Modeling the Dynamics of the Hong Kong Office Market under Economic Structural Change

10.1068/b3198 ◽  
2005 ◽  
Vol 32 (1) ◽  
pp. 111-125 ◽  
Author(s):  
Winky K O Ho

The author adopts reduced-form equilibrium models to investigate the relations among vacancy, employment, space consumption, and rent in the Hong Kong office market under economic structural change. The models are estimated with the aid of data from Hong Kong during the period 1980–2002—a total of twenty-three yearly observations. It is hoped that empirical results will shed light on the adjustment mechanism of the local office market. In line with the existing literature, the author shows that, on the one hand, office rent is positively related to office employment, but inversely related to office stock. On the other hand, the demand for office space is inversely related to rent, but positively related to office employment. Moreover, the elasticity of space consumption with respect to rent is estimated to be inelastic. Historical simulations of the model are performed, and it is suggested that the equations simulate reasonably well as indicated by Theil's inequality.

2014 ◽  
Vol 32 (5) ◽  
pp. 485-504 ◽  
Author(s):  
Kim Hin David Ho ◽  
Satyanarain Rengarajan ◽  
John Glascock

Purpose – The purpose of this paper is to examine the structure and dynamics of Singapore's Central Area office market. A long-run equilibrium relationship is tested and a short-run adjustment error correction model are estimated, incorporating appropriate serial error correction. The long-run equation is estimated for office rent, with office employment and available stock. Design/methodology/approach – With the vector error correction model (VECM), the lagged rent, available stock, office employment, vacancy and occupied stock (OS) can impact the rental adjustment process. Equilibrium rent on the whole reacts positively to lagged rents, available stock, office employment, OS and negatively to vacancy rates (VC). Past levels of positive change in VC and rental growth can have negative effects on current OS. Findings – While good economic conditions signaled by increases in rents increase the supply of new stock (available space), higher rents and VC dampen the long-term occupied space (space absorption) in accordance with economic theory. Available stock can be forecasted by past rent and absorption levels owing to the developer's profit-driven nature. Research limitations/implications – An understanding of the interaction between the macroeconomic variables and the Central Area office market is useful to domestic and foreign investors and developers, who then can better evaluate their decision making in commercial real estate investment and development projects. Practical implications – It is implicit that the Singapore Central Area office market requires at least a year before any rental increase can potentially dampen the space demanded. Firms are attracted to locate there owing to agglomeration economies and they are willing to pay premium office rents in conjunction with office space intensification in the Central Area. Newly built space is positively affected by past rents. Urban Redevelopment Authority and private real estate developers should be wary of excess office sector vacancies by avoiding over supply, even though an increase in the supply of office space in the Central Area can have a positive impact on office rent in the longer term. Most of the office space development would tend to meet the demand in the long run. Rental stickiness is exemplified as rental changes are affected by lagged rent. Social implications – Policy makers are better enabled to stabilize the office sectors of the real estate market if so required. Originality/value – The paper adopts the VECM and validated by empirical evidence, to investigate the long-run equilibrium relationship and short-term corrections underlying the dynamics of the Singapore Central office market. Delay in the restoration of equilibrium in real estate markets is attributed to factors like lease terms and supply lags.


Impact ◽  
2020 ◽  
Vol 2020 (6) ◽  
pp. 55-57
Author(s):  
Kunio Nishikawa

Rice has long been an integral part of Japan's culture and economy, as well as an important commodity in Japan-US relations, but farmers in Japan are concerned that trouble is afoot due to competition from countries such as the US, where rice production is more competitive, as well as reorganization of direct payment policy. The question is, how can rice production in Japan remain competitive amidst such competition? One researcher is seeking to shed light on the situation and explore how paddy agriculture in Japan can potentially flourish. Dr Kunio Nishikawa is based at Ibaraki University, Japan, whose Japan Society for the Promotion of Science (JSPS)-funded work is exploring the discrepancy in crop output in the US versus Japan, and seeking to find new ways to boost Japan's agriculture.


2004 ◽  
Vol 49 (4) ◽  
pp. 171-176 ◽  
Author(s):  
I. Arslan-Alaton ◽  
S. Dogruel

Polyoxometalate (POM) silicadodecatungstic acid has been applied as a photochemical catalyst for the degradation of ®SETAPERS Black WNSP, a disperse dyestuff preparation widely used to dye polyester and polyamide fabrics. It could be demonstrated that the disperse dyestuff was photo-reduced by SiW12O405-, the one electron-reduced form of POM, as evidenced by Heteropolyblue (HPB) formation. For completion of the photochemical redox cycle, isopropanol (IsOH) was required. Acetone (Ac) served solely as an effective solute and photosensitizer; however this effect was suppressed in the presence of POM. Threshold (0.087 mM) and optimum (0.375 mM) POM concentrations existed and decolorization kinetics were inhibited upon the addition of dye auxiliary chemicals. Increasing the dyestuff concentration from 50 mg/L to 150 mg/L did not affect initial decolorization kinetics revealing that not the formation of the excited [POM-Substrate]* complex, but its reduction to HPB was the rate limiting step. POM-mediated, IsOH-assisted UV-photodegradation of disperse dyes and dye-baths is by far more effective than applying other, more well known chemical oxidation methods (O3, H2O2/UV, Power Ultrasound). Key to the action of POM redox catalysts is the feature that particularly heteropoly tungstates undergo facile re-oxidation to their original state, thus allowing regeneration of the photocatalyst, a feature that may become critical for real-scale application.


