Netzell, Olof - In: Journal of Property Research 26 (2009) 3, pp. 235-263
This paper explores how appraisal‐based going‐in and exit capitalisation (cap) rates vary on the micro‐level, i.e. how they differ from property to property. The studied database consists of 3022 discounted cash flow market valuations of office properties in Stockholm, Gothenburg and...