서울시 오피스 빌딩 매매가격 결정요인에 관한 연구

A Study on the Sales Prices Determinants of Office Buildings in Seoul

This study attempts to investigate the determinants of sales prices for office buildings in Seoul through empirical analyses with using Hedonic Price Model. This study data were collected from reports of property management companies. The spatial scope of this study was limited in Seoul which have been transacted over GFA 6,612sqm and the temporal scope was limited from January 2000 to June 2017. The collected data included sales prices per 3.3sqm, regional characteristics, building characteristics, transactions characteristics, and macroeconomics characteristics. Furthermore, This study is analyzed to divide into before the global financial debacle and after it. According to the result of this study, Before the global financial debacle, influential price determinants factors are CBD, YBD, KBD, Appraised value of land, Lot area, Standard interest, Treasury bond, KOSPI, Exchange rate. Whereas After the global financial debacle, influential price determinants factors are CBD, KBD, Appraised value of land, the gross floor area, Lot area. The implication of this study is that the real estate securitization and the appearance of private equity fund take a positive affect of office market. and it signposts for interrelation of the sales market. If sufficient data and vacant rate are provided, it can be the highest contributive and influential a study on the sales price determinants of office buildings in Seoul.