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Article: Modeling the dynamics of the Hong Kong office market under economic structural change

TitleModeling the dynamics of the Hong Kong office market under economic structural change
Authors
Issue Date2005
PublisherPion Ltd.
Citation
Environment and Planning B: Planning & Design, 2005, v. 32 n. 1, p. 111-125 How to Cite?
AbstractThe author adopts reduced-form equilibrium models to investigate the relations among vacancy, employment, space consumption, and rent in the Hong Kong office market under economic structural change. The models are estimated with the aid of data from Hong Kong during the period 1980 - 2002 -- a total of twenty-three yearly observations. It is hoped that empirical results will shed light on the adjustment mechanism of the local office market. In line with the existing literature, the author shows that, on the one hand, office rent is positively related to office employment, but inversely related to office stock. On the other hand, the demand for office space is inversely related to rent, but positively related to office employment. Moreover, the elasticity of space consumption with respect to rent is estimated to be inelastic. Historical simulations of the model are performed, and it is suggested that the equations simulate reasonably well as indicated by Theil's inequality.
Persistent Identifierhttp://hdl.handle.net/10722/205650
ISSN
2015 Impact Factor: 1.195
2015 SCImago Journal Rankings: 0.582
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorHo, WKO-
dc.date.accessioned2014-09-26T02:45:29Z-
dc.date.available2014-09-26T02:45:29Z-
dc.date.issued2005-
dc.identifier.citationEnvironment and Planning B: Planning & Design, 2005, v. 32 n. 1, p. 111-125-
dc.identifier.issn0265-8135-
dc.identifier.urihttp://hdl.handle.net/10722/205650-
dc.description.abstractThe author adopts reduced-form equilibrium models to investigate the relations among vacancy, employment, space consumption, and rent in the Hong Kong office market under economic structural change. The models are estimated with the aid of data from Hong Kong during the period 1980 - 2002 -- a total of twenty-three yearly observations. It is hoped that empirical results will shed light on the adjustment mechanism of the local office market. In line with the existing literature, the author shows that, on the one hand, office rent is positively related to office employment, but inversely related to office stock. On the other hand, the demand for office space is inversely related to rent, but positively related to office employment. Moreover, the elasticity of space consumption with respect to rent is estimated to be inelastic. Historical simulations of the model are performed, and it is suggested that the equations simulate reasonably well as indicated by Theil's inequality.-
dc.languageeng-
dc.publisherPion Ltd.-
dc.relation.ispartofEnvironment and Planning B: Planning & Design-
dc.titleModeling the dynamics of the Hong Kong office market under economic structural changeen_US
dc.typeArticleen_US
dc.identifier.emailHo, WKO: winkyho@graduate.hku.hk-
dc.identifier.doi10.1068/b3198-
dc.identifier.hkuros120608-
dc.identifier.volume32-
dc.identifier.issue1-
dc.identifier.spage111-
dc.identifier.epage125-
dc.identifier.isiWOS:000227284000008-

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