Chains operating on Polish market and wishing to increase their share have to adapt their concepts to even smaller mar- kets. Tesco, Carrefour and Kingﬁ sher have already developed smaller-sized stores. Completion of high-quality, down-town, third generation shopping centres caused rental growth in those locations. Prime rents in War- saw increased to the level of €90 per sq m per month, Wrocław witnessed over 35% in- crease (up to €52), rents in Poznań and Tric- ity increased by 25%. The most successful operating shopping centres want to take ad- vantage of rental growth and try to relet their space where possible at the higher rent. Rental reduction may be anticipated by tenants in less successful retail developments to compensate for smaller footfall and less turnover.
, the rent and the price of the property must be increased. This action is quite risky because the increase in price and rent of property will have an impact on the consumer to find other properties for rent. However, the plan is well said that if rent and price increase, demand and supply will be returned to order. So, we can say that an increase in rent and property prices can have an impact on the market to be in good order. Demand on the market will influence the price of property, which is a factor highlighted by the economic factor. Growth in business services employment is linked to increased demand for office space, increased consumer spending leads to increased demand for retail space, and increased production output is linked to demand for industrial space, said Ball, M., Lizieri, C., & MacGregor, B. (2012).-Yes. The author explains that the demand for office space has been influenced by the growth of employment in business services, while increasing demand for consumer spending will also influence retail space for industrial demand. This is because demand has had a huge impact on property prices, especially when the supply offer is low. According to J Flaherty's research (2014) "The capital return indices of the Australian commercialpropertymarkets (Aus Composite, Retail and Industrial Property) have significant positive correlations with inflation (CPI), the demand side of the economy (GDP and NCE) and the supply side of the economy (APV and CMC)." The author explains that the economic factor, such as inflation, demand and supply, has a significant positive relationship with the return on commercial capital of the property, because, when inflation occurs, the price of the property tends to increase due to high demand while the supply of the property is low, resulting in a higher return on capital of the commercialproperty.
This lengthening of the trough of the supply cycle lead to an overreaction in the market once the level of retail demand became clear. Real rental growth combined with falling yields to increase the capital value of completed retail developments. Falling real interest rates and the expansion of the availability of credit combined with these market factors to generate a sharp increase in the level of construction orders in 1986 (see fig 3.24). The relaxation of development control policy since 1984 would have further contributed to this massive expansion of supply in the late 1980's and early 1990's had it not been for the reluctance of many local authorities to allow massive retail developments (Rydin et al. 1990), particularly in out of town locations. The trend towards developing this type of scheme, although not the only type of retail development being undertaken, nonetheless created an explosion in the amount of retail space due to come onto the market from 1986 onwards;
The style of interviewing used in this study took the form of a semi-structured conversation between the present researcher and the participants; focusing on the latter’s perceptions and experiences. Interviews, according to Yin (1994), are particularly useful in generating evidence to support the case studies and, in the context of this research, provided an opportunity for the subjects to construct the reality around them and provide important insights into how they interpreted and reasoned through the commercialproperty valuation. Merriam and Tisdell (2015) also noted that the use of interviews is necessary when data about belief, perceptions, opinion and feelings cannot be observed as in the case of this research. Although case-study interviewers normally use an unstructured interview techniques, most commonly, to adapt and explore interesting areas of discussion in greater depth (Burns, 1994), in this study, a more-focused format with broad questions forming an interview outline guide was used as a general focus, but altered when necessary to allow for flexibility of both questioning and response. In essence, the questions were only prompts to facilitate access to personal experiences and to keep the conversation flowing, but were not used rigidly. The general question outlines are included in Appendix B.
