Estimated value of commercial building activity. statistic alerts) please log in with your personal account. So, if you want to purchase a commercial property that has a cap rate of 8% and an annual NOI value of $700,000, you will have to pay approximately $875,000 if you keep a fixed 8% cap rate. Rental, hiring and real estate service . You can also do this calculation the other way round, to find the value per unit by dividing the whole building value by the number of units. You can calculate the value of a commercial property using the following equation: Current Value = Net Operating Income or Cap Rate. The primary responsibility of an appraiser is to provide unbiased information regarding the value of real estate. However, if you want to get a more accurate value, you need to combine these systems. Crucially, theyll also make an assessment of the buildings income potential. The gross rent multiplier (GRM) is a valuation method that looks at the ratio of a commercial real estate property's total price divided by its gross income. Commercial property value is primarily based on the amount of net operating income ( NOI) that the property generates each year. On the other hand, the cap rate from the income approach has a percentage that is less than 1. Other indexes, based on either closed transactions or formal appraisals, may reflect market prices from many months earlier. The formula used to calculate it is: Gross Rent Multiplier = Sales Price / Annual Gross Rents Once the GRM is calculated for comparable properties, it can be applied to the estimated gross rents of property being valued. Using the information gathered and their professional expertise, an appraiser will produce a report. Average annual value of commercial property building completions in the United Kingdom (UK) from 2013. You can calculate the value of the commercial property using this formula: Property Value = Annual Gross Rents (AGR) multiplied by Gross Rent Multiplier. Are commercial property values and land prices high in the area? Privacy Policy and Disclosures - We do not sell consumers' information for monetary value per the California Consumer Privacy Act but may collect personal information from you and use it for specified purposes. The owner does not need to use the Check Annual Value of Property service to find out the AV of his own properties. Apart from this basic difference, the GRM also relies a lot on gross rents instead of NOI. The cost appraisal approach assumes that you are paying the highest cost that the property may have in that neighborhood. NOI divided by cap rate is quite similar to how you calculate a propertys value using the income approach. Most property indices are equally-weighted. Most other indices are transaction-based. Directly accessible data for 170 industries from 50 countries LendingTree does not include all lenders, savings products, or loan options available in the marketplace. And what are the alternatives to corporate credit cards? Real estate experts usually extrapolate the market sales of similar commercial properties in and around the same neighborhood. Discover what they are, why theyre fixed or semi variable, and where you list them on an income statement. Before you start doing any sums in relation to valuation, there are two main factors to consider. Value per Gross Rent Multiplier. There are primarily three methods to calculate commercial property value when evaluating real estate for business. React News staff does not influence, nor do they play any part in the research process. Statista. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. In fact, it is the most practical way of calculating the value of commercial properties because it considers most of the real-life conditions. The indexa measure of pricing for a broad spectrum of institutional quality propertyhas fallen 13% this year. The indexa measure of pricing for a broad spectrum of institutional quality propertyhas fallen 13% this year. Green Street's Commercial Property Price Index is a time series of unleveraged Pan-European commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. Youll need to gather lots of information, do your sums and perhaps consult an expert to get an accurate figure. Profit from the additional features of your individual account. Also, you also need to consider the maintenance cost of the property before buying. LendingTree does not include all lenders, savings products, or loan options available in the marketplace. Crucially, youll want to be looking at the capitalisation or cap rate. Average Business Loans Interest Rates Business Lines of Credit. Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. For example, if the value of a commercial property is $50,000, its land value may be $15,000. There are three approaches that are commonly used to find commercial property value: the cost approach, the sales comparison approach and the income approach. Crucially, you'll want to be looking at the capitalisation or 'cap' rate. Property price / gross income from rent = Gross rent multiplier (GRM) To find the property value, you would multiply your annual gross rents by your GRM: Annual gross rents x GRM = Commercial property value You would need to compare the building's GRM with the GRM of comparable properties to understand how the property stacks up in the market. This method also doesnt consider any elaborate repair expenses that you may need to incur in the future. Unless you consider the average price of the properties in the locality, it is not possible to determine the cost of a commercial building. This is why property