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@article{ART001861427},
author={Min, Seonghun and Lee, Youngho},
title={A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2014},
volume={24},
number={1},
pages={53-62}

TY - JOUR
AU - Min, Seonghun
AU - Lee, Youngho
TI - A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-
JO - Korea Real Estate Review
PY - 2014
VL - 24
IS - 1
PB - korea real estate research institute
SP - 53
EP - 62
SN - 2092-5395
AB - A test on the significance of style factors which were revealed to be significant in U.S. and U.K. literature is conducted in this study using appraisal-based returns of offices in Korea. Region, size (appraisal value), value-growth propensity (yield gain gap) and leasing conditions (the number of tenants, the length of average leased period and the proportion of key tenant) are included in the analysis model as style factors. The empirical result suggests that firstly core region and large size are significant but they increase risk as well as return contrary to general belief, secondly value propensity significantly decreases risk as well as return as it does in U.S. and U.K., finally the number of tenants among leasing conditions decreases risk as well as return but the length of average leased period and the proportion of key tenant are not significant.
KW - style factor;appraisal-based return;yield growth gap;tenant concentration
DO -
UR -
ER -

Min, Seonghun and Lee, Youngho. (2014). A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-. Korea Real Estate Review, 24(1), 53-62.

Min, Seonghun and Lee, Youngho. 2014, "A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-", Korea Real Estate Review, vol.24, no.1 pp.53-62.

Min, Seonghun, Lee, Youngho "A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-" Korea Real Estate Review 24.1 pp.53-62 (2014) : 53.

Min, Seonghun, Lee, Youngho. A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-. 2014; 24(1), 53-62.

Min, Seonghun and Lee, Youngho. "A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-" Korea Real Estate Review 24, no.1 (2014) : 53-62.

Min, Seonghun; Lee, Youngho. A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-. Korea Real Estate Review, 24(1), 53-62.

Min, Seonghun; Lee, Youngho. A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-. Korea Real Estate Review. 2014; 24(1) 53-62.

Min, Seonghun, Lee, Youngho. A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-. 2014; 24(1), 53-62.

Min, Seonghun and Lee, Youngho. "A Study on the Style Factors of Office Investment -An Analysis using Appraisal-based Returns-" Korea Real Estate Review 24, no.1 (2014) : 53-62.