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Determinants of cross-sectional variation in discount rates, growth rates and exit cap rates
KTH, Superseded Departments, Real Estate and Construction Management.ORCID iD: 0000-0001-5574-0522
KTH, Superseded Departments, Infrastructure.
2004 (English)In: Real estate economics (Print), ISSN 1080-8620, E-ISSN 1540-6229, Vol. 32, no 2, 217-237 p.Article in journal (Refereed) Published
Abstract [en]

This study investigates the determinants of key input variables in valuers' discounted cash flow models used for estimating market values for offices. Data from 599 valuations in 2000 from Stockholm, Gothenburg and Malmo are used to explain variation in discount rates, expected growth rates in net operating income and exit cap rates. Our ability to explain the relatively wide variation in appraisal assumptions with plausible covariates generates confidence in the appraisal process. This has important implications because most value and returns indices of commercial real estate worldwide are appraisal based.

Place, publisher, year, edition, pages
2004. Vol. 32, no 2, 217-237 p.
National Category
Economics and Business
URN: urn:nbn:se:kth:diva-23456DOI: 10.1111/j.1080-8620.2004.00090.xISI: 000221701100003ScopusID: 2-s2.0-3042536760OAI: diva2:342154
QC 20100525 QC 20111020. Conference on Commercial Property. Isl Skye, SCOTLAND. AUG , 2003 Available from: 2010-08-10 Created: 2010-08-10 Last updated: 2011-10-26Bibliographically approved

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