A Study on the Relationship between Investment Psychology Factors of Commercial Real Estate and Investment Performance : Focusing on Office Buildings in Busan, Ulsan, and Gyeongnam

This study recently attempted to analyze how investors' investment psychology affects their investment intentions in the commercial real estate market.In particular, it aimed to identify the characteristics of commercial real estate and find out the unique characteristics that affect the actual transaction price determinants of commercial real estate.To this end, 240 questionnaires were collected from apartment residents from February 7, 2025, to March 6, 2025.However, excluding 33 questionnaires that were insincerely completed, 207 valid questionnaires were collected, and the reliability value was 5.37, showing a significant numerical value.The statistical analysis verification method was conducted using IBM SPSS 19.0 and AMOS 19.0 through coding.The verification results of this study are as follows.First, the argued analysis results for this study showed that two sub-factors, including the investment psychology factors of commercial real estate (optimistic outlook, selfconfidence), had a positive effect on investment intention, i.e., a positive increase.Second, it was analyzed that investment intention would have a positive (+) synergistic effect on investment performance.Third, as a result of verifying the research hypothesis, it was analyzed that two factors, namely optimistic outlook and self-confidence, including investment psychology factors of commercial real estate, would have a positive (+) synergistic effect on investment intention.These research results will empirically analyze the relationship between investment psychology and investment intention to understand the investment behaviour of the commercial real estate market and provide useful information to investors.The limitation of this study is that the research was conducted targeting a specific region or investor group, so there may be limitations in generalizing the research results.In addition, although investment psychology factors were measured through a questionnaire, it may not have perfectly reflected investment psychology due to the limitations of the measurement tool.