오피스빌딩 임대료 결정 요인에 관한 실증연구 - 서울시 하위시장별, 오피스빌딩 등급별 중심으로-

Abstract

This study analyzed the rent determinant factors of the office market in Seoul. Seoul office market has been transformed from `the Chonsei` to monthly rent system following the expansion of financial investors who were seeking stable rental income after the IMF crisis in 1997. There also have been several studies on the rent determinant factors of the Seoul office market. In previous studies, `the Chonsei` deposit has been used as a dependent variable. In this paper, however, time series monthly rent which has been produced by private real estate consulting firms including `JustR` and `Sams` since 2002 were used. Seoul office market consists of 3 major districts such as CBD(Central), YBD(Yoido) and KBD(Kangnam) and the buildings in each district are divided into 3 grades such as A, B, and C. In this study, it has been analyzed if there were any rent differences according to building grades and districts and if any, what elements produce the differences. In the first quarter of 2006, CBD ranked first and KBD and YBD followed in this order. In the case of the grade A buildings, the rent in KBD amounted to 78% of that in CBD and YBD reached 66% of that in CBD. In CBD, on the other hand, the rent of grade B and C buildings came to 75% and 69% of that of grade A buildings. It demonstrated that there was a visible difference between grade A buildings and grade B, C buildings and there was little gap between grade B and grade C buildings. In the case of vacancy rate, KBD scored the lowest and CBD was followed by YBD. In KBD, vacancy rate was less than 3% regardless of building grades but in CBD where many old medium or small sized buildings located, grade A buildings had 3.42% of vacancy rate while grade B and C buildings had 6.99% and 9.30% each. It was analyzed that the differences in market conditions including the rent and vacancy rate gaps among each grade buildings in 3 districts were generated by various factors. It was also appeared that diverse factors had had influence on the rent of each grade buildings in 3 districts in various degrees. Even common determinant factors in each grade building such as management expenses and exclusive use proportions had different effects on rents. It was indicated that the gross area of a building and the distance from a building to nearby subway stations affect greatly to rents of buildings in CBD. In KBD, most variable attributes of buildings had meaningful impacts on its rents. In YBD, the closeness to the public transportation such as a distance between a building and adjacent subway stations or a proximity to roads had significant effects on the rents of buildings in this area. This study distinguishes from other existing studies on the rent determinant factors of the office market in Seoul in that it made an analysis on the basis of the monthly rent raw data of time series pattern although it was just 13 quarters` data. It is considered that this study will contribute to the establishment of the indirect investment market for profitable realestate which is beginning to settle.