Research on the Effects of Wellness in Existing Office Buildings on Real Estate Rents and Vacancy Rates

This study analyzes the impact of building wellness on real estate rents and vacancy rates using CASBEE-Wellness Real Estate (provisional version). Based on data from 134 office buildings, statistical analysis revealed that higher rankings correlate with higher rents. While the relationship with vacancy rates was not strongly evident, a weak correlation was observed. Regression analysis indicated that conventional factors like location and construction year have greater influence, though Lasso regression suggests that wellness factors might contribute to rent premiums. Analysis of detailed items reveals that “design” likely boosts rents, while “indoor environmental quality” helps reduce vacancy rates.