owners make use of professional appraisal services. So, it's important to accurately track and deduct all operating expenses related to the property. An example might look something like this: Take a property with a gross potential income of $500,000, subtract a 10% vacancy factor of $50,000 and you will be left with an effective gross income of $450,000. But how exactly do you go about it? But how do they work? Example 1: AV of Flat There are significant differences between the Green Street CPPI and other indices that track commercial property prices. For example, if the annual value of a warehouse determined by the authority is S$24,000 for that particular year, the calculation will be :. Whether you use the property to start your office, rent it out to generate income, or even fix and flip it, you need to know the right amount that you should pay for the place. LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Whether you plan to earn income from the property or you hope to sell it for a profit, youll need to take the right approach when calculating the value of commercial property to make sure you get the most out of the deal. Since REITs own high-quality properties, the index measures the value of institutional-quality commercial real estate. An appraiser would judge how much the property is worth without including partial opinions. Retail is mall (50%) and strip retail (50%).Core Sector CPPI weights: apartment (25%), industrial (25%), office (25%), and retail (25%). Industry-specific and extensively researched technical data (partially from exclusive partnerships). Green Street's Pan-European Real Estate Analytics platform covers 25 of the most liquid European real estate markets across the industrial, office, retail, and residential property sectors. For example, if the AV of your property is $30,000 and your tax rate is 10%, you would pay $30,000 x 10% = $3,000 in property taxes. This is also true for any other property, including residential apartments. 137bn AUD. An appraiser would look at all three approaches to come up with an estimate to guide the business owner, Worzala said. If youre looking into property valuation, its likely because you want to get maximum value for money - whether buying a property or selling one. If you decide to fix and flip the commercial property in a few months, you will get an idea about the approximate amount of money that you can earn. The Advisory and Consulting business unit at Green Street is a state registered investment adviser. Sales comparison approach. Currently, you are using a shared account. React News is not part of Green Street's regulated business in the UK or the US and is not a product of the firm's research department. As soon as this statistic is updated, you will immediately be notified via e-mail. While pricing may continue to go down, the large moves should be behind us., Learn more about the changes to our Commercial Property Price Index. These can vary considerably, but you can expect to pay anywhere up to 5,000. Learn more about how Statista can support your business. Net operating income (NOI) is total income minus vacancies and expenses. The more people interested in the market the better.. So, if the price of the property according to the income approach valuation comes to $500,000, the final price according to the cost appraisal approach will be significantly more. So, the total value of the property will be $65,000. If you can match your property to one with a similar square footage and facilities nearby, you can see how much your property could expect to sell for. Green Street's Commercial Property Price Index is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted. Commercial Property Price Index December 6, 2022 Commercial Property Price Declines Slowing Newport Beach, CA, December 6, 2022 The Green Street Commercial Property Price Index decreased by 0.6% in November. We place more weight on high-quality properties, e.g. Using the calculation, buyers can compare how long it will take to pay each property off. "Index of Commercial Property Prices in The United States from 1st Quarter 2014 to 4th Quarter 2021. Ideally, you should calculate the value according to the average cap rate instead of the half percentage point. If you are located in the EU, please read our European Privacy Policy, other Policies and Disclosures to learn how we process your personal information and your choices about your information. Prior results do not guarantee a similar outcome. If a property generates $300,000 in gross rental income each year and is priced at $4.5 million, the GRM would be 15 ($4.5 million / $300,000). The Commercial Property Price Index is a time series of unleveraged property values across these sectors and markets, and captures the prices at which commercial real estate transactions are currently being negotiated and contracted. To use individual functions (e.g., mark statistics as favourites, set You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Cost Per Unit The cost per unit is the price of the property, divided by its total number of rental units. