Measuring Depreciation in European Office Markets - Just Another Valuation Problem?

摘要: In 2005, a research team from the University of Reading and Investment Property Databank funded by IPF/IPF Education Trust produced set depreciation rates for UK property investment market including rental extent capital expenditure necessary to keep reported figures (IPF, 2005). The was based on definitions measurement processes developed Law (2004). This paper extends this work number European office markets (Amsterdam, Paris, Stockholm, Frankfurt, Dublin London) where long-run data values both sample held non-depreciating benchmark exists. is within IPD two firms international consultants, CBRE AtisReal. analysed individual records over 500 properties continuously 10 years (8 in Paris) full available each property. addition reporting year using longitudinal method, also analyses different age cohorts locations city attempt explain patterns depreciation. It investigates changes samples benchmarks. final analysis reveals issues questions concerning approach valuations across countries adding increasing literature area.