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Lägesfaktorers inverkan på kontorshyror

Resvik, Frida LU and Rex, Johan LU (2015) VFT920 20151
Real Estate Science
Abstract (Swedish)
Marknaden för kontor är till stor del beroende av läget av fastigheterna. Det finns stora skillnader i hyresnivåer mellan olika lägen och vad som gör att företag har en högre betalningsvilja för vissa lägen beror på flera lägesfaktorer. Syftet med studien är att identifiera lägesfaktorer som har betydande påverkan på hyresnivåer. Vidare är syftet att kvantifiera och analysera värdepåverkan. Genom att ta fram ett värde på varje faktor går det att fastställa vad som utgör ett attraktivt läge och hur hyresgästers betalningsvilja påverkas av vissa specifika lägesfaktorer.

För att undersöka lägesfaktorernas påverkan har en deduktiv metod använts med både kvantitativa och kvalitativa delar. Den kvalitativa delen är intervjuer med flera... (More)
Marknaden för kontor är till stor del beroende av läget av fastigheterna. Det finns stora skillnader i hyresnivåer mellan olika lägen och vad som gör att företag har en högre betalningsvilja för vissa lägen beror på flera lägesfaktorer. Syftet med studien är att identifiera lägesfaktorer som har betydande påverkan på hyresnivåer. Vidare är syftet att kvantifiera och analysera värdepåverkan. Genom att ta fram ett värde på varje faktor går det att fastställa vad som utgör ett attraktivt läge och hur hyresgästers betalningsvilja påverkas av vissa specifika lägesfaktorer.

För att undersöka lägesfaktorernas påverkan har en deduktiv metod använts med både kvantitativa och kvalitativa delar. Den kvalitativa delen är intervjuer med flera aktörer inom fastighetsbranschen som är aktiva i Stockholm. Den kvantitativa delen är en fallstudie i Stockholm innerstad där data från 472 datapunkter ingår i en regressionsanalys. Framtagande av data till analysen har gjorts genom GIS-analyser. De lägesfaktorer som har undersöktes i regressionsanalysen är närhet till spårbunden trafik, centralstationen, park och CBD (Central business district). Därtill undersöks tillgång till restauranger, kontorstätheten och om fastigheten har sjöutsikt. Dessutom används uppdelning på olika stadsdelar i Stockholm för att dels se hur de olika lägesfaktorerna påverkas, dels om det finns en underliggande initial värdepåverkan beroende på stadsdelstillhörighet. Utöver de spatiala lägesfaktorerna har de två byggnadsanknutna variablerna ålder och area inkluderats i analysen.

Slutsatser från både intervjuer och regressionsanalyser är att närheten till spårbunden trafik och centralstationen har tydlig positiv värdepåverkan, framförallt närheten till spårbunden trafik, med vilket ofta menas tunnelbana. Fler faktorer som visar sig kunna höja hyran är hög kontorstäthet och tillgång till ett större antal restauranger i närområdet. Dessa positiva samband tyder på att lägen där människor vistas och där det finns ett livligt stadsrum är attraktiva och påverkar kontorshyrorna i samma område. Slutligen har inverkan av sjöutsikt och närhet till park en hyreshöjande effekt även på kontor. En fastighet med bra sjöutsikt har markant högre hyror jämfört med en annan fastighet, allt annat lika. Resultatet av undersökningen visar även på att närheten till park är lika värdehöjande som närheten till spårbunden trafik. I Stockholm är dock många områden nära parker bland stadens attraktivaste, t.ex. Humlegården och Norrmalmstorg. Därför är påverkan av parken antagligen överskattad och borde vara lägre.

Resultatet bidrar till nyttig kunskap för alla verksamma inom fastighetsbranschen. De kan vara en hjälp vid värdering, hyresförhandlingar och lokaliseringsbeslut. Huruvida olika lägesfaktorer påverkar hyran eller ej kan appliceras även på andra orter och troligtvis även deras inbördes skillnader i värdepåverkan. De kvantifierade värdena är dock endast direkt applicerbara på Stockholm innerstad då det på andra platser finns andra hyresnivåer. (Less)
Abstract
The market for offices in urban environments is largely dependent on the location of the properties. There are differences in the level of office rents depending on location, characteristics and attributes in the location. The purpose of the study is to identify the location attributes that have a significant impact on rental levels. Furthermore, the aim is to quantify and analyse the impact value for each attribute. By producing a value for each factor, it is possible to determine what constitutes an attractive location and how tenants' willingness to pay is influenced by the specific location factors.

To investigate the location factors' impact a deductive method has been used with both quantitative and qualitative elements. The... (More)
The market for offices in urban environments is largely dependent on the location of the properties. There are differences in the level of office rents depending on location, characteristics and attributes in the location. The purpose of the study is to identify the location attributes that have a significant impact on rental levels. Furthermore, the aim is to quantify and analyse the impact value for each attribute. By producing a value for each factor, it is possible to determine what constitutes an attractive location and how tenants' willingness to pay is influenced by the specific location factors.

