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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
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    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.
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    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.
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    Full references (including those not matched with items on IDEAS)

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