This paper examine whether there is any regional disparity of office markets of 8 city areas in Japan, or not. At first we show lagged effects between rents and vacancy rate of the offices by the Almon Lag Model, and then we induce office market struc...
This paper examine whether there is any regional disparity of office markets of 8 city areas in Japan, or not. At first we show lagged effects between rents and vacancy rate of the offices by the Almon Lag Model, and then we induce office market structure, so as to identify structural difference between city areas. And then we classify 8 areas into two groups. The first group market is active to the demand in short term, and the other group is semi-static and semi-closed. But both groups have a three or four years delayed-market -balance system. We also examine the growth factors of the office markets by using Shift-Share analysis. We clarify the existence of regional disparity in office markets.