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Determinants of Capitalization Rate Spread in Small & Medium Sized Buildings
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중소형 빌딩의 자본환원율 스프레드 결정요인에 관한 연구

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Type
Academic journal
Author
Kim, Hyung Keun (LH토지주택연구원) Shin, Jong Chil (건국대학교)
Journal
Residential Environment Institute Of Korea RESIDENTIAL ENVIRONMENT : JOURNAL OF THE RESIDENTIAL ENVIRONMENT INSTITUTE OF KOREA Vol.15 No.2 (Wn.36) KCI Accredited Journals
Published
2017.6
Pages
13 - 25 (13page)

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Determinants of Capitalization Rate Spread in Small & Medium Sized Buildings
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Recently based on the low interest rate trend, investor"s interest in profitable real estate is rising. However, there are difficulties in gathering information necessary for investor decision making, which is lacking in research on small and medium-sized buildings.
The purpose of this research is to analyze the determinants of the capitalization rate spread which is one of the useful investment indices for small and medium sized buildings. For empirical analysis, we have collected small and medium sized building data of Seoul area traded from 2009 to 2015.
The empirical research shows the capitalization rate spread of small and medium building is affected by macro economy, commercial area, building, and ownership characteristics. Consumer price index and land price index are found to have a negative influence on capitalization rate spread. And the stock market index proves to have a positive influence.
It has been found that it has different influences on the capitalization rate spread according to maturity of the commercial area. Buildings located in the downtown area like Jongro have a high capitalization rate spread, whereas the buildings in the newly developing commercial area like Shinsa-dong have lower capital returns.
According to the characteristics of the building, when the total gross floor area is large or the building has been remodeled, the capitalization rate spread is high. On the other hand, the capitalization rate spread is low when building has been developed at low density or and its elapsed years is increased.
Lastly, the building owned by the corporation has a lower capitalization rate spread than the building owned by the individual.
#중소형빌딩 #자본환원율 #자본환원율 스프레드 #Small & # Medium Sized Buildings #Capitalization Rate #Capitalization Rate Spread

Contents

Abstract
Ⅰ. 서론
Ⅱ. 이론적 고찰
Ⅲ. 실증분석
Ⅳ. 결론
참고문헌

References (16)

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[학술지(정기간행물)] - 고성수 / 2009 / 서울시 오피스 빌딩의 임대료 결정요인에 대한 연구 / 부동산학보 (39) : 229 ~ 244 dbpia [학술지(정기간행물)] - 김재석 / 2011 / 우량오피스의 자본환원율과 비우량오피스의 리스크프리미엄 추정에 관한 연구 / 주택연구 19 (4) : 205 ~ 224 dbpia [학술지(정기간행물)] - 김형근 / 2014 / 중소형 빌딩의 매매가격 형성요인에 관한 연구 / 부동산학연구 20 (3) : 69 ~ 88 dbpia [학술지(정기간행물)] - 김형근 / 2017 / 중소형 빌딩의 특성이 순운영소득(NOI)에 미치는 영향에 관한 연구 : 서울지역을 중심으로 / 주거환경 15 (1) : 51 ~ 67 dbpia [학술지(정기간행물)] - 류강민 / 2012 / 서울시 오피스 임대시장의 공실률과 임대료의 상호결정구조 분석 / 부동산학연구 18 (2) : 91 ~ 102 dbpia

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UCI(KEPA) : I410-ECN-0101-2018-595-001261606