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Empirical Study on the Determinants of Office Occupancy Cost

문흥식 1 최영상 1 허창근 1 도한영 1

1건국대학교

Accredited

ABSTRACT

This study analyses how the Product-Service factor affects the occupancy cost of office and confirms that the Location or Size factor can affect Occupancy Cost as well as they affect the Rent.Since existing domestic studies’ analysis are based on adjusted rent derived from Cheonse or monthly rent as dependent variables, there is no studies considering Occupancy Cost depends on efficiency rate, which is very important factor for a tenant to find office spaces.Whereas, this study differentiate by considering Occupancy Cost which is tenant’s opportunity cost and landlord’s competitiveness of price as a dependent variable, and verify Size factor and Location factor of office building affects Occupancy Cost like affects rent price. As a result of empirical study, factors of an office’s location and size or elevator efficiency factor among Product-Service factors have a significant effect on Occupancy Cost likewise the existing study about rent. The result of this study has academic meanings that supplement and enlarge the existing study about the determinant of rent via analyzing the determinant of the Occupancy Cost to global standard, and also makes real estate market to be more efficient by providing information about determinants of Occupancy Cost to market participants.

Citation status

* References for papers published after 2022 are currently being built.