IDEAS home Printed from https://ideas.repec.org/a/sae/envira/v39y2007i5p1134-1146.html
   My bibliography  Save this article

Supply-Side Policies and Retail Property Market Performance

Author

Listed:
  • Catherine Jackson
  • Craig Watkins

Abstract

In this paper we are concerned with the relationship between the government's supply-side policies, including development control regimes, and the performance of the retail property market. It is argued that the regulatory environment impacts on the prices paid by both users and owners of retail space. This assertion is tested empirically. A range of measures of the complex and, at times, conflicting supply-side policies are incorporated into models of retail market values. The models are estimated using data for a cross-section of British cities and cover the period from 1998 to 2003. The results show that planning policy intervention has a more pronounced impact on the investor market than the user market. It seems that a proactive policy environment, with a strong emphasis on towncentre management and improvements to the shopping environment, will exert a significant influence on retail capital values and yields. These factors are less likely to impact on the rents paid by retailers who appear to be more concerned with representation across major markets and are less sensitive to differences in local policy stance.

Suggested Citation

  • Catherine Jackson & Craig Watkins, 2007. "Supply-Side Policies and Retail Property Market Performance," Environment and Planning A, , vol. 39(5), pages 1134-1146, May.
    • Handle: RePEc:sae:envira:v:39:y:2007:i:5:p:1134-1146
    DOI: 10.1068/a38250
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1068/a38250
    Download Restriction: no
    File URL: https://libkey.io/10.1068/a38250?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Sotiris Tsolacos, 1995. "An Econometric Model of Retail Rents in the United Kingdom," Journal of Real Estate Research, American Real Estate Society, vol. 10(5), pages 519-530.
    2. Silver, M & Goode, M, 1990. "Econometric forecasting model for rents in the British retail property market," Omega, Elsevier, vol. 18(5), pages 529-539.
    3. Jeffrey D. Fisher, 1992. "Integrating Research on Markets for Space and Capital†," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 161-180, June.
    4. Alastair Adair & Jim Berry & Stanley McGreal & Norman Hutchison & Craig Watkins & Kenneth Gibb, 2003. "Urban regeneration and property investment performance," Journal of Property Research, Taylor & Francis Journals, vol. 20(4), pages 371-386, December.
    5. Nanda Nanthakumaran & Craig Watkins & Allison Orr, 2000. "Understanding Property Market Dynamics: Insights from Modelling the Supply-Side Adjustment Mechanism," Environment and Planning A, , vol. 32(4), pages 655-671, April.
    6. David C. Ling, 2005. "A Random Walk Down Main Street: Can Experts Predict Returns on Commercial Real Estate?," Journal of Real Estate Research, American Real Estate Society, vol. 27(2), pages 137-154.
    7. Mark Robertson & Colin Jones, 1999. "A cross-sectional model of rents in urban retail centres," Journal of Property Research, Taylor & Francis Journals, vol. 16(1), pages 51-66, January.
    8. Glen Bramley & Karryn Kirk, 2005. "Does Planning Make a Difference to Urban Form? Recent Evidence from Central Scotland," Environment and Planning A, , vol. 37(2), pages 355-378, February.
    9. Dale-Johnson, David, 1982. "An alternative approach to housing market segmentation using hedonic price data," Journal of Urban Economics, Elsevier, vol. 11(3), pages 311-332, May.
    10. Eppli, Mark J & Shilling, James D & Vandell, Kerry D, 1998. "What Moves Retail Property Returns at the Metropolitan Level?," The Journal of Real Estate Finance and Economics, Springer, vol. 16(3), pages 317-342, May.
    11. Sotiris Tsolacos, 1999. "Retail Building Cycles: Evidence from Great Britain," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 197-218.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Catherine Jackson & Craig Watkins, 2005. "Planning Policy and Retail Property Markets: Measuring the Dimensions of Planning Intervention," Urban Studies, Urban Studies Journal Limited, vol. 42(8), pages 1453-1469, July.
