녹색건축 인증여부가 오피스 건물 임대료 및 공실률에 미치는 영향에 관한 연구

초록

The purpose of this study is to examine how the green-building certification system (G-SEED, Green Standard for Energy and Environmental Design) affects the rent level and vacancy rate, which are the main determinants of the investment return of office assets. Using the office market information for December 2017, the 2-SLS (stage least square) model is adopted as a methodology for overcoming the endogenous issue on the office rent and vacancy determinant model. The results show that the green-building certification system has a significant impact on the vacancy rate but is insignificant to the rent level. The magnitude of the estimate of the vacancy rate based on the green-building certification system is approximately -0.08, with a significant p-value. It can be assumed that the green-building certification system does not affect the rent level but clearly affects the occupancy level. This indicates that the said system provides operational efficiency to individual firms in the office market but is not reflected on the rent level. It is confirmed that the green-building certification system does affect the office market through the vacancy level, which implies that firms prefer to locate at a green building over the long term, in accordance with social responsibility, as a marketing strategy. Thus, it is important to provide a set of incentives to attract potential tenants and developers so as to offset the additional cost at the initial construction stage of a building’s life cycle.

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