Research On Shenzhen Office Rent Micro-Determinants Based On Hedonic Model

Office building, as a commercial real estate market segments, provides the main place for the corporate office space. As office building can be treated as a means of product, office rental is not only closely related to business activities and enterprises, but also can in some extent reflect the city's economic development status. Factors affecting office rental can be divided into two parts: macro-determinants and micro-determinants. And this paper mainly focuses on the micro-determinants to explore the factors exerted on Shenzhen office rental.First of all, through literature review, this paper combs 24 variables mainly from 4 categories of factors affecting office rental, among which 20 variables available in Shenzhen real estate market are imported to the rental model; and then using feature model, conducts regression analysis on the average rental of 114 office buildings of Shenzhen. According to the result, the semi-logarithmic form of rental equation fits at a better degree, and the 14 out of the 20 imported variables manifest significant effect on office rental; there-into, whether being commercial complex or not, number of streets and total area of office around within 500m are the three variables initially applied domestically and proved significantly affecting factors on office rental; finally, carries out discussion on the 6 factors failing to exhibiting significance, This research concludes that it is the insufficient development of Shenzhen real estate market and disparities in preference of users that contributes to those in-significant effects.This paper provides a reference for researches into microscopic factors affecting office rental based on different cities, and offers certain reference value and research significance.