수도권 중소형빌딩 관리비 및 임대료 결정요인 연구 : 정태적 및 동태적 모형 비교를 중심으로 = A study on the determinants of management costs and rents for small and medium buildings : focused on comparing static & dynamic model

다국어 초록 (Multilingual Abstract)

Small and medium-sized buildings are real estate types with a strong nature of investment goods, and management costs and rents can be greatly affected by changes in the economic environment, such as changes in interest rates. However, most of the existing studies related to small and medium-sized buildings have focused on static variables such as location.
This study established a hedonic model focusing on the location and physical characteristics of the small and medium-sized building market, and derived the impact on management costs and rents through panel analysis (system GMM) including macroeconomic variables in consideration of the characteristics of investment goods, and presented implications. The results of multiple regression and panel model analysis for management costs and rent are summarized and presented as follows.
As a result of the overall model analysis, it was found that the presence or absence of regions and managers also had a significant effect on rent compared to the previous model by period. In other words, in the long run, the two variables affect rent and are found to be consistent with the general belief that rent is formed higher than other regions, such as the high price of small and medium-sized buildings in the Gangnam area.
As a result of the overall model analysis, unlike the model by period, nine variables such as rent, floor area, number of years elapsed, building status, managerial status, bus stops, subway stations, parking lots, and elevators will affect management costs, indicating that they are determined by various factors in the long run. The overall model also showed that rent or not was the variable that most affected management costs, followed by the number of years elapsed, total floor area, parking lots, elevator, building status, bus stops, number of subway stations, and management status.
As a result of the system GMM model analysis on the determinants of management cost for small and medium-sized buildings, only five variables were included in the model: floor area, region, interest rate, economic growth rate, and unemployment rate. Among the variables, the factors affecting the management cost of small and medium-sized buildings, which are the dependent variables, were found to be two independent variables: interest rate and economic growth rate, along with the management cost of the previous year.
As a result of the analysis of the rent determinant system GMM model, only seven variables such as interest rate, economic growth rate, and unemployment rate were included in the model for total floor area, number of bus stops, subway stations, lifts, and macroeconomic variables like the rent model. Among the variables, the factors affecting the rent of small and medium-sized buildings, which are the dependent variables, were found to be total floor area, number of lifts, number of bus stops, and four subway stations along with the management fee of the previous year. In particular, the rent of the previous year was found to be high, which is believed to be because the rent for small and medium-sized buildings is fixed over a long period of time under the Lease Protection Act.
It can be seen that management companies tend to compensate for additional costs incurred by changes in the economic environment by increasing management costs, while building owners maintain rent to avoid vacancy risks. However, it can be seen that even when interest rates fall, building owners do not make adjustments to lower rents. The accessibility of the subway greatly affects the rent in the small and medium-sized building market in the metropolitan area, and a large economy with high rent levels for large and convenient buildings is established.

목차 (Table of Contents)

• 제1장 서론 1
• 제1절 연구의 배경 및 목적 1
• 1. 연구의 배경 1
• 2. 연구의 목적 3
• 제2절 연구의 범위 및 방법 5
• 1. 연구의 범위 5
• 2. 연구의 방법 7
• 제3절 연구의 구성 및 체계 8
• 제2장 이론적 배경과 선행연구 11
• 제1절 부동산 자산관리의 개요 및 관리비용 고찰 11
• 1. 부동산 자산관리의 정의 및 특징 11
• 2. 부동산 자산관리의 분류 16
• 3. 부동산관리의 경제적 중요성 21
• 4. 부동산 관리비용 24
• 제2절 부동산시장의 임대료 정의 및 결정방식 29
• 1. 부동산 임대료의 정의 29
• 2. 부동산 임대료와 가격과의 관계 30
• 3. 부동산 임대료 결정 방식 32
• 제3절 국내 중소형빌딩의 현황 및 특징 34
• 1. 중소형빌딩의 개요 34
• 2. 빌딩 규모의 분류 기준 35
• 3. 국내 중소형빌딩의 특징 37
• 4. 오피스 및 상가시장 현황 40
• 제4절 선행연구고찰 및 차별성 47
• 1. 부동산 자산관리 관련 선행연구 47
• 2. 부동산 임대료 관련 선행연구 55
• 3. 본 연구의 차별성 65
• 제3장 연구설계 67
• 제1절 분석자료 67
• 제2절 변수의 정의 및 측정 68
• 1. 입지 특성변수 68
• 2. 물리 및 운영적 특성변수 70
• 3. 거시경제 특성변수 75
• 제3절 연구모형 및 가설설정 80
• 1. 연구모형 80
• 2. 연구가설 83
• 제4절 분석방법 개요 86
• 1. 다중회귀분석 86
• 2. 패널분석의 개요 87
• 3. 동적패널 및 시스템 GMM 모형 89
• 제4장 분석결과 93
• 제1절 기초분석 93
• 1. 기술통계량 93
• 2. 상관관계 분석결과 95
• 제2절 빌딩별 특성모형 분석결과 99
• 1. 관리비 모형 분석결과 99
• 2. 임대료 모형 분석결과 106
• 제3절 동적패널모형 분석결과 114
• 1. 관리비 시스템 GMM모형 분석결과 115
• 2. 임대료 시스템 GMM모형 분석결과 116
• 제5장 결론 119
• 제1절 연구결과 요약 및 시사점 119
• 제2절 연구의 한계 및 향후 연구과제 123
• 참고문헌 125
• ABSTRACT 134