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

  • Charles Ka Yui Leung

    ()

    (Department of Economics and Finance, City University of Hong Kong, Kowloon Tong, Hong Kong)

  • 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)

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.

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Article provided by Asian Real Estate Society in its journal International Real Estate Review.

Volume (Year): 11 (2008)
Issue (Month): 2 ()
Pages: 47-74

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Handle: RePEc:ire:issued:v:011:n:02:2008:p:47-74
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