Modelling the commercial property market: an emperical study of the Singapore office market

Ng, B; Higgins, DM

Modelling the commercial property market: an emperical study of the Singapore office market

Ng, B Higgins, DM

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Publisher:: Pacific Rim Real Estate Society
Publication Type:: Journal Article
Citation:: Pacific Rim Property Research Journal, 2007, 13 (2), pp. 176 - 193
Issue Date:: 2007-01

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Field	Value	Language
dc.contributor.author	Ng, B	en_US
dc.contributor.author	Higgins, DM	en_US
dc.date.issued	2007-01	en_US
dc.identifier.citation	Pacific Rim Property Research Journal, 2007, 13 (2), pp. 176 - 193	en_US
dc.identifier.issn	1444-5921	en_US
dc.identifier.uri	http://hdl.handle.net/10453/6269
dc.description.abstract	This paper disentangles the complexities of the commercial real estate market and provides a clear structure to understand the key determinants driving property market performance. There is a preference for using GDP, unemployment rate, and office (FIRE) employment as the main determinants of the space market (demand side); office floor stock, construction orders and vacancy rate (especially in the United States) as the property market (supply side) determinants in the office market. A regression model for Singapore s office property market for the period from June 1992 to December 2005 was constructed. The office rent equation was able to account for 72 per cent of variation in gross rent for the period June 1992 to December 2005. Changes in previous year vacancy rates, contemporaneous construction costs, prime lending rate (lagged 6 months) and contemporaneous office sector employment were identified as the key determinants in explaining the variation in office rents in the Central Region of Singapore.	en_US
dc.publisher	Pacific Rim Real Estate Society	en_US
dc.relation.ispartof	Pacific Rim Property Research Journal	en_US
dc.title	Modelling the commercial property market: an emperical study of the Singapore office market	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	13	en_US
utslib.for	1504 Commercial Services	en_US
utslib.for	12 Built Environment and Design	en_US
utslib.for	14 Economics	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	open_access
pubs.consider-herdc	true	en_US
pubs.issue	2	en_US
pubs.volume	13	en_US

Abstract:

This paper disentangles the complexities of the commercial real estate market and provides a clear structure to understand the key determinants driving property market performance. There is a preference for using GDP, unemployment rate, and office (FIRE) employment as the main determinants of the space market (demand side); office floor stock, construction orders and vacancy rate (especially in the United States) as the property market (supply side) determinants in the office market. A regression model for Singapore s office property market for the period from June 1992 to December 2005 was constructed. The office rent equation was able to account for 72 per cent of variation in gross rent for the period June 1992 to December 2005. Changes in previous year vacancy rates, contemporaneous construction costs, prime lending rate (lagged 6 months) and contemporaneous office sector employment were identified as the key determinants in explaining the variation in office rents in the Central Region of Singapore.

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http://hdl.handle.net/10453/6269