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

Table 1 Descriptive statistics of the time-series data

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

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