Asymmetric Adjustment in the City of London Office Market

Hendershott, Patric H.; Lizieri, Colin; Macgregor, Bryan D.

doi:10.1007/s11146-009-9199-6

Cited by 54 publications

(53 citation statements)

References 12 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…This stream of literature dates to at least to Rosen (1984). Wheaton, and Wheaton and Torto (Wheaton 1987;Wheaton and Torto 1988;Wheaton et al 1997;Wheaton 1999) did most of the development, and Hendershott (1995), Hendershott et al (2002aHendershott et al ( , 2002b, Hendershott and MacGregor (2005), Hendershott et al (2010) provided substantial enhancements. Though first developed for office markets, we can in principle apply these types of models to any real estate market sector.…”

Section: Literature: From Urban Economics To System Dynamics Modelingmentioning

confidence: 99%

System Dynamics Modeling of Chinese Urban Housing Markets for Pedagogical and Policy Analysis Purposes

Zhang

Geltner

Neufville

2018

J Real Estate Finan Econ

View full text Add to dashboard Cite

This paper reports on the current state of a project to develop a system dynamics (SD) model for urban housing markets in China, aimed at facilitating policy analysis and supporting practical educational tools that might reach large numbers of potential entrepreneurs in China. Although numerous academic papers have applied SD models to real estate markets over the past generation, the technique remains relatively unknown and little used both in the academic economics literature and, more to the point, among practitioners and educators in the real estate community. Yet SD has the potential to address key needs among these constituencies, and extend and complement upon traditional economic methods. SD models are focused on modeling market transitions toward long-run equilibria, facilitating the study of the details of causality and the dynamic path of the market and features that are prominent in the history of housing markets in emerging markets. Different from intensive data-driven economic models, SD models are structural-based operational models that can more easily accommodate the actual non-market features and unique institutional components of these emerging real estate markets, where long-range historical data are not readily available. SD can provide intuitive and transparent model structures that should be able to improve pedagogy for educating large numbers of potential real estate entrepreneurs particularly in emerging market countries. For demonstration, in the present paper we choose to focus on the China-specific features of 'speculative demand' and 'land financing scheme', and use the newly developed SD model to explore the effects of land supply, Bcommand-and-control^versus Bmarket-driven^policies for housing in China. It is important to note, however, that while we chose China for the purposes of our study, the same technique can be applied to any emerging real

show abstract

Section: Literature: From Urban Economics To System Dynamics Modelingmentioning

confidence: 99%

System Dynamics Modeling of Chinese Urban Housing Markets for Pedagogical and Policy Analysis Purposes

Zhang

Geltner

Neufville

2018

J Real Estate Finan Econ

View full text Add to dashboard Cite

show abstract

“…elsőként azt említjük meg röviden, hogy az aszimmetrikus ingatlanpiaci alkalmazkodás gyakorta kimutatott jelenség. Hendershott-Lizieri-MacGregor [2010] kiemelte a bérleti díjak aszimmetrikus alkalmazkodásának jelentőségét. a hipotézis tesztelése robusztusan igazolta a sydney és london irodapiacán meglévő aszimmetrikus reakciókat.…”

Section: Aszimmetria Belső Ciklusok Országok Közötti Különbségekunclassified

Irodapiaci ciklusok jellemzése a hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás alapján

Horváth¹,

Révész²,

Sápi³

2016

Közgazdasági Szemle

View full text Add to dashboard Cite

Közgazdasági szemle , lX iii. évf., 2016. február (113-136. o.) HorvátH áron-révész gábor-sápi zoltán irodapiaci ciklusok jellemzése a hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás alapján A tanulmány az irodapiaci ciklusokat öt indikátor alapján vizsgálja. A hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás idősorait egy minden korábbi kutatásban használtnál bővebb, közel száz város mutatóit tartalmazó globális adatbázison elemeztük. Legkevésbé volatilisnak a hozamok és a bérleti díjak idősorai bizonyultak, míg az új átadás, az üresedés és a bérleti forgalom jóval nagyobb változékonyságot mutatott a vizsgált piacokon. A mutatók késleltetési és előre jelző viszonyait elemezve azt találtuk, hogy az irodapiaci hozamban bekövetkezett változást követően nagyjából három-négy hónapos késéssel azonosítható a reakció az üresedésben és a bérleti forgalomban. A bér-leti díjak és az új épületek átadása még lassabban reagált, nagyjából egy év elteltével. Vizsgálatainkat a leggyakrabban használt módszereken kívül ciklusfordulópontok azonosítása alapján is elvégeztük.* Journal of Economic Literature (JEL) kód: E32, R33.

show abstract

“…Building upon the work of Hendershott, MacGregor, and Tse (2002) and Englund, Gunnelin, Hendershott, and Soderberg (2008), Hendershott, Lizieri, and MacGregor (2010) use an error correction modelling approach to examine the City of London office market. The paper considers asymmetric responses to shocks in employment and supply.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The approach adopted in this paper builds upon the work of Hendershott, MacGregor, and Tse (2002), Hendershott, MacGregor, and White (2002), Hendershott et al (2010), Stevenson (2007), and Ke and White (2009) reviewed above using an error correction framework and testing for submarket interaction effects. We then test for convergence in submarket performance.…”

Section: Literature Reviewmentioning

confidence: 99%

Investigating the dynamics of, and interactions between, Shanghai office submarkets

White

2013

Journal of Property Research

View full text Add to dashboard Cite

The Shanghai office market has developed rapidly over the past two decades. As a consequence of this development, two, apparently distinct, office submarkets, Puxi and Pudong have developed in central Shanghai. This raises the issue as to whether the Shanghai office market can be viewed as a homogeneous entity or whether there is imperfect substitutability across office locations within the city. The latter case raises the possibility of the existence of office submarkets. In this paper, we examine intra-metropolitan rental dynamics in the Puxi and Pudong submarkets, identifying any interrelationships between these markets, and consider whether they form distinct office submarkets. We find no interaction between the two submarkets. Further, we find no evidence of leadlag relationships between the two submarkets. Finally, when we test for convergence in rental performance between the two submarkets, the tests reveal that we can reject the null of no convergence.

show abstract

Asymmetric Adjustment in the City of London Office Market

Abstract: Office market models, Rental adjustment, Asymmetric responses, Vacancy rate,

Cited by 54 publications

References 12 publications

System Dynamics Modeling of Chinese Urban Housing Markets for Pedagogical and Policy Analysis Purposes

System Dynamics Modeling of Chinese Urban Housing Markets for Pedagogical and Policy Analysis Purposes

Irodapiaci ciklusok jellemzése a hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás alapján

Investigating the dynamics of, and interactions between, Shanghai office submarkets

Contact Info

Product

Resources

About