租戶結構對辦公大樓租金與空置率之影響

Influence of Tenant Structure on Rental and Vacancy Rates of Office Buildings

過去有關辦公室租金與空置率的探討，主要反映整體市場之平均水準，但卻無法檢視個別 辦公大樓產品之異質性，以及忽略租戶結構對辦公大樓租金與空置率之影響，是以引發本文之 探討。本文實地調查台北市90棟辦公大樓，以三階段最小平方法（3SLS）聯立模型，探討影 響個別辦公大樓租金及空置率之因素。研究發現，辦公大樓的租金和空置率都顯著受到租戶結 構之影響，租金不單僅只是受到文獻支持之建物特徵影響；整體而言，租金明顯受到空置率、 建物特徵和租戶結構的影響，而空置率則是顯著受到租戶結構之影響，且辦公大樓單層租戶數 目愈多與租戶租賃面積愈大，都會造成租金之下跌；其次，單層租戶數目增加、租戶租賃面積 愈大、租戶主要為外商公司、企業平均利潤率愈高，以及租戶為金融及保險、不動產及租賃、 專業科學及技術服務業等（FIRES業），都會顯著降低辦公大樓的空置率。由此可知，租戶結 構是影響辦公室投資的重要因素，應加以納入決策分析，以降低投資風險增加獲利。

Based on the prevalence of office buildings as investments, rental and vacancy rates for individual office buildings as well as the tenant structure have become important indicators for real estate investment profit. However, few studies have discussed the effect of tenant structure on rental and vacancy rates. This study examines 90 office buildings in major business areas in Taipei and applies three-stage least squares (3SLS) methods to analyze factors affecting rental and vacancy rates of individual office buildings. Empirical results suggest an increase in the vacancy rate decreases monthly rent, and increase in monthly rent increase the building vacancy rate. Furthermore, many factors, such as the average number of tenants per floor, average rental size per tenant, foreign firms as the predominant tenants in an office building, and average firm return rate can reduce the vacancy rate of office buildings, and increase rents for investors.