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![Page 1: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/1.jpg)
City of Regina Assessment Branch
Non-Residential Models
Scott Miller, Manager of ResearchCharla Weber, Senior Assessor
![Page 2: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/2.jpg)
Non-Residential Models
• Office Buildings (Class A, B+ & B)• Warehouses• Global Retail• Enclosed Shopping Centres• Multifamily (High-rise, Low-rise & Townhouse)
• Hotels/Motels
![Page 3: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/3.jpg)
5 Components in the modeling process:
• Rent analysis – typical rent as of the base date.
• Vacancy analysis – typical vacancy as of the base date.
• Shortfall calculation – cost to landlord for carrying vacant space.
• Time adjustment analysis (sales).
• Cap rate / GIM analysis.
![Page 4: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/4.jpg)
Offices (Class A, B+ and B)
Rent ModelVariable Description Coefficient(Constant) Rentable space in a Class B office building $13.01CLASS_A Rentable space in a Class A office building $3.56FLR_BSMT Rentable space in the basement level -$5.93UPPER_NOELEV Rentable space on upper floor areas of buildings not serviced with an elevator -$7.01LT1950 Buildings with an effective year built of 1949 or earlier -$3.72
Vacancy
Office Class Rent_Type NRental Area
(sqft) Vacancy %OWNER 25 64,516TENANT 516 3,443,351VACANT 53 97,223 2.70% 594 3,605,090
OVERALL
Shortfall = (op cost/net rent ratio) X (dark space ratio) X (typical vacancy)
0.948 X 0.88 X .0270 = 0.0225 (2.25%)
![Page 5: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/5.jpg)
Offices (Class A, B+ and B)
2013 Parking Rent Model:
STL - refers to Parking Stall that is covered (typically parkade or underneath a building structure)SPA - refers to a Surface Parking Space (Stall)
Variable Description Coefficient Eff Rate/month/stall(Constant) Parking "Stall" in the downtown area (Study areas 4510 & 4520) $135
$135PARKSTL_OTHER Parking "Stall" outside the downtown area -$43
$92PARKSPA_DT Parking "Space" in the downtown area (Study areas 4510 & 4520) -$28
$106PARKSPA_4540 Parking "Space" in the transitional area (Study areas 4540) -$50
$85PARKSPA_OTHER Parking "Space" outside the downtown & transitional areas -$73
$62
![Page 6: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/6.jpg)
Offices (Class A, B+ and B)
Cap Rate # of sales Stratification Median Cap Rate
6 Overall 8.66%
ASR Results#of sales Median ASR COD
6 1.00 0.271
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Warehouses
Rent Model
Variables Description Coeff/Adj ($/sqft)(Constant) Warehouse space $6.28
WH_GE100K Warehouse lease space >= 100,000 sqft -$2.52
AGE_GE1990 Bldgs built in 1990 or newer $1.25
Vacancy
Rent_Type N Rental Area (sqft) Vacancy %OWNER 26 164,763TENANT 240 2,960,877VACANT 12 13,624 0.43%Total 278 3,139,264
Shortfall = 0.33 X 0.88 X 0.0043 = .0012 (0.12%)
![Page 8: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/8.jpg)
Warehouse Time Adjustment (SAR Analysis)
![Page 9: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/9.jpg)
Warehouse Time Adjustment (SAR Analysis)
Time Adjustment = 5.8% per month for months 1 to 10.No adjustment for months 11 to 36
![Page 10: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/10.jpg)
Warehouses
ASR Results# of sales Stratification Median ASR COD
4 Whse >= 25,000 sqft 1.002 0.08816 Year built >= 1970 and < 25,000 sqft 0.999 0.1153 Pre 1970 built 0.998 0.00623 Overall 0.999 0.100
Cap Rate # of sales Stratification Median Cap Rate
4 Whse >= 25,000 sqft 9.92%16 Year built >= 1970 and < 25,000 sqft 6.79%3 Pre 1970 built 10.18%
![Page 11: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/11.jpg)
Global RetailRent Model
Variables Description Coeff/Adj ($/sqft)(Constant) Retail space $13.36BANK Bank space $5.39MARKET Market (Grocery Store) space -$3.22REST Restaurant space $0.70RESTFAST Fast Food Restaurant space $7.65WHSE Warehouse space -$1.68STORAGE Storage space -$5.20THEATRE Theatre space -$7.17BSMT Leaseable Basement space -$2.28UPPER_ALL Above main floor space (with or without an elevator) -$1.99STUDY_4410_N Study area 4410 (North Albert Street) -$1.92STUDY_4420 Study area 4420 -$2.65STUDY_4460_70 Study areas 4460 and 4470 -$3.94STUDY_4510_20 Study areas 4510 and 4520 (Downtown) -$2.53STUDY_4450_4540 Study areas 4450 (South Regina) and 4540 (Tar area) -$0.63STUDY_5201 Study area 5201 -$6.68STUDY_5203 Study area 5203 -$5.96STUDY_5204_05 Study areas 5204 and 5205 -$5.64STUDY_5206_07 Study areas 5206 and 5207 -$4.71GE1990LT2K_4410 Bldgs built in the 1990s in Study area 4410 & 4430 $3.17GE1990LT2K_OTHR Bldgs built in the 1990s in Study areas other than 4410 & 4430 $1.89GE2000_4410 Bldgs built newer than 1999 in Study area 4410 & 4430 $6.33GE2000_OTHR Bldgs built newer than 1999 in Study areas other than 4410 & 4430 $4.77YRBLT_1980s Bldgs built in the 1980s $0.73AREA_GT55K Retail lease areas > 55,000 sqft -$10.59
