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http://dx.doi.org/10.22640/lxsiri.2019.49.1.5

Analysis of Rent-Free Determinants : Evidence from Seoul Office Market  

Han, Gwang-Ho (Department of Real Estate Studies, The Graduate School of Konkuk University)
Kwon, Hee-Jae (Leasing Management Team, GENSTAR Co., Ltd.)
Ro, Seung-Han (Department of Real Estate Studies, Konkuk University)
Publication Information
Journal of Cadastre & Land InformatiX / v.49, no.1, 2019 , pp. 5-15 More about this Journal
Abstract
This study is to review methodological limitations of previous studies, propose Tobit Model as an analysis model. We model used annual rent-free as dependent variable and considering to contract characteristics and building characteristics as independent variable. We model was consisted to the three model as follow: Basic model, Time control model, Quadratic model. As a result of the analysis, existing variables revealed through previous studies such as contract period, contract area, total floor area, and building age were all statistically significant. These results were robust when considering time effects. Also, floor area and annual rent-free was quadratic relationship by inverse U shape. This result provide to methodological contribution for related research. Also, provide to more accurate information for participants in seoul office market.
Keywords
Rent-Free; Office Market; NOC; Tobit Model;
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