대중교통접근성과 오피스 임대료와의 관계 연구

A Study on the relationship between public transportation accessibility and office rents : A case of Seoul

Over the past decades, a number of studies have demonstrated that public transportation accessibility are positively associated with housing prices. However, only a few studies have examined the effects of public transportation on the commercial property values. So, our understanding of the relationship between public transportation and commercial property values is limited. With this perspective, the objective of this study is to explore the relationship between public transportation accessibility and office rents focusing on the city of Seoul. We use the micro commercial rent data from the Korea Appraisal Board with a fixed-effects pooled regression model. Our empirical results show that distance to the nearest subway station is negatively associated with office rent after controlling for the other factors. Also, our findings show that distance to the nearest bus stop has a non-linear relationship with office rents, which means it is negatively associated with office rents within 78m, but after 78m, it is positively associated with office rents. Our findings suggest that transit-oriented development based on the subway stations is a more efficient way of planning office districts in Seoul.