SUPPLY-SIDE FACTORS WITHIN THE INVESTMENT DECISION-MAKING PROCESS
||Jackson, Cath; Craig Watkins
||SUPPLY-SIDE FACTORS WITHIN THE INVESTMENT DECISION-MAKING PROCESS
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||Supply-side factors within the investment decision-making process There is considerable empirical evidence that planning policies have profound impacts on the performance of the investment property market in the UK. It is less clear, however, how information about the planning policy environment feeds in to the investment decision-making process and through to property values and asset performance. This paper seeks to explore this issue. It reports on eighteen in-depth interviews with members of the property investment community and focuses on the decision to invest in the retail sector of the market. The paper uses a six stage model of the investment decision making process as a framework for analysing the way in which concerns about planning policy impact on investment behaviour. The results suggest that an understanding of the policy environment and the development of a close relationship with local planning authorities is most important in the investment process, especially in the post-acquisition asset management stage. The research al so reveals that access to policy intelligence is highly variable and that analysis of the likely effects of planning regimes varies with asset class, fund type and fund strategy.
||Investment decision-making, planning, property market performance, retail
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