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Territorial Competition and Property Market Process: An Exploratory Analysis

Author

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  • Eamonn D'Arcy

    ('Centre for Spalial and Real Eslale Economics, Department of Economics, Faculty of Urban and Regional Studies, The University of Reading, P. O. Box 219, Reading RG6 6AW, England, UK, p.e.darcy@reading.ac.uk)

  • Geoffrey Keogh

    (Centre for Property Research, Department of Land Economy, University of Aberdeen, St Mary's, King's College, Aberdeen AB24 3UF, Scotland, UK, g.keogh@abdn.ac.uk)

Abstract

This paper argues that the emerging research on territorial competition should be supplemented by an explicit consideration of the role of real property, and property market process, in shaping urban competitiveness. The competitive position of urban areas depends directly on the existing stock of property and the flow of new or modified buildings. Equally important, however, are the institutional form and structure of the property market, and the process by which economic pressures for change are translated into property market activity. Evidence from six contrasting European cities demonstrates marked differences in the institutional environment of their respective property markets. These differences are explored in terms of their potential significance for the determination of urban competitiveness. The illustrative case studies provide a schedule of property market characteristics which can be used to inform explanations of urban economic change and to support the design of policies for territorial competition.

Suggested Citation

  • Eamonn D'Arcy & Geoffrey Keogh, 1998. "Territorial Competition and Property Market Process: An Exploratory Analysis," Urban Studies, Urban Studies Journal Limited, vol. 35(8), pages 1215-1230, July.
    • Handle: RePEc:sae:urbstu:v:35:y:1998:i:8:p:1215-1230
    DOI: 10.1080/0042098984330
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    References listed on IDEAS

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    1. Paul Cheshire, 1995. "A New Phase of Urban Development in Western Europe? The Evidence for the 1980s," Urban Studies, Urban Studies Journal Limited, vol. 32(7), pages 1045-1063, August.
    2. Samuels, Warren J, 1995. "The Present State of Institutional Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(4), pages 569-590, August.
    3. Mills, Edwin S, 1995. "Crisis and Recovery in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 49-62, January.
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    Cited by:

    1. Steffen Metzner & Mareen Sawitzky, 2016. "Priorisierung von Immobilienmärkten mittels ELECTRE: Nutzung eines Outranking-Modells im taktischen Portfoliomanagement [Prioritization of real estate investment markets using ELECTRE: Outranking m," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 2(2), pages 121-144, October.
    2. Eamonn D'Arcy & Tony McGough & Sotiris Tsolacos, 1997. "National economic trends, market size and city growth effects on European office rents," Journal of Property Research, Taylor & Francis Journals, vol. 14(4), pages 297-308, January.
    3. Roberta Tresca, 2011. "Integrated Commercial Activities and Intangible Consumption in Cities Development," Symphonya. Emerging Issues in Management, Niccolò Cusano University, issue 1 Global .
    4. Rizov, Marian, 2004. "The price of EU accession: An insight into the Bulgarian real estate market," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(1), pages 72-83.
    5. Lieser, Karsten & Groh, Alexander P., 2011. "The determinants of international commercial real estate investments," IESE Research Papers D/935, IESE Business School.

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