Lizieri Towers of Capital

Office Markets and International Financial Services
1. Auflage 2009
ISBN: 978-1-4443-1940-8
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 344 Seiten, E-Book

Reihe: Real Estate Issues

Are global city office markets inherently unstable?
This examination of office markets in major world citiesanalyses the flows of capital that create urban form, the nature ofownership, investment and occupation and the impact of officemarkets on economic stability.
Towers of Capital - office markets & internationalfinancial services explores the relationship between theevolution of major international financial centres as part of theglobal capital market system, the development of office markets inthose cities, real estate investment in those office markets andthe patterns of risk and return that result from the interactionsbetween financial flows and office markets.
Rather than focusing on just one single aspect of therelationship, Colin Lizieri sets out the interconnections betweenthe location of financial activity, the processes operating inoffice markets and the volatility of real estate returns. Theresulting schematic model of IFC office markets provides insightsinto risk and will act as a springboard for subsequent empiricalwork.
Towers of Capital develops a framework for understandingreal estate and the transformation of the built environment infinancial centres, based both on the development of global capitalmarkets and on micro-level research into the functioning of officemarkets.
By drawing together the insights, models and ideas that addressglobal capital flows, the evolution of city systems, office marketprocesses and real estate finance, the book will help students andresearchers in property and urban planning, investors and policyadvisors to understand the linkages between the evolution offinancial markets, innovation in commercial real estate markets andthe dynamics of the office markets in global cities.

Autoren/Hrsg.

Lizieri, Colin

Inhaltsverzeichnis

About the Author
Acknowledgements
Introduction
PART I SYSTEMS OF CITIES AND CITIES OF FINANCE
Introduction
1 The Urban Hierarchy and Global Cities
1.1 Introduction
1.2 Cities and the urban hierarchy
1.3 World cities, global cities
1.4 Cities, space and finance
2 International Financial Centres and Global Cities
2.1 Introduction
2.2 Concentration in financial centres
2.3 Information technology and cities
2.4 Agglomeration and concentration
2.5 IFCs, concentration and office markets
3 A Sense of History: Development and Inertia in theInternational Financial Hierarchy
3.1 Introduction
3.2 A sense of history
3.3 'The age of catastrophe'
3.4 Asian and Middle Eastern markets
3.5 Lessons of history: a tentative conclusion
PART II INSIDE THE OFFICE MARKET
Introduction
4 Occupational Demand, Office Space and Rents
4.1 Introduction
4.2 Land value, land rent and financial services
4.3 Rent models and rental adjustment
4.4 Empirical evidence of rental adjustment processes in majoroffice markets
4.5 Changing business practices and the demand for officespace
4.6 Employment, volatility and the use of space
5 The Supply of Space
5.1 Developers, development cycles and research
5.2 Development, building costs and property value
5.3 Economic models and developer behaviour
5.4 Real options and developer strategies
6 Investment, Capital Flows and the Office Market
6.1 Introduction
6.2 Real estate in the portfolio
6.3 Investment patterns and investor behaviour
6.4 Real estate vehicles and the portfolio
6.5 International real estate investment
6.6 Real estate capital flows
6.7 Investment, capital flows and IFC office markets
PART III INTERNATIONAL FINANCE, GLOBAL OFFICE MARKETS ANDSYSTEMIC RISK Introduction
7 Booms, Bubbles, Crises and Contagion
7.1 Introduction
7.2 Financial markets, co-movement and crises
7.3 Booms and bubbles
7.4 Real estate in booms and bubbles
7.5 Bubbles, crashes and IFC office markets
8 Globalisation, Ownership and Innovation in Real EstateMarkets
8.1 Introduction: innovation in real estate investment andownership
8.2 Innovation in property investment vehicles
8.3 Global real estate investment
8.4 Ownership patterns
8.5 Conclusions: innovation, ownership and real estate risk inIFCs
9 All Fall Down: Global Financial Centres, Real Estate andRisk
9.1 Introduction
9.2 Retracing the threads
9.3 Market integration, globalisation and systemic risk
9.4 Some preliminary evidence
9.5 Global financial centres and office market risk: some policyimplications
Epilogue
Bibliography
Index

Über Autor(innen)

Colin Lizieri - Professor of Real Estate Finance, Head of Department of Real Estate and Planning, University of Reading Business School.