For the past 5 years the Government has published a vacancy statistic for each local authority by analysing the rateable values and the amount of relief granted to occupiers and owners of hereditaments each year (ODPM, 2005b). The statistic is derived from data that are collected annually from each local authority on the financial amount of relief given to businesses. However, because the primary purpose of these data is revenue calculation by the Treasury, only the total amount of relief given by each local authority is recorded. This means that the vacancy statistic will underestimate the total number and value of vacant property since some will only be receiving 50% relief as explained above. Therefore, an adjustment is made to estimate the total value of relief as if all premises had received 100% relief regardless of how long they had been vacant. The assumptions underlying this adjustment are as follows. The amount of relief given to premises that are vacant for less than 3 months, and therefore receive 100% relief, is estimated. Based on more detailed information provided by several local authorities, it is estimated that on average 3% of all commercial and industrial property in a typical local authority area is likely to be vacant for less than 3 months at any time. Therefore 3% of the total gross rates payable is taken as an estimate of the amount of relief that is going to properties vacant for less than 3 months and this amount is deducted from the total relief, leaving a ‘residual’ relief given to premises vacant for more than 3 months. This residual relief figure is then adjusted to take into account that shops and offices are only permitted 50% relief. Using the Commercial and Industrial Floorspace and Rateable Value Statistics, it is possible to estimate how much of the residual relief is likely to be from each bulk class by assuming that the proportion of rateable value that relates to vacant properties will be the same within each bulk class. The relief given to retail and offices is then multiplied by two to provide an estimate of the true value of vacant premises. Finally the estimates of relief from short-term and long-term vacant from retail and offices, and long-term vacant from warehouses and factories are added together to give a total estimate of the value of properties in each local authority. The proportions of vacant properties are calculated by taking this total relief estimate as a percentage of the total Business Rate paid to the Government by the local authority. Although the vacancy statistics are not fully accredited—and are therefore referred to as ‘experimental statistics’ by the Office for National Statistics—they are available online (www.statistics.gov.uk). For England the percentage of commercial and industrial properties that were vacant in 2000/01 (April 2000–March 2001) was 7%, and in 2001/02 and 2002/03 it was 8%. For Leeds the respective figures were 9%, 10% and 11%.
supermarkets type, discount and cash & carry markets, of which coming out has been determined by economic necessities, the need of new commercial spaces, a result of the great trading development, due to the rapid growth of the city population, the need to concentrate the trade within polyvalent centers, due to the needs of an urban life in full development, as well as the issuing of new construction materials that should allow the fast building of the commercial centers, at low costs. Having a long tradition in the countries in the Western and Central Europe, inspired by the example of the American commercial center (USA), the European commercial center is present on the Romanian market after the “post December” period (1989), when this one turns wide open for the foreign retail companies and groups ( for ex. Domo in Bucarest, in 1994– mix capital, Metro in Bucarest, in 1996, Billa in Bucarest in 1999, Selgros in Brasov, in 2001, Kaufland, in 2004, Real, in 2006 etc.).
This should represent the full cost rebuilding the Building(s) to a condition equivalent to when new, including an allowance for the cost of Debris Removal, Professional Fees and any Increased Cost of Construction expenses that would be required in order to reinstate the Property were it to be completely destroyed.
DoD policy is to require delivery of only the technical data and computer soft- ware necessary to satisfy agency needs. The Government should avoid requiring delivery of technical data and computer software “just in case.” Rather, to ac- commodate potential future needs for technical data and computer software, the Government might explore contingency-based delivery requirements, like a spe- cial contract provision that would define the types of technical data and computer software that the Government might wish to order in the future. Also, with regard to technical data and computer software deliverables, the delivery needs or re- quirements should be separated from the technical data and computer software that is needed only for viewing (e.g., other programmatic data in the contractor’s facility). When acquiring software, rights in that software are the primary deliver- able to the Government. For commercial technical data and computer software, the Government should seek only that data normally provided to a commercial customer—typically far less than that provided under traditional DoD contracts. As a general rule under Government contracts, the contractor-developer is al- lowed to retain ownership of the technical data and computer software it deve l- oped; and the Government receives only a license to use that technical data and computer software. DoD does not “own” the technical data and computer soft- ware included in deliverables, even if the Department paid for 100 percent of the development costs. The scope of the license depends on the nature of the technical data and computer software, the relative source of funding for development, and the negotiations between the parties.
Food is a necessity, not only to Filipino households but also to everyone. The common denominator to each Filipino households is the inclusion of rice in every meal, from breakfast through lunch to dinner. Rice is a staple food to every Filipinos. That is why changes the retail price of rice affects mainly the consumers.
