• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2002.11a
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• pp.301-306
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• 2002

In Japan, the vacancy rates of office buildings have been at high in big cities since 1992. This problem is especially acute in Tokyo, where it is estimated that over 2.27 million square meters of office floor area will be oversupplied in 2003: big urban redevelopment projects will be completed in 2003. Under these circumstances, International Cooperative Research and Development on Sustainable Urban Management by Conversion of Buildings, called “SUMCOB”, has been carried out. This research aims to regenerate urban areas by converting redundant offices into flats, although instances of conversion are still very few in Japan. This paper introduces part of current results by SUMCOB, and discusses legal problems with conversion and basic capacity of vacant offices in Tokyo. It has been confirmed that there are no constraints concerned with Real Estate Registration Law (although it requires the change of the registration after conversion). and City Planning Law. However, some criteria are incompatible with Building Standard Law and Fire Service Law if the use of the building is changed from offices to flats. Typical incompatibility between offices and flats is lightening. If the buildings do not satisfy criteria for flats, the cost of renovation works for conversion will increase. To examine the basic capacity of vacant office buildings for conversion, field surveys in Tokyo have carried out at three areas: Kodenmacho (Chuo-ku), Toranomon (Minato-ku), and Iwamonocho (Chiyoda-ku). They are typical office areas that are included in center core of Tokyo. In Chuo-ku, the oldest commercial area in Tokyo, textile merchants have been located their headquarters. In Minato-ku, many rental office buildings have been located and several large scale redevelopments are advancing. Chiyoda-ku includes Marunouchi area, which is the prime office area in Japan. Thirty percent of the buildings in survey areas suffer from over twenty percent vacant floor rate, and fifty five percent were constructed before 1990. Especially most of buildings over forty percent vacant floor rate were constructed in 1980s. Vacant office problems haven't been seen in old buildings in Tokyo yet. The number of dwelling units made from office space will influence the conversion scheme. Seventy percent of the office buildings in survey areas have floor area of less than two hundred square meters. If they have been subdivided into two bedrooms type or three bedrooms type, the number of dwelling units in a floor would be less than three. The difficulty of conversion planning derives from frontage size, depth size, and their proportion. The five categories are proposed to grasp actual requirements for converting offices into flats.

• Korean Journal of Construction Engineering and Management
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• v.18 no.4
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• pp.3-16
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• 2017

Forecasting cash flow is very important but is difficult and complicated to analysis in high-rise development projects. And An expected value which was forecasted on the early stage is likely to fluctuate due to uncertainties around such complicated huge project to consider the probable uncertainty. There are not objectified method which are able to cope with uncertainty of project, and feasibility study based on selected financial analysis does not include liquidity of cash flow. Through such a stochastic method, developer can cope with cash flow fluctuation and set up a financial plan. Also this study is meaningful for laying the foundation for high-rise development project and feasibility study as well as the suitability and accuracy of feasibility study. Analysis showed that NPV and IRR include residential apartments shows surplus revenue as return of apartments offset deficit of hotel and office. Factors influencing the project feasibility for high-rise development project are sales account of $1^{st}$ year and annual vacancy rate of office.

• Journal of the Korean Chemical Society
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• v.27 no.3
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• pp.183-188
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• 1983

The catalytic oxidation of $SO_2$ has been investigated in the presence of vacuum-activated 10 mol % Ni-doped ${\alpha}-Fe_2O_3$ under various partial pressures of $SO_2\;and\;O_2$ at temperatures from 320 to $440{\circ}C$. Over the temperature range $320{\sim}440{\circ}C$, the activation energy is 13.8 $kcal{\cdot}mol^{-1}$. The oxidation rates have been correlated with 1.5 order kinetics; first order with respect to $SO_2$ and 0.5 order with respect to $O_2$. From the kinetic data and conductivity measurements, the adsorption, oxidation mechanism of $SO_2$ and the defect structure of vacuum-activated 10 mol % Ni-doped {\alpha}-Fe_2O_3$ are suggested. $O_2\;and\;SO_2$ appear to be adsorbed essentially as ionic species. Two surface sites, probably an $O^{2-}$ lattice and an oxygen vacancy which is induced by Ni-doping, might be required to adsorb $SO_2\;and\;O_2$. The conductivity measurements and kinetic data indicate that the adsorption process of $SO_2\;{(SO_2+O^{2-}}_{(latt)}{\rightleftharpoons}{{SO_3}^-}_{(ads)}+e')$ is the rate-determining step.