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Global RetailRent Model
Residential Apts/SuitesVariables Description Coeff/Adj ($/month)(Constant) One Bedroom Apartment/Suite $517TWOBDRM Two Bedroom Apartment/Suite $122THREEBDRM Three Bedroom Apartment/Suite $226FOURBDRM Four Bedroom Apartment/Suite $558FIVEBDRM Five Bedroom Apartment/Suite $896MAIN Study Areas 4410, 4420 and 4430 -$80
Vacancy (commercial component):
Rent_Type N Rental Area (sqft) VacancyOWNER 166 556,601TENANT 2,044 7,147,868VACANT 149 351,938 4.37%Total 2,359 8,056,407
Vacancy (residential component):Rent_Type N Vacancy
OWNER 9TENANT 115VACANT 13 9.49%Total 137
Shortfall (commercial component) = 0.51 X 0.88 X 0.0437 = 0.0196 (1.96%)
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Global Retail Time Adjustment (SAR Analysis)
![Page 14: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/14.jpg)
Global Retail Time Adjustment (SAR Analysis)
Time Adjustment = 4.8% per month for months 1 to 10.No adjustment for months 11 to 36
![Page 15: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/15.jpg)
Global Retail
ASR Results# of sales Stratification Median ASR COD
58 Single-Sty built 1970 or newer (includes Multi-Sty post 1999) 0.999 0.20534 Single-Sty built pre 1970 1.001 0.20415 Multi-Sty built pre 1970 1.000 0.1938 Multi-Sty built from 1970 to 1999 1.000 0.1898 Indlmfg built post 1999 1.000 0.140
123 1.000 0.198
Cap Rate # of sales Stratification Median Cap Rate
58 Single-Sty built 1970 or newer (includes Multi-Sty post 1999) 7.85%34 Single-Sty built pre 1970 9.50%15 Muli-Sty built pre 1970 11.32%8 Multi-Sty built from 1970 to 1999 10.44%8 Indlmfg built post 1999 5.98%
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Enclosed Shopping CentresRent Model
CW - refers to CornWall centreSL - refers to SouthLand mallNG - refers to NorthGate mallVS - refers to Victoria Square mallGM - refers to Golden Mile mall
Variable Description Coefficient Eff Rate/sqft(Constant) CRU Space less than 1700 sqft (at CW or SL) $39.80
$39.80CRULT17_NG_VS_GM CRU Space less than 1700 sqft (at NG, VS or GM) -$14.83
$24.97CRU17TO65_CW_SL CRU Space from 1700 to 6500 sqft (at CW or SL) -$12.09
$27.71CRU17TO65_NG_VS_GM CRU Space from 1700 to 6500 sqft (at NG, VS or GM) -$20.35
$19.45CRU_GE6500 CRU Space greater than or equal to 6500 sqft (City-wide) -$24.87
$14.93NONCRU_CW_SL NonCRU Space (at CW or SL) excluding basement space -$23.47
$16.33NONCRU_NG_VS_GM NonCRU Space (at NG, VS or GM) excluding basement space -$27.84
$11.96NONCRU_BSMT NonCRU Space located in the basement (City-wide) -$32.95
$6.85REST Interior Restaurant Space (City-wide) -$18.72
$21.08FOODCRT_CW_SL Food Court Space (at CW or SL) $87.29
$127.09FOODCRT_NG_VS_GM Food Court Space (at NG, VS or GM) $28.80
$68.60KIOSK_CW_SL Kiosk Space (at CW or SL) $167.31
$207.11KIOSK_NG_VS_GM Kiosk Space (at NG, VS or GM) $100.19
$140.00ANCHOR Anchor Space (City-wide) -$33.79
$6.01EXTERIOR Exterior Mall Space (no access from mall interior) (City-wide) -$18.35
$21.45STORAGE Designated Storage Space (City-wide) -$23.96
$15.84
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Enclosed Shopping Centres2013 Enclosed Shopping Centre Vacancy Analysis:
SPACE_GROUP Rent_Type NSum of
Area (sqft) VacancyTENANT 9 862074Total 9 862074 0.00%TENANT 238 615069VACANT 33 54628Total 271 669697 8.16%TENANT 5 58460Total 5 58460 0.00%TENANT 36 12723VACANT 3 944Total 39 13667 6.91%TENANT 25 3587VACANT 2 354Total 27 3941 8.98%OWNER 4 5108TENANT 24 183304VACANT 4 7390Total 32 195802 3.77%TENANT 38 5196VACANT 14 3688Total 52 8884 41.51%OWNER 4 5108
TENANT 375 1740413VACANT 56 67004Total 435 1812525 3.70%
ANCHOR
CRU
EXTERIOR
FOODCRT
KIOSK
NONCRU
STORAGE
Total (overall)
Shortfall = 0.50 X 0.88 X .037 = 0.0163 (1.63%)
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Initially we were going to use a sales window of Jan 1, 2007 to Dec 31, 2010 but decided to eliminate 2007 sales due to extreme time adjustments required for the
earlier sales.
