오피스 소유 및 관리 특성이 임대료 할인 비율에 미치는 영향 분석 : 서울시 도심 오피스를 대상으로

Abstract

본 연구는 소유 및 관리 특성이 오피스 빌딩의 임대료 할인에미치는 영향에 대해 분석하고자 한다. 명목임대료 대비 명목임대료(contract rent)와 실효임대료(net effective rent)의 차이를임대료 할인 비율(net effective rate, 이하 NER)로 정의하였다. 분석을 통해 시장에서 일반적으로 나타나고 있는 임대료 할인이부동산 전문투자 및 운영·관리회사에 의해 나타나는 적극적인 임대 정책 수단임을 밝히고자 한다.

This study analyzes the effect of ownership and management characteristics on the discounted rent (net effective rate) of office buildings. Despite the rising vacancy rate due to the supply of offices since the 2000s, the contract rent has steadily increased in the market. As the net effective rent hardly changed during this period, the difference between the contract rent and net effective rent has widened. This gap is defined as net effective rate (NER) and this study focuses on the relationship between office ownership and management characteristics. An empirical analysis was conducted by constructing a ridge regression model using rent information about 118 office buildings from Seoul’s central business district (CBD). We found that ownership and management characteristics, surrounding factors, and building characteristics affect NER. Professional investment and management companies that owned or operated office buildings had a higher NER. Although it seems like they are offering a large discount by providing various rentals free, the net effective rent is not low because the level of contract rent, the basis of the discount, is high. This study confirmed that office buildings used an active rental discount policy to secure rental income, resolve vacancies, and attract excellent tenants.