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Vacancy duration in commercial real estate
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2014 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Vakanstider inom kommersiella fastigheter (Swedish)
Abstract [en]

This research has examined the topic of vacancy duration within the office space market. The study is geographically limited to the central business districts (CBD) of Stockholm and Malmö. The purpose was to investigate if the concept of vacancy duration can be useful in the real estate sector. Another purpose was to determine which variables are affecting the vacancy duration and which factors that are important for the tenants when relocating. Finally, the ambition was to present strategies which can be used to optimize the leasing process and thus reduce the vacancy duration.

Method

The methodology applied in this research is divided into three main areas, namely literature review, interviews and regression analysis. The interviews have been carried out using a qualitative approach with an inductive reasoning. While the regression analysis has a quantitative approach with a deductive reasoning.

Conclusion

From this research it can be concluded that the concept of vacancy duration has potential to be normative in the real estate sector. An advantage applying the concept is to increase the awareness of vacant space and to create an understanding of normal vacancy durations. Based on the applied database from 2009-2013, the vacancy duration in CBD of Stockholm and Malmö was calculated to 7,7 months in total, divided on 7,1 months in Stockholm and 8,9 in Malmö. It can be concluded that refurbishments are decreasing the vacancy duration, and especially refurbishments that are made in advance are paying off well. Further on, area efficient and flexible spaces, as well as a good indoor climate are particularly appreciated by the tenants and are reducing the vacancy duration. Regarding reasons for relocation is changed need of area considered the most common factor.

Future research

In order to bring the research further in the relatively unexplored topic vacancy duration, it is recommended to perform the regression analysis on an extended database. This can be carried out by including a bigger number of observations in an increased number of cities and by extending the time period. In addition, it is suggested to include observations from more than one company in the database.

Abstract [sv]

Denna forskningsrapport har avhandlad ämnet vakanstider inom segmentet kontorslokaler. Geografiskt har rapporten avgränsats till CBD i Stockholm och Malmö. Syftet var att undersöka huruvida begreppet vakanstid kan tillämpas inom fastighetsbranschen. Avsikten var bland annat att fastställa vilka variabler som påverkar vakanstidernas varaktighet och vilka preferenser hyresgästerna har vid omlokalisering. Vidare var ambitionen att redogöra för strategier som kan tillämpas för att optimera uthyrningsprocessen och därmed reducera vakanstiderna.

Metod

Tre huvudsakliga metoder har tillämpats i denna rapport, litteraturstudie, intervjuer och regressionsanalyser. Intervjuerna genomfördes utifrån ett kvalitativt forskningsperspektiv med en induktiv ansats. Medan regressionsanalyserna utfördes genom ett kvantitativt deduktivt perspektiv.

Slutsats

Det kan utifrån resultatet i denna rapport konstateras att begreppet vakanstid har potential att bli ett normbegrepp inom fastighetsbranschen. En fördel med att tillämpa begreppet är att det skapar en större medvetenhet om vilka lokaler som står vakanta länge och information genereras om vilken vakanstider som får anses vara normala. Baserat på den tillämpade databasen med data 2009-2013, kunde den generella vakanstiden i Stockholm och Malmö fastställas till 7,7 månader, fördelat på 7,1 månader i Stockholm och 8,9 i Malmö. Förtidsanpassningar, det vill säga renoveringar som utförs utan kontrakterad hyresgäst, kan konstateras bidra till att vakanstidernas reduceras. Vidare anses hyresgästerna premiera yteffektiva och flexibla lokaler, samt ett bra inomhusklimat. Den viktigaste omlokaliseringsfaktorn var förändrat lokalbehov.

Framtida

forskning

För att föra forskningen vidare inom det relativt outforskade ämnet vakanstider rekommenderas att regressionsanalyserna utförs på en utökad databas. Detta genom att inkludera ett större antal observationer i fler städer och genom att utöka tidsperioden. Vidare bör databasen omfatta observationer ifrån mer än ett bolag.

Place, publisher, year, edition, pages
2014.
Keyword [en]
Vacancy duration, vacancy rate, office, rent loss, leasing strategy
Keyword [sv]
Vakanstid, vakansgrad, kontor, omlokalisering, hyresbortfall, uthyrningsstrategi.
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-147313OAI: oai:DiVA.org:kth-147313DiVA: diva2:729253
Supervisors
Examiners
Available from: 2014-06-25 Created: 2014-06-25 Last updated: 2014-06-25Bibliographically approved

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Citation style
  • apa
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Output format
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