Office Markets and Public Policy [NOOK Book]

Overview

This is the first book that looks at how offices and office markets in cities have changed over the last 30 years. It analyses the long-term trends and processes within office markets, and the interaction with the spatial economy and the planning of cities. It draws on examples around the world, and looking forward at the future consequences of information communication technologies and the sustainability agenda, it sets out the challenges that now face investors.

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Office Markets and Public Policy

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Overview

This is the first book that looks at how offices and office markets in cities have changed over the last 30 years. It analyses the long-term trends and processes within office markets, and the interaction with the spatial economy and the planning of cities. It draws on examples around the world, and looking forward at the future consequences of information communication technologies and the sustainability agenda, it sets out the challenges that now face investors.

The traditional business centres of cities are losing their dominance to the brash new centres of the 1980s and 1990s, as the concept of the central business district becomes more diffuse. Edge cities, business space and office parks have entered the vocabulary as offices have also decentralised. The nature and pace of changes to office markets set within evolving spatial structures of cities has had implications for tenants and led to a demand for shorter leases. The consequence is a rethink of the traditional perception of property investment as a secure long term investment, and this is reflected in reduced investment holding periods by financial institutions.

Office Markets & Public Policy analyses these processes and policy issues from an international perspective and covers:

  • A descriptive and theoretical base encompassing an historical context, a review of the fundamentals of the demand for and supply of the office market and offices as an investment. Embedded within this section is a perspective on underlying forces particularly the influence of technological change.
  • A synthesis of our understanding of the spatial structure and dynamics of local office markets at the city level.
  • An assessment of the goals and influence of planning policies, and the evaluation of policies designed toward the long term sustainability of cities as services centres.

This goes beyond standard real estate and urban economics books by assessing the changing shape of urban office markets within a spatial theoretical and policy context. It will be a useful advanced text for honours and postgraduate students of land economy; land management; property and real estate; urban planning; and urban studies. It will also be of interest to researchers, property professionals, policy-makers and planning practitioners.

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Product Details

  • ISBN-13: 9781118554333
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 3/4/2013
  • Series: Real Estate Issues
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • File size: 2 MB

Meet the Author

Colin Jones is Professor of Estate Management, Institute of Housing, Urban and Real Estate Research, Heriot-Watt University,

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Table of Contents

Acknowledgements

Preface

1 Introduction

History of Offices

City Office Markets

Overview of Office Market Trends

Book Structure

2 Market Fundamentals

Growth of Services

New Technology, New Work and New Offices

New Specialist Office Forms

The Office Stock

Constraining Influences on the Office Property Market

Office Market Cycles

Repeating the ‘Mistakes’

Conclusions

3 Submarkets and the Changing Nature of the Traditional Central Business District

Economics of Cities and Office Location

The Central Business District and Intra-Urban Rent Structures

Office Submarkets

Identifying Submarkets

Changing Submarkets and a Polycentric Office Market

Summary

4 Decentralisation and Edge City Office Centres

The Information Age

The Motor Age and Urban Forms

Deconstructing Agglomeration Economies

Decentralisation Processes

Suburban Offices and Edge Cities

Spatial Structure of Urban Office Markets

Spatial Pattern of Rents

Congestion, Decentralisation and Public Policy

Conclusions

5 Investment, Risk Premiums and Office Market Dynamics

Obsolescence of Offices and Depreciation

Institutional Office Investment Trends in the UK since the 1980s

Investment in Offices

Establishment of Office Parks as an Investment Class

Mixed Use Development

Institutional Investment and Office Cycles

Credit Crunch, Cycles and Bubbles

Conclusions

6 Public Policy and Competitiveness

Offices, Competitiveness and the Urban Economy

Overview of Public Policy

Competitiveness and Property Market Constraints

Public Policy and Office Location Constraints

Logic of Property Led Local Economic Development Policies

Sustainable Markets

Case Studies of Public Policy Initiatives

Concluding Comments

7 Green Offices, Office Markets and Sustainability

A Sustainable City?

Offices and the Environmental Dimension

Tall Office Towers and the Economic Dimension

Greening the Office Stock

Arguments for Paying Higher Rents for Green Offices

Green Refurbishment of Existing Offices

Current and Changing Occupier Attitudes

Towards a Green Office Rental Market

Green Investment

Conclusions

8 Market Changes and Challenges

Evolving Offices

Evolving Office Markets

Office Market Cycles, Bubbles and Globalisation

Toward Greener Offices?

The Future of Offices as an Investment

Public Policy Issues

Future Challenges for the Market

References

Index

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