earticle

영어

In this study, I have tried to find out how the Korean office market have changed since the 2008 financial crisis and what has been the determining factors in deciding the price of offices. The analysis of impulse response analysis showed that the vacancy rate had been the positive effect on the price of office prior to the financial crisis but it has been the negative effect on the price of office after the financial crisis. The rent has positively affected the price of offices both after and before the financial crisis. But the analysis showed that its effect has been reduced after the financial crisis. According to the variance decomposition analysis, the change in the price of office came from the vacancy rate and the rent prior to the financial crisis. However, that has been less affected by them than its own price determining structure after the financial crisis. In addition, the impulse response analysis showed the followings; the economic growth rate has positively affected the price of office but its effect has been reduced after the financial crisis. The interest rate negatively affected the price of office before the financial crisis but its effect has positively affected the price of office after the financial crisis if it was a little bit. The variance decomposition analysis showed that the change in price of offices between periods before and after the financial crisis is affected by the price of office itself.