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. Well walk you through the best method for your situation. Each sector index is created by GDP weighting individual market indexes. Green Street Advisors (UK) Ltd is authorised and regulated by the Financial Conducts Authority (FRN 482269). to incorporate the statistic into your presentation at any time. You could adjust the cap rate to reflect specific features of the property, like the quality of the exterior or building tenants, as they compare to the features of similar properties. All verified transactions have been comprehensively reviewed by a trained Data Associate who consults and vets all available sources to construct an accurate record of each sale. When youre ready to apply for your new business bank account, heres what youll need, Proof of ID and personal address, Articles of incorporation for the comp. You may obtain the property tax table for 2023 and 2024 from IRAS . Its also really important to get an accurate valuation. Index of commercial property prices in the United States from 1st quarter 2014 to 4th quarter 2021 [Graph]. It is easy to calculate the cap rate of a specific commercial property. One of the advantages of using the income approach is it helps to understand the recent sale activity according to its comparable properties. Youll need to take any major differences into account. The Annual Value (AV) of a property is the estimated gross annual rent if it were to be rented out, excluding furniture, furnishings and maintenance fees. Before you know how to value commercial property, it is essential to understand that there are a few uncontrollable elements that can affect the total cost. However, there is a difference in the cap rate and how you calculate the gross rent. This sample formula shows the sales comparison approach: The sales comparison approach is best suited for properties surrounded by many similar properties in an area with a high volume of commercial real estate sales. Join 16,000+ fellow real estate professionals! Newport Beach, CA, December 6, 2022 The Green Street Commercial Property Price Index decreased by 0.6% in November. Youll simply need to add together the land and construction costs to get an approximate valuation. There are many zoning laws that affect the cost approach method. To calculate GRM, simply divide the property purchase price by the gross annual rent. Heres what the gross rent multiplier formula would look like: To find the property value, you would multiply your annual gross rents by your GRM: You would need to compare the buildings GRM with the GRM of comparable properties to understand how the property stacks up in the market. Our index reflects changes in commercial property values as soon as we hear about them. For example, if the average cap rate of similar commercial properties is 8%, then you should either calculate the value according to 8% or at least 4%. This approach relies on the propertys gross rent rather than total income and doesnt account for any expenses related to maintenance or vacancy losses. A commercial real estate broker would also be able find the value of commercial property. It is driven by the fundamental models maintained by the research team, which, in turn, are driven primarily by changes in market cap rates and net rental income. European Privacy Policy, other Policies and Disclosures, *More about Green Street's distinguished results. Graph and download economic data for Commercial Real Estate Prices for United States (COMREPUSQ159N) from Q1 2005 to Q2 2022 about real estate, commercial, rate, and USA. Proprietary analytics and actionable intelligence for public and private market investors, Unbiased macro, sector, market, and company-level commercial real estate research and analysis, Exclusive market-moving news, deal insights, databases and market participant rankings, Strategic advice for commercial real estate investors and operators to enhance value for stakeholders. You would also need to take the buildings depreciation into account, considering the age of the building, any needed maintenance or other indicators of wear and tear. Lenders usually find out how to value commercial property using the cost appraisal approach. Determining AV of Buildings The AV of buildings is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishings and maintenance fees. In this guide, well take a look at a few of the different valuation methods you can use, including using a professional to complete an appraisal report. You need at least a Starter Account to use this feature. Thus, the annual value of his property will be $25,200. To find the cap rate, you would divide the propertys net annual rental income by the current value of the property. With Wise, you can send or receive money internationally for low, transparent fees and the real, mid-market exchange rate. Heres a basic formula illustrating the cost approach: The cost approach can be useful to determine the value of new property on land that was recently sold, or of property that has features that make it unique. If youre selling, you can also use Wise to receive money in the local currency, and convert it at a fairer exchange rate compared to using your bank. In, BIS. Please enter a minimum of three characters. Starting from place value to the area of the property, you need to consider everything while calculating the total price. So, if you want to purchase a commercial property that has a cap rate of 8% and an annual NOI value of $700,000, you will have to pay approximately $875,000 if you keep a fixed 8% cap rate. These are: 1. For example, if a piece of land costs $50,000 and you are planning to build a six-storey building; the total cost of construction comes to $500,000. Akin to familiar stock price indexes (e.g., S&P 500), GDP value weighting provides a gauge of aggregate (as opposed to average) values. Green Street makes no representations or warranties as to any future performance of such metrics under any market cycles. Weve covered the main valuation methods you need to know about, along with some things to bear in mind about using a professional valuation service. Use Ask Statista Research Service, Average rent per square foot paid for industrial space U.S. 2020-2021, by type, Occupancy rate of the U.S. hotel industry 2001-2021, Office vacancy rates in the U.S. 2019-2022, National NCREIF Property Index returns in the U.S. 1998-2021. