소매용 부동산의 테넌트 업종이 점포 임대료에 미치는 영향

The Impact of the Tenants Type on the Retail Store Rent

This paper attempted to explain the impact of the determining features on the retail store rent, which include not only real estate traits, such as business areas, location, buildings and store types, but operational traits, such as tenant types. The latter significantly influence the retail store rental price. The empirical analysis was implemented to test the analysis. The hedonic price model was used to test the relationship between the rental price and various independent variables. The sample of 4,590 retail stores in Seoul were used for the study. The result of analysis confirms that tenant types influence the retail store rental price. It shows that each store has different rental solvency and resiliency, due to its different financial strength, sales volume and margins. In addition, it shows tenant types can affect not only the rental income of the buildings but their increase rate in the long term. The results, consistent with previous findings, also indicate that retail store rental prices are positively affected by variables; Business district (e.g. CBD, GBD), location(e.g. corner buildings, intersection, accessibility to a bus stop), building(age, gross area, elevators) and store(1st & 2nd floor). The negatively affecting factors are store size, underground store, distance to a subway station and so on.