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Guide to Using the Free Rent Calculator
Get PDFIn this step-by-step guide, we show you how to use the Free Rent Calculator, which provides an accurate, visual means to quantify the impact of concessions in commercial leases based on the market conditions and landlord’s risk profile. The calculator allows both landlords and tenants to benchmark the impact of free rent, tenant improvements, and moving allowance on a given set of the asking and offering rents. The calculator determines the resulting effective rent, which is equivalent to the tenant paying a constant base rent over the entire lease term.1 The effective rent serves as a comparison benchmark, allowing users to quickly see the impact of changes to the asking rent and concession package. The tool works by allowing users to specify the structure of the rental payments, tenant improvements (TIs), and the moving allowance, and then computes the maximum free rent period in light of the specified lease terms and concessions. Landlords can use the tool to fine-tune the concession package by determining the appropriate level of free rent that seems attractive without increasing exposure to tenant default. Tenants can use the tool to optimize the free rent and concession structure to create the most desirable pattern of monthly cash outflows from the available options
Why Attend Tradeshows? A Comparison of Exhibitor and Attendee’s Preferences
No full textTradeshows and conventions continue to thrive in the twenty-first century, both for information exchanges and direct selling, but numerous forces have meant changes in show operation and in participants’ selection criteria for attendance. A study of more than 2,500 tradeshow exhibitors and attendees document a clear bifurcation in the reasons for attendance in these two groups. Exhibitors are primarily focused on business and contact development, whereas participants seek a unique experience and are motivated heavily by educational goals. Successful tradeshows will need to satisfy both of these complementary sets of goals. The effects of social media and mobile technology on tradeshows are noticeable but still in flux, as many shows increasingly use virtual methods for information exchange and contact development. Environmental sustainability has become important to both exhibitors and attendees, and budgetary constraints continue to be an issue. Not only are there differences in relative preferences of exhibitors and attendees, but subgroups within each category also show different tradeshow criteria, based on age, frequency of tradeshow visits, career stage, and their technology readiness
Estimating Net Operating Income Growth for Modeling U.S. Apartment Property Capitalization Rates
No full textThe properties of income-to-price ratios in asset markets have potentially far reaching implications for understanding investor behavior. Prevailing levels of commercial real estate (CRE) capitalization rates, similar to price / earnings ratios for stocks and owner equivalent rent-to-price relatives for houses, may foretell future investment returns and income growth rates. In CRE capitalization rate models, rent growth rates often proxy for the net operating income (NOI) growth rates. Empirical studies of capitalization rate predictive powers produce inconsistent results that may be due either to the use of these rent growth proxies, model misspecification, or both. We use a novel approach for generating NOI growth rate estimates that involves combining survey rent and the expense growth rates for U.S. apartments. Our GARCH analysis of the capitalization rate spread process using the estimated NOI growth rate produces theoretically consistent results. Importantly, we demonstrate efficiency gains from using our NOI growth rate estimates relative to traditional rent growth rate
More Evidence Challenging the Robustness and Usefulness of the Attraction Effect
No full textNinety-one different attempts to produce an attraction effect (involving a total of 23 product classes and 73 different decoyed choice-sets) produced only 11 reliable effects – significantly fewer than expected given the statistical power of our studies. Cross-scenario analyses indicated that use of meaningful qualitative-verbal descriptions, as well as pictorial depictions, to differentiate choice options substantially reduced the size of those effects. In fact, attraction effects were found at only chance levels using these types of stimuli. The implications of these findings for both marketing practice and research are briefly discussed
Cyborg Service: The Unexpected Effect of Technology in the Employee–Guest Exchange
Get PDFHotels, restaurants, and other hospitality industry operations are experimenting with self-service kiosks, tablet devices, and other technologies intended to augment or replace interactions between guests and front-line employees. While the combination of technology and people is designed to improve service, research suggests that service technologies can impede development of employee-guest rapport and lead to lower service evaluations. The studies presented in this report apply social equity theory to determine when (and why) technology can improve guests’ satisfaction with the service process and when it diminishes the guest experience. Equity theory suggests that when the use of technology prevents guests from responding to an employee’s friendly advances, guests experience psychological tension and decrease their evaluations of the service experience. The reverse situation also applies, so that when employees are less than friendly the barrier created by technology increases service evaluations by reducing guest anger. However, it is not always the case that friendly frontline staff and technology don’t mix. In a follow up field experiment, guests who used a Monscierge Connect Lobby touchscreen located not far from a bell stand preferred interacting with the technology when a hotel employee was nearby though not directly engaging guests. Thus, frontline employees should still develop a rapport with guests, but when technology acts as an “equity barrier,” the employees should provide guests with “social space,” without abandoning them entirely