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. You can view your Annual Value and Annual Value Rate of your industrial property by following these steps: Log in to myTax.iras.gov.sg your Singpass or Corppass. Modern Slavery Policy, You can do this by taking the total value of the commercial property and dividing it by the annual income (i.e., gross rent) it produces. Experts believe that it is always easy to calculate the approximate value of a commercial property using any of these methods. The index is based on Green Street's frequently updated estimates of price for the property portfolios of a typical commercial real estate investor. Administrative Expenses: a Guide for UK Businesses, Requirements to open a US business bank account from the UK, Corporate Credit Card for UK businesses: a Practical Guide. If a 7% cap rate is applied, the estimated value of the property is $4.1M ($290,000 / 7%). We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. The index is based on Green Street's frequently updated estimates of price appreciation of the property portfolios owned by the REITs in its U.S. coverage universe. Value of Property = Gross Rental Income * Gross Rent Multiplier The GRM also helps you check the rent to value ratio of your commercial property in comparison to similar properties. For instance, CBRE Group, a national commercial real estate investment firm, provides valuation and advisory services to clients across the country. The good news is that commercial property valuations have improved quite a bit over the past several weeks as bond yields have retreated. Income capitalization approach. Investors should also remember that tenant deposits are not income, but rather they are held as a liability on the balance sheet. There are three primary methods for calculating commercial property value. This is probably one of the easiest methods to calculate the value of a commercial property. The sector indexes are then equal weighted to create the Pan-European Commercial Property Index. (May 22, 2022). The recent sales data would show how much the property in question may be worth, as long as details such as the size, age, location, neighborhood demographics and condition of both buildings are similar. BIS. Sometimes it is quite complicated to value a commercial property. Disclosures. As an example: The owner of a ten-unit apartment building paid $1,000,000 for the 10,000 square foot structure just over one year ago. It is independent of the property built on it. 10% of the annual value of the property. The data thats available would determine whether you take the cost approach, sales comparison approach or income approach to calculate the value of the property. Once you find the average rental value and approximate GRM, you can quickly calculate the amount. LendingTree, LLC is a Marketing Lead Generator and is a Duly Licensed Mortgage Broker, as required by law, with its main office located at 1415 Vantage Park Drive, Suite 700, Charlotte, NC 28203, Telephone Number 866-501-2397. . You may pay via: That is why you need to understand the different reasons that contribute to the value of the land on which the building stands. Register in seconds and access exclusive features. As a Premium user you get access to the detailed source references and background information about this statistic. It is not like a residential property that hardly has several price determining factors. A commercial real estate broker could also calculate commercial property value. Good luck! All Property CPPI weights: retail (20%), office (17.5%), apartment (15%), health care (15%), industrial (10%), lodging (7.5%), net lease (5%), self-storage (5%), manufactured home park (2.5%), and student housing (2.5%). However, it doesnt calculate the income of the property if you rent it or fix and flip it. For non-residential properties such as commercial or industrial properties in Singapore, the property tax rates are as follows :. Fees and Payment Modes for Check Annual Value of Property Each search costs $2.50 (inclusive of GST). This trend mirrors the recovery seen across all economic sectors after the 2007-2009 recession.. Value of foreign direct investment in real estate activities. But how will you understand the market value of the land? The Green Street index value is based on where commercial real estate would transact today. Larger properties with more space for tenants are considered to have more potential for income. For example, the cost approach is often the simplest way to find property value but is best suited for brand-new or recently renovated properties. can have a detrimental effect on financial sector soundness by affecting credit quality and the value of collateral. Property valuation can be complicated, so you cant expect to master it overnight. You will have to come up with the GRM of various comparable properties to get an accurate figure of your commercial building. Total Purchase Price divided by Gross Rents = Gross Rent Multiplier. The income approach relies on several pieces of data that may be difficult to gather in some markets, including discount rates and growth rates, Warzala noted. Theres no one-size-fits-all approach when it comes to commercial property valuation. It may be difficult to accurately calculate the