Back to Search
Start Over
Alternative Approaches to Commercial Property Price Indexes for Tokyo
- Source :
- Review of Income and Wealth. 63:492-519
- Publication Year :
- 2016
- Publisher :
- Wiley, 2016.
-
Abstract
- The paper studies the problems associated with the construction of price indexes for commercial properties that could be used in the System of National Accounts. Property price indexes are required for the stocks of commercial properties in the Balance Sheets of the country and related price indexes for the land and structure components of a commercial property are required in the Balance Sheet accounts of the country for the calculation of the Multifactor Productivity of the Commercial Property Industry. The paper uses a variant of the builder’s model that has been used to construct Residential Property Price Indexes. Geometric depreciation rates are estimated for commercial offices in Tokyo using assessment data for REITs. The problems associated with the decomposition of asset value into land and structure components are addressed. The problems associated with depreciating capital expenditures on buildings and with measuring the loss of asset value due to early retirement of the structure are also addressed.
- Subjects :
- Macroeconomics
Economics and Econometrics
050208 finance
National accounts
Depreciation
05 social sciences
Commercial property price indexes, System of National Accounts, Balance Sheets, methods of depreciation, land and structure price indexes, demolition
jel:C23
jel:D12
Multifactor productivity
jel:C43
jel:E31
jel:R21
Price index
Real estate investment trust
0502 economics and business
Value (economics)
Econometrics
Economics
jel:C2
Balance sheet
Asset (economics)
050207 economics
Commercial property price indexes, System of National Accounts, Balance Sheets, methods of depreciation, land and structure price indexes, demolition depreciation
Subjects
Details
- ISSN :
- 00346586
- Volume :
- 63
- Database :
- OpenAIRE
- Journal :
- Review of Income and Wealth
- Accession number :
- edsair.doi.dedup.....a42dec9045fb7afe9ec4b070f46c28f2