Eres : Digital Library : Works

Paper eres2008_173:
AN ECONOMETRIC ANALYSIS OF SHANGHAI OFFICE RENTS

id eres2008_173
authors Ke, Qiulin; Michael White
year 2008
title AN ECONOMETRIC ANALYSIS OF SHANGHAI OFFICE RENTS
source Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
summary Modern commercial office market in Shanghai emerged with China’s economic reform and open door policy in the 1980s and grew fast at the beginning of 1990s, with increasing demand for office space from foreign and domestic occupiers. Though total real estate investment is skewed towards residential property, office investment has grown by 23% per annual in terms of value and by 24% per annum in terms of completed floor space from 1995 to 2006. The Shanghai office market is of importance for a number of reasons. First, it is one of the largest office markets in China in terms of square footage and in investment terms. Second, the office market is one of most established ones in China and attracts most attention from the policy makers, investors, practitioners and academia. However, so far there is little empirical research on Shanghai office market. This paper will use econometric modelling techniques to investigate office rent determination of the CBD in central Puxi area, Shanghai, over the period 1992 – 2006. Using a reduced form mdoelling specification based on demand and supply interactions, changes in office stock and interest rates are found to be the most important determinants of short run dynamics of office rental change in the Shanghai market.
series ERES:conference
email qiulin.ke@ntu.ac.uk
discussion No discussions. Post discussion ...
ratings Ratings: 4
session F1
last changed 2008/11/26 14:05
HOMELOGIN (you are user _anon_92219 from group guest) Powered by SciX Open Publishing Services 1.002