銷售模式對商用不動產價格之影響─以台北市辦公室為例

方劭元；梁仁旭；陳奉瑤

銷售模式 ； 商用不動產 ； 辦公室 ； 拍賣 ； Sales Mode ； Commercial Real Estate ； Offices ； Auction

土地經濟年刊

24期（2013 / 07 / 01）

97 - 116

繁體中文

不動產銷售模式主要為議價銷售和拍賣銷售。過去有關兩種銷售模式對價格影響之研究，多以住宅市場為對象，於商用不動產市場之討論則相對匱乏。而在國內的商用不動產市場，拍賣銷售之使用已越來越廣泛，其交易量不但超過議價銷售，且銷售價格亦有屢創新高的現象。本文以台北市辦公室為研究對象，探討銷售模式對商用不動產價格之影響，以及不動產特性和拍賣競爭因素對拍賣價格的影響。實證結果顯示，採用拍賣銷售之辦公室，價格較議價銷售辦公室溢價約8.59%。而區位較佳、屋齡較新及全棟成交之辦公大樓，拍賣溢價效果則更為明顯。此外，標單數量每增加1封，拍賣銷售價格亦將增加1.28%。對不動產之買賣雙方及不動產估價師而言，均有重要的參考意義。

Negotiated sales and auctions are the two main sales models of real estate. Many previous studies have investigated the impact of the two models on prices in the residential market; however, there is very little research focusing on this topic in the commercial real estate market. On the other hand, auctions become more and more common in the domestic commercial real estate market. The trading amount of auctions has been higher than that of negotiated sales, and the sales price repeatedly breaks the record. This paper utilizes a case study of offices in Taipei to investigate the impact of the two sales models on the prices of commercial real estate, and the impact of real estate characteristics and competitive factor on auction prices. Experimental results show that the prices of offices sold by auctions have up to a 8.59% price premium compared to those sold by negotiated sales. For those office buildings that are newer, superior -located, or transacted with the whole building, the premium effects are more significant. In addition, the prices of auctions increase by 1.28% with each additional bid. These results are valuable for buyers, sellers, and real estate appraisers.

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