오피스빌딩 내 상업시설의 임대료 결정요인에 관한 연구 -위계선형모형의 활용-

Abstract

The commercial facility is one of the important amenity facilities in office building. Recently, office building owners and managers are eager to enhance income stream from their commercial facilities by strengthening shopping and restaurant tenants. Since the retail potential commercial facilities in office buildings are influenced by the office building characteristics, trade area characteristics around office building, and so on, management strategies of commercial facilities could be different from office building to office building. Despite of these changes, there is little research on commercial facility in academic society. For these reasons, this study aims to examine the rent determinants of retail stores in commercial facilities. This study categorizes influencing factors into character of the office building, trade area, management, individual store. For empirical research, we analyze the rents of 393 retail stores at 38 commercial facilities of office buildings in Seoul. This study uses the hierarchical linear model to consider the effects of hierarchical influencing factors on rents including both office building level and individual store level. The results of the empirical analysis are as follows. Firstly, this study confirms office building characteristics including gross leasable area and building owner type, have considerable influence on store rents in the commercial facility. Secondly, this study finds trade area characteristics such as distance to subway station, road width, and pedestrian traffics around office building, have significant effects on store rents. Thirdly, this study discovers management characteristics such as the number of floors the commercial facilities occupy and management decision to operate commercial facility as an independent shopping mall, affect store rents in the commercial facility. Finally, this study shows the individual store characteristics such as store size, floor level that the store locates, whether the store has access to main pedestrian movement in the commercial facility, whether the store has signage outside of office building, and categories of tenant business, significantly influence on store rents.