IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i22p9576-d446592.html
   My bibliography  Save this article

Sustainability and the Expected Effects of Office-to-Residential Conversion in Historic Downtown Areas of South Korea

Author

Listed:
  • Eunkwang Kim

    (School of Architecture, Kyungpook National University, #315, 2nd Engineering Building, 80, Daehak-ro, Buk-gu, Daegu 41566, Korea)

  • Sanghong Lee

    (School of Architecture, Kyungpook National University, #315, 2nd Engineering Building, 80, Daehak-ro, Buk-gu, Daegu 41566, Korea
    Institute of Kyungpook National University Architecture & Urban Space (IKAUS), #1506, Global Plaza, 80, Daehak-ro, Buk-gu, Daegu 41566, Korea)

Abstract

South Korea has industrialized and urbanized rapidly since the 1970s, and subsequently, the historic downtown areas of major cities have been hollowed out as the population and industry have become concentrated in urban centers. Based on the Urban Decline Indicators of Korea, in accordance with the Urban Revitalization Act of the South Korean government, a comparative analysis of the population changes, office vacancy rate, building aging rate, decrease in the number of industries and employees, and housing supply and demand in historic downtown areas and new urban areas of six major South Korean cities demonstrated that all six historic downtown areas have declined significantly. Currently, little research is available in South Korea on the expansion of urban living and the inflow of urban residents through office-to-residential building conversion. Therefore, this study explores the expansion of urban residences to revitalize these historic downtown areas. To this end, this study examines the feasibility of converting poorly functioning, vacant offices in historic downtown areas into residential spaces to present a sustainable strategy for their complexation. This study finds that office-to-residential building conversion is a sustainable way to recover urban space and grow the population and industry in historic downtown areas.

Suggested Citation

  • Eunkwang Kim & Sanghong Lee, 2020. "Sustainability and the Expected Effects of Office-to-Residential Conversion in Historic Downtown Areas of South Korea," Sustainability, MDPI, vol. 12(22), pages 1-18, November.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:22:p:9576-:d:446592
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/22/9576/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/22/9576/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lang, Thilo, 2005. "Insights in the British Debate about Urban Decline and Urban Regeneration," IRS Working Papers 32, Leibniz Institute for Research on Society and Space (IRS).
    2. Petros S. Sivitanides, 1997. "The Rent Adjustment Process and the Structural Vacancy Rate in the Commercial Real Estate Market," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 195-210.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rena Sivitanidou, 1999. "Does the Theory of Irreversible Investments Help Explain Movements in Office-Commerical Construction?," Working Paper 8659, USC Lusk Center for Real Estate.
    2. Shao, Shuai & Zhang, Xuebin & Yang, Lili, 2023. "Natural resource dependence and urban shrinkage: The role of human capital accumulation," Resources Policy, Elsevier, vol. 81(C).
    3. Allen C. Goodman & Brent C Smith, 2023. "Medical Service Quality and Office Rent Premiums: Reputation Spillovers," The Journal of Real Estate Finance and Economics, Springer, vol. 66(3), pages 680-708, April.
    4. Robert Edelstein & Desmond Tsang, 2007. "Dynamic Residential Housing Cycles Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 295-313, October.
    5. Franco, Sofia F. & Cutter, W. Bowman, 2022. "The determinants of non-residential real estate values with special reference to environmental local amenities," Ecological Economics, Elsevier, vol. 201(C).
    6. Jasper Beekmans & Huub Ploegmakers & Karel Martens & Erwin van der Krabben, 2016. "Countering decline of industrial sites: Do local economic development policies target the neediest places?," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 3027-3047, November.
    7. N. B. Udoekanem & J. I. Ighalo, 2016. "An assessment of the relationship between office rent and vacancy rate in Abuja, Nigeria," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 6(3), pages 77-83, March.
    8. Dubé, Jean & Dieng, Ousmane & Lévesque, Mathieu & Racine, Antoine & Roberge, Olivier & Trapé, Thibault, 2023. "How public policies and other events can shape spatial distribution of local activities over time? An investigation based on spatial micro-data," Land Use Policy, Elsevier, vol. 125(C).
    9. Rena Sivitanidou, 1999. "Office Rent Processes: The Case of U.S. Metropolitan Markets," Working Paper 8664, USC Lusk Center for Real Estate.
    10. Ingrid Nappi‐Choulet Pr. & Tristan‐Pierre Maury, 2009. "A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(2), pages 305-340, June.
    11. José Fernandes & Pedro Chamusca & Jorge Pinto & José Tenreiro & Pedro Figueiredo, 2023. "Urban Rehabilitation and Tourism: Lessons from Porto (2010–2020)," Sustainability, MDPI, vol. 15(8), pages 1-22, April.
    12. Dirk Brounen & Maarten Jennen, 2009. "Asymmetric Properties of Office Rent Adjustment," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 336-358, October.
    13. Chang-I Hua, 2017. "A Structural Model of a Housing Market with Friction," International Real Estate Review, Global Social Science Institute, vol. 20(4), pages 397-416.
    14. Capone, Charles Jr. & Goldberg, Lawrence, 2001. "Renter Mobility and Multifamily Mortgage Default Risk," Journal of Housing Economics, Elsevier, vol. 10(1), pages 21-40, March.
    15. V.Atilla Oven & Dilek Pekdemir, 2004. "A comparison between office rent determinants of Istanbul and other major metropolitan areas," ERSA conference papers ersa04p166, European Regional Science Association.
    16. Nowak Krzysztof, 2020. "Hidden Vacancy Rate as a Part of Office Market Dynamics in Selected Polish Cities," Real Estate Management and Valuation, Sciendo, vol. 28(1), pages 1-12, March.
    17. Marco Rossitti & Alessandra Oppio & Francesca Torrieri & Marta Dell’Ovo, 2023. "Tactical Urbanism Interventions for the Urban Environment: Which Economic Impacts?," Land, MDPI, vol. 12(7), pages 1-25, July.
    18. Bartłomiej T. Sroka, 2022. "Urban Shrinkage as a Catalyst of a Transition, Revolving around Definitions," Sustainability, MDPI, vol. 14(20), pages 1-12, October.
    19. Liviu Jigoria-Oprea & Nicolae Popa, 2017. "Industrial brownfields: An unsolved problem in post-socialist cities. A comparison between two mono industrial cities: ReÅŸiÅ£a (Romania) and PanÄ evo (Serbia)," Urban Studies, Urban Studies Journal Limited, vol. 54(12), pages 2719-2738, September.
    20. Ivan Simic & Aleksandra Stupar & Aleksandar Grujicic & Vladimir Mihajlov & Marija Cvetkovic, 2022. "The Transformation of Dorćol Power Plant: Triggering a Sustainable Urban Regeneration or Selling the Heritage?," Sustainability, MDPI, vol. 14(1), pages 1-17, January.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:12:y:2020:i:22:p:9576-:d:446592. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.