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A Study on Rent Determinants of Retail Property

  • Korea Real Estate Review
  • 2008, 18(2), pp.63-102
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Lee, Jong Eun 1,  Joo Hyun Cho 1

1건국대학교

Candidate

ABSTRACT

According to Sec. 30 of the 'Appraisal Rule', "the appraisal of the rent is based on the lease case comparison method. But in case the appraisal of the rent based on the lease case comparison method is not proper, the object can be appraised based on the cost approach or the income analysis method. The rent appraisal based on the lease case comparison method, of three methods, is established as the most proper appraisal method. But it is difficult not only difficult to capture the case of lease in practices but also to correct the situation as a diverse of agreement methods and the interests between the parties to the lease are intertwined in the case of the lease. And it is difficult to apply it as there is a little accumulation of research cases or experiences about the factors influencing the rent and the guideline for these are absent. As diverse studies have recently actively been conducted through the quantitative analysis technique, many studies have been conducted about the rent formation factors of residential or non-residential real estate. But in reality there is still insufficient discussion over retailing real estate. Therefore, this study attempted to investigate the factors and forces influencing the rent of retail real estate using the rent appraisal cases of retail real estate by dividing them into the location characteristic, the building characteristic, the individual lease unit characteristic and the market characteristics. It was found that significant variables in determining rent of retail properties, which showed some variations accoding to the region, were the time variable, the floor area ratio, the leased area, the unit price for land, the number of the road-adjoining sides, the number of the exposed sides of the individual store, distance to the subway station and the like.

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