서울 오피스 임대시장의 렌트프리 결정요인 분석 = Analysis of Determination Factors of Rent-Free 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. The purpose of this studywas to identify the characteristics and causes of rent-free that exists after the global financial crisis. 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. This study assumed that vacancy rates and related variables (building size, rental price, building age) influenced the rent-free period and the effects of its determinants using the ordinal logit model. The results show that the vacancy rate, building size, and rental price are positively correlated with the rent-free period, but that building age is negatively correlated. This study analyzed the rent-free data on office buildings in Seoul containing at least 3,000 square feet of office space in the third quarter of 2013. The influencing factors for the rent-free terms were analyzed with multiple logistic regression models included in the Appendix.

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