The object of this research is to formulate a standard system of domestic office building market that matches the global standard and to establish specific execution method of that system. In doing so, there are four key elements that need to be done....
The object of this research is to formulate a standard system of domestic office building market that matches the global standard and to establish specific execution method of that system. In doing so, there are four key elements that need to be done. First of all, clear classification of office buildings in domestic real estate market is necessary. Secondly, class evaluation system needs to be formulated based on the office building classification system. Thirdly, the distinction between upper and lower end market within the whole office building market through more detailed classification is a must. Finally, the information system needs to be standardized in order to analyze the office building market with a certainty.
After the foreign currency crisis in 1997, the domestic real estate market had gone through a very tough restructuring phases to overcome the economic crisis, and in this period, the importance of information, various indexes and indicators on the office building market finally come out on the surface. In addition, the introduction of real estate security and REITs as well as the new decision making methods of foreign investment companies as the market opened up to foreign capital all played a part that brought a rapid changes in the market environment, and this, in turn, resulted in an urgent need for a more accurate data on the office building statistics based market segmentation, market index and indicators related to the office building investment. However, the office markets statistical information and market trend reports that are currently published regretfully contain a definite problems related to the accuracy, trustworthiness and the level of quality, and they need to be upgraded. What used to be the closed market and its culture and the lack of standardized system of real estate market and office building information are to be blamed as the biggest reasons that cause such problems.
This research, in dealing with such problems, after thorough investigation of the characteristics of domestic office building market with an emphasis on the market in Seoul, is structured in such way that covers both office buildings and office building market in order to formulate the sound standard system of domestic office buildings. Also, what can be done with the policy to accelerate the transition from a closed market structure to an open market structure is also discussed in a great deal. Firstly, case studies on office building market along with the general studies contributed to the theoretical basis of this research. Data base formulation through building ledger for the purpose of systematic classification of office buildings is discussed. A method that classifies a building over 3 stories high with a major use of office space as an office building is proposed as well. In addition, practical execution of class evaluation method based on dual structure is proposed for the purpose of effective office building class evaluation. To build a standard system in the office building market, the office buildings in Seoul are categorized in the following way; 4 mega markets, 21 sub-markets and 244 mass-transit station markets. Finally, the upgrade of rental payment system, office building evaluation methods and market research methods are covered in great deal as executive tactics in the formulation of information system in the office building market.
In conclusion, the methods, proposed in this research paper, to formulate a standard system is aimed at fixing the structural problems associated with office building market that, at the end of the day, will provide a system thats acceptable in global standard.