To coincide with the subway construction, Underground shopping arcade has been developed since 1985 in Busan. Its number will also be increased in the near future. In terms of revitalization degree of underground shopping arcade, Locational condition would polarize the underground shopping arcades of Busan. The business of Nampo trading area is at a standstill. On the other hand, the business of Seomyun trading area keeps activating through connecting with department store, etc. The aim of this paper is to empirically analyze the factors that affect on rent evaluation of underground shopping arcade through management, environment and locational characteristics. The effective variables are divided into such three groups as management, environment, and position characteristics. In compliance with analysis, significant variables concerning to management characteristics are 'operation term', 'number of laborer', 'business type', 'sex'. The environment variables of underground shopping arcade are 'prevention of disaster', 'hygiene', 'noise', 'profitability', 'satisfaction'. Also, the position variables are 'number of store', 'vacancy business', 'number of bus', 'subway users', 'appraised value of land', 'rent'. In the result of analysis, Resonable factors on rents that invigorate underground shopping arcade are 'scale of store' public transportation', 'management'.