To investigate the location factors' impact a deductive method has been used with both quantitative and qualitative elements. The qualitative part involves interviews with several people engaged in the real estate sector and who are active in Stockholm. The quantitative part is a case study in Stockholm inner city, where data from 472 data points were included in a regression analysis. Geographic information systems (GIS) has been used to develop data and quantify the location attributes. The location factors that have been studied in the regression analysis are proximity to public transport, the main train station, parks and the Central Business District (CBD). Furthermore access to restaurants, office density and if the property has water view are explanatory variables in the regression analysis. Additionally the data points have been divided into different neighbourhoods in Stockholm, partly to see how the different location factors are affected and whether there is an underlying initial value impact depending on the district connection. In addition to the spatial location factors, two building-related attributes have been included, the buildings’ age and area.

The conclusions from both the interviews and the regression analysis are that the proximity to public transport and the central station has a clear positive impact on value, especially closeness to public transport, which often meant metro. Other factors that prove to be able to raise the rent are high-density of offices and access to a larger number of restaurants in the immediate area. These positive correlations suggest that locations with a lively and dynamic urban space are attractive and are having an effect on office rents. Finally, the influence of the water view and proximity to parks has a positive effect on the office rents. A property with good water views have significantly higher rents compared to another properties, all else being equal. The results of the study also show that the proximity to the park is just as high an impact value as proximity to public transport. In Stockholm, however, there are many parks in the city's most attractive areas, for example, Humlegården and Norrmalmstorg. Therefore, the impact of the park probably overestimated and should be lower.

The results contribute to knowledge that is useful for everyone involved in the real estate business. The results can be helpful in valuation, rent negotiations, and location decisions. The conclusions on whether the different location factors are affecting the rent or not, can be applied in other cities and urban environments and probably also their mutual differences in value impact. The quantified values are only directly applicable to Stockholm's inner city since other places have other rental levels. (Less)
Please use this url to cite or link to this publication:
author
Resvik, Frida LU and Rex, Johan LU
supervisor
organization
alternative title
Spatial value impact on office rents
course
VFT920 20151
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Kontor, läge, hedonisk regressionsanalys, lägesfaktorer, Stockholm, Geografiska informationssystem, GIS, Office rents, location, spatial variation, hedonic regression analysis, Geographic information systems
other publication id
ISRN/LUTVDG/TVLM/15/5332 SE
language
Swedish
id
7699200
date added to LUP
2015-08-24 14:09:11
date last changed
2015-08-24 14:09:11
@misc{7699200,
  abstract     = {The market for offices in urban environments is largely dependent on the location of the properties. There are differences in the level of office rents depending on location, characteristics and attributes in the location. The purpose of the study is to identify the location attributes that have a significant impact on rental levels. Furthermore, the aim is to quantify and analyse the impact value for each attribute. By producing a value for each factor, it is possible to determine what constitutes an attractive location and how tenants' willingness to pay is influenced by the specific location factors.

To investigate the location factors' impact a deductive method has been used with both quantitative and qualitative elements. The qualitative part involves interviews with several people engaged in the real estate sector and who are active in Stockholm. The quantitative part is a case study in Stockholm inner city, where data from 472 data points were included in a regression analysis. Geographic information systems (GIS) has been used to develop data and quantify the location attributes. The location factors that have been studied in the regression analysis are proximity to public transport, the main train station, parks and the Central Business District (CBD). Furthermore access to restaurants, office density and if the property has water view are explanatory variables in the regression analysis. Additionally the data points have been divided into different neighbourhoods in Stockholm, partly to see how the different location factors are affected and whether there is an underlying initial value impact depending on the district connection. In addition to the spatial location factors, two building-related attributes have been included, the buildings’ age and area.

The conclusions from both the interviews and the regression analysis are that the proximity to public transport and the central station has a clear positive impact on value, especially closeness to public transport, which often meant metro. Other factors that prove to be able to raise the rent are high-density of offices and access to a larger number of restaurants in the immediate area. These positive correlations suggest that locations with a lively and dynamic urban space are attractive and are having an effect on office rents. Finally, the influence of the water view and proximity to parks has a positive effect on the office rents. A property with good water views have significantly higher rents compared to another properties, all else being equal. The results of the study also show that the proximity to the park is just as high an impact value as proximity to public transport. In Stockholm, however, there are many parks in the city's most attractive areas, for example, Humlegården and Norrmalmstorg. Therefore, the impact of the park probably overestimated and should be lower.

The results contribute to knowledge that is useful for everyone involved in the real estate business. The results can be helpful in valuation, rent negotiations, and location decisions. The conclusions on whether the different location factors are affecting the rent or not, can be applied in other cities and urban environments and probably also their mutual differences in value impact. The quantified values are only directly applicable to Stockholm's inner city since other places have other rental levels.},
  author       = {Resvik, Frida and Rex, Johan},
  keyword      = {Kontor,läge,hedonisk regressionsanalys,lägesfaktorer,Stockholm,Geografiska informationssystem,GIS,Office rents,location,spatial variation,hedonic regression analysis,Geographic information systems},
  language     = {swe},
  note         = {Student Paper},
  title        = {Lägesfaktorers inverkan på kontorshyror},
  year         = {2015},
}