The Importance of Industrial Structure in Regional Property Market Analysis
||Ball, Michael and Michael White
||The Importance of Industrial Structure in Regional Property Market Analysis
||Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
||This paper seeks to examine the changes in regional commercial property markets over the last 30 years. This period has seen substantial change in industrial structure as comparative advantage has shifted internationally. User requirements reflecting these changes have redefined office, retail and industrial property sectors. These changes are regionally differentiated and have been superimposed on property and economic cycles. While previous research has focussed on analysing shocks affecting the commercial property market, this research will examine the interaction of the above factors and develop a theoretical model upon which to analyse the impact of structural change on regional property market behaviour. Specifically, the research will consider the impact of structural change on convergence in regional property market behaviour, the relative stability of regional property markets and the role of agglomeration economies. It will also consider the relationship between agglomeration, convergence, relative stability and structural change. The paper argues that a more general theory is required to understand regional property market behaviour.
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