• The Journal of the Korea Contents Association
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• v.16 no.7
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• pp.168-178
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• 2016

The purpose of the study is to present an analysis of the expatriate leasing market for highly-paid professionals residing in Seoul. The effects of physical and locational attributes, range of amenities along with expat's national and industrial attributes on housing rents are being empirically evaluated based on transactions. Using lease transaction data for the period of 1994 through 2013, the results show that physical and locational attributes which have been proved to affect conventional housing value are also confirmed to affect leasing housing rent for expatriate. Also this study finds the following results. First, housing rent is found to be influenced by foreign residents' occupation. Therefore banking, petrochemical, insurer and pharmaceutical company affect positively on housing rent while mechanic firms influenced negatively to rent. Second, housing rent is found to be affected by foreign residents' nationalities. The results indicate USA and the United Kingdom have a positive effect while French has a negative effect on rent.

• Journal of Cadastre & Land InformatiX
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• v.45 no.2
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• pp.217-235
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• 2015

The study has analyzed the determinants of retail rents for the franchised coffee shop with the Multi-Regression analysis in Seoul. Central place, agglomeration, and demand-externality theories provide the basis for empirical models. The data used in this study consisted of 2,000 retail units in Seoul. As the results, the results show that coffee shop of retail sales per $3.3m^2$ and characteristic of retail trade-areas, and characteristic of coffee shop affects on the coffee shop's rents per $3.3m^2$. Coffee Shop's sales are the major determinant of coffee shop's rents. Also, coffee shop's goodwill per $3.3m^2$ and rental bond per $3.3m^2$ are positively correlated with a coffee shop's rents. Additionally, number of wholesale company and manufacturers in the retail trade-areas influences coffee shop's rent per $3.3m^2$. In summary, the study shows that coffee shop's brand identity, location and retail mix in the retail trade areas affects a coffee shop's rent per $3.3m^2$.

• Journal of the Korean association of regional geographers
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• v.10 no.3
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• pp.654-666
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• 2004

The function of officetel has been changed from office use to residential use since 1980s. The construction of officetel was relatively increased in 1991, has been decreased in the middle of the 1991, and has been increased after 1996. This paper is an empirical examination of officetel rent determinants in Seoul. Hedonic regression analysis provides the basic framework for this study. The major rent determinants are the preferable location of buildings, the ratio of private use area to the building area. residential use. The officetel rents are likely to increase at an increasingly rate with respect to these variables. The significant and positive determinants that impact rents is the building story height for the officetel for business use, and the ratio of private use area to the building area for the officetel for residential use.

• Journal of the Korean Regional Science Association
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• v.34 no.1
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• pp.3-17
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• 2018

This paper empirically investigates time-varying regression parameter of hedonic price model for Seoul office rental market in distinct periods of a market cycle. Office rental index is constructed and the index indicates that the global financial crisis differentiates the analysis period into decline stage and recovery stage. Pre-crisis period is classified into decline stage and post-crisis is classified into recovery stage. Structural break-point test suggests structural change of hedonic model of rent determinants occurred in 2008. Evidence indicates that individual regression parameters of hedonic price model for decline stage are significantly different from those for recovery stage. Changes in the regression parameters of land price, distance to metro, building size, building age, and conversion rate are consistent. In recovery stage, the effect of locational advantage on office rent decreases whereas the effect of building characteristics on the rent increases.

• Journal of Cadastre & Land InformatiX
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• v.45 no.2
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• pp.191-201
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• 2015

There has been few researches on the variables that influence on goodwill of the store. The purpose of this study is to identify the determined variables which affect goodwill of the store in seoul empirically by examining the interaction between goodwill and risk sharing in the commercial lease contract. We have analyzed 1,463 retail unite of goodwill over August, 2015. A regression analysis model is constructed to test the significance of the variables on the goodwill per $m^2$ in Seoul. The results indicate that rent to total start-up cost of ratio and retail property characteristics variables explain a significant portion of the variability of goodwill. The results suggest that retail rents is comparatively more important than size of store. The study suggests that monthly rents to total start-up cost of ratio is the key variable affecting the goodwill of the store.

• 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.

• Journal of Cadastre & Land InformatiX
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• v.48 no.1
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• pp.229-244
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• 2018

The purpose of this study is to analyze the factors affecting the influence of the size and composition of the floating population on goodwill and Rent. First, the conceptual difference between location value and rent is clearly distinguished. Second, the value of land price is divided into fixed land value and floating land value. The empirical analysis utilized consulting data from 188 shops in Seocho and Gangnam-gu in 2013 ( restaurants, resting restaurants, drinking places, general stores, entertainment and sports). The results using linear regression analysis are as follows. Goodwill and rent have a positive correlation, but the evaluation system and factors are different. Especially the influence of the floating location factor is larger than the rent. And the fixed location factors such as building deterioration bus stops, were found to be significant influencing factors in the rents, but they did not affect goodwill. This result implies that the value of location of goodwill should be taken into consideration of a temporal and spatial concept. Since, in order to resolve disputes between the landlord and the tenant, it is necessary to accumulate data continuously and to study the objective evaluation system in the future.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.21 no.5
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• pp.29-37
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• 2020

This study analyzed the importance of factors according to the investor's perspective through a survey of residential real estate experts using AHP and fuzzy theory. Analysis results showed that rent, profitability, traffic accessibility, commercial and infrastructure, and financial regulation are important in common. By expert group, financial and credit groups cited profitability, rent, traffic accessibility, supply and tax benefits, construction and development groups cited traffic accessibility, rent, direct access, profitability, commercial area and infrastructure, and appraisal and evaluation groups cited rent, profitability, transportation accessibility, financial regulation and supply as the most important factors. This showed that it had a preference characteristic that was associated with work. In other words, it focuses most on the financial perspective in investment characteristics, and it values convenience such as accessibility to transportation and commercial districts and infrastructure as its location characteristics. In addition, it was found that easing financial regulations in the market is important to expand investment in real estate. This study aims to help the business feasibility analysis of residential property developers and rational decision-making of general investors who are consumers, taking into account the various perspectives of the expert group.

• Korean Journal of Social Welfare
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• v.68 no.3
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• pp.29-50
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• 2016

This study examined the determinants of housing affordability using the 2014 fact-finding survey of housing. This study identified the effects of characters of districts as well as the effects of characters of family and housing, taking advantage of HGLM(Hierarchical General Linear Model). The results of this study showed that male householder, higher education level, the monthly housing, higher satisfaction of environment of housing are the factors that increased the odds of living at unaffordable housing, but higher income, public transfer recipient, living at sub-standard housing, the Jensei housing are the factors that decreased the odds of living at unaffordable housing. And the higher housing price, the higher rent of the districts increased significantly the odds of living at unaffordable housing, but the higher rate of public housing of the districts decreased the odds of living at unaffordable housing. This study provides the basis that the price of housing and rent should be controled and the policy of public housing should be expanded for housing welfare.