부산대학교 도서관

Commercial real estate rental market in Korea shows relatively unique mechanism; diversity of rental distribution due to information asymmetry between owners and tenants and/or location factors. Besides, property premium (in other words, the ‘right’) paid between the tenants makes even more difficult to interpret the market trend. This study presents empirical analysis of determinant factors for regional premium-to-rent ratio. The relevant factors are calculated based on the attributes of location, physical status, rental contracts and assets, to which previous literatures referred. The test result shows the following implications; (i) it is necessary to increase the explanatory power of the model to improve the utilization of the analysis, (ii) as the relationship between the regional premium amount and the building lifecycle are influenced by particular variables, the mechanism of the relation can not easily be interpreted. The result provides useful information to the lawmakers for discussion of the Commercial Building Lease Protection Act as no practical indicator exists in current market. In the future study, it would be necessary to theoretically clarify the relation between the local premium and the property lifecycle through analyzing the actual data of the commercial lease contract along with the survey of various interested parties.