Abstract

Sales velocity in industrial complexes plays an important role in promoting the balanced regional growth and local industries. This study aims to assess the contribution of location factors to the speed at which industrial lands are sold in a given property market. We prepared a (multivariate) data set that were retrieved from 104 general industrial complexes in Korea, where sales velocity out of a total of 17 variables was set as dependent variable for multiple regression analysis. In addition, analysis of variance was adopted to identify the difference in the means of sales velocity between outside and inside either the capital or urban area as well as among four geographical regions. Our results showed that the speed of industrial land selling in urban areas was much faster than in rural areas(p<0.05). A noticeable difference was also observed in sales velocity among the geographical regions(p<0.05). The results of regression analysis revealed that the vacancy rate, sales price, distance to highways and main cities, gross regional domestic product, and available amenities were closely associated with the speed of industrial land selling. We believe that the findings drawn from this study will be used to accelerate the sale of industrial complexes and regional economy.

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