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THE RENTAL RATE PRICING MODEL IN THE MARKET OF INDUSTRIAL AND WAREHOUSE REAL ESTATE IN ST. PETERSBURG

Student: Nichiporuk Nelli

Supervisor: Varvara Nazarova

Faculty: Faculty of Economics

Educational Programme: Bachelor

Final Grade: 8

Year of Graduation: 2014

<p>Graduate work on &quot;The rental ratepricing model in the market of industrial and warehouse real estate in St. Petersburg&quot; contains 34 figure, 5 tables, 13 formulas and 1 application . The amount of work is 88 pages. For writing the work63 source was used. Keywords: rent, rental rate, industrial and warehouse real estate, commercial real estate pricing model, a methodology for assessing the rental rate.</p><p>The current economic situation makes commercial real estate market attractive for investment. In this regardthe market of industrial and warehouse real estate of St. Petersburg is actively developing in recent years and is still far from supersaturation. The increase of vacantspace makes the problem of pricing of rental rates <strong>actual</strong>.</p><p>The currently existing methods of formation of rental rates are not applicable to objects considered in the work. And research on the subject conducted mainly for the office segment or according to the Moscow market, it leads to the <strong>novelty of the work.</strong></p><p><strong>The goal</strong> of this work is to improve the existing models of calculation of rents in the commercial property market and its adaptation to the market of industrial and warehouse real estate in St. Petersburg. The <strong>object</strong> of this study is the market of industrial and warehouse real estate in St. Petersburg, and the <strong>subject</strong> - the formation of the rental rate.</p><p>A result of studying of modern methods of formation of rental rates wasthe identification of main disadvantages of models that do not let apply these models in practice today. As a result of this research, market analysis and practical knowledge it was constructeda new pricing model taking into account the features of the investigated market.</p><p><strong>The practical significance</strong> of this work is that obtained model enables to calculate close to real rental rate and can be used in practice by both the owners and the tenants of warehouse space.</p><p>The work consists of three chapters. The <strong>first chapter</strong> is devoted to the study of the theoretical aspects of the commercial real estate market. It includes identification of strengths and weaknesses of methods for calculating rental rates for non-residential premises, proposed in legislative acts of the Russian Federation.</p><p>The <strong>second chapter</strong> presents an analysis of the market of industrial and warehouse real estate as of early 2014. Based on this analysis and knowledge gained in practice, it is composed a list of characteristics that areaffect the rental rate, in our opinion. The head also contains a study of collected data for model construction.</p><p>The <strong>third chapter</strong> includes the construction of a model of depending of the rental rate on significant characteristics. Also,it isproposed the model specification, giving the possibility to calculate the percentage change in rates depending on the changes in the characteristics of the object. Obtained regressions are testing using econometric tests for errors and the possibility of practical application. The result of diagnosis and testing of the model in practice is a statement that the model is successful both in terms of econometrics and in terms of economic logic. As a result, it isproposed methodology for calculating the rental rate that is adapted to the market of industrial and warehouse real estate in St. Petersburg.</p>

Full text (added June 6, 2014) (635.27 Kb)

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