국내 오피스 관리비차익에 관한 연구

Abstract

The study on the rent is essential for understanding office market. However the calculation of‘true rent’ is not easy in Korea considering the practice of lease agreement which requires arelatively huge amount of security deposit as well as a fixed management fee, and the availablemarket data which only contains asking rent without operating expenses. This study focuses on the effect of management fee on ‘true rent’ and analyzes the actualmargin in management fee using a panel data about 224 office buildings in Seoul for 12 quartersfrom 2009 to 2011. The result shows that there is 33% of margin in management fee on averageand it is affected by the condition of rental market and the level of operating cost. The significantdeterminants are face rent (+), face rent-to-management fee ratio (-), the growth of face rent (+)and operating expense (-). This result suggests that the margin in management fee should be considered in the calculationof ‘true rent’ and the margin in management fee should be applied differently according to themarket and operating conditions which could be captured by the determinants above.