Abstract
A valuation approach is presented to price flexible leases with expansion, contraction, and/or cancelation options from the corporate tenant perspective. This model uses the real option valuation approach and determines the flexibility value or the option premium of a lease. This premium is the maximum amount of money that the tenant is willing to invest in incorporating a specific flexible feature in the leasing arrangement. Our model considers uncertainty in the rental market, as well as uncertainty about the firm's required workspace in an integrated valuation framework. Santruka Pristatomas vertinimo metodas, kaip iš komercinio nuomininko perspektyvos ikainoti lanksčiaja nuoma su galimybe didinti arba mažinti plota ir (arba) atsisakyti nuomos. Šiame modelyje, taikant realiu pasirinkimo sandoriu vertinimo metoda, nustatoma nuomos lankstumo verte arba priemoka už galimybe rinktis. Ši priemoka ‐ tai maksimali pinigu suma, kuria nuomininkas pasiruošes investuoti, idant i nuomos susitarima galetu itraukti konkretu punkta del lankstumo. Mūsu modelyje i nuomos rinkos netikruma ir i netikruma del imonei reikiamo darbo ploto atsižvelgiama taikant kompleksine vertinimo sistema.
Highlights
Uncertainty has become an increasingly important subject in workspace planning of modern enterprises
Corporate real estate professionals and facility managers are under increasing pressure to quickly meet dynamic workspace needs by spending less corporate wealth
One of the most important strategies for corporate real estate and facility management professionals is to consider the use of innovative, flexible leases
Summary
Uncertainty has become an increasingly important subject in workspace planning of modern enterprises. Flexible features in leases work as appropriate strategies for corporate tenants to cope with workspace uncertainty in the volatile business environment of the 21st century, i.e., a tenant agrees to pay a premium to a landlord to incorporate a specific flexibility in its lease. This flexibility is in the form of an embedded option in the lease that gives the tenant specified right but not the obligation to exercise the option when it is financially sound.
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