ANALISIS TINGKAT KAPITALISASI PROPERTI PERKANTORAN SEWA DI KAWASAN CENTRAL BUSINESS DEVELOPMENT

Muchammad Hafiz Ramadhan

Abstract


An analysis of leased office capitalization rate is an important study in estimating the value of a property and measuring the return on investment in the property sector. The purpose of this study is to determine the level of leased office capitalizationat around Simpang Lima area and the factors thathave both partial and simultaneous influences. The calculation of office capitalization rate results that the average rental capitalization rate is 8.46 percent. This shows that the risk of investment property on leased office in Simpang Lima area tend to be lower than in other big cities, just like Jakarta. The result of hypothesis testing for the capitalization rate indicatessimultaneously thatthe distance variable to the CBD (JCBD), Building area(LB), Age Building (UB), Rent period(TS), vacuum level (TK) and Services (PEL) significantly influence the capitalization rate. Partially, there are four variables that significantly influence the level of capitalization; they are LB, TS, TK, and PEL. While the variables of UB and JCBD do not effect the level of capitalization. The test result obtained by the value of determination coefficient is adjusted-R2 of 0.708.

Analisis mengenai tingkat kapitalisasi perkantoran sewa merupakan studi yang penting dalam mengestimasi nilai suatu properti dan mengukur tingkat pengembalian investasi di sektor properti. Tujuan penelitian ini adalah untuk mengetahui tingkat kapitalisasi perkantoran sewa di sekitar kawasan Simpang Lima dan faktor-faktor yang diduga berpengaruh baik secara parsial maupun simultan. Hasil perhitungan tingkat kapitalisasi perkantoran sewa menunjukkan rata-rata tingkat kapitalisasi sebesar 8,46 persen. Ini menunjukkan risiko investasi properti perkantoran sewa di Kawasan Simpang Lima cenderung lebih rendah jika dibandingkan di kota besar lainnya seperti Jakarta. Hasil pengujian hipotesis untuk tingkat kapitalisasi menunjukkan bahwa secara simultan, variabel Jarak ke CBD (JCBD), Luas Bangunan (LB), Umur Bangunan (UB), Tempo Sewa (TS), Tingkat Kekosongan (TK) dan Pelayanan (PEL) berpengaruh signifikan terhadap tingkat kapitalisasi. Secara parsial, ada 4 variabel yang berpengaruh signifikan terhadap tingkat kapitalisasi yaitu LB, TS, TK, dan PEL, sedang variabel JCBD dan UB secara parsial tidak berpengaruh terhadap tingkat kapitalisasi. Hasil pengujian koefisien determinasi diperoleh nilai adjusted-R2 sebesar 0,708.


Keywords


leased capitalization, CBD, Investmen

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DOI: https://doi.org/10.15294/jejak.v5i1.4634

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