Henneberry, J and Rowley, S (2002) Property market processes and development outcomes in cities and regions. Journal of Financial Management of Property and Construction, 7(1), pp. 3-15. ISSN 1366-4387
Abstract
This paper considers urban and regional property market processes, their development outcomes and the implications for economic development in the UK. Major differences between the inter-regional pattern of economic activity and the inter-regional distribution of office property development are identified. Next, the spatial variation in property market strength and potential development profitability are analysed and described. Differences in the temporal relationship between rents and yields are revealed. In peripheral regions, yield trends lead rent trends by longer periods than in core regions. As a result, capital values and the extent and duration of profitable development conditions are reduced. The regional and urban pattern of development is found to reflect both general property prices signals and the particular way in which these signals are influenced, through yields, by investors’ decisions. The paper concludes with a call for a better understanding of the way in which investors’ perceptions of urban and regional property markets are formed and how they influence their decisions.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | property market, development, profitability, yield level, investment |
| Index terms: | variation, economic development, property market, profitability, duration, economic activity, investor, office property |
| Subjects: | real estate economics, sociology, project controls, contractual condition, economic analysis, construction type, economic development |
| Topics: | Sustainability, Urban Studies, Contract Administration, Time Control, Business Strategy, Construction Technology, Stakeholder Management |
| Descriptive scope: | 2 PC |
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