Valuing options to renew at future market value the case of commercial property leases
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| Định dạng: | Sách |
| Ngôn ngữ: | English |
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Springer
2023
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| Truy cập trực tuyến: | https://link.springer.com/article/10.1186/s40854-023-00479-1 https://dlib.phenikaa-uni.edu.vn/handle/PNK/7758 |
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oai:localhost:PNK-77582023-04-11T04:04:42Z Valuing options to renew at future market value the case of commercial property leases Jenny Jing, Wang Jianfu, Shen Frederik, Pretorius maturity date model integrates decision CC By In this study, we develop and empirically test a valuation model for a commonly encountered option in office leases: a tenant’s option to renew at future market rent (a fair market value) with lease termination as the maturity date. The model integrates decision analysis with real options analysis and market risk with private risks. “Option value” is defined as the private value of the option to either party pre-contract, while “option price” assumes a fair agreement between transacting parties and can be positive (rental premium paid) or negative (rental discount offered). Without manifest expectations, an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range. The tenants’ option price/value is shown to have a negative relationship with the original/renewal lease term; conversely, the landlords’ option value is positively related to the original/renewal term. 2023-04-11T04:04:42Z 2023-04-11T04:04:42Z 2023 Book https://link.springer.com/article/10.1186/s40854-023-00479-1 https://dlib.phenikaa-uni.edu.vn/handle/PNK/7758 en application/pdf Springer |
| institution |
Digital Phenikaa |
| collection |
Digital Phenikaa |
| language |
English |
| topic |
maturity date model integrates decision |
| spellingShingle |
maturity date model integrates decision Jenny Jing, Wang Jianfu, Shen Frederik, Pretorius Valuing options to renew at future market value the case of commercial property leases |
| description |
CC By |
| format |
Book |
| author |
Jenny Jing, Wang Jianfu, Shen Frederik, Pretorius |
| author_facet |
Jenny Jing, Wang Jianfu, Shen Frederik, Pretorius |
| author_sort |
Jenny Jing, Wang |
| title |
Valuing options to renew at future market value the case of commercial property leases |
| title_short |
Valuing options to renew at future market value the case of commercial property leases |
| title_full |
Valuing options to renew at future market value the case of commercial property leases |
| title_fullStr |
Valuing options to renew at future market value the case of commercial property leases |
| title_full_unstemmed |
Valuing options to renew at future market value the case of commercial property leases |
| title_sort |
valuing options to renew at future market value the case of commercial property leases |
| publisher |
Springer |
| publishDate |
2023 |
| url |
https://link.springer.com/article/10.1186/s40854-023-00479-1 https://dlib.phenikaa-uni.edu.vn/handle/PNK/7758 |
| _version_ |
1762909083780775936 |
| score |
8.891787 |