서울 오피스 용적률과 자본환원율 관계에 관한 실증분석

초록

This study attempts an empirical analysis to confirm the relationship between the residual/excess floor area ratio and the capitalization rate, focusing on actual transaction cases among offices in Seoul. One of the methods of increasing the asset value of a building is remodeling and reconstruction or via redevelopment. Remodeling improves the facility’s space environment while maintaining the existing frame and also increases the building’s value by attracting lessees with higher capacity to pay. If the building is outdated or has business feasibility, it may be developed as a mixed-use building. In particular, market participants such as Fund, PFV, and corporations raise their expected value while reviewing development for profit, which may affect the transaction price. At this time, the floor area ratio, which is one of the feasibility review factors, is reviewed. When the floor area ratio exceeds the statutory upper limit, the expected operating income will change and may affect the capitalization rate. Therefore, this study differs from previous studies in that it derives a relational interpretation with the capitalization rate by taking into account the floor area ratio that varies per office.

키워드