실제 임대계약 사례를 이용한 서울 오피스 임대시장의 렌트프리 결정요인 분석

Rent-free is one of typical tenant incentives utilized in the commercial office market. Vacancy rate has increased and tenants have been the dominant position in Seoul office market since the global financial crisis in 2008. As a consequence, rent-free becomes widespread in the commercial office market of Seoul. Rent-free in the office market makes the gap between face rent and effective rent worse. Research that uses only the face rent without considering the rent-free option could produce false results. However, it is exceptional to study with rent-free data of actual lease contracts in Seoul office market that is restricted to acquire information. Therefore, this study aims to examine the determinants on the likelihood of having rent-free in 733 lease contracts of Seoul offices. As the result of analyzing characteristics of building (gross floor areas and vacancy rates), characteristics of lease contract (lease terms, lease floor areas, and contract rents), and characteristics of space market (business districts, market vacancy rates, and market rents), gross floor areas and lease terms of variables are positively and significantly correlated with rent-free. The larger sized buildings or longer lease terms are, the more rent-free periods are provided for actively attracting tenants. On the contrary, the lease floor areas do not appear to be statistically significant even though it is usually aware that larger tenants have more rent-free period. Moreover, the results indicate the polarization tendency between providing and not providing rent-frees, and it is distinguished clearly in central business district. It is inferred that face rent and effective rent are significantly different when rent is higher because the possibility of providing rent-free is higher when contract rent or market rent is higher.