Based on the panel data of 35 large and medium-sized cities in China from 2004 to 2017， this paper constructs a generalized spatial auto-regressive model to analyze the relationship among the agglomeration of productive service industry， the rise of housing prices and the efficiency improvement in regional green economy. The empirical results show that when the housing price is used as the interference factor in the agglomeration activities of the productive service industry， the rise of housing prices makes the green economy effect of the agglomeration activities of the productive service industry change from positive to negative， so that the frontier of green economy output cannot be realized， thus resulting in the loss of efficiency in green economy. The game of positive and negative “space echo” role of the green economy shows that the negative factors brought about by the rise in housing prices are more prominent than the positive green effects of the productive service industry. The spillover effect indicates that endogenous housing prices will rise， leading to the inter-regional transfers of agglomerated enterprises， and various agglomeration effects of new agglomerations will promote the efficiency of green economy in the new regions， thus indirectly forming a positive spillover of the green economy.