This study tried to analyze the impact of the increase in the number of workers transferring to public institutions in the innovative city of Jeollabuk-do, which is closest to Jeonju, the city nearby, on commercial land prices in Jeonju.
Unlike conventional methods approached by macroscopic or microscopic methods, the analysis method uses a panel model that can jointly analyze miscellaneous and time series variables that can affect the commercial real estate market.
According to the analysis, Jeonju City''s overall model has a significant impact on commercial real estate land prices, including the building year, the total floor and macroeconomic variables, economic growth rate, Jeonbuk region''s gross domestic product, total currency and 10% significant. In the case of the new center model, land prices in the previous year, the building year, macroeconomic variables, gross domestic product in Jeollabuk-do, total currency volume and the number of workers working for public institutions in Jeollabuk-do Province have a significant impact on commercial real estate land prices.
Looking at the meaning of the analysis results, the increase in the number of workers at public institutions in Jeonbuk Innovation City has a positive impact on the commercial real estate market in the city nearby, which can be said to be a barometer of economic revitalization. However, the effect was limited to the new-town commercial real estate market, where accessible and modernized facilities and services were provided, and the impact was not significant.
Based on the results of the analysis, implications in terms of regional growth of innovative cities and revitalization of the local economy are as follows:
First, in order to ensure that the construction of innovative cities meets its original purpose, it is necessary to increase the number and size of public institutions so that more people can work, and improve the residential conditions of innovative cities to move from the metropolitan area.
Second, the old city center needs to improve the residential environment and urban regeneration to revitalize the local economy, such as the economic base type.
Third, the commercial real estate market in Jeonju City is affected by changes in economic and financial conditions.
In conclusion, in order to achieve the purpose of establishing an innovative city, it is necessary to plan and operate to further revitalize the related industries of the cities nearby that can have positive synergies with specialized hub public institutions in each innovative city.