녹색건축 인증여부가 오피스 건물 공실률에 미치는 영향에 관한 연구

초록

Green Building confuses capital budget decisions for market participants in the construction and real estate sectors because there is little information about the benefit that compensate the additional costs associated with Green Building. So, this study empirically analyzes the impact of the Green Building certification(G-SEED) acquisition on vacancy rates, one of the main factors that determine the value of office assets to provide incentive for customers and investors to Green Buildings. As the analysis data, December 2017 office leasing data of 507 buildings located in Seoul are used. In order to reduce Omitted Variable Bias, the rent is included as the explanatory variable of the vacancy rate model estimation and the 2SLS analysis using the instrument variables is performed considering the endogenous of the rent variable to obtain the consistent estimator. The result show that Green Building certification has a negative(-) impact on vacancy rates of about 8%p, similar to Energy Star or LEED certification, which is found in previous studies.

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