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

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  • Charles Ka Yui Leung
  • Peiling Wei
  • Siu Kei Wong

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.

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File URL: http://www.econ.cuhk.edu.hk/~discusspaper/00018.pdf
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Bibliographic Info

Paper provided by Chinese University of Hong Kong, Department of Economics in its series Departmental Working Papers with number _179.

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Date of creation: Feb 2006
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Handle: RePEc:chk:cuhked:_179

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Keywords: aggregation bias; geographical distance; industrial real estate; substitutability;

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