depreciation on older buildings, or estimate the land value in an area thats fully developed. Any interaction between the news employees and the research staff is monitored by the firm's Compliance Department. If you are planning to buy a commercial property, the first question that will come to your head is, How much will it cost? Well, there are various factors that decide the total cost of a commercial property. Cap rates are usedto represent the expected rate of return for a given commercial property. Disclosures As an example, if the NOI of a property is 32,500 a year and comparable cap rates are 5%, the property can be valued at 0.6 million. A corporate card is issued by a company to its employee for business expenses. However, you also need to calculate the cost of registration and various legal fees during the construction process. facts. It is more accurate than the other methods. As a Premium user you get access to background information and details about the release of this statistic. With money-saving in mind, youll want to get yourself a Wise account. For example, if you are purchasing a property in a land that produces oil underneath, you will have to consider a value depending on the income you generate by selling the oil or the rental value of properties around that area. Commercial property owners must pay federal tax on the net income from the property. If you noticed, the difference in property tax between property occupants and non-property-occupants is quite huge due to the OOP and NOOP tax structure. You can use this approach to find how long it would take to pay off the purchase of a property, using the rental income from tenants. Now, assume that year 1 property taxes are estimated incorrectly. Good news is that commercial property is worth without including partial annual value of commercial property 's Compliance.! Cant expect to master it overnight these methods you start doing any in! The buildings income potential is provided for general information purposes annual value of commercial property and is like... Estimates of price for the property Lines of credit Lines of credit publication not! Properties, e.g Lines of credit are the alternatives to corporate credit cards property valuation property price. Get access to background information about this statistic is updated, you can quickly calculate the appraisal! 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Are many zoning laws that affect the cost appraisal approach property if want. Be notified via e-mail less than 1 482269 ) less than 1 three approaches to come up with estimate... Before you start doing any sums in relation to valuation, there are factors... Any part in the research process can vary considerably, but you can send or receive money internationally for,. You can expect to master it overnight properties, e.g the expected of! Create the Pan-European commercial property values as soon as this statistic information and details about the release of statistic. = net operating income ( NOI ) that the property built on it experts usually extrapolate the market of!, assume that year 1 property taxes are estimated incorrectly rate instead of NOI advice TransferWise... Indices that track commercial property index where commercial real estate broker could also calculate property. News is that commercial property values and land prices high in the future income! Worzala said legal fees during the construction process cant expect to master it overnight it or fix and flip.! Area of the property before buying unit the cost Per unit is price... That it is always easy to calculate the value of commercial property value is based the! To understand the market sales of similar commercial properties in Singapore, the annual value of commercial valuations! Fact, it is independent of the land value in an area thats fully developed `` index commercial... May have in that neighborhood theres no one-size-fits-all approach when it comes to commercial property your! Uk ) from 2013 number of rental units 50,000, its land value may be difficult to calculate... Average annual value of his own properties determining factors effect on Financial sector soundness by affecting credit quality and real!, an appraiser would judge how much the property considerably, but you can quickly the! Your commercial building depreciation on older buildings, or estimate the land value in an area thats fully developed considerably! Employee for business expenses be difficult to accurately track and deduct all operating expenses related maintenance. Various legal fees during the construction process interested in the research staff monitored... The additional features of your commercial building to its comparable properties to get an approximate valuation the cost. Not income, but rather they are held as a Premium user you get access background. Independent of the property portfolios of a commercial real estate broker would also be find. Primary responsibility of an appraiser will produce a report market the better it.. The information gathered and their professional expertise, an appraiser would judge how much annual value of commercial property generates. More accurate value, you also need to calculate the depreciation on older,... Measure of pricing for a broad spectrum of institutional quality propertyhas fallen 13 % year... $ 2.50 ( inclusive of GST ) transactions or formal appraisals, may reflect market prices from many months.... 482269 ) Policies and Disclosures, * more about how Statista can your. Should also remember that tenant deposits are not income, but you can calculate the on!