• Land and Housing Review
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• v.14 no.4
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• pp.47-62
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• 2023

Using the dynamic panel model, this study investigates rent determinants for small and medium-sized office buildings in Korea's CBD and Gangnam areas, key business districts. The results reveal that rents for small and medium-sized office buildings in CBD and Gangnam areas are influenced by macroeconomic fluctuations and characteristics of buildings and locations, suggesting a market with both spatial consumer and investment goods attributes. There are several investment implications as follows. First, even if the location in the CBD area is advantageous, the practical limitations in renovating aging small and medium-sized office buildings must be taken into account when investing. Second, parking conditions are a key factor influencing rent prices in CBD areas, so evaluating the parking facilities and improvement potential of small and medium-sized office buildings is essential for investors. Finally, due to the high sensitivity of Gangnam's small and medium-sized office market to macroeconomic trends, it's vital to prioritize monetary policy shifts as a key factor in investment decisions.

• The Magazine of the Society of Air-Conditioning and Refrigerating Engineers of Korea
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• v.33 no.8
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• pp.23-31
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• 2004

국내 시스템에어컨 시장은 신도시 형성과 주상복합건물 및 중대형 아파트의 전실공조 필요성이 증대하고 빌딩 리노베이션 등 지속적인 건설시장 성장에 따라 수요가 급격히 증가해 왔으며, 중대형 공조설비를 대체할 차세대 공조시스템으로 시장에서 평가받고 있으며, 상업용 공조시장에서 차지하는 비율도 점차 증가하고 있다. 이런 결과 지난해 3,000∼3,500억 원대의 시장 규모는 올해 4,500∼5,000억 원대로 성장이 예상되면, 매년 30% 이상의 지속적인 시장확대가 예측되며, 도입초기에 주상복합, 아파트, 교단, 병원, 중소형 빌딩 등에 한정되었던 시장은 최근에는 중대형 빌딩용 멀티 에어컨의 수요가 꾸준히 늘어나고 있으며 선진시장인 일본에서 중앙공조 및 멀티에어컨의 장점만을 이용한 혼합 공조시스템이 90년대부터 적용되어져 왔으며, 현재에는 대형오피스 빌딩의 경우에도 공조방식이 시스템에어컨 및 혼합공조가 증가하는 추세이다. (중략)

• Korean Journal of Construction Engineering and Management
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• v.16 no.6
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• pp.144-155
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• 2015

This paper is to understand investment's efficiency and performance of commercial real estate assets diversified by use and district. To do so, this paper divides two different commercial real estate markets(office build market and retail real estate market) in Seoul city by district into "GBD(Gangnam Business District), YBD(Yeouido Business District), and CBD(Central Business District)" and "GBD(Gangnam Business District), SBD(Shinchon Business District), and CBD(Central Business District)" respectively, configures these districts each other to structure portfolios as its portion varies based on Markowitz's Mean-Variance principle, and looks at risk-return relationship of portfolios to find out efficiency, performance, and optimal investment chosen based upon Sharpe's Performance Index. As a result, the portfolio configured by "10 to 30% of office building asset at CBD" and "70 to 90% of retail real estate asset at CBD" is shown to be the most optimal, suggesting the highest quarterly Sharpe's performance index of 2.7118~2.7776 with quarterly rate of return of 1.826%~1.838% and quarterly standard deviation of 0.573~0.589. Furthermore, it is obvious that diversified portfolio configured by use(office-retail) shows better investment performance than that by district with same type of asset(office-office or retail-retail). Finally, results driven from this research will play an important role to stimulate real estate and construction markets through enlarging ideas as to diversified investment by use and district on real estate indirect investment products.

• Korean Journal of Construction Engineering and Management
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• v.18 no.1
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• pp.90-99
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• 2017

This paper is to understand the impact of systematic risk on capitalization rate at office building market and retail real estate market in Seoul and to see if CAPM(Capital Asset Pricing Model) is applicable. For this, this paper considers eight different office building and retail real estate markets in Seoul city area, called GBD, YBD, CBD, and Other Business District, and GBD, SBD, CBD, and Other Business District, to find out if there is any positive-linearity between systematic risk and capitalization rate for each business district not. Then, this paper tries to verify applicability of CAPM to four office building markets and four retail real estate markets with Black, Jensen, and Scholes(1972)'s statistical methodology. At last, the result shows that there is positive linearity between systematic risk and capitalization rate only GBD except Others(YBD, CBD, and other business district) in office building market. In addtion, SBD and CBD, they could be figured out that it is not efficient market because increasing systematic risk declines capitalization rate in retail real estate market. However, CAPM is not applicable in all office building(GBD, YBD, CBD, and other business district) and retail real estate markets(GBD, SBD, CBD, and other business district) in Seoul.

