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

Charles Leung, Patrick Wai Yin Cheung () and Erica Jiajia Ding ()
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Patrick Wai Yin Cheung: Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong
Erica Jiajia Ding: Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong

International Real Estate Review, 2008, vol. 11, issue 2, 47-74

Abstract: 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.

Keywords: Commercial property; Correlation (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (1)

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