서울 오피스 시장의 렌트프리와 매매가격의 관계 분석 = Relationship between rent-free and sale price in Seoul office market

다국어 초록 (Multilingual Abstract)

There were some changes in the Seoul office rental market after the global financial crisis. The typical changes included introduction of rent-free terms and a rise in the vacancy rate. Depending on market conditions, rent-free terms deflate the real rental price, not the asking price, and some gaps between the two types of rental prices have been observed. However, most of the literature on the asking rental price for rents attempts to estimate relationships among variables in the rental market. Some medias said that the asking rent based on rent-free had a greater influence than then effective rent on appraisal of office building. However this opinion is not verified. This study aimed at examining the reason why the lessor does not reduce the asking rent but raises or maintains it stable as well as offers free lease called rent-free in order to lower vacancy rate. To achieve this goal, attempts were made to find reasonal interpretation of the causes of rent-free through review of previous studies, which said that rent-free can affect sale price. Therefore this paper examined whether the asking rent maintained by rent-free affects sale price. We analyzed time series data of 55 quarters which contained asking rent, effective rent, GDP, interest rate, currency rate. And the result shows that the asking rent had a greater influence than the effective rent on explanation of the sale price.

참고문헌 (Reference)

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