서울시 오피스 빌딩의 임대료 결정요인에 대한 연구

Analysis of Determinants on Rents of Non-residential Property in Seoul

1. Contents (1) RESEARCH OBJECTIVES The purpose of this study is to analyze determinants on rents of non-residential properties in Seoul. Previous researches on office rents have found that the rental rates are determined based on attributes like location, surroundings, physical characteristics of the commercial property and microeconomic variables. Although macroeconomic variables have significant impact on the rental rates, the macro variables have not been analyzed thoroughly in the past. This research investigates determinants on rents including macroeconomic variables. (2) RESEARCH METHOD This research attempted to find the relationships between the rental rates and the variables used while focusing on gathering statistically sound data and information that could lead to more accurate forecasts in rental rates in response to the changing macroeconomic landscape. To analyze attributes in the cross sectional data and macroeconomic varialbes in the time series data simultaneously, panel-data analysis with multi-collinearity and time-series testing were used. (3) RESEARCH FINDINGS The analysis involving attributes and macro variables together resulted in a fairly high correlation coefficient between the rental rates and the variables. The correlation coefficient turned out to be high presumably due to additional macroeconomic variables having further strengthened the explanation behind the relationships and also due to the fact that these additional macro economic variables increased the fit. 2. RESULTS Attributes have been analyzed in the past, but the volume of data used for this research was significantly larger than those used in the past, which led us to see if there were any differences in the final results. The overall direction of the findings were similar to the previous studies, however, with varying degree of sensitivity. Findings on the deposit-based lease and time-passed since construction variables turned out to be different from the previous studies.