In the 1960s, industrial complexes were developed based on economic development plans, aiming to stimulate regional economies through job creation via attracting businesses and promoting population influx. However, over the past 20 years, an increase ...
In the 1960s, industrial complexes were developed based on economic development plans, aiming to stimulate regional economies through job creation via attracting businesses and promoting population influx. However, over the past 20 years, an increase in aged industrial complexes has led to environmental issues due to inadequate infrastructure, hindering regional competitiveness in the absence of knowledge-based industries. Consequently, there is an urgent need for carbon-neutral policies for aged industrial complexes, incorporating elements of low-carbon green city planning to restrain carbon emissions.
To address the challenges, not only a carbon-neutral plan for industrial complexes but also support systems promoting industry diversification in aging complexes and attracting young populations are essential. Knowledge industry centers play a crucial role in revitalizing industrial complexes and industrial upgrading, serving as a means to redevelop old industrial and industrial areas, fostering urban development, and nurturing advanced venture enterprises. However, many stakeholders prefer individualized knowledge industry centers. Therefore, to enhance profitability for stakeholders, it is imperative to encourage the expansion of planned-location knowledge industry centers and establish effective investment incentives considering factors that can elevate asset value.
Most previous studies on the impact of carbon-neutral plans on real estate value have primarily focused on residential and commercial properties, necessitating research on the influence of energy efficiency and green spaces on knowledge industry center transaction prices within industrial real estate. This study adopts a hedonic price model in the form of multiple regression analysis, using transaction prices per unit area as the dependent variable.
Empirical analysis results reveal that within carbon reduction plans, energy-saving elements (such as eco-friendly building certification) have a negative impact on knowledge industry center transaction prices. However, this negative impact is mitigated when the ratio of support facilities to ancillary facilities is higher. This suggests that eco-friendly certified buildings incur higher management costs compared to non-certified buildings. On the other hand, the facilities within knowledge industry centers, such as support and ancillary facilities, use general-purpose electricity with the highest unit cost. Consequently, the energy-saving effect from eco-friendly construction leads to a price premium. Green zones within industrial complexes positively affect environmental improvement and worker conditions. Additionally, medium-scale industrial complexes with knowledge industry centers exhibit a more significant positive impact from green spaces compared to large-scale industrial complexes, emphasizing the importance of accessibility differences, urban functionality, and industry composition based on industrial complex size.
This study contributes by examining the impact of energy-saving and green environment factors on the transaction prices of planned-location knowledge industry centers, highlighting the need for further research as eco-friendly building certification cases are limited, and the analysis is confined to the metropolitan area. Future studies may benefit from exploring non-metropolitan areas as eco-friendly building certification cases for knowledge industry centers increase.