Research On Office Rent Pricing Based On Hedonic Model

With the continuous advancement of urbanization,the rapid growth of the urban economy,the continuous concentration of population and resources,the social division of labor and collaboration will be further promoted and improved.Against the background of the continuous advancement of finance and information technology,the demand for office space will It has greatly increased,and the office building is the carrier of office space.And with the construction of the Chongqing Free Trade Zone and the strategic position of the core cities of the Yangtze River Economic Belt becoming increasingly prominent,it will place greater demands on office supply.However,according to DTZ’s statistics,as of the end of 2018,the stock of Grade A office buildings in Chongqing was 1.917 million square meters,and the vacancy rate was as high as 35%,which is much higher than other first-tier and second-tier cities,indicating that the supply and demand of the office market in Chongqing is still There is a serious imbalance.This reflects to a certain extent that the current supply of office buildings in Chongqing does not match the needs of the city size and economic structural characteristics,which has caused problems of large office stocks and high vacancy rates.This article first reviews the domestic and foreign literature on characteristic price models and office rents,studies the theoretical basis of characteristic price models and office rents,and the common forms of characteristic price models(linear,logarithmic,and semi-logarithmic),and introduces Commonly used traditional assessment methods.Secondly,summarizing the variables selected in the empirical research articles on office buildings at home and abroad,and combining the author’s interviews with units and individuals in the related fields of office buildings,sixteen characteristic variables were selected and used with actual data,scoring,and introduction.These three methods of dummy variables quantify threeteen variables.In addition,the cross-section data of 273 sets of office rents in the five main urban areas of Chongqing(Yuzhong District,Jiangbei District,Yubei District,Nan’an District,Jiulongpo District)as of November 2019 was collected,and the data was returned using SPSS software analysis.By comparing R~2 and adjusted R~2,the logarithmic form with better fitting degree is selected to construct the characteristic price model of office rent in Chongqing.Finally,it is determined that there are eight variables entering the model,including five architectural features(inner suite area,decoration,elevator ratio,building age,and building area),two neighborhood features(property management fee,central business district),and location.Feature one(bus line),that is,these eight feature variables have a significant impact on office rents.Then a series of analyses and tests were performed on the model such as analysis of variance,significance test,collinearity test,homogeneity of variance,autocorrelation,and normal distribution of residuals.Finally,the characteristic price method is compared with the market method in the traditional evaluation method,and the superiority of the characteristic price method in evaluating office prices is obtained.In summary,by establishing a characteristic price model of office rents,analyzing the characteristic prices of rents,reflecting the degree of influence of various characteristic factors on rents,and then revealing the core driving force and internal mechanism of lease transactions,providing a scientific and powerful force for the healthy and orderly development of the real estate industry.The decision basis and analysis tools have certain significance in the quantitative analysis of the urban real estate leasing market.