Growing the Local Economy. The Property Implications of a Focus on the Knowledge Economy
||Growing the Local Economy. The Property Implications of a Focus on the Knowledge Economy
||Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
||European political leaders, including the UK prime minister, have put the knowledge economy at the centre of policies for future economic growth. This has become an accepted philosophy for which the property implications need to be addressed since much of this type of development favours areas already under a great deal of pressure from development. This paper examines the outcomes of a policy to develop the biotechnology cluster in Oxfordshire, part of the highly developed south east region of the UK. Space to grown on successful innovative biotech companies many of which have been spun out from Oxford University and are at the second stage of funding, is at a premium. This paper addresses the issues and suggests solutions that require serious policy consideration. Accommodating the industry per se is only one part of growing a local economy successfully. The biotechnology industry attracts a range of supporting companies – the ‘churn' – who seek locations in close proximity in order to maximise cluster and network advantages. This paper will demonstrate how a holistic approach to understanding a local economy can enhance its expansion by identifying profit maximising property solutions for knowledge based companies. This approach could be applied across the European Union.
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