Assessment of location and building quality for office real estate for investors point of view

Hans Peter Schelkle

ERES from European Real Estate Society (ERES)

Abstract: Real estate investment decisions are essentially based on calculations of profitability, whereas the payments caused by the property are appraised. In addition to the market situation the quality of the location and the building has in particular a strong influence on the payments. There is an existing number of problems because of the fact, that quality could not directly be measured and that quality also has only an indirect influence on the payments. Due to the complexity and the dissimilitude of real estate, suitable quality characteristics have to be determined and a measuring system, that enables an objective and traceable assessment of quality has to be used. Divers targets of owners and users of office buildings result in miscellaneous requirements with the consequence of different assessment and weighting factors. A consistent assessment of quality does a priori not exist. The aim of the paper is, to examine and to compare available systems and lists of questions to the assessment of location and building quality for office real estate. The paper points out, which systems and lists of questions are most suitable for the investors view.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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