해외 오피스 리츠의 투자수요 결정 요인: 3개국 패널데이터 분석

미국·일본·호주 오피스 리츠의 투자수요 결정 요인을 분석했다.

This study investigates the differentiated impacts of macroeconomic variables and REIT asset-related factors on REIT trading volumes in the United States, Japan, and Australia. Using panel data analysis with interaction terms, the Hausman test confirmed that the Random Effect Model is more appropriate for the analysis. The key findings are as follows. First, an increase in government bond yields significantly reduces REIT trading volumes, highlighting a negative relationship between the two. Second, the impact of exchange rate fluctuations differs by country: while Japan shows a negative effect, the United States and Australia demonstrate positive effects.

Third, the relationship between REIT returns and trading volumes varies depending on investor behavior in each country. In Japan, higher REIT returns lead to increased trading volumes, whereas in the United States and Australia, higher returns result in decreased trading activity, likely due to profit-taking behaviors. These findings reflect differences in economic environments and investor behaviors across countries, emphasizing the need for country-specific investment strategies in REIT markets. This study provides foundational insights for REIT investors and policymakers, offering empirical evidence to guide informed decision-making in response to changing investment conditions.

Future research should broaden the scope by incorporating variables such as rental market dynamics, dividend yields, and additional countries and sectors to enhance the understanding of global REIT markets.