Intra-metropolitan Office Price and Trading Volume Dynamics : Evidence from Hong Kong

Research output: Journal Publications and ReviewsRGC 21 - Publication in refereed journalpeer-review

3 Scopus Citations
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Original languageEnglish
Pages (from-to)47-74
Journal / PublicationInternational Real Estate Review
Issue number2
Publication statusPublished - 1 Dec 2008


Previous studies of the office market have tended to focus on either the rental market or the aggregate sales market. This paper focuses on the intra-metropolitan sales market and on office price and trading volume dynamics in Hong Kong. According to our findings, buildings trading at higher prices are not necessarily traded more often than those trading at lower prices. In addition, the price of offices in different categories does not necessarily move in tandem. The trading volumes of higher priced buildings tend to Granger cause the lower priced buildings, and this conclusion is robust to alternative classifications. The paper contrasts several existing theories. Suggestions for future research are also discussed.

Research Area(s)

  • Commercial property, Correlation

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