서울시 오피스 시장의 임대료 결정요인 분석

An Analysis for Rent Determinants of Office Market in Seoul

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>&nbsp;&nbsp;The purpose of this paper is to analyze rent determinants of office market in Seoul empirically. The market is composed of the four sub-markets; Central Business District, Gangnam Business District, Mapo-Yeongdeungpo District and the other sub-market district.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;Empirical analysis: cross-tabulation, ANOVA, correlation analysis, and regression analysis.<BR>&nbsp;&nbsp;(3) RESEARCH RESULTS<BR>&nbsp;&nbsp;The results of regression analysis showed that R2-value increased by about 10% in case of including the characteristics of office districts as dummy variables for regression model. The result of standardized estimate for parameter showed 0.51 for official land price, 0.33 for gross floor area, 0.24 for CBD dummy variable, 0.13 for fund and foreign investment dummy variable and 0.09 for corporate ownership dummy variable.<BR>&nbsp;&nbsp;2. RESULTS<BR>&nbsp;&nbsp;When office rent in Seoul is estimated by hedonic price model. it is necessary to include office district dummy variables in order to increase the fitness of the model. In addition, whether a office building is funded by such investors as REITS companies and foreign investors or not is one of the major rent determinants of office market in Seoul.