Causes of Oversupply of Commercial Property — The Case of Singapore

Kambiz Maani

Chapter 9 in Multi-Stakeholder Decision Making for Complex Problems:A Systems Thinking Approach with Cases, 2017, pp 109-117 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Singapore commercial office market had an average vacancy rate of 6.2% at the end of 2012. This oversupply in the commercial real estate market was produced by a combination of a cyclic real estate market and strong supply side reactions to the various signals in the market. These supply side reactions were caused, in part, by political systems’ interference in the real estate development process. While experienced real estate professionals have expertise in individual aspects of the development process, the inability to understand the interplay of these components within a complex system can often result in inadequate strategies based on the use of heuristic or judgment rules to simplify the decision-making process. This fragmentation of knowledge of building professionals, the building process, and the built environment is one of the fundamental problems of the Singapore building industry…

Keywords: Decision Making; Systems Thinking; Multi-Stakeholders; Complexity (search for similar items in EconPapers)
JEL-codes: L20 O34 (search for similar items in EconPapers)
Date: 2017
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