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A cointegration approach to understanding Singapore’s industrial space supply

Yuen Leng Chow (Department of Real Estate, National University of Singapore, Singapore)
Seow Eng Ong (Department of Real Estate, National University of Singapore, Singapore)
Doreen Chze‐Lin Thang (Department of Real Estate, National University of Singapore, Singapore)

Journal of Property Investment & Finance

ISSN: 1463-578X

Article publication date: 1 April 2002

839

Abstract

Observes that the timely and sufficient provision of industrial space helps to facilitate industrial activities that contribute to economic growth. An understanding of the interactions between the economy and the real estate market is useful to local policy decision makers and developers in ensuring the ready availability of industrial space without incurring unnecessary excess vacancy. This article hopes to build upon existing research by applying cointegration analysis and error‐correction modelling to examine the supply dynamics of Singapore’s industrial property market. The presence of long‐run equilibrium relationships between industrial property supply, economic and real estate variables is tested using cointegration analysis. The persistence profile examines the effect of system‐wide shocks to the cointegration relations to determine whether they are true cointegrating vectors.

Keywords

Citation

Leng Chow, Y., Eng Ong, S. and Chze‐Lin Thang, D. (2002), "A cointegration approach to understanding Singapore’s industrial space supply", Journal of Property Investment & Finance, Vol. 20 No. 2, pp. 96-115. https://doi.org/10.1108/14635780210420007

Publisher

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MCB UP Ltd

Copyright © 2002, MCB UP Limited

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