TFL Vsebine / Revija SIR*IUS

Pilot study results for obtaining the capitalisation rate from market data

Določanje mere kapitalizacije iz tržnih podatkov je zaradi pomanjkanja empiričnih podatkov pogosto podrejeno metodi dograjevanja, s katero nadomeščamo nezadostne ali nepoznane tržne podatke o nepremičninah. V sodelovanju z Geodetsko upravo smo izpeljali raziskavo, v okviru katere smo najprej statistično obdelali razpoložljive tržne podatke o cenah in najemninah, preverili njihovo kakovost, jih statistično obdelali, geografsko segmentirali, nato pa razvili in testirali metodo določanja tržne mere kapitalizacije na osnovi uparjenih prodajnih cen in najemnin za pisarne. Pilotska študija se osredotoča na razširjene tržne podatke za pisarniške prostore, s čimer smo primarno preizkusili primernost dograjevane mere kapitalizacije oziroma vzdržnost izkustveno določenih premij za tveganja, objavljenih v spletni reviji SIR*IUS (junij 2018). Rezultati študije so pokazali skladnost rezultatov tržnega načina določanja mere kapitalizacije z omenjeno metodo dograjevanja, ki se največkrat uporablja v praksi.

Capitalization rate measurement from market data often suffers from lack of empirical data. Therefore, it turns out as subordinate to the build-up method, which is experimental, replacing insufficient or unknown market data on real estate. In cooperation with the Surveying and Mapping Authority, we carried out a survey in which we first statistically processed available market data on prices and rents, checked their quality, statistically processed them in geographical areas, and then developed and tested the method of determining the market capitalization rate based on paired sales prices and rents for offices. The pilot study focuses on expanded market data for office space, whereby we primarily tested the suitability of the upgraded capitalization rate. Consequently, we tested the sustainability of experimentally identified risk premiums published in the web magazine SIR*IUS, June 2018. The results of the study showed the consistency of both, the market determined cap rate, as well as the build-up method that we most often use in practice.