| 요약1 |
Seoul's office market has largely been a blank space in international real estate investment community, but the situation is changing rapidly after Korean real estate market opened up in 1998. Demand for reliable data and market analyses are rising as a result, but little research effort has been put into this field largely for lack of accumulated data. As an effort to fill the gap, a survey of office buildings was conducted and, after building a uniform effective rent variable, cross-section analyses of office rents were performed using hedonic regressions. With the total sample, building space, accessibility to subway station and major shopping facilities, volume ratio, and the number of financial institutions were identified to positively affect rent, and presence of restaurants, shops, and resting area had negatively affected rent. In addition, Chonsei rental contract lowered effective rent. However, three major office areas had different rent structures, calling for further data gathering and analyses. |