서울 오피스 시장의 임대계약 사례를 이용한 렌트프리 기간의 결정요인 분석

Since the global financial crisis in 2008, the office lease market of Seoul has been transformed into a tenant-dominated market, and the number of cases of providing Rent-free has increased. Moreover, the duration of Rent-free has also increased. However, studies related to Rent-free are very limited due to restrictions on acquiring lease contract data. In particular, no study has been conducted on the duration of Rent-free. The duration of Rent-free may vary depending on the conditions of office market and lease contracts. This research analyzes the determinants on duration of Rent-free based on 860 lease contract of Seoul Office Market from 2009 to 2015 by applying Cox proportional hazard model. The building's vacancy rate, the lease term, the lease area, and the contract rent are all statistically significant and identified as major factors influencing the duration of Rent-free. In general, it is explained that the duration of Rent-free is longer when the vacancy rate is high, lease term is long, lease area is large, and the contract rent is high. The market vacancy rate and the market rent are both significantly correlated, and it indicates that the duration of Rent-free is affected by the lease market. Market vacancy rate and market rent shows an upward trend during analysis period, and it is estimated that the duration of Rent-free also increased during the same period. In business districts, only the central business district(CBD) shows significant result. It is considered that CBD offers longer duration of Rent-free as a way of decreasing the high vacancy rate caused by oversupply of offices in CBD.