你這個就是為爭論而爭論了。CAP = NOI（before debt service）/ market value

CAP RATE的算法， 和利息是毫無關係的。

CAP = NOI（before debt service）/ market value

同樣， market value = NOI（before debt service) / CAP.

注意， before debt service, so it has nothing to do with interest rate.

房租漲， 就是漲 NOI， 空置高， 就是減少 NOI.

在同一市場的CAP rate， 房租越高， 房價越高。

辦公室的問題， 是因為現在大量的空置， 而不是房租的問題。

the only reason people think the interest rate has anything to do with market value is because they want to buy the property at a higher cap than the interest rate.

但是， 市場上， Class A/A-/B+ properties, always sell at lower CAP than the interest rate.