Rentabilidad de los inmuebles de oficinas en el Área Metropolitana de Barcelona
This paper studies the profitability of office buildings, associating urban and environmental attractions in the context of the Barcelona Metropolitan Area. Usually two forms of analysis are developed, in the first each zone corresponds to a district of Barcelona and also the main populations of the...
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| Tipo de recurso: | tesis doctoral |
| Fecha de publicación: | 2017 |
| País: | España |
| Institución: | Universitat Politècnica de Catalunya (UPC) |
| Repositorio: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | español |
| OAI Identifier: | oai:upcommons.upc.edu:2117/114627 |
| Acceso en línea: | https://hdl.handle.net/2117/114627 https://dx.doi.org/10.5821/dissertation-2117-114627 |
| Access Level: | acceso abierto |
| Palabra clave: | Real estate profitability Real estate risk premium Office market Direct capitalization method Econometric models Urban and environmental attractions Professional appraisers Rentabilidad inmobiliaria Prima de riesgo inmobiliario Modelos econométricos |
| Sumario: | This paper studies the profitability of office buildings, associating urban and environmental attractions in the context of the Barcelona Metropolitan Area. Usually two forms of analysis are developed, in the first each zone corresponds to a district of Barcelona and also the main populations of the Municipalities of Hospitalet de Llobregat, El Prat de Llobregat, Cornella de Llobregat, Esplugues de Llobregat, Sant Cugat del Valles and Badalona; In the second, the analysis is performed by areas of value, similar to the Real Estate Operators, being these areas, the central business area, city center, new business areas and periphery. The office market is characterized and analyzed. In addition, five methods are used to calculate the capitalization rate, as an approximation to the rate of return of each zone, among which are the econometric models, which also require the use of the direct capitalization method of real estate valuation. The real estate risk premium is also calculated in each zone, based on the estimation of the real estate yield of offices; based on the Appraisal Institute (2008), which states that real estate profitability rate is equal to the risk-free rate plus the real estate risk premium. The urban and environmental attractions for offices can be explained by factors of accessibility, urban and environmental externalities, social hierarchy and agglomeration. As these urban quality factors are better, their real estate profitability rate declines, or, as urban quality factors become worse, their real estate profitability rate increases; is the hypothesis that arises in this work and that is proven. In order to estimate the urban and environmental factors in the Barcelona Metropolitan Area that affect the profitability of its offices, interviews have been conducted with experts. Hence, factors classified as "very important" are: access to main avenues, access to metro station, access to large transport infrastructures, built-up stock quality, economic-business compactness and intensity of use of the built stock. It is expected that the present work will be especially useful to Professional Appraisers, since they would be in a position to make better decisions in their real estate valuations. |
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