    2. Catherine Jackson, 2002. "Classifying Local Retail Property Markets on the Basis of Rental Growth Rates," Urban Studies, Urban Studies Journal Limited, vol. 39(8), pages 1417-1438, July.
    3. Catherine Jackson, 2001. "A Model of Spatial Patterns across Local Retail Property Markets in Great Britain," Urban Studies, Urban Studies Journal Limited, vol. 38(9), pages 1445-1471, August.
    4. John Henneberry & Tony McGough & Fotis Mouzakis, 2005. "The Impact of Planning on Local Business Rents," Urban Studies, Urban Studies Journal Limited, vol. 42(3), pages 471-502, March.
    5. Arvydas Jadevicius & Brian Sloan & Andrew Brown, 2012. "Examination of property forecasting models - accuracy and its improvement through combination forecasting," ERES eres2012_082, European Real Estate Society (ERES).
    6. Prashant Das & Alan Ziobrowski, 2015. "The Relationship between Indian Realty Stocks and Online Searches," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 14(1), pages 1-19, April.
    7. Shaleen Singhal & Jim Berry & Stanley McGreal, 2009. "A Framework for Assessing Regeneration, Business Strategies and Urban Competitiveness," Local Economy, London South Bank University, vol. 24(2), pages 111-124, March.
    8. Yuval Arbel & Danny Ben-Shahar & Eyal Sulganik, 2009. "Mean Reversion and Momentum: Another Look at the Price-Volume Correlation in the Real Estate Market," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 316-335, October.
    9. Dimitrios Papastamos & Fotis Mouzakis & Simon Stevenson, 2014. "Rationality and Momentum in Real Estate Investment Forecasts," Real Estate & Planning Working Papers rep-wp2014-07, Henley Business School, University of Reading.
    10. Marko Kryvobokov, 2011. "Defining apartment neighbourhoods with Thiessen polygons and fuzzy equality clustering," ERES eres2011_142, European Real Estate Society (ERES).
    11. Jim Clayton & David Ling & Andy Naranjo, 2009. "Commercial Real Estate Valuation: Fundamentals Versus Investor Sentiment," The Journal of Real Estate Finance and Economics, Springer, vol. 38(1), pages 5-37, January.
    12. Costanigro, Marco & McCluskey, Jill J. & Mittelhammer, Ronald C., 2006. "Identifying submarket in the wine industry: a multivariate approach to hedonic regression," 2006 Annual meeting, July 23-26, Long Beach, CA 21370, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Huub Ploegmakers & Pascal Beckers & Erwin Van der Krabben, 2018. "The impact of planning intervention on business development: Evidence from the Netherlands," Urban Studies, Urban Studies Journal Limited, vol. 55(14), pages 3252-3273, November.
    14. Dinan, Terry Marie, 1984. "Obtaining the optimal fuel conserving investment mix: a linear programming-hedonic technique approach," ISU General Staff Papers 198401010800009157, Iowa State University, Department of Economics.
    15. Fatnassi, Ibrahim & Slim, Chaouachi & Ftiti, Zied & Ben Maatoug, Abderrazek, 2014. "Effects of monetary policy on the REIT returns: Evidence from the United Kingdom," Research in International Business and Finance, Elsevier, vol. 32(C), pages 15-26.
    16. E Heikkila & P Gordon & J I Kim & R B Peiser & H W Richardson & D Dale-Johnson, 1989. "What Happened to the CBD-Distance Gradient?: Land Values in a Policentric City," Environment and Planning A, , vol. 21(2), pages 221-232, February.
    17. Davis, E. Philip & Zhu, Haibin, 2011. "Bank lending and commercial property cycles: Some cross-country evidence," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 1-21, February.
    18. Alfonso Valero, 2024. "Diversification strategies for indirect real estate. Intersection of business, economics, and society in shanghai mixed-use developments," SN Business & Economics, Springer, vol. 4(10), pages 1-26, October.
    19. Berna Keskin & Craig Watkins, 2017. "Defining spatial housing submarkets: Exploring the case for expert delineated boundaries," Urban Studies, Urban Studies Journal Limited, vol. 54(6), pages 1446-1462, May.
    20. Glen Bramley & David Watkins, 2014. "‘Measure Twice, Cut Once’—Revisiting the Strength and Impact of Local Planning Regulation of Housing Development in England," Environment and Planning B, , vol. 41(5), pages 863-884, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:envira:v:39:y:2007:i:5:p:1134-1146. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.