in five local markets: Buffalo, Rochester, Syracuse, Albany, and New York City. The survey’s findings show that several banks currently post uniform rate schedules for savings accounts, retail time deposits, auto loans, and home equity lines of credit across New York State (Table 1). 11 Key Bank sets identical rates for all five cities. Chase Manhattan Bank’s rates, while differing from Key Bank’s, are also uniform across these same cities. (It is very important to note, however, that because banks engage heavily in product differentiation through office locations and level of service, rates do not converge across competitors in the same market.) Marine Midland Bank and Fleet Bank post rates that differ from their competitors’ rates but are uniform across Buffalo, Rochester, Syracuse, and Albany, a
Finally, we allow the manufacturer to set non-linear contracts to her retailers. We show that our main conclusion, namely that manufacturers may benefit from choosing asymmetric contracts across different retailers when retailers compete in consumer mar- kets, continues to hold if manufacturers choose two-part tariffs. In this setting, when restricting the manufacturer to symmetric contracts, her rents are non-monotonic in the fraction of shoppers: she may extract monopoly rents both when all consumers are shoppers (Bertrand competition in the retail market) and when all consumers are non-shoppers, but not in between. Retail price dispersion creates noise in the man- ufacturer profit function, restricting the rents she can extract. By treating retailers asymmetrically, the manufacturer eliminates the retail price dispersion (and the noise from his perspective). We show that for intermediate values of the fraction of shoppers, the manufacturer may benefit behaving this way.
An insurance policy is only as good as the service provided when a claim occurs. With ACE retail the customer can rest assured that the service provided will be amongst the best in the market. We have a dedicated claims team with the knowledge and expertise the retailer needs, and an enviable reputation for fair and efficient payment. A 24-hour claims line provides instant help when it’s most needed. Offering guidance on immediate steps to be taken and co-ordinating a loss mitigation programme the helpline takes away the burden of what to do when the unthinkable happens. The claims line number is 0870 400 0400.
The commercial dashboard maximises efficiency and transparency by allowing you to see property tasks and performance in a single user-friendly interface. Your property managers can track critical dates, pending lease workflow actions, work orders summaries, and access to key reports like stacking plans. All with the ability to drill-down to transaction level detail.
The Trust is a collective investment scheme within the meaning of section 235 of the Financial Services and Markets Act 2000 (“FSMA”). The Trust is not an authorised unit trust scheme, OEIC, or recognised scheme and therefore constitutes an unregulated collective investment scheme. As an unregulated collective investment scheme, distribution and promotion of the Trusts’ units is restricted for the purposes of sections 21 and 238 of the FSMA to persons who are themselves authorised under the FSMA or who otherwise fall within the categories or exceptions made under sections 21 and 238. Accordingly, this material is directed at existing investors in this Trust only and should not be relied upon by persons of any other description. In any case, a recipient who is in any doubt about investment in the Trust should consult an authorised person who specialises in investments of this nature.
markets which still play a vital role in the life of Londoners particularly the poorest ones. A recent report from 2015 counts 99 markets for central and inner London (Cross River Partnership, 2014) and a previous report from 2010 on the whole London reported 162 markets (Regeneris, 2010). In inner and central London, the turnover of markets in 2014 is estimated at £360m per annum (Cross River Partnership, 2014). What emerges from various recent policy reports is that markets in London (street and indoor) are in a moment in transition. There has been a growth in the number and turnover of markets but this is mainly amongst privately run and owned markets (not municipal) and the more niche and type of markets catering for a wealthier clientele: farmers markets, speciality markets, street food, craft markets, etc. There is also a trend of municipal markets to switch to private operators. From 2008 - 2014 there has been an increase of 9% in private markets in London (from 30 to 39) (Cross River Partnership, 2014) and a decline of local authority run markets from 70% to 54%. The model markets that are often signalled in the policy literature and media as successful are Spitafield, Borough, Candem, Portobello, all either tourist destinations or redeveloped markets. The more traditional kind of markets, generally run by local authorities seem to do less well and these are also the ones more likely to be located in deprived communities (Regeneris, 2010: p.28). To explain the decline of the traditional type of London market, reports highlight changing consumption patterns (the raise of internet, the power of the big supermarkets) but also the lack of investment by local authorities (Cross River Partnership, 2015; Regeneris, 2010). Additionally, in London many markets are in key central locations and suffer pressure from local authorities and developers to be displaced to realise the high land values to build something else instead (Gonzalez and Dawson, 2015).
The financial markets act as a link between these two different groups. It facilitates this function by acting as an intermediary between the borrowers and lenders of money. So, financial market may be defined as „a transmission mechanism between investors (or lenders) and the borrowers (or users) through which transfer of funds is facilitated‟. It consists of individual investors, financial institutions and other intermediaries who are linked by a formal. A financial market consists of two major segments: (a) Money Market; and (b) Capital Market. While the money market deals in short-term credit, the capital market handles the medium term and long- term credit, two types of f markets in detail.