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1. Highrise2. Lowrise3. Townhouse
Multifamily Models
![Page 20: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/20.jpg)
High-rise
Rent ModelVariable Description Coefficient($/month)(Constant) One Bedroom Unit/with balcony/located on Floors LE 10th
Floor/In Study Area 2640- Downtown/in a building with an effective year built of 1970 or greater $821
BACH Bachelor Unit -$216TWOBDRM_PLUS 2+ Bedroom Unit $140NOBALCONY Unit With No Balcony -$133FLR_GE10 Unit Located on Floor Greater then or Equal to 10th Floor $79AGE_LE69S Unit located in a building with an effective year built of 1969 or
earlier -$11STUDY2620 Unit Located in Study Area 2620 - North Regina -$122STUDY2630/2650 Unit Located in Study Areas 2630/2650 - Core and East of
Downtown -$84STUDY2670/2680 Unit Located in Study Areas 2670/2680 - South and South East
$133
![Page 21: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/21.jpg)
Low-rise
Rent ModelVariable Description Coefficient($/month)(Constant) One Bedroom Apartment Style Unit Located on the Main
Floor/in Study Area 2670 - South Regina/in a building with an effective year built in the '60's $741
BACH Bachelor Unit -$124TWOBDRM Two Bedroom Unit $98THREEPL 3+ Bedroom Unit $229GARD_1BD Garden Style One Bedroom Unit $89GARD_2BD Garden Style Two Bedroom Plus Unit $199GARDLOFT Garden Style Loft Unit $129BSMT_BSMTSEMI Unit Located in the Basement or Semi Basement -$25TOPFLR Unit Located on the Top Floor (Apartment Units only) $8LUC1560 Unit Located in a Semi Detached Building -$80AGE_PRE50S Unit Located in a building with an effective year built 1949
and earlier -$48AGE_50S Unit Located in a building with an effective year built in the
'50s -$21POST60S Unit Located in a building with an effective year built 1960
and later $108STUDY2620 Unit Located in Study Area 2620 - North Regina -$66STUDY2630 Unit Located in Study Area 2630 - Core -$148STUDY2640 Unit Located in Study Area 2640 - Transitional/Cathedral
-$87STUDY2650 Unit Located in Study Area 2650 - East of Downtown -$58STUDY2680 Unit Located in Study Area 2680 - South East -$121
![Page 22: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/22.jpg)
Townhouse
Rent ModelVariable Description Coefficient($/month)(Constant) Three Bedroom Unit/ Above Average
Condition/Study Area 2620 - North Regina $1,213ONEBDRM One Bedroom Unit -$501TWOBDRM Two Bedroom Unit -$118FOURBDRM Four Bedroom Unit $277STUDY2640 Unit Located in Study Area 2640 -
Transitional/Cathedral -$29STUDY2630/2650
Unit Located in Study Areas 2630/2650 - Core and East of Downtown -$96
STUDY2670/2680
Unit Located in Study Areas 2670/2680 - South and South East $26
CONDAVG Units in a Building of Average Condition -$162
![Page 23: City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor.](https://reader035.fdocuments.in/reader035/viewer/2022062517/56649ee15503460f94bf19e2/html5/thumbnails/23.jpg)
Multifamily Time Adjustment Analysis
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Multifamily Time Adjustment Analysis
Time Adjustment = 2.49% per month for months 1 to 8.No adjustment for months 9 to 36
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Multifamily Effective Gross Income Multiplier Analysis
Description Coefficients(Constant) Buildings located in Study Area 2670 - South Regina/effective
Year built in the '50s/Quality GE49.006
AGE_PRE50S Buildings with an effective year built of 1949 and earlier -1.895
SA2630 Buildings in Study Area 2630 - Core -2.835
SA2650 Buildings in Study Area 2630 - East of DowntownQUALLE3 Buildings less then or equal to Quality 3SA2640 Buildings in Study Area 2640 - Transitional and Cathedral
AreasSA2620 Buildings in Study Area 2620 - North ReginaAGE_GE70S Buildings with an effictive year built 1970 and greaterAGE_60S Buildings with an effective year in the '60s
Excluded Variables
# of Sales Stratification Median ASR COD81 Overall .995 .168
ASR Results
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Questions?