TY  - JOUR
AB  - This paper – the second half of a two‐part paper – constructs a notional property index for the German office market. The returns from this index are subject to numerous adjustments in order to produce a cash flow which reflects annual indexation changes in rent and possible reviews to open market levels at appropriate intervals, depending on the terms of the lease contracts and the rise and fall of office rents over time. The lease contracts modulate the relationship between changes in market rents and yields in the German office market (as recorded by the relevant published notional index) leading to capital value movements of the hypothetical portfolio. Attempts have also been made to take account of the effects of non‐recoverable operating costs, although depreciation and letting voids were not accounted for.
VL  - 19
IS  - 3
SN  - 1463-578X
DO  - 10.1108/14635780110387637
UR  - https://doi.org/10.1108/14635780110387637
AU  - Turner Neil J.K.
AU  - Thomas Matthias
PY  - 2001
Y1  - 2001/01/01
TI  - Property market indices and lease structures – the impact on investment return delivery in the UK and Germany: Part II
T2  - Journal of Property Investment & Finance
PB  - MCB UP Ltd
SP  - 296
EP  - 322
Y2  - 2024/05/11
ER  -