Are the markets for factories and offices integrated? Evidence from Hong Kong?

Charles Leung, Peiling Wei and Siu Kei Wong

Discussion Papers from Chinese University of Hong Kong, Department of Economics

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: G12 L80 R30 (search for similar items in EconPapers)
Date: 2006-02
New Economics Papers: this item is included in nep-cna, nep-fin, nep-geo, nep-sea, nep-tra and nep-ure
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Citations: View citations in EconPapers (1)

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Related works:
Journal Article: 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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Persistent link: https://EconPapers.repec.org/RePEc:chk:cuhkdc:00018

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