A Study of Relationship between REITs and Commercial Office Rental Price and Vacancy Rate in Taiwan

• Main Authors: Pei-Hsuan Liu, 劉佩宣
• Other Authors: Feng-Tse Tsai
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/31649075296263120942

碩士 === 亞洲大學 === 財務金融學系碩士在職專班 === 103 === This study investigates the explanatory capability of commercial office rental price and vacancy rate in the level of Taiwan REITs Index. In multiple regression models, I adopt 6 explanatory variables including commercial office rental price and vacancy rate, construction industry index (CII), consumer price index (CPI) , one-year deposit interest rate, and economic growth rate. The empirical results are listed as follows. Firstly, among the entire commercial office vacancy rates in Taipei City, the B-class and overall average rates show significantly negative relationship to REITs Index. Secondly, among the entire commercial office rental prices in Taipei area, the New Taipei City and overall average prices show significant positive relationship to REITs Index. Thirdly, there is no significant relationship between CII and REITs Index. Fourthly, one-year deposit interest rate and Taiwan REITs Index have negative relationship. Fifthly, CPI is positively related to Taiwan REITs Index. Lastly, when economic growth rate is positive, it has a negative effect on Taiwan REITs Index.