IDEAS home Printed from https://ideas.repec.org/a/sae/urbstu/v46y2009i11p2363-2380.html
   My bibliography  Save this article

Remaking the Monopoly Board: Urban Economic Change and Property Investment

Author

Listed:
  • Colin A. Jones

    (Department of Building Engineering and Surveying, School of the Built Environment, Heriot-Watt University, Riccarton, Edinburgh, EH14 4AS, UK, c.a.jones@hw.ac.uk)

Abstract

The paper discusses the long-term relationship between property investment and urban economic change which is in turn the consequence of changing transport and industrial technologies. This is exemplified by the decentralisation of economic activities and population suburbanisation that has transformed the spatial structure of cities in the UK over the past 30 years. As part of this process, new property forms have evolved including retail parks and office parks. The paper examines the consequences for the property market and the responses of the planning system and institutional property investors that have traditionally viewed property as a long-term investment medium. The analysis begins by considering the context of urban economic change. The heart of the research examines the changing structure of property portfolios and the development of investment markets for these new property forms. The pace of urban change is shown to be slowed by property investment responses.

Suggested Citation

  • Colin A. Jones, 2009. "Remaking the Monopoly Board: Urban Economic Change and Property Investment," Urban Studies, Urban Studies Journal Limited, vol. 46(11), pages 2363-2380, October.
    • Handle: RePEc:sae:urbstu:v:46:y:2009:i:11:p:2363-2380
    DOI: 10.1177/0042098009342450
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0042098009342450
    Download Restriction: no
    File URL: https://libkey.io/10.1177/0042098009342450?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. Neil Dunse & Colin Jones & Michael White & Ed Trevillion & Lulu Wang, 2007. "Modelling Urban Commercial Property Yields: Exogenous and Endogenous Influences," Journal of Property Research, Taylor & Francis Journals, vol. 24(4), pages 335-354, January.
    2. Norman E. Hutchison & Alastair Adair, 2007. "Covenant Strength and the Initial Yield: An Explicit and Calibrated Risk?," ERES eres2007_146, European Real Estate Society (ERES).
    3. C Jones & N Dunse & D Martin, 2003. "The property market impact of British enterprise zones," Journal of Property Research, Taylor & Francis Journals, vol. 20(4), pages 343-369, December.
    4. Scott, Allen J. (ed.), 2001. "Global City-Regions: Trends, Theory, Policy," OUP Catalogue, Oxford University Press, number 9780198297994.
    5. Colin Jones & Jim Brown, 2002. "The Establishment Of Markets For Owner-Occupation Within Public Sector Communities," European Journal of Housing Policy, Taylor and Francis Journals, vol. 2(3), pages 265-292.
    6. David Evers, 2002. "The Rise (and fall?) of National Retail Planning," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 93(1), pages 107-113, February.
    7. Colin J Thomas & Rosemary D F Bromley & Andrew R Tallon, 2004. "Retail Parks Revisited: A Growing Competitive Threat to Traditional Shopping Centres?," Environment and Planning A, , vol. 36(4), pages 647-666, April.
    8. Sivitanidou, Rena & Sivitanides, Petros, 1999. "Office Capitalization Rates: Real Estate and Capital Market Influences," The Journal of Real Estate Finance and Economics, Springer, vol. 18(3), pages 297-322, May.
    9. Tony McGough & Fergus Hicks, 2007. "Yield Floors, Yield Determination and Yield Harmonisation," ERES eres2007_366, European Real Estate Society (ERES).
    10. Virginia A Gibson & Colin M Lizieri, 1999. "New business practices and the corporate property portfolio: how responsive is the UK property market?," Journal of Property Research, Taylor & Francis Journals, vol. 16(3), pages 201-218, January.
    11. Patric H. Hendershott & Bryan D. MacGregor, 2005. "Investor Rationality: Evidence from U.K. Property Capitalization Rates," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(2), pages 299-322, June.
    12. repec:arz:wpaper:eres2007-366 is not listed on IDEAS
    13. repec:arz:wpaper:eres2007-146 is not listed on IDEAS
    14. Richard Barras, 1987. "Technical Change and the Urban Development Cycle," Urban Studies, Urban Studies Journal Limited, vol. 24(1), pages 5-30, February.
    15. Catherine Jackson, 2006. "Retail planning and institutional property investment," Regional Studies, Taylor & Francis Journals, vol. 40(5), pages 555-561.
    16. P. Scott, 2001. "Industrial Estates and British Industrial Development, 1897-1939," Business History, Taylor & Francis Journals, vol. 43(2), pages 73-98.
