in the Real Estate Securitization, the situations in portfolio of office buildings should receive its share of attention from the market. This paper simulates 90 office buildings into random pairs and finds out that, in contrary to stand-alone investments, investing in pairs shall yield a higher return at a lower risk. Analyzing the contents of the portfolio, we can find out that, paying more attention on the quality of the building rather than on the quality of tenants can more easily attain efficiency. Putting a “good building” into an portfolio shall increase return, and putting in a building with “good tenants” shall reduce risk.
    Reference: 國內文獻
    林韋宏、彭建文、林子欽,(2003),住宅屬性對空屋形成機率影響之研究-以台北市為例,住宅學報,12(2): 91-107。
    高力國際物業顧問公司,(2005),台北市辦公室市場季刊2005年第3季。
    國泰建設公司、國立政治大學台灣房地產研究中心,(2004,2005,2006),國泰房地產指數季報。
    張金鶚,(2003),「房地產投資與市場分析理論與實務」初版,台北市 : 華泰書局。
    黃名義、張金鶚,(1999),台北市辦公室市場租金之研究,中華民國住宅學會第八屆年會論文集,77-93。
    黃名義,(2002),辦公室市場租金與區位之研究,國立政治大學地政研究所博士論文。
    黃名義、張金鶚,(2005),台北都會區大型企業的辦公室區位變遷研究,管理評論,24(4): 83-102。
    洪式韻、張金鶚,(2004),不良債權不動產抵押品投資組合之分析-資產管理公司對不良資產之處理策略,中華民國住宅學會第十四屆年會論文集。
    洪式韻,(2005),不良資產投資組合分析,國立政治大學地政學系碩士論文。
    蔣智明,(2000),商用不動產開發管理,臺北市:華泰文化事業公司。
    國外文獻
    Boydell, S., (2001), Suva C.B.D. Office Market Survey 1999, working paper.
    Bollinger, C. R., K. R. Ihlanfeldt and D. R. Bowes(1998), Spatial Variation in Office Rents within the Atlanta Region, Urban Studies, 35(7): 1097-1118.
    Cashdan, D. M., (1992), Single-Tenant Properties Add Stability to Real Estate Portfolios, Real Estate Review, Spring, 45-52
    Colwell, P. F. and R. E. Cannaday, (1988), Trade-Offs in the Office Market, Chap. 8 in J. M. Clapp and S. D. Messner, Editors, Real Estate Market Analysis, New York: Praeger.
    Colwell, P. F., (1991), Vacancy Management, Journal of Property Management, 56(3): 42-44.
    Dow, J.M. and G. A. Porter, (2004), Restructuring and Renewing Existing Leases in Today’s Commercial Office Market: Guidelines for Tenants to Evaluate Options and Negotiate Terms, Journal of Corporate Real Estate, 6(3): 237-242.
    DiPasquale, D. and W. C. Wheaton, (1996), Urban Economics and Real Estate Market, New Jersey, Prentice-Hell.
    Frew, J and G. D. Jud, (1988), A Simulation Model of Commercial Real Estate Development, Real Estate Appraiser and Analyst, 54(3): 23-28.
    Glascock, J. L., S. Jahanian and C. F. Sirmans, (1990), An Analysis of Office Market Rents: Some Empirical Evidence, AREUEA Journal, 18(1): 105-119.
    Gat, D., (1998), Urban Focal Points and Design Quality Influence Rents: The Case of the Tel Aviv Office Market, The journal of Real Estate Research, 16(2) 229-247.
    Hess, R. and Y. Liang, (2003), Some Structure Attributes of Institutional Office Investments, Journal of Real Estate Portfolio Management, 9(1): 59-69.
    Jud, G. D., T. R. Wingler, D. T. Winker, (2002), The Integration of Retail Space Markets, Journal of Real Estate Portfolio Management, 8(1): 79-92.
    Markowitz, H., (1952), Portfolio Selection, Journal of Finance, 7(7): 77-91.
    Markowitz, H., (2000), Mean-Variance Analysis in Portfolio Choice and Capital Market, 43-49.
    Pyhrr, S. A., Cooper, J., Wofford, L., Kapplin, S. and Lapides, P., (1989), Real Estate Investment: Strategy, Analysis, Decision, John Wiley & Sons, New York.
    Smith, L. B., (1974), A Note on the Price Adjustment Mechanism for Rental Housing, American Economic Review, 64: 478-481.
    Sivitanides, P. S., (1997), The Rent Adjustment Process and the Structural Vacancy Rate in the Commercial Real Estate Market, Journal of Real Estate Research, 13(2): 195-209.
    Vandell K. D., J. S. Lane, (1989), The Economics of Architecture and Urban Design: Some Preliminary Findings, AREUEA Journal, 17(2): 235-265.
    Wheaton, W. C. and R. G. Torto, (1988), Vacancy Rates and the Future of Office Rents, AREUEA Journal, 16(4): 430-436.
    Description: 碩士
    國立政治大學
    地政研究所
    93257028
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093257028
    Data Type: thesis
    Appears in Collections:[Department of Land Economics ] Theses

    Files in This Item:

    File Description SizeFormat
    25702801.pdf44KbAdobe PDF792View/Open
    25702802.pdf131KbAdobe PDF930View/Open
    25702803.pdf72KbAdobe PDF797View/Open
    25702804.pdf104KbAdobe PDF878View/Open
    25702805.pdf126KbAdobe PDF2217View/Open
    25702806.pdf179KbAdobe PDF1556View/Open
    25702807.pdf145KbAdobe PDF5591View/Open
    25702808.pdf207KbAdobe PDF1510View/Open
    25702809.pdf304KbAdobe PDF1059View/Open
    25702810.pdf107KbAdobe PDF845View/Open
    25702811.pdf62KbAdobe PDF892View/Open
    25702812.pdf78KbAdobe PDF974View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback