서울 상가시장 임대료결정요인에 관한 연구

Abstract

Retail properties have been preferred as income generating type of real estate. However, there have been little studies on retail properties in Korea. This study analyzes determining factors of their rents using survey data conducted by the Ministry of Construction and Transportation. Hedonic price models are developed to sort out main determinants of their rents. Estimation results reveal that market conditions and locational characteristics (both horizontal and vertical factors) play important roles in the rent level of retail properties. Especially, vertical location (number of floor) in a building is the most influential factor of rent determination. However, there are significant differences in rent determination structure among sub-markets. An interesting finding is that business type of tenants differentiates the level of rent.