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Table 1 Descriptive statistics of the time-series data

From: On real estate development activity: the relationship between commercial and residential real estate markets

Variable Mean SD Minimum Maximum # obs. ADF \(p\) value
Amsterdam
   \(\hbox {C}_{\mathrm{jt}}^r \) 427 137 203 756 23 \(-\)1.83 0.37
   \(\hbox {C}_{\mathrm{jt}}^c \) 388 176 116 772 23 \(-\)1.66 0.45
   \(\textit{GDP}_t \) 316,274 48,256 243,652 386,669 23 \(-\)1.49 0.54
Rotterdam
   \(\hbox {C}_{\mathrm{jt}}^r \) 469 131 140 663 23 \(-\)0.93 0.78
   \(\hbox {C}_{\mathrm{jt}}^c \) 300 119 78 585 23 \(-\)2.10 0.25
   \(\textit{GDP}_t \) 316,274 48,256 243,652 386,669 23 \(-\)1.49 0.54
Utrecht
   \(\hbox {C}_{\mathrm{jt}}^r \) 431 105 181 641 23 \(-\)1.66 0.41
   \(\hbox {C}_{\mathrm{jt}}^c \) 284 88 144 450 23 \(-\)2.82 0.06
   \(\textit{GDP}_t \) 316,274 48,256 243,652 386,669 23 \(-\)1.49 0.54
Netherlands
   \(\hbox {C}_{\mathrm{jt}}^r \) 5,736 1,234 2,772 8,117 23 \(-\)0.64 0.86
   \(\hbox {C}_{\mathrm{jt}}^c \) 3,705 765 2,293 5,339 23 \(-\)1.63 0.47
   \(\textit{GDP}_t \) 316,274 48,256 243,652 386,669 23 \(-\)1.49 0.54
  1. This table presents descriptives with annual-based values for the three Dutch regions in the period 1990–2012. Real residential real estate development (\(\hbox {C}_{\mathrm{jt}}^r )\) is the annual investment (€ million) in residential real estate. Real commercial real estate development (\(\hbox {C}_{\mathrm{jt}}^c )\) is the annual investment (€ million) in commercial real estate. Real GDP (\({ GDP}_t )\) is the annual GDP in The Netherlands. (Source: Statistics Netherlands). The number of regions (N) multiplied by the number of years (T) provides the number of observations (69). We carried out an Augmented Dickey-Fuller test on individual series: We test: \(\hbox {H}_\mathrm{o} \): there is a unit root; and \(\hbox {H}_\mathrm{a} \): the series is stationary