Markedsstrukturer i et næringseiendomsmarked
Master thesis
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https://hdl.handle.net/11250/3010445Utgivelsesdato
2022Metadata
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Sammendrag
Our purpose with this thesis was to illuminate a part of the real estate world that has long beensomewhat inaccessible for public research. We examined the constellation of owners ofcommercial property in Kristiansand and calculated the Herfindahl-Hirschman index andconcentration ratio for this market. It is our hope that this descriptive analysis of the marketfor commercial property in Kristiansand could be used for further research on marketstructure and urban development.
Our thesis is based on second hand data from “Kartverket”, “eiendomsverdi.no” and themunicipality’s lists of valuation estimation in relation to taxation. We combined an extensivemapping of market shares in the Kristiansand commercial real estate market from thesesources and based the calculations on this dataset.
Our results show that the studied market has a low concentration of providers of commercialproperty. The index results were far lower than the critical values used by governmentagencies for maintaining healthy competition. Although, we do suggest that high barriers toentry might be present in the market and act as competition hindering factors. We observe thatover the last seven years the market shares of larger providers of commercial property has hadon average almost twice the increase in value compared to smaller providers, while largerproviders experience lower risk over the same period. There are multiple market effectsaffecting competition, even though we document low concentration of providers additionalresearch is required to conclude if there is adequate competition in the market.