This study posits that there may be a systematic bias in measuring the transit’s endogenous impact on land values in a built up area due to discrimination by location in the city. Studies of transit value-added effect report mixed results about the capitalization of station proximity. The question is not whether a transit station influences nearby land values, but how and where location determines the impacts. Examining 731 office rentals and land values in Seoul, this study finds that value premium over better accessibility to a station decays with increasing distance from the central business district (CBD) and significantly depends on the development density of the station area. Overall, station benefits seem to exist in Seoul, but they look more notable in centers with higher centrality. This makes a hierarchy of regression coefficients for station proximity by location, i.e. the beta in the CBD is the highest and those in the subcenters are next, while that in other areas is the lowest. Study findings imply that the potential of more compact and denser developments within station areas seems higher in a dense inner city, providing evidence for the concept of ‘compact city.’ Questions concerning model specification in the hedonic approach are raised: in research sampled heavily from the suburbs, the coefficient may be underestimated where this benefit actually exists. Also, due to the incongruence of station area with station value-added area, using a dummy variable seems intrinsically risky. This study shows that estimation with spatial models outperforms OLS estimation in the presence of spatial autocorrelation. Also, there is a strong spatial autocorrelation even in the SAR residuals where the omission of key variables still influences the estimation. Overall, spatial lag and error term variables greatly improve the fitness of regression equations; however, the latter seemed more useful than the former in this study. One thing to note is that the latter seems more sensitive to the choice of weight matrix than the lag variable. There may exist a unique weight scheme proper for the data structure which cannot be known in advance.

Over recent years, the economic climate on the Swedish office market has been advantageous, and, as a result, both property prices and market rents have been on a constant rise for almost a decade. Moreover, an increased demand for flexibility in lease terms has been seen on the market, which begs the question; how would changing preferences in length of tenure affect rent levels? There exist several convincing theoretical cases that leases should yield different pricing dependent on its maturity and expectation about future market conditions. The conceptual framework developed by Grenadier (1995, 2005) has been used for the valuation of general leasing contracts and lease terms - applying an option-pricing approach. In total, three papers have analysed the effect length of tenure has on office equilibrium lease rates. However, the empirical evidence, to this date, has been inconclusive in its result when trying to isolate the effects. The purpose of this report is to investigate the relationship between rent and lease maturity. A hedonic pricing model will be developed, which allows for different shapes of the term structure curve, building on the model created by Gunnelin and Soderberg (2003), while controlling for price-relevant characteristics omitted in previous research – such as, building quality, quality of office premise, location, and tenant industry. The model will be used in an empirical study applied to commercial office contracts in Stockholm, Sweden, concluded between 2012 and 2019. The data used in the regression comprise of 1 508 office leases, contracted on the Stockholm market during the investigated period. The result showed a significant term structure for 4 out of 8 years for the full sample, and 5 out of 8 years for the subsample only including leases signed in the CBD. Concludingly, giving further evidence to the reasoning that the market adjusts the rents after lease length, according to future market expectations.

隨著社會經濟結構的轉型，目前台灣已邁向服務業為主的社會型態。為應該服務業及商業所需的辦公空間，因此辦公大樓陸續的興建。隨著近年來不動產的投資興盛，辦公大樓成為了外資或者保值的投資選擇。而判斷辦公大樓價值的標準即為該大樓所能創造的收益為何。辦公大樓的收益為租金，因此了解影響租金組成的因素，能夠提供我們在進行投資決策時一個參考的依據。但過去已有許多租金影響因素之研究，是以本研究擬從不同的觀點切入來探討租金的成因。 近十年來，國內許多豪宅或者知名的辦公大樓引進入物業管理的方式，取代了過去由管理委員會主導的管理模式。物業管理的興起，乃是人們對於住宅安全以及管理品質引申需求。對於物業管理的研究，國內目前仍著重在管理績效的衡量以及利用電腦提升物業管理效率的部分，鮮有探討辦公大樓租金與物業管理之間的關連。是以，本研究以台北市六行政區的辦公大樓為標的，利用特徵價格模型(Hedonic Price Model)和BOX-COX轉換，從物業管理的觀點來探討辦公大樓租金的影響因素。 / In Taiwan, business has become the main economic activity. The more prosperous business is, the more office spaces are requested. To understand the composition of office rent, hedonic price model is used as an analysis tool frequently. The varieties, such as age, distance of MRT, or standard floor, are usually used as the hedonic varieties. When property management is getting popular in the decade, there are few research use property management as varieties. To understand if the difference of property management style would affect the office rent, this essay used Box-Cox translation and Semi-Log regression to analyze the relationship between property management and office rent.

The Stockholm office market segment have for a long time been considered a safe haven when it comes to withstand negative turmoil in the form of rental compression due to economic fluctuation, especially in the CBD demographic. Recently however, a large number of banks and institutions, amounting to some 200000 square meters, have decided to relocate to more peripheral locations with the aim of cost reductions on rent. This mass exodus is studied with focus on rental dynamics as the result of increased vacancies. Other variables are stock changes and employment. The method is econometric combined with an interview series. The data is a panel dataset containing 900 observations. The different models that are being used is the vacancy gap model, an Error Correction Model and a dynamic lag model in the form of a first difference model. Due to non-stationary variables, some models were rejected. A prognosis model has been created for the economic calculations. The results are displayed in a number of scenarios ranging from unchanged rents to severe rental drops. As a comprehensive result this study concludes that a rental drop in the range of 10-20 percent is to be expected. A number of positive side effects are expected to unfold as a result of the relocations. / Stockholmsmarknadens kontorssegment har länge setts på som säker vad gäller att kunna motstå negativ turbulens i form av hyres press på grund av ekonomiska svängningar, och då speciellt marknaden för City eller CBD. Nyligen har dock en stor mängd banker och institutioner om cirka 200000 kvadratmeter bestämt sig för att lokalisera sig i mer perifera lokaler med kostnads reduceringar i form av lägre hyror som mål. Den här massutflyttningen har studerats med fokus på hyresdynamik som ett resultat av ökade vakanser. Andra variabler är ändringar i stocken och sysselsättning. Metoden är ekonometrisk och kombineras med en intervjuserie. Data består av ett paneldatasett innehållande 900 observationer. De olika modellerna som används är en vakansgapsmodell, en Error Correction modell (ECM) och en första differens modell. På grund av icke stationära variabler har vissa modeller förkastats. En prognostiseringsmodell har skapats för de ekonomiska beräkningarna. Resultaten redovisas i olika scenarion som består i allt från att hyrorna inte ändras alls till svåra hyresfall. Ett samlat resultat av studien föreslår ett hyresfall på 10-20 procent. En mängd positiva bieffekter förväntas uppstå som ett resultat av om lokalisationerna.