• Journal of Korean Society of Transportation
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• v.26 no.6
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• pp.29-38
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• 2008

In Seoul, the volume of office market has been expanding rapidly and the currency will be maintained. Many researches have looked at determinants of the office rent, we still cannot have adequate and accurate information of the impacts of traffic congestions around office buildings on the office rents. To gauge the effect of traffic conditions surrounding an office building on the office rent, a hedonic price model was estimated. The regression analysis estimates the values or implicit prices of the individual rent determinants; these parameters in turn allow for a detailed examination of the variables that impact office rents. The result shows that traffic conditions of office buildings play an important role in determining the office rental rate. Since a number of adjacent streets provided excellent opportunities to connect with the neighborhood, it pulls up the rental rate. Similarly, traffic congestions depreciates the value of an office buildings restricting the accessibility to the office building. We also provide evidence of the existence of spatial submarkets and find that market takes different spatial forms depending on the local context.

• 주택과사람들
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• s.189
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• pp.44-47
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• 2006

고층빌딩 사이로 화려한 불빛이 휘황찬란한 도시 상하이. 홍콩, 싱가포르, 노트르담 등과 함께 세계 6대 항구로 손꼽히는 상하이에는 시내를 가로지르는 상전벽해(桑田碧海)라는 말이 걸맞을 정도로 도시 전체가 고층 빌딩과 아파트로 뒤덮여 있다. 전 세계 사람들의 주목을 받고 있는 상하이 오피스 시장 그속을 들여다 보자.

• 주택과사람들
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• s.194
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• pp.98-103
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• 2006

영국의 주거 트렌드가 조금씩 변화하고 있다. 뒤뜰에 넓은 정원이 있는 주택이나 저층 맨션이 주를 이루던 영국의 주택 시장에 주택과 오피스, 상가, 심지어 호텔까지 혼합한 다양한 형태의 최첨단 'Mixed-Use'가 등장하고 있는 것. 이러한 'Mixed-Use' 형태의 빌딩은 해당 지역의 랜드마크로서 큰 인기를 끄는 것은 물론이고, 주택 시장에서도 가격을 선도하고 있다. 최근 개발된 영국의 'Mixed-Use' 빌딩을 소개한다.

• 주택과사람들
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• s.224
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• pp.32-32
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• 2008

2009년 부동산 시장이 밝았다. 하지만 현 부동산 시장 상황은 10년 전, 1998년으로 되돌아간 듯하다. 헐값으로 나온 오피스 빌딩을 외국계 자본이 노리고 있고, 양도세 일시 감면 투기 지역 투기과열지구 해제 등 각종 부동한 규제책들이 무장 해제되고 있다. 지난달 부동산 시장의 단면들을 담은 주요 이슈들을 정리했다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.11
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• pp.6630-6638
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• 2014

The concerns for higher returns among investors in Korea are increasing as local interest rates lag behind the global market. The aim of this study was to provide a basis for estimating the precise return on investment to private investors and stakeholders of office buildings by identifying the optimal scale estimation of office building space, derived from managerial expenses. The literature on the economies theories of scales were reviewed, and the average administrative costs on an appropriate scale were assessed by cross-analysis and regression analysis using the U-shaped quadratic and cubic function. The findings suggest that the average office building managerial costs are approximately 6-11% according to the region, 10-13% according to the grade, and 8-9% according to size. Corporate-owned buildings represent the highest in terms of the average managerial costs, and there is an approximately 11.5% difference when it comes to outsourcing. In addition, the elapsed year showed that approximately 5.3 years to meet the lowest U-shaped curve of the average managerial cost. The 'Total floor area' variable shows a ${\bigcap}$-shape as it continue to increase to 72,000-Pyung then decrease gradually. This study presents the fundamental proposition of efficient and practical management of cost, lease and operation for real estate management firms by utilizing LCC.

• Korean Journal of Construction Engineering and Management
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• v.14 no.2
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• pp.141-149
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• 2013

This paper presents a scheduling technique that reflects various constraints in remodeling project of inhabited condition. The remodeling project of inhabited condition is required more detailed planning and control due to claims by noise, vibration, dust, smells, limited lift capacity, and limited temporary stock area. Because of the constraints, complexity in scheduling is increased and earlier completion is required to reduce the possibility of safety and environment accidents. Especially, in case of inhabited condition, the scheduling should be linked day-time/night-time/weekend work. This paper proposes a structured scheduling technique to incorporate those constraints in remodeling of inhabited condition. This scheduling technique considers not only remodeling process but also dismantling, newly-construction, and residents movement. Process expression method using MS-Project also presented to keep connectivity with existing scheduling system.