| Now accessible, and more expensive to sell - that this can be a rewarding investment strategy, will change immediately. But not a few real estate investors go the opposite way - and which are often not even aware of. The reason is the widespread preference for large office towers in a top downtown location, which are often traded as a "trophy property". Your purchase can certainly bring a prestige - that it leads to economic benefits however, is questionable.
Many property investors can still - and sometimes perhaps unconsciously - guided by the idea that a property may in the long term only gain in value. An office tower in 1-a-situation reaches its maximum value, however, already when he has just been completed and rented the first time. As the building to compete at a later date with newly created and now the latest standards corresponding objects must be leased to the rarest cases is again possible to comparable rents as the initial rental. This is reflected in the multiplier and then down in a correspondingly lower market value. If the building can continue to play in the premier league, significant follow-on is required.
inexorable loss
investors should at least in these cases Know that they acquire their capital item at the peak of his performance. The situation is in some ways comparable to buying a new car or a computer: Again, there is an inexorable loss of value - if any - can only be absorbed by high follow-on. That the acquired land may increase in value is expected, in most cases be given the relation between land price and investment volume of the building only a small consolation. This is especially true when it comes to objects is that only one or at least have a few tenants: These are often also because of its supposedly low administrative costs as the epitome of the core property despite the fact that they now often complained dilution of the concept of "core" vividly illustrate. The robust risk structure, which should be constitutive for a core investment, they have not at any rate.
And if the "core" investments are primarily understood in building high quality 1-a-layers with long-term leases will fall this is too short. Such a definition neglects important aspects such as diversification of risks and reuse options for rental property in the sense of a real third party use of capacity, that is, not only for other users but also for other uses in diverse industries.
Suddenly Turnarounds
The very recent past has shown that well-known large companies are seemingly almost overnight rehabilitation cases. Commercial real estate landlords, this means that even an office tenants with the highest initial credit rating may well be bankrupt in no time, and at the latest, a rogue core object for the investor to quickly problems arise, not least economically.
A new tenant at the same or better terms is usually almost impossible. And to win a relatively expensive item in 1-a-position of the rare sowed a new maximum prices paid tenant inherently difficult and usually ends with substantial cuts in the rent and related costs for incentives. It also makes a negative impact that the Peak office rents are compared to the rental rates at other locations significantly more volatile.
If we focus on the demand for long-term robust risk structure, then use commercial property in secondary locations for core investors mixed often the better alternative dar. typical for these objects medium-sized tenants often sedentary and less mobile than large companies. In addition, such homes are more likely for other uses such as workshops or laboratory facilities be rezoned so that here there is actually a real third usefulness. | 
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