| CONSTRUCTION MANAGEMENT |
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Relationship between rent and vacancy rate of office markets in Beijing and Seoul |
| LEE Jin, LIU Hongyu |
| Hang Lung Center for Real Estate, Department of Construction Management, Tsinghua University, Beijing 100084, China |
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Abstract This studied analyzed the effect of the rent on the vacancy rate of office space in large cities. The DiPasquale-Wheaton theory of supply and demand was used to develop a rent and vacancy rate model to describe the relationship between the rent and the vacancy rate. Quarterly data for prime office space in Beijing and Seoul from Q1, 2000 to Q2, 2013 was used for the empirical study. The results show that the rent and vacancy rate correlate negatively which agrees with previous studies of the Beijing and Seoul office space markets. The results also show that the effect of macroeconomic indicators and the market participant behavior differs between the two cities. These features provide implications for market operations, forecasting and policy making in the Beijing office space market.
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| Keywords
office space market
rent
vacancy rate
Beijing
Seoul
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Just Accepted Date: 08 September 2015
Issue Date: 15 June 2015
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