This study attempts to present a reasonable decision aking criteria from the perspective of investors by setting a price decision model of knowledge industry centers which has risen as a new real estate development and investment area based on the shift from the manufacture-centered society to the knowledge industry society. The study also investigates the impact of the physical service and the surrounding environment on the exchange value and usage value of a knowledge industry center. The importance of this physical service and the surrounding environment has been growing with the shift of the domestic real estate market to the consumer-driven market. For the analysis method, the study used multiple regression analysis which is a useful method in determining values of various real estate features and estimating the total price.
The sale price of knowledge industry centers is most significantly influenced by geographical features such as presence of subway stations, the subway line and presence of other knowledge industry centers. It is also significantly influenced by the physical service features provided by the knowledge industry center. However, it is deemed that the features of the surrounding environment or the anchor tenant do not influence the sale price.
The result of analyzing lease price decision model of knowledge industry centers showed that the lease price, which represents the usage value of the knowledge industry center, is most influenced by accessibility and that
it is mainly influenced by the physical service features provided by the knowledge industry center.
When compared with the result of analyzing the sale price model, it shows that while the exchange value of a knowledge industry center is considered by more various factors such as geographical features than the usage value, the usage value is mainly influenced by the physical service and accessibility.
Based of the findings, the study suggests the following measures for a reasonable development of knowledge industry centers from the investors’ perspective. First, the sale price of knowledge industry centers is expected
to be boosted continuously in the future and it will be more desirable to be located at new sites planned and prepared as sites for knowledge industry centers than at existing old sites. Second, with the shift from the past manufacturing area to high tech industry complex including as IT
businesses, it is becoming increasingly more difficult to distinguish knowledge industry centers from general office buildings. Therefore, in the aspect of increasing the exchange value and usage value, it would be desirable to develop the centers in areas with geographical features for
easier commuting rather than the past accessibility focusing on distribution.
As knowledge industry centers are evolving to high-end offices, it is appreciated that tenants prefer more functional, efficient and various business support facilities rather than the past simple working spaces.
Therefore, it is deemed that various convenience and support facilities such as meeting rooms and lounge facilities may enhance the value and usage profit of knowledge industry centers. Fourth, the result of the analysis showed that knowledge industry centers possess the economy of scale in the aspect of exchange value and usage value. Therefore, we can see that knowledge industry centers with larger scale are sold or leased out with higher prices. Lastly, even though the environmental characteristic variables have not found to be significant in the analysis result, the interest on business environment along with the surrounding environment is growing recently. Therefore, it would be necessary to consider the surrounding environmental factors such as prospect right, neighboring parks and hotels for overseas business transaction in the market of knowledge industry centers.