Are the Markets for Factories and Offices Integrated? Evidence from Hong Kong

Charles Leung, Peiling Wei and Siu Kei Wong ()
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Peiling Wei: Department of Economics, Chinese University of Hong Kong, Shatin, Hong Kong
Siu Kei Wong: Department of Real Estate and Construction, The University of Hong Kong, Pokfulam, Hong Kong

International Real Estate Review, 2006, vol. 9, issue 1, 62-94

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.

Keywords: aggregation bias; geographical distance; industrial real estate; substitutability (search for similar items in EconPapers)
JEL-codes: L85 (search for similar items in EconPapers)
Date: 2006
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Working Paper: Are the markets for factories and offices integrated? Evidence from Hong Kong? (2006)
Working Paper: Are the markets for factories and offices integrated? Evidence from Hong Kong? (2006)
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