본 논문에서는 국내 부동산시장에서 중요성이 커지고 있는 오피스에 대한 임대료 결정요인을 분석하고, 오피스의 임대료가 최소가 되는 시점과 오피스 임대료가 최대가 되는 연면적을 추정하였다.
이를 위해 서울에 소재한 787개 오피스를 대상으로 2015년 4분기 임대료와 오피스의 물리적 특성을 이용하여 실증 분석하였다.
실증분석 결과 경과연수는 오피스 임대료에 부정적인 영향을 미치는 것으로 분석되었고, 연면적, 층수, 전용률은 임대료에 긍정적인 영향을 미치는 것으로 나타났다. 지역별로는 기타권역에 비해 도심권역(CBD), 강남권역(GBD), 여의도권역(YBD)순으로 임대료가 높은 것으로 분석되었다. 전문자산관리회사에서 관리하는 오피스의 임대료가 높았고, 소유자 유형에서는 투자기구(REITs, 부동산펀드), 기업의 순으로 임대료가 높은 것으로 분석되었다. 오피스의 임대료는 준공된 지 30.47년이 경과하는 시점이 최저가 되는 것으로 추정되었고, 오피스 연면적 60,003.5평이 임대료가 최대가 되는 규모로 추정되었다.
1. CONTENTS
(1) RESEARCH OBJECTIVES
This study tries to estimate the followings; what determines the rent of offices in Seoul, when the rent for office reaches the low, and which floor area for office brings forth the best rent.
(2) RESEARCH METHOD
For the study, the regression analysis was executed for the 787 offices located in Seoul using their rents for 4th quarter of 2015 and their physical characteristics.
(3) RESEARCH FINDINGS
The study has found out like these; the different physical characteristics of the offices makes the different effect on the rent of the office, the rent reaches the lowest when it has been 30.47 years since the office building was established, and the rent reaches the highest when the floor area of the office building is 60,003.5 pyong.
2. RESULTS
The findings of the empirical analysis show that the aging of the buildings negatively affects the rent and that the floor area, number of the floors and rate of exclusive use of the office building positively affect the rent. By region, it was found that the rent of the office located in the Central Business District (CBD) is the highest followed by that in Gangnam Business District (GBD) and Youido Business District (YBD) in its order. It was found that the rent of office managed by the dedicated asset management companies is the highest. In terms of types of owners, the rent of offices owned by investment organizations(REITs, REF) is the highest followed by that of office owned by companies. In addition, we found that the rent of office which has elapsed 30.47 years after construction is the lowest and the rent of office with the floor area of 60,003.56 pyong is the highest.
