000			01259cam a2200241 4500
001			ABS63787
008			000000n2001 000 0 eng u
035			_a(Sirsi) u111385
100			_aFrench, N.
245			_aUncertainty in property valuation: the pricing of flexible leases
260			_c2001
490			_aJournal of Corporate Real Estate _v3(1), 17-27(11)
520			_aLooks at changes since the 1980s in the treatment of capital and rental valuations. During the 1980s the market was notably uniform. Most leases were granted for a 25-year period, and rental valuation could be made by direct comparison on a pro-rata basis. Similarly, capital valuation was largely carried out by direct capital comparison. However, in the late 1990s, with emergence of more uncertain market conditions, tenants began to demand more flexible lease contracts. Argues that this new uncertainty in the market can be built into pricing models by using probability-based models. Provides examples.
590			_aABS
650			_aFLEXIBLE LEASES
650			_aLEASE PRICE
650			_aBREAK OPTIONS
650			_aWORTH
650			_aPROBABILITY
650			_aPROPERTY VALUATION
690			_aPROPERTY-PROPERTY APPRAISAL AND VALUATION
942			_n0
999			_c66360 _d66360