Research On The Value Assessment Of Commercial Real Estate In Small Cities

With the deepening of China's urbanization process,the development of Chinese cities has received unprecedented attention.Nowadays,the characteristics of high speed and imbalance of urban development are more prominent.The commercial real estate industry in small cities is characterized by a small number of samples,weak transaction circulation and large regional differences.Different from big cities,first tier cities or core cities of core urban agglomeration,the commercial real estate valuation of small cities has not been paid enough attention.With the development of county economy,urbanization has gone beyond 60% to70%.The development of many small cities has a direct impact on the urban development of China in the future.The commercial real estate market of small cities is becoming increasingly active,but for small cities,the commercial real estate market is becoming more and more important However,there are few researches on the value of commercial real estate,so the research on commercial real estate in small cities is very necessary for the good development of commercial real estate in small cities,and even for the development of Chinese cities.In this paper,small and medium-sized cities as the starting point,focus on the discussion of commercial real estate value evaluation in the environment of small and medium-sized cities,through the analysis of the factors affecting the commercial real estate in small cities,trying to obtain effective exploration of commercial real estate evaluation in small cities,this thesis mainly uses the score analysis method,literature method and case analysis method.It is found that the practical problems of commercial real estate evaluation in small cities mainly focus on small sample size,large differences between samples,strong sensitivity and complex influencing factors.Through the elaboration of the relevant theoretical basis,mainly including the real estate appraisal theory,small city and its development law,commercial real estate and its value formation process.This paper focuses on the development law and path of small cities.Thus,in the context of small cities,the influencing factors of commercial real estate include institutional factors.Economic factors,market factors,social factors,etc.are comprehensively analyzed.With the help of previous studies,the elastic coefficient of the influencing factors of commercial real estate in small cities is confirmed.Then according to the current situation and characteristics of commercial real estate in small cities.Whether the three basic methods of valuation are suitable for the valuation of commercial real estate in small cities is judged.The income method can accurately reflect the value of commercial real estate in small cities.So the income method is selected as the main method of follow-up research.After selecting the income method as the main evaluation method of commercial real estate in small cities,the parameters are selected.Briefly explain the way and method of parameter selection.Finally,a typical case of dxsyj project is selected to conduct a complete commercial real estate value evaluation,including typical analysis,specific factor analysis,regional situation analysis and a complete evaluation process.In the selection of discount rate,the CAPM model is used to determine the discount rate.Considering the actual situation of the real estate stock market,the net asset financing rate of listed real estate enterprises in recent years is finally determined as the market average rate of return.So that previous studies will determine the rent growth rate of the future income based on the elastic coefficient of the influencing factors,and finally determine the expected income.And then calculate the valuation.Finally,in the evaluation of commercial real estate in small cities,the income method is selected as the appropriate method,considering the local actual situation and development prospects,and minimizing the interference of human subjective factors in the calculation process,so as to effectively evaluate the commercial real estate in small cities.The impact of e-commerce on commercial real estate in the future and the establishment of evaluation system of different factors in different small cities need further research.