Factors Influencing Rental Office Selections (Case Studies: Class A Rental Offices Multifunction in Surabaya)

Nurzukhrufa, Antusias; Setijanti, Purwanita; Dinapradipta, Asri

doi:10.29322/ijsrp.8.7.2018.p7942

Cited by 2 publications

(10 citation statements)

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“…Office rentals are an essential component of the commercial real estate market given that they generate income for investors and property owners while giving companies a dedicated space to conduct their operations (Ma et al, 2018;Nurzukhrufa et al, 2018). Office rental is the process of renting office space to organisations or people for a predetermined amount of time.…”

Section: An Overview Of Office Rentalsmentioning

confidence: 99%

“…Office rentals have a significant impact on businesses, influencing their financial performance, operational efficiency, and overall productivity. For tenants, office rentals represent a significant cost and strategic decision, as it affects their budgeting, location choice, and long-term growth plans (Nurzukhrufa et al, 2018). Property owners and investors rely on office rentals as a source of income and as an investment opportunity, with rental rates and occupancy levels directly influencing the financial performance and value of their properties.…”

Section: An Overview Of Office Rentalsmentioning

confidence: 99%

“…Building upon previous research, numerous studies have explored the determinants of office rentals, providing valuable insights into the relationship between these determinants and rental dynamics. For instance, the economic determinants (Coffey et al, 2022;Lorenz et al, 2022), building certifications (Plebankiewicz et al, 2019;Wadu Mesthrige & Chan, 2019), building's physical structures (Bera, 2019;Jalali et al, 2019) and locational (Nurzukhrufa et al, 2018;Wan Rodi et al, 2019). Considering the extensive scholarly discourse, it is irrefutable that locational determinants have emerged as the most important standard for assessing the intrinsic value and rental potential of diverse property types (Bera, 2019).…”

Section: Introductionmentioning

confidence: 99%

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Office Building Rental Prediction Model Based on Locational Determinants

Mohd,

Harussani,

Masrom

et al. 2023

IJSCET

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The importance of locational determinants in determining rental rates in the office market has long been acknowledged and unquestionably become the significant factor for assessing the rental potential of various property types. Nevertheless, the rapid progressing research that discovers the effect of locational determinants on the rental, limited study that was deeply looked into the provision of location to the rental mainly in Malaysia cases. Thus, this study aims to develop a predictive model for office building rentals based on a comprehensive analysis of locational determinants. To achieve the aims of this study, the objectives was outline which are to identify the determinant factors of location and to analyse the significant determinant factors. Through the application of machine learning, this study captured the intricate connections between rentals and different location-related factors. By leveraging advanced algorithms which are decision trees, random forests, support vector machines and gradient boosted trees, the model can effectively handle diverse datasets, encompassing variables such as proximity to central business districts, access to public transport network, neighbourhood and amenities, and traffic condition. Through rigorous data collection and pre-processing, this study constructs a robust dataset comprising historical rental dataset collected in the city area of Kuala Lumpur, Malaysia acquired from Property Services Department (JPPH) were used to train and validate the predictive model via R-squared performance metrics. The results indicate that proximity to Central Business District (CBD) emerges as a significant determinant with the most contribution to the model’s prediction, with offices located in close proximity commanding higher rentals. This study provides valuable insights into the prediction of office building rentals based on locational determinants, offering a practical tool for stakeholders in the real estate industry.

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Section: An Overview Of Office Rentalsmentioning

confidence: 99%

Section: An Overview Of Office Rentalsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Office Building Rental Prediction Model Based on Locational Determinants

Mohd,

Harussani,

Masrom

et al. 2023

IJSCET

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“…These factors influence property prices and real estate investment returns Irjet et al, [15]. Building design is an important consideration for potential tenants, but developers have traditionally focused on location rather than design Antusias et al, [16]. While a good building design may increase rental rates, it is not always considered a significant determinant Antusias et al, [16].…”

Section: Introductionmentioning

confidence: 99%

“…Building design is an important consideration for potential tenants, but developers have traditionally focused on location rather than design Antusias et al, [16]. While a good building design may increase rental rates, it is not always considered a significant determinant Antusias et al, [16]. Amenities such as landscaped gardens, retail services, health clubs, and restaurants also influence office rental rates Ho et al, [17].…”

Section: Introductionmentioning

confidence: 99%

Factor Analysis of Office Rent in the Kuala Lumpur City Centre Area

Thuraiya Mohd,

Muhamad Harussani,

Suraya Masrom

et al. 2024

ARASET

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The office rental market often relates to good investment opportunities since it draws a lot of capital but comes with a substantial return. It somehow possessed a complicated market structure, and the heterogeneity of office buildings has become a challenge for investors and real estate practitioners to analyse office rentals data. This research seeks to analyse an office rental factor analysis based on data evidence from the Kuala Lumpur city centre, using two different approaches: Manual SPSS and AutoModel RapidMiner. Quantitative data, obtained through secondary data of office rental transactions, consist of a data set that includes 542 office rental transactions from 2015 to 2021. The results from the two different approaches were significantly related by studying the correlation value achieved through the AutoModel and Spearman rank correlation. The three determinants, namely green certificates, building appearance and design, and amenities and in-house services, can be identified as strong determinants. The research findings also provide support for the use of both manual and automated approaches in factor analysis and suggest that they can be used interchangeably to achieve similar results. This research allowed for a more comprehensive understanding of the office rental market in Kuala Lumpur, and provided real estate practitioners with useful insights into factors that influence office rental prices.

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Factors Influencing Rental Office Selections (Case Studies: Class A Rental Offices Multifunction in Surabaya)

Cited by 2 publications

References 0 publications

Office Building Rental Prediction Model Based on Locational Determinants

Office Building Rental Prediction Model Based on Locational Determinants

Factor Analysis of Office Rent in the Kuala Lumpur City Centre Area

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