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This paper presents a hedonic office rent model under the decentralized structure of Istanbul Office Market. The data set in the study includes 2,348 office spaces for the first quarter of 2018. This study aims to find determinants that affect the level of rent and examine whether the effects of office rent determinants are global or not.

To consider both global and local effects, the paper uses mixed geographically weighted regression approach in hedonic office rent analysis.

The empirical results indicate that office rent determinants such as physical, locational, neighborhood and market operational characteristics have significant impacts on the level of the rent. The findings also show that one of the office rent determinants has a global effect and the other determinants have local effects. According to the estimation results, local effects and statistical significances of these determinants vary from lower quartiles to upper quartiles.

To the best of the authors’ knowledge, this is the first paper to consider global and local effects of office rent determinants on the level of rent, with mixed geographically weighted regression approach. The paper provides new insights into the hedonic valuation of commercial real estates, especially for decentralized office markets.

In this paper, it is argued that neo‐classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound theoretical and technical arguments for segmenting office markets into distinct submarkets. It is further argued that submarkets, rather than being based on prior knowledge of agents or researchers, should be derived empirically. As an illustration the authors use principal components analysis and cluster analysis to construct office submarkets. The results reported are based on the analysis of a unique dataset of asking rents, physical and locational characteristics of properties on the market in the cities of Glasgow and Edinburgh in the 1990s. From the empirical evidence, it is clear that different factors are important in influencing the structure of the office market in Scotland’s major urban centres.

This paper reports the results from the first stage of a research project that examines changes in urban office occupiers’ space requirements and their impact on the structure of urban office markets. The specific objectives of the project are to compare occupiers’ trade‐offs and preferences between submarkets in the Edinburgh market and to look at the way in which agents influence the process by which occupiers are matched to space in particular submarkets. The results discussed are based on two surveys: first we analyse a detailed survey of office occupiers in two office submarkets in Edinburgh; and second, office agents are surveyed. This allows us to compare their perception of occupiers’ space requirements with those expressed by respondent occupiers. The results suggest that agents’ knowledge of occupier preferences vary across submarkets and that, in particular, they are less well informed about occupiers’ preferences in non‐traditional submarkets.

The aim of this study is to add to the emerging knowledge base in the UK and be of relevance to land use planners and all stakeholders in property taxation. Urban green open spaces are valuable environmental resources often associated with positive influences for quality of life and property value.

Using a hedonic pricing specification, this paper measures the proximate effect of public green space on residential property value. It examines the relationship between 3,854 residential sales transactions and public green spaces across the Belfast housing market gathered from Land and Property Services throughout the year 2011 showing the percentage effect on property value with respect to distance to public green spaces.

The results show that, ceteris paribus, urban green space has a significant positive impact on proximate residential properties sale price for the terrace and apartment sectors and that terrace and apartment property located closer to public green spaces achieved increases in sale price of up to 49 per cent. Adjacency to green open space produced significant property value premiums in only two of the four housing types analysed, with limited statistically significant proximate effects evident for the detached and semi-detached sectors, a finding which has important social and public policy implications.

A number of empirical studies have demonstrated that public green space, such as urban parks, have a positive impact on property values. However, there is a paucity of empirical research on this relationship in the UK. This study serves to address this gap by examining the effect of public green spaces on house price within the medium-sized regional city in the UK.

Property markets are considered efficient when the market price of a transacted property equates with its market worth. If this condition holds then identical properties should sell or let for the same price. However, properties are heterogeneous, and information and operational constraints exist. Consequently, events in the transaction process and factors like time on the market, buyer and seller psychology and agent behaviour influence property prices, whereas in a perfectly efficient market they would have no impact. This gives rise to similar units selling for different prices. This paper examines the relationships between commercial property prices and time on the market for property. Tests fail to find evidence of a direct relationship between time on the market and transacted rents, time on the market and asking rents, and asking rents with transacted rents. The reason for the insignificant results could be because landlords would rather offer potential tenants non‐price incentives such as rent‐free periods, rent break clauses, shorter leases or fitting‐out costs to achieve a faster let than discount the agreed contractual rent. A more detailed examination of the physical, location and market conditions that determine the expected time on the market for a property to let is undertaken. Results suggest that the state of the property market is an important influence on the time it takes to let a property, and concurs with the evidence found in housing studies. With the support of our empirical findings and evidence from the housing market, we conclude that including measures of non‐price incentives, landlords’ motivation, tenants’ characteristics, and search costs in our model may explain the relationship more fully.

The purpose of this paper is to establish whether a terminal value is a substantial amount of the final figure in a hotel’s valuation. Malta’s scenario has been delved into. This due to the fact that owing to Malta’s high population density and its restrictive land area, land values attract a high premium as compared with larger developed countries. Other matters such as earnings’ multipliers derived from a cap rate (initial yield), CAPEX has also been delved into.