    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. Coën, Alain & Lefebvre, Benoit & Simon, Arnaud, 2018. "International money supply and real estate risk premium: The case of the London office market," Journal of International Money and Finance, Elsevier, vol. 82(C), pages 120-140.
    2. Alain Chaney & Martin Hoesli, 2015. "Transaction-Based and Appraisal-Based Capitalization Rate Determinants," International Real Estate Review, Global Social Science Institute, vol. 18(1), pages 1-43.
    3. Jędrzej Białkowski & Sheridan Titman & Garry Twite, 2023. "The Determinants of Office Cap Rates: The International Evidence," Working Papers in Economics 23/01, University of Canterbury, Department of Economics and Finance.
    4. 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.
    5. Jędrzej Białkowski & Sheridan Titman & Garry Twite, 2023. "The determinants of office cap rates: The international evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(3), pages 539-572, May.
    6. Serguei Chervachidze & William Wheaton, 2013. "What Determined the Great Cap Rate Compression of 2000–2007, and the Dramatic Reversal During the 2008–2009 Financial Crisis?," The Journal of Real Estate Finance and Economics, Springer, vol. 46(2), pages 208-231, February.
    7. David Ling & Gianluca Marcato & Pat McAllister, 2009. "Dynamics of Asset Prices and Transaction Activity in Illiquid Markets: the Case of Private Commercial Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 359-383, October.
    8. Andreas Heinrich Hengstermann & Mathias Jehling, 2023. "Understanding Private Preferences in Urban Development—Analysing Spatial Patterns of Food Discount Stores Locations in Switzerland," Sustainability, MDPI, vol. 15(7), pages 1-15, March.
    9. Duca, John V. & Ling, David C., 2020. "The other (commercial) real estate boom and bust: The effects of risk premia and regulatory capital arbitrage," Journal of Banking & Finance, Elsevier, vol. 112(C).
    10. Devaney, Steven & Livingstone, Nicola & McAllister, Pat & Nanda, Anupam, 2019. "Capitalization rates and transaction activity in international office markets: A global perspective," Global Finance Journal, Elsevier, vol. 42(C).
    11. Miyakoshi, Tatsuyoshi & Li, Kui-Wai & Shimada, Junji & Tsukuda, Yoshihiko, 2020. "The impact of quantitative easing and carry trade on the real estate market in Hong Kong," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 958-976.
    12. Chun-Chang Lee & Hsueh-Ling Fan, 2016. "The Impact of Administrative Characteristics and Residential Types on Income Capitalization Rates in Taipei, Taiwan," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 6(10), pages 602-619, October.
    13. Alain Coen & Benoît Lefebvre & Arnaud Simon, 2018. "International money supply and real estate risk premium: The case of the London office market," Post-Print hal-01778910, HAL.
    14. Steffen Heinig & Anupam Nanda & Sotiris Tsolacos, 2016. "Which Sentiment Indicators Matter? An Analysis of the European Commercial Real Estate Market," ICMA Centre Discussion Papers in Finance icma-dp2016-04, Henley Business School, University of Reading.
    15. Constance Carr & Markus Hesse, 2020. "When Alphabet Inc. Plans Toronto’s Waterfront: New Post-Political Modes of Urban Governance," Urban Planning, Cogitatio Press, vol. 5(1), pages 69-83.
    16. Mace, Alan & Holman, Nancy & Paccoud, Antoine & Sundaresan, Jayaraj, 2015. "Coordinating density; working through conviction, suspicion and pragmatism," LSE Research Online Documents on Economics 56768, London School of Economics and Political Science, LSE Library.
    17. Andrés Rodríguez-Pose & Riccardo Crescenzi, 2008. "Mountains in a flat world: why proximity still matters for the location of economic activity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 1(3), pages 371-388.
    18. William A. V. Clark & Marianne Kuijpers-Linde, 1994. "Commuting in Restructuring Urban Regions," Urban Studies, Urban Studies Journal Limited, vol. 31(3), pages 465-483, April.
    19. Jennifer Robinson, 2011. "Cities in a World of Cities: The Comparative Gesture," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 35(1), pages 1-23, January.
    20. Neil Dunse & Colin Jones & Michael White & Ed Trevillion & Lulu Wang, 2007. "Modelling Urban Commercial Property Yields: Exogenous and Endogenous Influences," Journal of Property Research, Taylor & Francis Journals, vol. 24(4), pages 335-354, January.

    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:urbstu:v:46:y:2009:i:11:p:2363-2380. 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: http://www.gla.ac.uk/departments/urbanstudiesjournal .

    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.