서울시 프라임 오피스 빌딩의 관리비 성격에 관한 연구

Abstract

The purpose of this study is to identify characteristics and determinants for maintenance fees paid with rent from the complex perspective of costs and profits in domestic prime office rental markets. The analysis targeted prime office buildings in Seoul and dealt with 86 time-series data from 1Q 2000 to 2Q 2021 on a quarterly basis. In order to empirically testify, the methodology adopted both Autoregressive Distributed Lag (ARDL) and Autoregressive Distributed Lag Error- Correction Model (ARDL-ECM). The main findings of the study are briefly summarized as follows: First, long-term equilibrium relationship between maintenance fees and consumer prices remains, which suggests that actual maintenance fees account for a large portion of the fees paid by the tenant. Second, the results from ARDL-ECM model show that actual rental costs have a positive effect, while the vacancy rate have a negative one, which means that maintenance fees can fluctuate in light of office rental markets. Third, discount rates of rental costs by rent-free seem to be statistically verified as key factors than others because they have a positive effect on the increase in maintenance fees. In conclusion, the findings can be useful to figure out the nature of maintenance fees and anticipate earnings of domestic office rental markets in the future.