중소형 빌딩의 자본환원율 스프레드 결정요인에 관한 연구

Determinants of Capitalization Rate Spread in Small & Medium Sized Buildings

Recently based on the low interest rate trend, investor s interest in profitable real estate is rising. However, there are difficulties in gathering information necessary for investor decision making, which is lacking in research on small and medium-sized buildings. The purpose of this research is to analyze the determinants of the capitalization rate spread which is one of the useful investment indices for small and medium sized buildings. For empirical analysis, we have collected small and medium sized building data of Seoul area traded from 2009 to 2015. The empirical research shows the capitalization rate spread of small and medium building is affected by macro economy, commercial area, building, and ownership characteristics. Consumer price index and land price index are found to have a negative influence on capitalization rate spread. And the stock market index proves to have a positive influence. It has been found that it has different influences on the capitalization rate spread according to maturity of the commercial area. Buildings located in the downtown area like Jongro have a high capitalization rate spread, whereas the buildings in the newly developing commercial area like Shinsa-dong have lower capital returns. According to the characteristics of the building, when the total gross floor area is large or the building has been remodeled, the capitalization rate spread is high. On the other hand, the capitalization rate spread is low when building has been developed at low density or and its elapsed years is increased. Lastly, the building owned by the corporation has a lower capitalization rate spread than the building owned by the individual.