서울 오피스시장의 자본환원율과 조소득승수 추정에 관한 연구 = Estimation of Capitalization Rates and Gross Income Multipliers in Seoul Office Market

다국어 초록 (Multilingual Abstract)

Capitalization rate(cap rate) and gross income multiplier(GIM) are commonly used in advanced real estate market and they have been a matter of concern in Korea since the 1997 currency crisis. Nonetheless, few papers have been made public in Korea. The purpose of this paper is to estimate cap rates, GIMs and modifiers for the characteristics of office buildings in Seoul, Korea. Data set was supported by SAMS corporation specialized in property management and collected from 2000 to 2004 and four regression models based on a hedonic equation are adopted. Major findings are summarized as follows: Firstly, coefficients of main variables, potential gross income(PGI) and net operating income(NOI) are less than unit and it means that GIM decreases but cap rate increases with an increase in the scale of income. Additive variables, age of building and annual interest of bank have negative effects on GIM but conversely positive on cap rate. Secondly, cap rates and GIMs are properly estimated by various scenarios and difference in estimators corresponds to difference in the characteristics of office buildings. This paper is useful for office investors and market analysts.

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