Abstract

In this study, to analyze the regional determinants of small office building sales prices, the analysis was conducted based on the Hedonic model using building characteristics, location characteristics, and economic characteristics as dependent variables. As a result of examining the hypothesis set for the study by variable characteristics, first, CBD, YBD, and Others, which are characteristics of each region excluding GBD (Gangnam area), were found to act on regional decisions as factors that lower the sales price of small office buildings. Second, it was found that the land area, access road area, and use area had a significant effect in the relationship between the location characteristic factor and the sales price determinant, and it was verified that the subway station had no significant effect. Third, among the building characteristics, the number of parking lots, floor area ratio, and elevator presence indicated a positive (+) direction in determining the office building sales price, the building year was identified as a negative (-) direction, and the total number of floors was verified to have little effect on the sales price. Fourth, economic characteristics were found to have a statistically significant effect only on the linear regression model of Model 1, and in the case of Model 2, it was found that there was no influence in the analysis of regional determinants of the sale price of small office buildings.

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