Análisis de renta tradicional vs renta coworking. Estudio de casos oficina UGI y Calle 85

Abstract

Co-Coworking spaces have been increasingly growing throughout the office sector in Colombia. This disruptive business model is one that the housing and commercial sectors have rarely had to face. Such a system has opened doors to new work dynamics and has raised new relationships between tenants, office owners, and investors. From the perspective of Appraisers, we wonder if the traditional office spaces we see today are destined to be modified by these changes in the job market. This study seeks to investigate this issue. The overall objective of this work is to determine whether "Co-Working or similar systems, as a leasing mechanism can improve the valuation of office assets and therefore modify the definition of the Best and Highest use of this type of asset." The study focuses on two properties located in the city of Bogota. The first is an office located in the UGI Building with 101 m2 of leasing space, and the second is an office building with 1,868 m2 of leasing space located on Calle 85 with Carrera 15. To conduct the analysis, two financial models were built from the perspective of a Co-Working space owner. The idea was to identify the maximum rental value to be paid for the office space in the UGI Building and the maximum rental value for the space in the Calle 85 building while maintaining an average market profitability over a period of 7 years. These same spaces were analyzed from the perspective of traditional leasing. The Rent Appraisal method was used to identify the potential income of the UGI office and the Calle 85 office and was used to determine the commercial value of the UGI office. This methos also gave us the tools to calculate an appropriate discount rate for this type of property using the CAPM model. With this data, we compared the Net Present Value (NPV) of the income received through traditional office leasing and the income generated by the offices using the Co-Working methodology. The higher NPV would indicate which business model could be more profitable for an investor and, therefore, what might be the best and highest use of the property.