• 제목/요약/키워드: 상업용 부동산 시장

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A Study on the Establishment of Commercial Real Estate Information Framework in Korea compared with the Case of USA and Singapore (미국, 싱가포르 사례를 통한 한국의 상업용 부동산 정보체계 구축 방안 연구)

  • I, Taly;Cho, Jung-Hee;Choi, Jin;Kwon, Geon-Woo
    • Informatization Policy
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    • v.24 no.4
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    • pp.44-67
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    • 2017
  • Commercial properties are gaining importance in the national economy, drawing more and more interests from agencies and individuals. Therefore, objective and accurate investment information needs to be supplied in order to support rational decision making and market transparency. To contribute to guiding the Korean commercial property market to become as transparent and competitive as the markets of developed countries, this study aims to seek for ways to establish a Korean commercial property information framework. As part of the activities to achieve the goal, the Korean commercial property market information was first evaluated in terms of data collection, production and operation. Then, US NCREIF, which is operated by the private sector, and Singapore's URA, managed by the public sector, were considered as the examples of well-managed foreign commercial property market information frameworks. Efficient management of the system requires establishing a monitoring scheme, and users' accessibility and information availability will be enhanced through phased expansion of the information.

Diversified Investment of Commercial Real Estate Assets - Focused on Office Building and Retail Real Estate Markets in Seoul - (상업용 부동산 시장의 분산투자에 관한 연구 - 서울지역의 오피스 빌딩 및 소매용 부동산 시장을 중심으로 -)

  • Park, Jongkwon;Jun, Jaebum
    • Korean Journal of Construction Engineering and Management
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    • v.16 no.6
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    • pp.144-155
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    • 2015
  • This paper is to understand investment's efficiency and performance of commercial real estate assets diversified by use and district. To do so, this paper divides two different commercial real estate markets(office build market and retail real estate market) in Seoul city by district into "GBD(Gangnam Business District), YBD(Yeouido Business District), and CBD(Central Business District)" and "GBD(Gangnam Business District), SBD(Shinchon Business District), and CBD(Central Business District)" respectively, configures these districts each other to structure portfolios as its portion varies based on Markowitz's Mean-Variance principle, and looks at risk-return relationship of portfolios to find out efficiency, performance, and optimal investment chosen based upon Sharpe's Performance Index. As a result, the portfolio configured by "10 to 30% of office building asset at CBD" and "70 to 90% of retail real estate asset at CBD" is shown to be the most optimal, suggesting the highest quarterly Sharpe's performance index of 2.7118~2.7776 with quarterly rate of return of 1.826%~1.838% and quarterly standard deviation of 0.573~0.589. Furthermore, it is obvious that diversified portfolio configured by use(office-retail) shows better investment performance than that by district with same type of asset(office-office or retail-retail). Finally, results driven from this research will play an important role to stimulate real estate and construction markets through enlarging ideas as to diversified investment by use and district on real estate indirect investment products.

Verification of Market's Efficiency and CAPM using Capitalization Rate at Commercial Real Estate Market in Seoul (서울의 상업용 부동산 시장에서 자본환원율을 이용한 시장 효율성과 CAPM의 검증)

  • Park, Jongkwon;Lee, Jaesu;Jun, Jaebum
    • Korean Journal of Construction Engineering and Management
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    • v.18 no.1
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    • pp.90-99
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    • 2017
  • This paper is to understand the impact of systematic risk on capitalization rate at office building market and retail real estate market in Seoul and to see if CAPM(Capital Asset Pricing Model) is applicable. For this, this paper considers eight different office building and retail real estate markets in Seoul city area, called GBD, YBD, CBD, and Other Business District, and GBD, SBD, CBD, and Other Business District, to find out if there is any positive-linearity between systematic risk and capitalization rate for each business district not. Then, this paper tries to verify applicability of CAPM to four office building markets and four retail real estate markets with Black, Jensen, and Scholes(1972)'s statistical methodology. At last, the result shows that there is positive linearity between systematic risk and capitalization rate only GBD except Others(YBD, CBD, and other business district) in office building market. In addtion, SBD and CBD, they could be figured out that it is not efficient market because increasing systematic risk declines capitalization rate in retail real estate market. However, CAPM is not applicable in all office building(GBD, YBD, CBD, and other business district) and retail real estate markets(GBD, SBD, CBD, and other business district) in Seoul.

A Study on the Mutual Influence of Indicators of the Real Estate Auction Market (부동산 경매시장 지표간의 상호 영향에 관한 연구)

  • Jeong, Dae-Seok
    • The Journal of the Korea Contents Association
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    • v.19 no.12
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    • pp.535-545
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    • 2019
  • If the real estate auction market indicators are relevant and meaningful, they can be meaningful information to the real estate market in connection with general real estate. The purpose of this study is to examine whether time-supply logic is applied in auction market by identifying time series correlations for the number of auctions, the auction rate, and the auction price rate, which are major indicators of real estate auction market. The real estate types were classified into three categories: residential real estate, land, and commercial real estate. The monthly time series of auctions in the metropolitan real estate were compiled for 96 months. Based on this data, the auction market model for each type was established and the mutual influences between the indicators were analyzed. As a result, the supply and demand indicators, the number of auctions and the auction rate, showed the nature of supply and demand according to the supply and demand logic of the market. However, the correlation was high for residential real estate and relatively low for commercial real estate. the auction rate has a long-term impact on price indicators, especially residential real estate, which is quantitatively explanatory and significant. The three auction-related indicators differ in degree, but there is a correlation, especially for residential real estate, which can be useful information for policy making.

