The purpose of this study is to investigate the influence of the location of anchor facilities, which come to have the greatest customer attraction among customer attracting facilities according to the changed recent trend, on the determination of the price of knowledge industry centers, together wi...
The purpose of this study is to investigate the influence of the location of anchor facilities, which come to have the greatest customer attraction among customer attracting facilities according to the changed recent trend, on the determination of the price of knowledge industry centers, together with the existing determinants of real estate price, thereby suggesting factors that should be considered at the initial stage of the development of a knowledge industry center.
As for the pricing model of knowledge industry centers, this study reviewed the previous studies to find out characteristics analyzed by their modeling, and as a result, the characteristics were largely classified into regional characteristics, location characteristics, building characteristics, macro characteristics, office space characteristics, and time characteristics. Therefore, this study classifies the characteristics into five large categories, reflecting characteristics classification of the previous studies and the results of an inquiry survey with market participants including sellers of center in lots, those with intention to buy or sell office space, and licensed real estate agents.
As for the analysis method, this study employed a hedonic pricing model, which is the most suitable method for analyzing the characteristics of the knowledge industry center that is a kind of real estate the price of which is determined by various internal and external characteristics, and used a log-linear regression model for analysis.
As a result of analysis, it was found that among regional characteristics and location characteristics, the distance from subway station showed a negative significant effect, and the number of adjacent roads and the office space characteristics had positive significant effects. The interest rate, however, showed no significant results.
As a result of comparing differences according to locations of anchor facilities, in location characteristics, office space characteristics, and building characteristics, the location of anchor facilities had greater effects on prices of sale by group, and thus it is expected that the location of anchor facilities will take a greater role in raising the sale price of knowledge industry centers in the future. In particular, specific mediating effects of prospect right were identified. As stated in the introduction above, anchor facilities are typical life amenity facilities, and may be understood as a factor that induces the increase of housing price. And in the case of knowledge industry centers where anchor facilities were located, it is judged that prospect right acted as a factor in the increase of price according as customer attraction effects were maximized.
It is expected that if future studies supplement the limitations of this study by expanding the research scope to knowledge industry centers located in provincial areas, setting a sufficient temporal scope, and adding variables that can reflect the unique characteristics of knowledge industry centers, they will be meaningful research that can sufficiently reflect the individuality of research on knowledge industry centers.
The purpose of this study is to investigate the influence of the location of anchor facilities, which come to have the greatest customer attraction among customer attracting facilities according to the changed recent trend, on the determination of the price of knowledge industry centers, together with the existing determinants of real estate price, thereby suggesting factors that should be considered at the initial stage of the development of a knowledge industry center.
As for the pricing model of knowledge industry centers, this study reviewed the previous studies to find out characteristics analyzed by their modeling, and as a result, the characteristics were largely classified into regional characteristics, location characteristics, building characteristics, macro characteristics, office space characteristics, and time characteristics. Therefore, this study classifies the characteristics into five large categories, reflecting characteristics classification of the previous studies and the results of an inquiry survey with market participants including sellers of center in lots, those with intention to buy or sell office space, and licensed real estate agents.
As for the analysis method, this study employed a hedonic pricing model, which is the most suitable method for analyzing the characteristics of the knowledge industry center that is a kind of real estate the price of which is determined by various internal and external characteristics, and used a log-linear regression model for analysis.
As a result of analysis, it was found that among regional characteristics and location characteristics, the distance from subway station showed a negative significant effect, and the number of adjacent roads and the office space characteristics had positive significant effects. The interest rate, however, showed no significant results.
As a result of comparing differences according to locations of anchor facilities, in location characteristics, office space characteristics, and building characteristics, the location of anchor facilities had greater effects on prices of sale by group, and thus it is expected that the location of anchor facilities will take a greater role in raising the sale price of knowledge industry centers in the future. In particular, specific mediating effects of prospect right were identified. As stated in the introduction above, anchor facilities are typical life amenity facilities, and may be understood as a factor that induces the increase of housing price. And in the case of knowledge industry centers where anchor facilities were located, it is judged that prospect right acted as a factor in the increase of price according as customer attraction effects were maximized.
It is expected that if future studies supplement the limitations of this study by expanding the research scope to knowledge industry centers located in provincial areas, setting a sufficient temporal scope, and adding variables that can reflect the unique characteristics of knowledge industry centers, they will be meaningful research that can sufficiently reflect the individuality of research on knowledge industry centers.
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