서울시 오피스 임대시장의 공실률과 임대료의 상호결정구조 분석

Abstract

There have been many attempts to estimate structural relationship Rent and Vacancy Rate in the office rental market, however domestic studies have be focused on the determinants of the Rent but Vacancy Rate. This paper presents estimates of structural model of office rental market using Rent and Vacancy Rate relationships to link CPI, interest rate, office workers‘ number, GDP, office supply. The model is estimated using data from the Seoul office market over 2001-2011 and Statistical methods of OLS and 2SLS are used to estimate relationship between the variables. The result shows that CPI and interest rate has positive effect with rent but vacancy rate and that vacancy rate is influenced by GDP and office workers’ number negatively but office supply positively. Also we find that rent inflation has lower than before the financial crisis in same market condition change because of poor market condition.