임대차계약사례분석을 통한서울 간접투자 오피스의 렌트프리 결정요인 분석
A Study on Rent-Free Determinants by Analysis of Commercial Office Leasing Contract Cases in Seoul
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Abstract
Since the global financial crisis of 2008, the Seoul office market has changed into one driven by tenants. Large office development projects in central Seoul and Yeouido have caused office vacancies to rise sharply. As the competition for tenants has intensified, it has become commonplace for landlords to offer 'rent-free' periods to tenants to induce them to sign office leases. This study examines 441 rental contracts for properties having received indirect investment and uses regression analysis to identify determinants of rent-free periods for tenants. Separate models were created for Gangnam, which does not have any large office development projects, and downtown Seoul/Yeouido District, which is home to large-scale office development projects. These two models were combined into an integrated model in order to identify significant regression variables. This study uses fundamental data from lease contracts for commercial office space in Seoul in order to analyze rent-free periods which have become a buzzword in the Seoul office market. The results of this study suggest that longer lease terms, foreign company tenants, building size, and rent level are significant factors for rent-free periods. In addition to using rent-free periods to attract tenants, landlords also use rent-free periods to secure long-term rental cashflow. This may be related to the importance of WALE(Weighted Average Lease Expiry) when evaluating office space investments overseas.
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