影響不動產使用權價值之因素除了使用期限之長短外，再開發行為更是關鍵之一。Capozza（1991）認為承租人由於租賃契約存續期間之限制，會選擇在較早時機以較小規模進行再開發。然這樣的行為不利於不動產維持最高最有效之利用。故Dale-Johnson（2000）將選擇權加入到租賃契約中，希望藉此提高承租人再開發之誘因。然選擇權具有價值，選擇權之價值應反映在初始租金之約定上，然初始租金之變動對於承租人之再開發行為是否會有影響尚無定論。本文使用Capozza（1991）之模型探討初始租金之變動以及租金成長假設型態不同對於承租人再開發行為之影響，結果顯示，初始租金變動會影響承租人再開發行為，而租金服從隨價變動時承租人再開發時點會延遲且再開發規模會增加。

The factors effect real estate value beside the term of using property, redevelopment is one of the important key. Capozza(1991)consider that because the limited term of lease, the lessee will redevelopment earlier and less scale than lessor. But this kinds of lessee behavior isn’t good for the property in high and best use. Dale-Johnson(2000) let option into lease to give lessee more incentive under redevelopment. However, option with value and must reacted to initial rent. But the chang in initial rent if effect lessee’s redevelopment at the same time is unknown yet. This paper use Capozza(1991) model to confer how initial rent change and different pattern of rent growth will chang lessee’s redevelopment. The result shows that initial rent change will reduce lessee’s redevelopment scale,and when rent follow Arithmetic Brownian Motion, lessee redevelopment timing will defer and increase scale.

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