trending commercial property new york state office of real services alternative method for developing trends 9 based on the income approach vacancy estate expenses net operating capitalization rates determine trend by type b industry model retail etc change in value july 1 2004 to 2005 risk factors transactions market financial capital inflation liquidity environmental legislative management review approaches cost sales comparison land valuation structure reproduction or replacement depreciation physical functional external depreciated add enhancement improvements potential gross less & collection loss effective noi into rate elements rights conveyed financing terms conditions sale location structures size quality condition other analysis concerns about
