• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.877-882
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• 2008

The column gap of underground parking lots of office considering a business background and effective parking divisions is planned. A parking plan by column gap of fixed forms in atypical underground parking lots makes much extra storage rooms. Most of the edge of the parking lots are used for fan room. Part of the edge are located at parking ramps. Also warehouses are located in extra storage rooms. In this study compare study economical efficiency between life cycle costs and leases earnings. Consequently, It is proved that the warehouse rental is efficient because of lease earning guaranted years.

• The Journal of the Korea Contents Association
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• v.15 no.7
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• pp.531-543
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• 2015

Benjamin, Lusht, and Shilling(1998) suggested that the level of deposit can be used as a tool to resolve the problem of adverse selection by the leaseholder under the circumstance of information asymmetry. In this respect, this research aims to verify how the level of deposit and monthly rent mitigate the problem of information asymmetry existing in the office market in Seoul. So far, the analysis of the office market in Seoul has been difficult due to the fixed rate of deposit and monthly rent. This research attempts to adopt the concept of occupancy cost, a global standard indicator that would replace the default risk of monthly payment for analyzing the market. As a result of a series of empirical analysis, the lessors tend to add about 9 percent of risk premium to the occupancy cost to hedge against the default risk of monthly payment. It allows for estimating at what extent one should reflect the leaseholder's default risk of monthly payment for operating deposit and monthly rent in the office building lease market.

• Korea Real Estate Review
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• v.24 no.1
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• pp.53-62
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• 2014

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.

• Journal of the Architectural Institute of Korea Planning & Design
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• v.34 no.3
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• pp.23-34
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• 2018

Due to a waste of energy in korea, about 525,000 which are 75 percent of total buildings are at least 15 years old buildings that need remodeling. There are two current remodeling systems. One is a remodeling system to reduce a waste of resources from the reconstruction. The other is a green-remodeling system aimed to energy savings and reducing environmental costs. This study is to analyze quantitatively these current systems with respect to the cost-benefit caused by the life cycle and suggests the political and institutional implications through the interpretation of the results. For a quantitative analysis, we analyzed reducing maintenance costs and rent benefits with simulation by using opportunity costs, construction costs, plan costs and supervision costs as expense variables and using the reduced floor area ratio, institutional incentives, energy, water resources and certified emission reduction(CER) as benefit variables. As a result of the empirical study, the green-modeling was more beneficial in the field of environment such as the energy savings, however, the final benefits of remodeling which has no green building certification costs but more floor area ratio incentives were more economical. The green-remodeling system focused on reducing environmental costs and energy savings needs a equatable institutional incentive system.

• Land and Housing Review
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• v.12 no.3
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• pp.11-26
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• 2021

With the increasing demand for office space, there have been questions on how office rent distribution produces a change in the urban spatial structure in Seoul. The purpose of this paper is to investigate a relative price gradient and to present a time-series model that can quantitatively explain the dynamic changes in the urban spatial structure. The analysis was dealt with office rent above 3,306 m² for the past 10 years from 1Q 2010 to 4Q 2019 within Seoul. A modified repeat sales model was employed. The main findings are briefly summarized as follows. First, according to the estimates of the office price gradient in the three major urban centers of Seoul, the CBD remained at a certain level with little change, while those in the GBD and the YBD continued to increase. This result reveals that the urban form of Seoul has shifted from monocentric to polycentric. This shows that the spatial distribution of companies has gradually accelerated decentralized concentration implying that the business networks have become significant. Second, contrary to small and medium-sized office buildings that have undertaken no change in the gradient, large office buildings have seen an increase in the gradient. The relative price gradients in small and medium-sized buildings were inversely proportional among the CBD, the GBD, and the YBD, implying their heterogeneous submarkets by office rent movements. Presumably, those differences in the submarkets were attributed to investment attraction, industrial competition, and the credit and preference of tenants. The findings are consistent with the hierarchical system identified in the Seoul 2030 Plan as well as the literature about Seoul's urban form. This research claims that the proposed method, based on the modified repeat sales model, is useful in understanding temporal dynamic changes. Moreover, the findings can provide implications for urban growth strategies under rapidly changing market conditions.

