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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.

Suggested Citation

  • Charles Ka Yui Leung & Peiling Wei & Siu Kei Wong, 2006. "Are the markets for factories and offices integrated? Evidence from Hong Kong?," Departmental Working Papers _179, Chinese University of Hong Kong, Department of Economics.
  • Handle: RePEc:chk:cuhked:_179
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    File URL: http://www.econ.cuhk.edu.hk/~discusspaper/00018.pdf
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    References listed on IDEAS

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    1. Yoshiyasu Ono & Akihisa Shibata, 2006. "Long-run Specialization," Review of International Economics, Wiley Blackwell, vol. 14(1), pages 1-15, February.
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    Cited by:

    1. Charles Ka Yui Leung & Patrick Wai Yin Cheung & Erica Jiajia Ding, 2008. "Intra-metropolitan Office Price and Trading Volume Dynamics: Evidence from Hong Kong," International Real Estate Review, Asian Real Estate Society, vol. 11(2), pages 47-74.

    More about this item

    Keywords

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

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General

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