In this study the average pH values of the anchovies obtained from Region I, Region II, and Region III were 6.06, 6.00 and 5.87 respectively. Baygar and Özden (2004) reported pH value for anchovies as 6.21. In another study the average pH values of anchovies were regarded as 6.08 in fall, 6.15 in winter, and 6.20 in spring (Türker et al., 1999). The results are similar to that of ours study. The average pH value of horse mackerels obtained from Region I was 6.24, and it was 6.19 for the samples obtained from the other regions of Istanbul. Özden and Baygar (2003) obtained horse mackerels from the markets in Istanbul and reported the pH the value as 6.04. In another study, the pH value of Trachurus murphy selling in Valdivia, Chile was 6.29 (Schoebitz et al., 1985). It was mentioned that, pH values of the fresh fish are between 6.00 and 6.50, the limit of acceptability is between 6.80-7.00 (Baygar, et al., 2002; Connell, 1980; İnal, 1992). In our study pH values were lower than 7.00 for all samples and they were in acceptable quality.
Forecasts are used to improve decision-making and planning. Even though forecasts usually contain some degree of error, it is better to have the limited information provided by a forecast than to make decisions in total ignorance about the future. While all real estate forecasting is subject to some degree of uncertainty, a high degree of sophistication has been developed over recent years, with a range of advanced quantitative and qualitative procedures now used by institutional investors in real estate forecasting. Such procedures include judgmental, causal/econometric and time series/trend analysis procedures (Higgins, 2000). There have been numerous studies on property forecasting in recent years. However, in many forecasting situations, the uses of statistical and econometric models are either impractical or impossible. This may be because obtaining the necessary historical, economic or technical data can be costly or impossible. Furthermore, econometric models will usually be more useful in forecasting certain elements real estate sector, such as rents, demand and supply or house prices, but not the property market as a whole. To highlight the need for accurate property forecasting in Malaysia, a significant registry of commercialproperty in Malaysia needs to be established. The property sector in Malaysia has shown significant growth since the 1997 Asian financial crisis, as well as the recent GFC. Basically, forecasting techniques can be separated into two general categories – quantitative and qualitative methods. Quantitative forecasting methods use historical data to predict the future; accordingly this requires access to large amounts of data. This technique can then be further categorised into either the time-series or the causal method. According to Sharma (2007), qualitative methods consist of collecting the opinions and judgments of individuals who have expertise in a certain area to predict future events.
Previous studies of property depreciation have frequently focused on restricted geographical areas. This is partly due to data limitations, stemming from confidentiality issues and the complexities of assembling a comprehensive dataset from disparate sources. Using rental value data supplied by IPD, data from the Hillier Parker Rent Index, and other property-specific information from the research consortium of sponsors, the College of Estate Management undertook a large-scale, national study of rental depreciation in the commercial and industrial property sectors and ‘newer’ property types, such as shopping centres, retail warehouses and office parks. The research, which was carried out in 1996-97, sought to analyse the process of depreciation, its effect on the performance of rents, and the impact of capital expenditure on depreciation, and involved more than 700 properties. This report summarises the results from the research and focuses particularly on offices.
Similar trends in vacancy rates are evident in the euro area, especially for Germany. Private sector bodies forecast office vacancy rates in major German cities to peak in 2011, two years after the trough in German GDP. For the other major euro area economies, they expect vacancy rates to peak in either 2010 or 2011, consistent with the relative speeds of economic recovery, but later than the recoveries in GDP. In the United Kingdom, office vacancy rates in London are forecast to decline more rapidly than in other major markets but are expected to remain above 10 per cent in 2011. Default probabilities are arguably more cyclically sensitive for CRE loans than for residential mortgages. Defaults on CRE lending tend to be bunched in cyclical downswings, more so than defaults on residential mortgages. The main reason for this is the cyclicality of defaults on lending for construction projects described above. In addition, defaults by buy-and-hold investors are also highly cyclical, because they are usually not owner-occupiers. They therefore face the risk of a sudden loss of rental income should the tenant move out, which is more likely in an economic downturn, when more firms are failing or otherwise shedding labour. If the value of the property has also fallen below the size of the loan, these borrowers might make themselves better off by defaulting. Owners of CRE are thus typically more likely to default in a downturn than home-owning households, who derive the same real benefit from living in their home regardless of its price. Only a small minority of home mortgage borrowers in negative equity actually default, even in the United States where lenders frequently do not pursue defaulters for any deficiency between the collateral value and the loan amount (despite the law allowing them to do so in most jurisdictions). 1