GEOGRAPHICAL CONCENTRATION IN THE INSTITUTIONAL MARKET FOR OFFICE PROPERTY IN ENGLAND AND WALES
||Byrne, Peter; Stephen Lee
||GEOGRAPHICAL CONCENTRATION IN THE INSTITUTIONAL MARKET FOR OFFICE PROPERTY IN ENGLAND AND WALES
||Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
||This paper examines the geographical investment practices of institutional investors in the commercial real estate office market in 1998 and 2003 in England and Wales, using some previously unused datasets. The findings show that investors concentrate their holdings in a few (urban) areas and that this concentration is becoming more pronounced as investors rationalise their office holdings. The pre-eminence of the City of London and West End office markets as the key focus of institutional investment is confirmed. The findings also indicate that office investment does not fully correlate with the UK urban hierarchy as measured by population, but is focused on areas with high service sector employment. The question is raised as to the ‘rules’ that fund managers use to decide on where their holdings should be.
||offices; institutional investment; spatial concentration
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