The methodologies adopted in hotel valuation practice has been delved into. An extensive literature review is undertaken to analyse the earnings multiplier adopted by various authors over the past 30-year period. The hotel cap rate (initial yield) has been compared with similar yields adopted in the institutional and property markets and then compares to market-based data. A discussion is undertaken on the validity of adopting discounted cash flow, as against the short cut market appraisal approach. Capitalization rates, cap rates have also been referred to as obtained from the academic and practitioners field and compared. Depreciation and the anticipated annual accommodation charges have been analysed. A database of hotel rooms value over the past 20-year period has been referred.

A table outlines the earnings’ multipliers in perpetuity or for the limited expected design life for various cap rates. This data will act as a guide in guiding practitioners to establish an earnings’ multiplier to be applied in their valuation methodology. An example in the Appendix clarifies the manner in which this data table is to be utilized. The finding of this example notes that for this hotel in Malta, as constructed on private land, the terminal value for this development hovers around the 30 per cent of the market value.

This analysis is based on five valuations as undertaken on five hotels in Malta with classification grades varying from III to V. This notes that the terminal value varies within a range of 9-45 per cent of the total value. This analysis has to be undertaken for other countries for a global range of land terminal values percentages to be established.

Establishing the terminal value of a hotel business, will offer greater security for secured lending facilities required. It will further act as an important tool to establish the feasibility of a hotel development.

Updated insight is given to existing hotel valuation methodologies by delving into the workings of the earnings’ multiplier and establishes that in today’s market the terminal value of the hotel basis has to be accounted for. The above findings are based on a link between theory and practice.

Typically, studies of the occupiers' choice of office property have focused on the influence of location. Following the standard behavioural assumptions of neo‐classical economics, the firm is assumed to make the rational profit‐maximising decision on the basis of full information. All firms are implicitly assumed to be homogeneous. This general approach eliminates much of the complexity from the decision‐making process. This paper uses evidence from a survey of over 100 office occupiers in Edinburgh to examine the influence of a broader range of factors on individual firms' choice of office. Using logistic regression techniques on the survey data, the empirical analysis shows that by taking account of heterogeneity of firms, it is possible to identify the type of property occupied. Firms' decisions are closely related to their size, business type and whether the market they serve is local, regional or national.

This paper sets out to empirically test the office space choice decision of firms currently occupying offices in Suntec City, Singapore.

Empirical data on office space determinants of occupiers in Suntec City office towers were collected via a mailed questionnaire from March to June 2004. Based on a consolidated sample list of 342 firms, 61 responses from the occupiers, which represent a response rate of 17.8 percent, were received.

Based on the survey results on office space preference of occupiers in Suntec City, the mean score statistics show that image and prestige of an office location and accessibility by public transport are the two most highly ranked factors by the firms.

The selection of Suntec City as a sample case study may help to control the heterogeneity of building factor, but it will also limit the generalization of the findings. However, the results provide support to the deliberate strategies by the management to create a pro‐business environment and also to connect the space through deliberate network effects. The second limitation is the uneven distribution of sample firms by size in the survey.

In many office space choice studies, building and accessibility factors were invariably found to be significant determinants of office location. In this study, non‐location and network connectivity factors were included in the empirical tests, and they were found to be significant in influencing office space decision of selected clusters of firms in a building.

The purpose of this paper is to introduce new economic psychology theories that can explain fraud, misconduct and non-compliance that may arise from the implementation and enforcement of accounting standards codification (ASC) 805/350, international financial reporting standards (IFRS) 3R and IAS-38.

The approach is entirely theoretical. The paper analyzes existing theories about real options and enforcement of regulations/statutes, and introduces new psychological biases that can arise.

The real options approach suggested for handling the enforcement of goodwill/intangibles regulations is not effective.

The research is limited to international accounting standards board (IASB)/IFRS and financial accounting standards board (FASB) accounting standards.

The critiques and theories developed in the paper can be used in the analysis of selection of disputes for litigation, anti-corruption programs and regulation of transactions that are susceptible to fraud.

The purpose of this paper is to analyze the possibility of relying on the rental rate to price Islamic home financing product.

By comparing two models consisting of either rental rate or lending rate (LR) and selected macroeconomic variables that could influence property value, the study focuses on the Malaysian data covering the period from 1990 to 2006. The study adopts several econometric time‐series analysis, such as the autoregressive distributed lag estimates, bi‐variate Granger causality, and multivariate causality based on the vector error‐correction model.

The study finds consistent evidence that the rental price (RP) is a better alternative than the LR to price Islamic home financing product. In particular, the rental rate is found to be resilient to short‐term economic volatility, while in the long run, it is truly reflective of the economic fundamentals.

This feature of the RP renders it as a fair pricing mechanism for the Islamic home financing product. Results of this study contribute towards finding an alternative benchmark for the Islamic home financing product which is currently using the conventional interest rate as its benchmark.

To the best of the authors' knowledge, the current study is the first of its kind which provides empirical evidence for the possibility of relying on the rental rate to price Islamic home financing product.