서울시 오피스의 임대료 결정요인 분석

Analysis of Determinants of Rent in Seoul Office

본 연구의 목적은 서울시 오피스의 호가임대료와 실질임대료의 결정요인을 분석하는 것이다. 호가임대료 결정요인을 분석한 결과 연면적, 층수, 전용률, 공실률은 호가임대료를 증가시키는 요인이며 경과연수는 호가임대료를 낮추는 요인으로 분석되었다. 권역별로는 CBD, GBD, YBD 순으로 호가임대료가 높은 것으로 분석되었다. 투자기구가 소유한 오피스가 여타 오피스에 비해 호가임대료가 높은 것으로 나타났고, 직영관리방식이 위탁관리방식에 비해 호가임대료가 낮은 것으로 나타났다. 호가임대료와 실질임대료의 결정요인을 비교해 보면 공실률을 제외하고 다른 독립변수에 대한 회귀계수의 값은 약간의 차이는 있으나 유의성과 방향성은 일치한다. 공실률은 호가임대료를 증가시키는 요인인 반면에 실질임대료에는 유의한 영향을 미치지 못하는 것으로 분석되었다. 본 연구에서는 호가임대료와 실질임대료 결정요인에 차이가 있다고 단정하기에는 무리가 있다고 판단하였다.

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to analyze determinants of asking rent and effective rent in seoul office. (2) RESEARCH METHOD This study used the characteristics of office for 578 offices of 3000 pyeong or more located in Seoul in the fourth quarter of 2016 to analyze the determinants of asking rent and effective rent through regression analysis. (3) RESEARCH FINDINGS The result of empirical analysis of this study showed that it is difficult to conclude that there are differences in the determinants of asking rent and effective rent. 2. RESULTS This study analyzed the determinants of asking rent and it was found that floor area, number of floors, occupancy rate, and vacancy rate are factors that increase asking rent and the passed years were analyzed as a factor that lowers asking rent. By region, asking rent was analyzed to be high in the order of CBD, GBD, YBD. The office owned by the investment organization was found to have higher asking rent than that of other offices and the direct management method was found to have lower asking rent than that of trust management method. The comparison of the determinants of asking rent and effective rent showed that the significance of the regression coefficients for the other independent variables except the vacancy rate is slightly different, but the directionality is consistent. It was analyzed that the vacancy rate is a factor that increases asking rent, whereas it does not have a significant effect on effective rent.