• Earthquakes and Structures
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• v.23 no.5
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• pp.445-462
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• 2022

To investigate and evaluate the seismic damage behaviors of steel reinforced recycled concrete (SRRC) filled circular steel tube composite columns, in this study, the cyclic loading tests of 11 composite columns was carried out by using the load-displacement joint control method. The seismic damage process, hysteretic curves and performance indexes of composite columns were observed and obtained. The effects of replacement rates of recycled coarse aggregate (RCA), diameter thickness ratio, axial compression ratio, profile steel ratio and section form of profile steel on the seismic damage behaviors of composite columns were also analyzed in detail. The results show that the failure model of columns is a typical bending failure under the combined action of horizontal loads and vertical loads, and the columns have good energy dissipation capacity and ductility. In addition, the replacement rates of RCA have a certain adverse effect on the seismic bearing capacity, energy consumption and ductility of columns. The seismic damage characteristics of composite columns are revealed according to the failure modes and hysteretic curves. A modified Park-Ang seismic damage model based on the maximum displacement and cumulative energy consumption was proposed, which can consider the adverse effect of RAC on the seismic damage of columns. On this basis, the performance levels of composite columns are divided into five categories, The interlayer displacement angle and damage index are used as the damage quantitative indicators of composite columns, and the displacement angle limits of composite columns at different performance levels under 80% assurance rate are calculated as 1/105, 1/85, 1/65, 1/28, and 1/25 respectively. On this basis, the damage index limits corresponding to each performance level are calculated as 0.045, 0.1, 0.48, 0.8, and 1.0 respectively. Finally, the corresponding relations among the performance levels, damage degrees, interlayer displacement angles and damage indexes of composite columns are established. The conclusions can provide reference for the seismic design of SRRC filled circular steel tube composite columns, it fills the vacancy in the research on seismic damage of steel reinforced recycled concrete (SRRC) filled circular steel tube composite columns.

• KDI Journal of Economic Policy
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• v.32 no.1
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• pp.131-169
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• 2010

I develop a matching model in which risk-averse workers face borrowing constraints and make a labor force participation decision as well as a job search decision. A sharp distinction between unemployment and out of the labor force is made: those who look for work for a certain period but find no job are classified as the unemployed and those who do not look for work are classified as those out of the labor force. In the model, the job search decision consists of two steps. First, each individual who is not working obtains information about employment opportunities. Second, each individual who decides to search has to take costly actions to find a job. Since individuals differ with respect to asset holdings, they have different reservation job-finding probabilities at which an individual is indifferent between searching and not searching. Individuals, who have large asset holdings and thereby are less likely to participate in the labor market, have high reservation job-finding probability, and they are less likely to search if they have less quality of information. In other words, if individuals with large asset holdings search for job, they must have very high quality of information and face very high actual job-finding probability. On the other hand, individuals with small asset holdings have low reservation job-finding probability and they are likely to search for less quality of information. They face very low actual job-finding probability and seem to remain unemployed for a long time. Therefore, differences in the quality of information explain heterogeneous job search decisions among individuals as well as higher job finding probability for those who reenter the labor market than for those who remain in the labor force. The effect of the extended maximum duration of unemployment insurance benefits on the aggregate labor market and the labor market flows is investigated. The benchmark benefit duration is set to three months. As maximum benefit duration is extended up to six months, the employment-population ratio decreases while the unemployment rate increases because individuals who are eligible for benefits have strong incentives to remain unemployed and decide to search even if they obtain less quality of information, which leads to low job-finding probability and then high unemployment rate. Then, the vacancy-unemployment ratio decreases and, in turn, the job-finding probability for both the unemployed and those out of the labor force decrease. Finally, the outflow from nonparticipation decreases with benefit duration because the equilibrium job-finding probability decreases. As the job-finding probability decreases, those who are out of the labor force are less likely to search for the same quality of information. I also consider the matching model with two states of employment and unemployment. Compared to the results of the two-state model, the simulated effects of changes in benefit duration on the aggregate labor market and the labor market flows are quite large and significant.

• Land and Housing Review
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• v.12 no.2
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• pp.33-45
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• 2021

Due to recent changes in government policy, officetels have received attention as alternative assets, along with the uplift of office and apartment prices in Seoul. However, the current officetel price indexes use small-size samples and, thus, there is a critique on their accuracy. They rely on valuation prices which lag the market trend and do not properly reflect the volatile nature of the property market, resulting in 'smoothing'. Therefore, the purpose of this paper is to create the officetel price index using transaction data. The data, provided by the Ministry of Land, Infrastructure and Transport from 2005 to 2020, includes sales prices and rental prices - Jeonsei and monthly rent (and their combinations). This study employed a repeat sales model for sales, jeonsei, and monthly rent indexes. It also contributes to improving conversion rates (between deposit and monthly rent) as a supplementary indicator. The main findings are as follows. First, the officetel price index and jeonsei index reached 132.5P and 163.9P, respectively, in Q4 2020 (1Q 2011=100.0P). However, the rent index was approximately below 100.0. Sales prices and jeonsei continued to rise due to high demand while monthly rent was largely unchanged due to vacancy risk. Second, the increase in the officetel sales price was lower than other housing types such as apartments and villas. Third, the employed approach has seen a potential to produce more reliable officetel price indexes reflecting high volatility compared to those indexes produced by other institutions, contributing to resolving 'smoothing'. As seen in the application in Seoul, this approach can enhance accuracy and, therefore, better assist market players to understand the market trend, which is much valuable under great uncertainties such as COVID-19 environments.