The Impact of Urban Space Structure on Commercial Real Estate Markets (물리적 도시공간구조가 상업용 부동산시장에 미치는 영향)

  • Kim, Kyung-Min;Shin, Sang-Mook
    • Journal of the Economic Geographical Society of Korea
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    • v.16 no.1
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    • pp.71-85
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    • 2013
  • This paper examines the impact of urban space structure on real estate markets, especially on commercial real estate markets. Based on a large scale of GIS dataset, volumes of each land use type are examined. This vast dataset enables 3-dimensional analysis of land use in the entire Seoul area, overcoming the limits of previous research relying on simple 2-dimensional analysis. After then, the Herfindahl index is used to calculate the level of mixed-uses. It analyzes whether a building price is influenced by circumjacent commercial buildings and its residential development pattern. The regression outcomes verify that a nearby area's development patterns make an impact on an office building price. It shows the possibility that a new-urbanism's argument can be actualized.

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A Study on the Relationship between Vitalization of Innovative Cities and Local Economy: Focused on Geonbuk Innovation City and the Commercial Real Estate Market in Jeonju-si (혁신도시 활성화와 지역경제의 관계에 관한 연구: 전북혁신도시와 전주시 상업용부동산시장을 중심으로)

  • Park, Jung-A;Kim, Jong-Jin
    • Land and Housing Review
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    • v.13 no.2
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    • pp.49-64
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    • 2022
  • To effectively lead "Innovative City Season 2", it is important to investigate whether the creation of an innovative city has a positive effect on the revitalization of the hinterland town economy. This study explores the effects (external effects) of increases in the number of workers at public institutions in the innovative city of Jeollabuk-do, located closest to the hinterland town (Jeonju-si). In the results, we show that increases in the number of workers positively affected the commercial real estate market, which is one of the barometers that show the revitalization level. On the other hand, the effect was found to be limited to the new downtown commercial real estate market with good accessibility and modernized facilities and services. This suggests that the innovative city adjacent to the hinterland town meets the purpose of the innovative city to some extent by generating a positive external effect, especially in accessible and modernized areas. To further expand the positive spillover effects of an innovative city on the hinterland town, it is necessary to expand public institutions for relocation, improve settlement conditions, and establish a practical cooperation system between specialized public institutions and hinterland-related industries.

상업용 부동산의 진화

  • Lee, Geum-Hui
    • 주택과사람들
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    • s.204
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    • pp.70-73
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    • 2007
  • Simon Group, Taubman, Westfield, Hongkong Land. 이들은 이름만 들어도 알 만한 해외의 유명한 부동산 전문 디벨로퍼들이다. 이들은 모두 수십 개 이상의 쇼핑몰을 직접 소유하고 운영하고 있다. 이들의 사례에서 보는 바와 같이 선진국의 대형 쇼핑몰은 대부분 개발회사가 개인 투자가들에게 분양하지 않고 쇼핑몰을 소유하면서 매출에 연동해 임대료를 받는 방식으로 운영한다. 반면 국내는 선분양 형태의 분양형 상품이 대부분이다. 전문가들은 임대형이 아닌 분양형 상품으로 짓기 때문에 쇼핑몰 시장에 난기류가 형성되고 있다고 진단한다. 경매시장에 무더기로 쏟아지고 있는 쇼핑몰과 성공한 쇼핑몰의 차이를 알아보고 이에 대한 대응책을 찾아본다.

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Regional Difference of Project Finance and Its Policy Implications (프로젝트 금융의 지역적 차별성과 정책적 시사점)

  • Park, Won-Seok
    • Journal of the Economic Geographical Society of Korea
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    • v.11 no.4
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    • pp.580-599
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    • 2008
  • This paper aims at examining the existence and characteristics of regional difference in project finance in Korea. Main results of this paper are as follow. Firstly, regional difference in project finance between capital region and local can be seen partially. However, their characteristics are different from corporate finance. ANOVA tests show significant differences of excess interest rate occur in case of commercial real estate projects and significant differences of contracted terms occur in case of residential real estate projects carried out by local banks. Secondly, key factors causing the regional differences in project finance are asymmetric information for cash flow generated by the project between the capital region and local. Especially, regional differences in project finance are different from those in corporate financing because of local banks$^{\circ}{\phi}$ behaviors. They follow and act as the passive members of nationwide banks in case of the capital region projects. Thirdly, prepaid sale system and the guarantee system depending on construction companies dilute the regional differences in project finance in case of residential real estate projects. Although these systems contributed rapid growth of project finance, they may be the main factors distorting project finance market which lead to financial crisis. In these context, policy implications may be derived in order to solve the confronted problems of project finance market.

