Suchergebnisse

Are global city office markets inherently unstable?. This examination of office markets in major world cities analyses the flows of capital that create urban form, the nature of ownership, investment and occupation and the impact of office markets on economic stability. Towers of Capital - office markets & international financial services explores the relationship between the evolution of major international financial centres as part of the global capital market system, the development of office markets in those cities, real estate investment in those office markets and the patterns of risk a.

PurposeThe aim of this Real Estate Insight is to comment upon commercial real estate research. Much of the current research on commercial real estate sits in academic silos, constrained by disciplinary boundaries and rejecting insights from other areas. This can lead to an impoverished understanding of the processes and practices that drive market behaviour.Design/methodology/approachThis Real Estate Insight, through the lens of history, draws on insights from a century earlier and, in particular, from the work of Frank Ramsey; the paper argues that market behaviour is shaped by the role of key actors and persistent beliefs which need to be accounted for in our models of market practice.FindingsThe paper argues that current research paradigms need to accommodate agency explicitly into existing models and that real estate research will benefit immensely if researcher were more open in seeking ideas from outside the real estate field and to be more open to external ideas and concepts.Practical implicationsThe paper suggests that property research needs to be more embracing of other academic disciplines to develop a full understanding of the numerous and various drivers within commercial real estate markets.Originality/valueThis is a review of how beliefs impact upon commercial real estate markets. As with many things, history can help researchers today get a broader and more appropriate perspective on market drivers and how they affect decision-making.

PurposeThe paper reflects upon the tendency of participants in the commercial real estate markets to give excess status to individuals in decision-making and to hold beliefs that are at best weakly supported empirically.Design/methodology/approachThe paper is reflexive in nature, using experiential reflection to consider institutional processes in the real estate market. It is important to use "methodology" correctly and not as a synonym of "method".FindingsUsing reflexive mode, the paper does not have "findings" as such: if the views expressed are accepted, then a research agenda to understand decision-making processes is implied.Research limitations/implicationsThe nature of reflection is that it follows from the writer's experiential processes and interpretations. The reader may come from a different stance. Broadly accepting the propositions points to the need for a contextual analysis of decision-making processes in private real estate and consideration of the implications of privileging individual idiosyncratic decisions over analytic procedures.Practical implicationsPrior research has demonstrated the lack of a back-testing culture in real estate that would allow empirical analysis of the consequences of "gut feel" decisions overriding modelled analysis; further, entrenched beliefs about the drivers of market performance might result in misallocation of resources.Social implicationsResource allocation in commercial real estate has important consequences for land use and urban and regional development.Originality/valueThe paper reflects the views and experience of the author based on over 30 years of research into commercial real estate.

Consider the post‐Fordism/flexible specialisation hypothesis.
Examines how it can shed light on future changes in the property
industry. Concludes that changes in the global economy – notably
the integration of circuits of financial capital and the reorganisation
of manufacturing industry – have potentially significant impacts
on the property market.

Attempts to place the debate over the introduction of the community
charge in the more analytical framework of economic theory. Argues that
the community charge has disadvantages in terms both of equity and
efficiency. Considers the wider effects of the abolition of domestic
rates on the housing market. Using a case study, examines the
feasibility of an alternative local taxation system based on capital
values.