辦公室、住宅與住辦混合租金之比較分析－－面積、區位與產品異質性之影響

AN ANALYSIS OF THE DIFFERENCES IN THE RENTS OF OFFICE, HOUSING AND THE MIX-USED---THE EFFECTS ON FLOOR AREA, LOCATION AND HETEROGENEOUS PRODUCTS

不同類型不動產的租金不同，反映在影響要素的邊際租金上應會有所差異，惟過去文獻並未對此差異加以討論。本文以面積、區位與產品特徵屬性來比較辦公室、住宅和住辦混合產品的邊際租金差異。研究結果發現，面積增加對住宅邊際租金的影響大於辦公室和住辦混合產品。市區對辦公室和住宅的邊際租金影響有顯著差異，但在市中心則不顯著，而區位對住辦混合的邊際租金影響均不及於其他兩種產品。產品特徵屬性分析顯示，辦公室重視總樓層的名望效果與業務吸引力，住宅看重所在樓層的可及性，惟對總樓層與所在樓層的邊際租金影響上均是住宅大於辦公室。至於辦公室與住辦混合或住宅與住辦混合，受到混合使用的轉換特性，使得特徵屬性要素對組金的影響多數不顯著。總結住辦混合在各要素對租金的影響並未優於單一使用的產品，辦公室或住宅仍是享有較高的租金。而住辦混合產品的轉換特性也未出現辦公室大於住辦混合，又大於住宅的直覺競租大小順序。

Different types of real estate have different rents. To reflect the marginal rent of factors would be different, which has not been discussed in the previous researches. This paper analyzes the differences in the rent of office, housing and the mix-used from three factors - floor area, location, and characteristics of products. Empirical results show that the effect of the increase in floor area on the rent of housing is larger than that of office and the mix-used. There is a difference in marginal rent between office and housing in the city, while not difference in downtown. Additionally, the marginal rent for the location in the mix-used falls behind the other two types. In the characteristics of products, office emphasizes the reputation and business attraction brought about by the total number of floor while the housing puts more accessibility on the located floor in the building. However, the marginal rent of housing is more than that of office in both the total numbers of floor and accessibility. As for the rent between office and the mix-used or for that between the housing and the mix-used, the characteristic show little significance because of the mixed use between these two types. In sum, the effects of the mix-used on the rent are not superior to the single use in all factors, and office or housing still has the higher rent. Results also show that transformation characteristic of the mix-used does not support the intuitional bid-rent order of office greater than the mix-used and housing in Taipei.