Ranking of Office Lease Options by Multi-Criteria Methods
Due to the growing scales of business and internationalisation, the issue of the office lease is becoming more and more relevant for companies. They are becoming an inherent part of business, on which the results of the commercial activity depend. Currently existing methodologies for the assessment of the office lease options are imperfect as they lack complexity; they are not associated with the objective of the lease - the improvement of the business results; the methods of the quantitative assessment of lease options are far from perfect. The paper aims at formulating the hierarchical indicator system of commercial real estate facilities (offices) adjusted for the multi-criteria assessment and at calculating the lease options based on this indicator system. To achieve this goal, the following methods have been used: scientific literature analysis and multi-criteria assessment methods. (original abstract)
- Alonso, W. (1964). Location and Use Toward a General Theory of Land Rent. Harvard University Press.
- Čeh, M., Viitanen, K., & Peruš, I. (2012). A non-parametric CAE approach to office rents: Identification of Helsinki metropolitan area submarkets. Expert Systems with Applications, 39(1), 460-471.
- Di Pasquale, D., & Wheaton, W. (1992). The markets for real estate assets and space: a conceptual framework. American Real Estate and Urban Economics Association, 20, 181-197.
- Dunse, N., & Jones, C. (1998). A hedonic price model of office rents. Journal of Property Valuation and Investment, 16(3), 297-312.
- French, N., & Wiseman, G. (2003). The price of space: the convergence of value in use and value in exchange. Journal of Property Investment & Finance, 21(1), 23-30.
- Ginevičius, R. (2007a). Hierarchical structuring of processes and phenomena. Busines: Theory and Practice, 8(1), 14-18.
- Ginevičius, R. (2007b). Generating a structural system of criteria for describing a complicated phenomenon. Busines: Theory and Practice, 8(2), 68-72.
- Ginevičius, R. (2009). Some problems of quantitative evaluation of the state of social-economic system. Busines: Theory and Practice, 10(2), 69-83.
- Ginevičius, R., & Podvezko, V. 2005. Generation of a set evaluation criteria. Business: Theory and Practice, 6(4), 199-207.
- Ginevičius, R., Podvezko, V., & Mikelis, D. (2004). Quantitative evaluation of economic and social development of Lithuanian regions. Ekonomika: mokslo darbai, 65, 67-81.
- Hwang, C.L., & Yoon, K. (1981). Multiple attribute decision making- methods and applications. A state of the art survey. Berlin, Heidelberg, New York: Springer Verlag.
- Khamkanya, T., Heaney, G., & McGreal, S. (2012). Scenariobased approach to office occupancy analysis. Property Management, 30(4), 333-350.
- Mills, E.S. (1972). Studies in the structure of the urban economy. Baltimore: The John Hopkins Press.
- Muth, R. (1968). Cities and housing. Chicago: University of Chicago Press.
- Nase, I., Berry, J., & Adair, A. (2013). Real estate value and quality design in commercial office properties. Journal of European Real Estate Research, 6(1), 48-62.
- Ncube, M., & Riffat, S. (2012). Developing an indoor environment quality tool for assessment of mechanically ventilated office buildings in the UK - A preliminary study. Building and Environment, 53, 26-33.
- Pagourtzi, E., Assimakopoulos, V., Hatzichristos, T., & French, N. (2003). Real estate appraisal: a review of valuation methods. Journal of Property Investment & Finance, 21(4), 383-401.
- Peng, C., Ali A.S., & Ahmad, F. (2014). Improving occupants' satisfaction with effective maintenance management of HVAC system in office buildings. Automation in Construction, 43, 31-37.
- Podvezko, V. (2008). Comprehensive evaluation of complex quantities. Business: Theory and Practice, 9(3), 160-168. doi: 10.3846/1648-0627.2008.9.160-168
- Saaty, T.L. (1980). The analytic hierarchy process. New York: McGraw Hill.
- Wagner, A., Lützkendorf, T., Voss, K., Spars, G., Maas, A., & Herke, S. (2014). Performance analysis of commercial buildings. Results and experiences from the German demonstration program 'Energy Optimized Building (EnOB)'. Energy and Buildings, 68, 634-638.
- Zhang, X. (2015). Green real estate development in China: State of art and prospect agenda - A review. Renewable and Sustainable Energy Reviews, 47, 1-13