서울시 오피스 하위시장의 전월세환산률 차이에 관한 연구 = Differences in the Opportunity Cost of Capital Among Regional Office Submarkets in Seoul

다국어 초록 (Multilingual Abstract)

It is a unique feature of the Korean office rental market that the lease system is dualized by 'Chonsei'(up-front lump-sum rent deposit) and monthly rent contracts. In relation to this, there exist differences in the so-called 'conversion rate', the financial opportunity cost or time value of capital that functions as a discount rate in converting monthly rent into Chonsei deposit, among the regional office submarkets in Seoul：CBD, Yoido, and Kangnam. This paper demonstrates that the regional differences in the conversion rate basically reflect the differences in regional distribution of building owner(corporation vs. individual) and tenant(large vs. small and medium-sized corporations) characteristics and building age and size. It further identifies that the regional variations of building size are much attributed to those of owner and tenant characteristics as well as building age. Finally, path analysis implies that owner and tenant characteristics are the most important determinants of the conversion rate.