Research On The Influencing Factors Of Office Buildings' Value Along The Subway

The real estate industry is the pillar industry of the national economy.which includes office property,residential estate and commercial estate.Per capita GDP growth indicates the arrival of office property's golden age.The country executes policy of lower interest rates to encourage entrepreneurship and does other positive policy.As a result,it forms the investment boom of the office leasing market.Exploring the influencing factors of office property's value and evaluating the office property's value reasonably is becoming an important issue.On the other hand,the subway,as one of the urban rail transit modes,has a feature of fast running capacity,large capacity,energy saving and environmental protection.It has an important role in improving regional traffic and strengthening the relationship between the center and the region.Now in the first-line and second-line large and medium-sized cities,it has formed relatively complete network of transportation and is extending outward constantly.The residential and office buildings gradually distribute along the subway lines and are no longer just choosing the location of the “central area”.Both of them begin to combine closely.In this context,the paper does the research on influencing factors of office property's value along the subway.This paper chooses Beijing area to do the research,where the office markets and transportation development of subway is more mature.Doing market subdivision in order to guarantee the uniformity of the markets,chooses 31 office buildings within 1000 meters of the subway Yizhuang line of Yizhuang Economic and Technological Development Zone.Fifteen independent variables are selected as the dependent variable,Introducing virtual variable,mainly including the age of the building,the design of appearance,volume rate,the number of parking spaces,the number of elevators,property fees,property management company's quality,tenant combination.Apply the Hedonic Price Model and through the gradual return of layers of screening,and ultimately pick out the design,parking spaces,office types of office space to explain the rent equation,Quantify influencing factors on the value of office buildings,and the rent equation pass the significance of the regression test,the regression coefficient of significant test and the actual sample test,the model error is small,high fit,practical and effective.Although located along the metro lines,the influences of subway on office is limited,this may be related to the selected samples which is relatively close from the subway station,as a result,the difference is smaller.And the number of parking spaces is the primary influencingfactors,this may be related to as well location and demand-driven.But the results have a feature of region,may vary in different parts of the influencing factors of dynamics.