물류창고의 매매가격에 영향을 미치는 요인에 관한 연구

An Analysis of the Factors Affecting Warehouse Sales Prices : Evidence from Kyung-Gi Province

The objective of this research is to investigate the determining factors of warehouse sales prices in South Korea by implementing an empirical analysis which provides guidelines for investment decision making with not only manufacturing companies but indirect investment agencies, e.g. REITs and the Real Estate Fund. The characteristics influencing warehouse sales prices are classified as follows: Area, Location, Building, and Macro Environment. To analyze the factors affecting warehouse sales prices, a multiple regression analysis was implemented by using the Hedonic Price Model. The result showed that warehouse sales prices are significantly influenced by location, building, and macro economics traits. Empirical results showed that variables significantly influencing sales prices are as follows : accessibility of expressways(-), width of street for accessibility(+), lot size(-), parking space(+), ceiling height(+), building age(-), cold and frozen facilities(+). This study could trigger more interest not only in the academic field, but also in the logistic market. Therefore, it could serve as a basis for further academic research regarding determining factors of warehouse sales prices. In addition, this study is distinctive in that it empirically analyzed the data of actual transaction prices, not of asking prices in the market.