, you report your valuations? Why? Are they your clients? 3. What are the main factors you use to value an office building?

, obtain the market value of an office building? 5. What information you need to obtain the market value? 6. Do you also consider your gut feelings? Why? Can you give me an example please? 7

, How do you proceed on your valuation when you have a very limited number of comparables? 12. How do you set the market value of the office building in this case? Can you give me an example please? 13. Have you ever reported a valuation of an office builing you were not confortable with? 14. At that moment, what goes through your mind? Do you remember any feeling you had? Can you give me an example please? 15. What are the risk factors you consider in your valuation report of an office building? How risk factors they affect to your valuation? 16. How do you proceed when you have a very short-time to value an office building? 17. Have you ever used the valuation of another expert to value a building? Why you used it? Can you give an example please? 18. Do you remember if there was much difference between expert's value and the final value you reported? 19, Why? 2 Do they affect to your valuation? How? 9. On average, how many comparables you use on your valuations? 10. At which stage you have the feeling that your market value is formed? So you stop the research for comparables? 11

, Europe est un grand marché où le bureau est le secteur le plus important 18 2 Prime Office Yield and Spread vs: Bond Yields

, Europe is a large market where office is the largest sector, p.26

, Prime Office Yield and Spread vs: Bond Yields

B. .. Time,

, The NPV as a function of the Discount Rate

C. .. Time,

, The NPV as a function of the Discount Rate

. .. Paris, Pushed Slab Building 1-11 rue Brillat Savarin, vol.54, p.75013

, Lease Expiry in sq m

.. .. Macroeconomic-data,

, Price vs: Rents and Household Income

. .. Residential-price-changes,

. .. , 89 2.2 The Historical Property Risk Premium vs. AREF Net Flows, p.89

, The Economic Approach Model. Actual, Fitted and Residual, vol.104

. .. Residual and . .. Paris, 115 2.5 Country and Property Risks for London, The Financial Approach Model. Actual, Fitted, p.134

, Estimated targets of return

. .. Pca--eigenvalues,

. Belief, . Decision-making, and . .. Behaviour,

, High Factor Correlation Scores along with the Cronbach's Alphas obtained in table 5

B. .. , List of Tables 1.1 The Net Present Value of Buildings A, p.42

C. .. , The Net Present Value of Buildings A, p.45

. .. Abc-fund-overview,

, Key Elements of the Fund Strategy

R. .. Assumptions,

, Base Case: Unleveraged IRR of an Office Building

, Base Case: Leveraged IRR of an Office Building

, The IRR of a Residential Building

, The Economic Approach. Synthesis of Literature Review, p.96

, Economic Approach. Factors affecting the Historical Property Premium, p.99

, The Economic Approach Model

.. .. Dickeyfuller, The Economic Approach Model. Residual Autocorrelation Test

, Residual Autocorrelation Test: PhillipsPerron

, The Economic Approach Model. Correlation between Residual and the Explanatory Variables

, The Financial Approach. Synthesis of Literature Review, vol.110

, Financial Approach. Factors affecting the Historical Property Premium

. .. Ols-estimations, 114 2.10 The Financial Approach Model. Residual Autocorrelation Test: DickeyFuller

, Residual Autocorrelation Test: PhillipsPerron

. .. , 118 2.13 The Economic Approach Model. OLS Estimations. The Risk Premium vs. the Yield Gap, The Financial Approach Model. Residual Correlation Matrix

, The Financial Approach Model. OLS Estimations. The Risk Premium vs. the Yield Gap

, Risk premia in 2011, compared across different European office markets, p.130

, Risk premia in 2014, compared across different European office markets, p.132

, 142 2.18 The Economic Approach. Phillips-Perron test statistic, The Economic Approach, p.144

, The Financial Approach. Augmented Dickey-Fuller test statistic, p.146

, Phillips-Perron test statistic, The Financial Approach

I. , Who is Involved in the Investment Decision?

. Ii, How Practitioners in Real Estate Determine the value of an Office Building209 4.3 III. What Triggers the Investment Decision of Buying or not Buying an Office Building?

, Items Hold after the Scale Measure is Purified

, Total Variance Explained (N=191)

. Communalities,

, 5 Summary of the Factor Analysis for the Base-Rate Fallacy: All Sample (N=191) -Pattern Matrix

, 6 Summary of the Factor Analysis for the Base-Rate Fallacy: All Sample (N=191) -Structure Matrix

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