Strategies for Successfully Managing Brand–Hotel Relationships
No full textContrary to the conventional wisdom, the study described in this report calls into question the principle that the best way for a brand to ensure that an affiliated hotel conforms to standards is to own that property. Instead, a comparison of opportunistic behavior at 49 brand-owned hotels with that of 247 hotels owned by a third party found that the brand-owned hotels report higher levels of opportunism on the part of hotel managers directed at brand headquarters. The study also revealed conditions that tend to limit opportunism, which is defined as using guile to pursue self-interest. Opportunism is limited when it is easy to monitor hotel performance, and when the brand is able to use opportunism as a form of retaliation. On the other hand, contrary to expectations, the study found no effects of ownership when combined with either emphasis on relational norms or transaction-specific assets to limit hotel opportunism. Ironically, the data indicate that having a third-party owner involved in the arrangement tends to stifle opportunism in the individual property
Case Competition Highlights
No full textGraduate real estate education has embraced the concept of Case Competitions as a way to apply education-based learning to real world project simulation. In this issue of the Review, an inaugural recognition and composite of previous winners of the three major real-estate focused case competitions is presented. Each of these primary case competitions draw students from programs in real estate, architecture and landscape architecture, graduate business, and urban planning. These pages aim to highlight the ongoing success of these competitions, the teams, and the organizations behind the friendly competition
The Effect of Language Differences and National Culture on Operational Process Compliance
No full textWith increasing frequency, firms are locating their operations in disparate countries with distinct national cultures and languages. This study develops and empirically tests hypotheses relating an operation\u27s process compliance performance to (1) the presence of a language difference between the location of the operation and that of headquarters and (2) the national culture of the location of the operation and that of headquarters. Employing an international sample of pharmaceutical manufacturing plants located primarily in Western nations, the analysis reveals that a language difference between the location of a plant and the firm\u27s headquarters is consistently related to decreased process compliance at the plant level. Regarding national culture, only limited evidence of a direct relationship between national cultural dimensions (at either the plant or headquarters location) and process compliance exists. However, the analysis does suggest that cultural congruence between the location of the plant and that of headquarters can relate to improved compliance performance. Such a relationship depends on the specific national cultural dimension studied. While these results are obtained in a specific manufacturing setting, they potentially have implications for process compliance in any global operation
Understanding Consumers’ Inferences from Price and Nonprice Information in the Online Lodging Purchase Decision
No full textThe sustained success of variable pricing for revenue management (RM) is dependent on the creation of appropriate price points at which to sell a given product offering. To date, few studies have considered the impact of nonprice information on consumer reaction to price, and none have investigated the relative weights that consumers assign to price and the nonprice information available to them during different phases of the purchase choice process. This exploratory study uses a combination of eye tracking and retrospective think-aloud (RTA) interviews to examine how consumers consider the price and nonprice content generated by the firm and the nonprice information generated by other consumers during two distinct phases of the online choice process: browsing and deliberation. This study’s findings suggest that during browsing, firm-generated content appears to be very influential, particularly the image selected to represent the property in search results. Both firm-generated and user-generated content play a role in hotel choice during deliberation, with the interplay among several types of information being an important indication of value for consumers
Elwood Murray: Pioneering Methodologist in Communication
No full textElwood Murray (1897–1988) was a pioneer in communication education. Beginning in the 1930s, he applied nontraditional methods in the speech classroom to encourage students to internalize and apply what they learned, and to view knowledge holistically. Drawing on the work of Kunkel, Moreno, Lewin, and Korzybski, Murray focused on developing skills in interpersonal and group communication. He facilitated classroom activities that he believed would bring about positive change in students’ personalities as well as enhance their relationships and leadership ability. Communication methodologies, he argued, could facilitate learning in all fields and foster interdisciplinary understanding. In spite of much skepticism by his colleagues, Murray introduced innovative classroom practices that advanced our thinking about instructional communication