• Korean Journal of Construction Engineering and Management
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• v.14 no.2
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• pp.141-149
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• 2013

This paper presents a scheduling technique that reflects various constraints in remodeling project of inhabited condition. The remodeling project of inhabited condition is required more detailed planning and control due to claims by noise, vibration, dust, smells, limited lift capacity, and limited temporary stock area. Because of the constraints, complexity in scheduling is increased and earlier completion is required to reduce the possibility of safety and environment accidents. Especially, in case of inhabited condition, the scheduling should be linked day-time/night-time/weekend work. This paper proposes a structured scheduling technique to incorporate those constraints in remodeling of inhabited condition. This scheduling technique considers not only remodeling process but also dismantling, newly-construction, and residents movement. Process expression method using MS-Project also presented to keep connectivity with existing scheduling system.

• Korean Journal of Construction Engineering and Management
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• v.11 no.5
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• pp.41-52
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• 2010

Even though REITs (Real Estate Investment Trusts) are listed on the stock market, REITs have characteristics that allow them to invest in real estate and financing for real estate development. Therefore REITs is related with stock market and construction business and real estate business. Using time-series analysis, this study analyzed REITs in relation to construction businesses, real estate businesses, and the stock market, and derived influence factor of REITs. We used the VAR (vector auto-regression) and the VECM (vector error correction model) for the time-series analysis. This study classified three steps in the analysis. First, we performed the time-series analysis between REITs and construction KOSPI(The Korea composite stock price index) and the result showed that construction KOSPI influenced REITs. Second, we analyzed the relationship between REITs and construction commencement area of the coincident construction composite index, office index and housing price index in real estate business indexes. REITs and the housing price index influence each other, although there is no causal relationship between them. Third, we analyzed the relationship between REITs and the construction permit area of the leading construction composite index. The construction permit area is influenced by REITs, although there is no causal relationship between these two indexes, REITs influenced the stock market and housing price indexes and the construction permit area of the leading composite index in construction businesses, but exerted a relatively small influence in construction starts coincident with the composite office indexes in this study.

• Land and Housing Review
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• v.7 no.4
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• pp.207-215
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• 2016

The purpose of this paper is to explore ways in the construction of Apartment-type factories in the public sector. Recently the markets of Apartment-type factories are driven by the private sector as high quality, high price and supply of in the form of office, these construction trends are different from the original aim of introduce policy of Apartment-type factories which supply production spaces in the city to small capital enterprises. We analyzed the architectural characteristics of Apartment-type factories in Korea, the prospect of their future construction trends and the survey results targeted to small enterprises. In the results of this survey, we grope for the direction for construct Apartment-type factories in the public sector. The Apartment-type factories constructed by the public sector are appropriate supply for manufacturing plants and sale rather than lease form to complement the private market. To optimize economically and functionally for manufacturing activities, the design space in the internal and external spaces is required in order to supply more affordable. Route design, especially considering parking, unloading and warehousing of merchandise, and logistics should be differentiated from the Apartment-type Factories constructed by private sector.

• The Journal of the Korea institute of electronic communication sciences
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• v.10 no.12
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• pp.1381-1388
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• 2015

The smartwork is future-oriented working environment that allows us to engage in work anytime, anywhere conveniently and efficiently by utilizing information and communication technologies in a variety of locations and mobile environments. We proposed a smartwork platform to support the efficient housing management for small housing management companies. Our systems interwork in real time with smart mobile devices and SNS to support high quality housing service for tenants and rental operators. In this paper, we describe real-time complaint handling service using SNS which is a part of smartwork platform for the efficient housing management.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.11
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• pp.6630-6638
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• 2014

The concerns for higher returns among investors in Korea are increasing as local interest rates lag behind the global market. The aim of this study was to provide a basis for estimating the precise return on investment to private investors and stakeholders of office buildings by identifying the optimal scale estimation of office building space, derived from managerial expenses. The literature on the economies theories of scales were reviewed, and the average administrative costs on an appropriate scale were assessed by cross-analysis and regression analysis using the U-shaped quadratic and cubic function. The findings suggest that the average office building managerial costs are approximately 6-11% according to the region, 10-13% according to the grade, and 8-9% according to size. Corporate-owned buildings represent the highest in terms of the average managerial costs, and there is an approximately 11.5% difference when it comes to outsourcing. In addition, the elapsed year showed that approximately 5.3 years to meet the lowest U-shaped curve of the average managerial cost. The 'Total floor area' variable shows a ${\bigcap}$-shape as it continue to increase to 72,000-Pyung then decrease gradually. This study presents the fundamental proposition of efficient and practical management of cost, lease and operation for real estate management firms by utilizing LCC.