권역별 오피스 임대료의 순환과 조정과정 분석
An Analysis on the Cycle and the Adjustment Process of Office Rent by Regions
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This paper is focused on the cycle and the adjustment process of office rent market in Seoul. Little research for cycle has been done due to the lack of time series data in office market. HP filter is applied to indirectly show the cycle of office rents by 3 regions(CBD, KBD, YBD) in Seoul. This study uses the rent models presented by Hendershott, MacGregor and White(2002) to estimate cointegrating relationships and error correction effects in short-run adjustment. In summary, the results of this paper are as follows: the coefficient of error correction terms are highly significant and correctly signed as expected in all regions. The error correction effect in CBD shows the fastest speed of recovery for long-term equilibrium. It is shown that YBD market, as impact of reduced market demand, is largely influenced by the currency crisis in 1998. In KBD,demand elasticities for space with respect to both rent and income are much higher than other regions. This study confirms to exist the long-run equilibrium between rent and office supply & demand,and the short-run adjustment process for office rent market by regions in Seoul.
Abstract
This paper is focused on the cycle and the adjustment process of office rent market in Seoul. Little research for cycle has been done due to the lack of time series data in office market. HP filter is applied to indirectly show the cycle of office rents by 3 regions(CBD, KBD, YBD) in Seoul. This study uses the rent models presented by Hendershott, MacGregor and White(2002) to estimate cointegrating relationships and error correction effects in short-run adjustment. In summary, the results of this paper are as follows: the coefficient of error correction terms are highly significant and correctly signed as expected in all regions. The error correction effect in CBD shows the fastest speed of recovery for long-term equilibrium. It is shown that YBD market, as impact of reduced market demand, is largely influenced by the currency crisis in 1998. In KBD,demand elasticities for space with respect to both rent and income are much higher than other regions. This study confirms to exist the long-run equilibrium between rent and office supply & demand,and the short-run adjustment process for office rent market by regions in Seoul.
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