오피스빌딩 투자에서 ESG 요인의 기대효과 분석 - G(거버넌스)요인 중 부동산간접투자기구의 프리미엄을 중심으로

오피스빌딩 투자에서 ESG 거버넌스 요인과 간접투자기구의 프리미엄을 분석했다.

This study analyzes the influence of Environmental, Social, and Governance (ESG) factors on office building investment, with a particular focus on the Governance (G) dimension. The primary objective is to identify the advantages and premium associated with real estate indirect investment vehicles—an area within the G factor that has been relatively underexplored in previous research—and thereby contribute to the expansion of ESG-oriented investment in the capital market.

To empirically examine the significance of real estate indirect investment vehicles as a Governance (G) factor and the expected premium arising therefrom, the study conducted in-depth interviews (FGI analysis) with 17 institutional investment experts. The findings confirm that incorporating ESG considerations into office building investment decision-making can enhance long-term investment returns. These results underscore the necessity of adopting and expanding ESG practices within the domestic capital market. Moreover, the study highlights the need for government-led efforts to institutionalize ESG through the establishment of public–private governance frameworks.

In particular, institutional investors managing public funds are encouraged to recognize the premium and expected benefits that real estate indirect investment vehicles offer as a Governance (G) element and to take a leading role in advancing ESG integration and strengthening public–private governance initiatives.