As the value of high-end residential facilities has continued to increase due to an increase in national income and an increase in the high-income class, high-end officetels are in the spotlight as new investment products. Therefore, this study aimed to present implications from an investment and development perspective by establishing a sales and rental price determination model for high-end officetel products in three districts(Gangnam, Songpa, Seocho) of the Gangnam area and deriving the characteristics of high-end officetels
For the purpose of this study, three districts(Gangnam, Songpa, Seocho) of the Gangnam area in Seoul, where high-end officetels were most actively supplied, were selected as the target areas for the study, and the period from 2009 to the current time of 2022 was selected as the temporal point. In addition, multiple regression analysis was conducted by using the Hedonic price model considering cross-sectional characteristics such as location, physical characteristics, quality, and high-end service specificity.
As a result of the analysis of the pre-sale price model, the region, the year of completion, the pool and the golf course had a significant impact on the price of high-end officetels, and architectural characteristics were not significant, which is believed to be because high-end facilities and services are perceived to be more important than other factors. On the other hand, it was analyzed that service aspects such as fitness and concierge were perceived as essential services, so suppliers did not attach much importance to them.
The results of the rental price model analysis showed that the area, golf courses, and parking services had an effect on the rental price, and the area was also the most important in terms of tenants. It is analyzed that the difference in preferences in Cheongdam-dong, Samseong-dong, and Yeoksam-dong is due to the presence of regional premiums within Gangnam. In the case of community facilities, convenience facilities with high frequency of frequent use were preferred, and facilities with high frequency of use tended to be more preferred. The reason why architectural characteristics do not affect high-end officetels is that they are private and luxurious unlike general officetels and apartments, and factors such as reliability of buildings and construction that buyers can feel through the brand are seen to be not considered.
Therefore, from the investment perspective of high-end officetels, regional aspects should be considered with weight, and facilities such as golf and fitness, which were frequently used by tenants, should be developed in a direction of meeting consumers' preferences. In addition, from the perspective of investors, it is necessary to consider the preference characteristics of consumers according to each building, and especially for rental investors for stable cash flows, it is necessary to understand the characteristics of tenants' preference facilities and high-end services. From a policy point of view, it is judged that a preemptive plan is needed for the problem of insufficient parking due to excessively dense development and oversupply in the future.