A Study on the Determinants of Knowledge Industry Centers Sales Price: Focused on Knowledge Industrial Centers of Seongsu-Dong

The objective of this study is to analyze the factors that determine the prices of Knowledge Industrial Centers. We examined a total of 435 sales transactions of 23 Knowledge Industrial Centers in Seongsu-dong, which were sold between the years 2015 and 2022. The Hedonic Price Model was employed to estimate the price determinants. The dependent variable in this study was set as the knowledge industry center sales price per square meter, and the independent variables were set as building characteristics such as the number of years since the building was constructed, the total number of floors, the number of elevators, the floor location, the size of exclusive area, the size of land and location characteristics as distance to subway station, and COVID-19 was set as a dummy variable. Based on the results of the Hedonic Price Model, we observed that variables such as the floor location, the size of land and Covid-19 have a positive(+) impact on the sale price per square meter. However, the number of years since the building was constructed and the proximity to the subway have a negative(-) effect on the sale price per square meter, and the total number of floors, the size of the exclusive area and the total number of elevators does not found to be significant.