The development of commercial property prices and values analysis

Wojciech Doliński

Chapter 14 in Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, 2013, pp 97-126 from Narodowy Bank Polski

Abstract: Presented paper provides a general overview of the commercial real estate market analysis both internationally and locally, aiming to emphasize the importance of coherent market analysis and indicators in today’s international investment market. Unfortunately, the commercial real estate market lacks coherent information and limits market transparency. The availability of data enables to suggest a certain market division, varying from undeveloped non-transparent markets through developed markets with limited market data to highly transparent developed markets with price indexes. The responsibility for the task of developing market analysis of the commercial real estate sector was assumed by the private sector incl. IPD databank, research departments in big consultancies and finally CoStar and Real Capital Analytics taking over a leading role in commercial property data analysis. From the beginning of XXI century interest of market analysis shifted from pure price monitoring into researching wider market sentiments. New data products have emerged not only on the wave of a developing information economy, but also as an answer to the post-crisis global real estate reality. However, in the circumstances of lack of market indicators coupled with market uncertainty, local consultants such as valuers have to resort to various forms of benchmarking their results, including reinstatement costs or land-to-capital ratios.

Keywords: Commercial real estate; market analysis; yields; market transparency (search for similar items in EconPapers)
JEL-codes: L85 L86 R31 R33 R39 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpchp:14

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