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Land Price Variation by the Seoul International District - Focused on the 3rd Class Residential District in Gangnam-Gu - (국제교류복합지구 개발진행에 따른 주변 지가변화에 관한 연구 - 서울시 강남구 제3종일반주거지역을 대상으로 -)

  • Ju, Minjeong;Lee, Jaewon;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.20 no.5
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    • pp.115-124
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    • 2019
  • The purpose of this study is to analyze the housing price variation within the redevelopment project district, affected by the characteristics of project and implementation stage. This study implemented the hedonic price model employing the actual transaction price with 24 dependent variables from 2006 to 2016 inside 19 redevelopment districts in Seoul. Research finding indicates that the larger ratio of the number of tenants and general distribution, the smaller ratio of rented households and the more positive effect of housing price. It is noteworthy that this study demonstrated the actual transaction price of houses located within the project districts by implementation stage. This study is expected to help the policy makers, the developers and the investors make more reliable decisions on the feasibility study related to the redevelopment project.

An Analysis of the Imported Consumer Goods Distribution Sector of Korea: From a Vertical Structure Viewpoint (수입소비재(輸入消費財) 유통구조(流通構造)의 효율화(效率化) 방안(方案))

  • Nam, Il-chong
    • KDI Journal of Economic Policy
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    • v.13 no.1
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    • pp.3-33
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    • 1991
  • Since the early 1980's, the Korean government has gradually been widening the Korean market to foreign consumer goods. This, combined with the increased purchasing power of the Korean consumers resulting from the continued economic growth of the country, has sparked a spectacular influx of foreign consumer goods into Korea, ranging from BMW's to chopsticks. Import of foreign consumer goods amounted to more than 6 billion dollars in 1989 and is continuing to grow at a rapid rate. The increased import of foreign consumer goods doubtlessly improved the overall welfare of the Korean consumers by providing them with a wider range of options to choose from, by lowering the prices of some of the consumer goods domestically produced, and also by forcing the producers of some Korean goods to face competition with better foreign goods, thus giving them an incentive to raise the quality of their products. However, it is agreed by most economists that this increase in general welfare has been much smaller than what they had expected at the outset. Consumer prices of most imported consumer goods are easily double the import price, and in some cases, more than treble the import prices. Further, there has not been a noticeable drop in the prices of domestically produced consumer goods. Much of the blame has been attributed to the distribution sector of Korea. The objective of this paper is to analyze the imported consumer goods distribution sector of Korea, focusing on the possible sources of the poor performance of that sector, and to make policy suggestions that could potentially increase the welfare. This paper differs from all the previous research by others on this subject in that it analyzes the imported consumer goods distribution sector of Korea as a vertical structure. The distribution sector of an imported consumer good is a vertical structure since it consists of an international market, an import stage, and domestic wholesale and retail markets, in that order vertically. Our study naturally includes the analysis of the vertical restraints as well as the analysis of the industrial organization of each horizontal stage in the vertical structure. Each horizontal component of the imported consumer goods distribution sector is basically a monopolistically competitive market differentiated by characteristics of goods and by the locations and the services of firms. Further, restrictive dealership and resale price maintenance are found to be widely in use. Our main findings are the follwing; First, most consumer goods are imported monopolistically or oligopolistically through restrictive dealership contracts between foreign producers and domestic importers. Such restrictive dealership gives importers market power in the domestic market and explains many of the large discrepancies betwen the consumer prices and the import prices of many goods. Korean anti - trust law does not cover the issues arising from the market power of an importer resulting from a restrictive dealership contract. Second, some major producers of Korean goods are also importers of foreign goods that are substitutes of their products. The import of substitutes by major domestic producers is anti - competitive because it tends to raise the prices of both domestic goods and foreign goods, and also because it reduces the incentive of the domestic producers to raise the quality of their products. Third, wholesalers and retailers widely use resale price maintenance as a price fixing mechanism, and while this is against the anti- trust law, it seldom gets noticed. Fourth, the high level of rents of real estate for commercial use works as an entry barrier to the distribution sector and results in reduced competition by the firms in that sector. Finally, there are information problems. Consumers have inferior information to firms about the quality of a foreign consumer good that they have not tried before. Such information asymmetry often enables firms to raise prices. In addition, information asymmetry between importers frequently delays the import of cheaper substitutes. In order to alleviate the problems indentified above, we suggest the following policy changes. The government should strengthen the anti - trust law and its enforcement to regulate restrictive import contracts, import of competing goods by major domestic producers, and RPM by wholesalers and retailers that is aimed at price fixing. In addition, the government should loosen its tight real estate policy to encourage investment in the distribution sector. Finally, we suggest that the import price revelation policy that has been in use for some items since 1990 be expanded to most imported consumer goods that are introduced for the first time to give consumer better information and be used only for the period of time needed to inform sufficient number of consumers.

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