2021 ◽  
pp. 109634802098727
Author(s):  
Josip Mikulić ◽  
Damir Krešić ◽  
Maja Šerić

The current study intends to contribute to a better understanding of the medical tourism experience. In particular, this study uses data from a survey-based study conducted on a sample of 1,209 medical tourists in Croatia. On the one hand, this study aims to explore and shed light on the decision-making process of medical tourists, and, on the other hand, to reveal which elements of both the medical institution and the destination where it is located, have largest potentials to drive medical tourist delight and/or frustration, in accordance with the three-factor theory of customer satisfaction.


Author(s):  
Juan P. Martínez ◽  
Inmaculada Méndez ◽  
Esther Secanilla ◽  
Ana Benavente ◽  
Julia García Sevilla

Starting from previous studies in professional caregivers of people with dementia and other diseases in institutionalized centers of different regions, the aim of this study was to compare burnout levels that workers present depending on the center, to create a caregiver profile with high professional accomplishment and to describe the quality of life that residents perceive Murcia and Barcelona. The instruments used were the Maslach Burnout Inventory (MBI), the Professional Caregiver Survey developed ad hoc and the Brief Questionnaire of Quality of Life (CUBRECAVI in Spanish) on residents. The results show, on the one hand, that levels of professional accomplishment may be paradoxically higher in the case of catastrophe and, on the other hand, the 98.2% of users are satisfied with the residence in which is located and 81.8% with the manner in which occupy the time. The conclusions that are extrapolated from the study shed light on the current situation of workers and residents and the influence that an earthquake can have on them.


KronoScope ◽  
2021 ◽  
Vol 21 (1) ◽  
pp. 7-27
Author(s):  
Carl Humphries

Abstract “Being is said in many ways,” claimed Aristotle, initiating a discussion about existential commitment that continues today. Might there not be reasons to say something similar about “having been,” or “having happened,” where these expressions denote something’s being located in the past? Moreover, if history – construed not only as an object of inquiry (actual events, etc.) but also as a way of casting light on certain matters – is primarily concerned with “things past,” then the question just posed also seems relevant to the question of what historical understanding amounts to. While the idea that ‘being’ may mean different things in different contexts has indisputable importance, the implications of other, past-temporal expressions are elusive. In what might any differences of substantive meaning encountered there consist? One starting point for responding – the one that provides the subject matter explored here – is furnished by the question of whether or not a certain way of addressing matters relating to the past permits or precludes forms of intelligibility that could be said to be ‘radically historical.’ After arguing that the existing options for addressing this issue remain unsatisfactory, I set out an alternative view of what it could mean to endorse or reject such an idea. This involves drawing distinctions and analogies connected with notions of temporal situatedness, human practicality and historicality, which are then linked to a further contrast between two ways of understanding the referential significance of what is involved when we self-ascribe a relation to a current situation in a manner construable as implying that we take ourselves to occupy a unique, yet circumstantially defined, perspective on that situation. As regards the latter, on one reading, the specific kind of indexically referring language we use – commonly labelled “de se” – is something whose rationale is exhausted by its practical utility as a communicative tool. On the other, it is viewed as capturing something of substantive importance about how we can be thought of as standing in relation to reality. I claim that this second reading, together with the line of thinking about self-identification and self-reference it helps foreground, can shed light on what it would mean to affirm or deny the possibility of radically historical forms of intelligibility – and thus also on what it could mean to ascribe a plurality of meanings to talk concerning things being ‘in the past.’


2021 ◽  
Vol 16 (3) ◽  
Author(s):  
Anita Naemi Holm

This article presents a theoretical view on culturally embedded thinking and action in encounters between patient and health professional. A key point of the analysis indicates that a highly efficient health sector may entail an implicit duality: on the one hand, the health professional can and often must relate pragmatically to the patient in order to solve problems and do so quickly, while on the other, the professional may be personally challenged when embedded cultural thinking leads to conflicts or dilemmas. This means that a purely pragmatic perspective will be challenged when such conflicts arise. The article looks at interrelated concepts such as ‘culture’, ‘prejudice’ and ‘meaning’ in order to shed light on the presuppositions that are brought into the cultural encounter between patient and health professional. This kind of analysis will hopefully contribute to a raised awareness of what is actually – apart from pragmatic problem solving – going on in such encounters. The conceptual framework used in this article primarily draws on the German philosopher Hans-Georg Gadamer, which is contrasted with the pragmatic perspective from the American philosopher Richard Rorty.


2017 ◽  
Vol 19 (3) ◽  
pp. 349-377
Author(s):  
Leonardo Niro Nascimento

This article first aims to demonstrate the different ways the work of the English neurologist John Hughlings Jackson influenced Freud. It argues that these can be summarized in six points. It is further argued that the framework proposed by Jackson continued to be pursued by twentieth-century neuroscientists such as Papez, MacLean and Panksepp in terms of tripartite hierarchical evolutionary models. Finally, the account presented here aims to shed light on the analogies encountered by psychodynamically oriented neuroscientists, between contemporary accounts of the anatomy and physiology of the nervous system on the one hand, and Freudian models of the mind on the other. These parallels, I will suggest, are not coincidental. They have a historical underpinning, as both accounts most likely originate from a common source: John Hughlings Jackson's tripartite evolutionary hierarchical view of the brain.


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