Are the markets for factories and offices integrated? Evidence from Hong Kong
Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
Author(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 62-94 |
| Journal / Publication | International Real Estate Review |
| Volume | 9 |
| Issue number | 1 |
| Publication status | Published - 1 Dec 2006 |
| Externally published | Yes |
Link(s)
Abstract
Due to the relocation of manufacturing facilities from Hong Kong to Mainland China, it is widely believed that some vacant private factories have been used as offices in Hong Kong. Yet there is no direct and systematic evidence to support this speculation. In fact, according to MacGregor and Schwann (2003), industrial and commercial real estate shares some common features. Our research attempts to investigate empirically the price and volume relationship between industrial and commercial real estate, using both aggregate and disaggregate data from the industrial and commercial property markets in Hong Kong. The study was built on the observation that economic restructuring and geographical distance will affect the substitutability (and thus the correlation) of different types of property, and utilizes commonly used time series techniques for analysis. Policy implications are discussed.
Research Area(s)
- aggregation bias, geographical distance, industrial real estate, substitutability
Bibliographic Note
Publication details (e.g. title, author(s), publication statuses and dates) are captured on an “AS IS” and “AS AVAILABLE” basis at the time of record harvesting from the data source. Suggestions for further amendments or supplementary information can be sent to lbscholars@cityu.edu.hk.
Citation Format(s)
Are the markets for factories and offices integrated? Evidence from Hong Kong. / Leung, Charles Ka Yui; Wei, Peiling; Wong, Siu Kei.
In: International Real Estate Review, Vol. 9, No. 1, 01.12.2006, p. 62-94.Research output: Journal Publications and Reviews (RGC: 21, 22, 62) › 21_Publication in refereed journal › peer-review
