UNDERSTANDING COMMERCIAL PROPERTY MARKETS IN SCOTLAND - A REGIONAL AND UK PERSPECTIVE
||Morley, Stuart; Edward Trevillion; Lulu Wang
||UNDERSTANDING COMMERCIAL PROPERTY MARKETS IN SCOTLAND - A REGIONAL AND UK PERSPECTIVE
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||Commercial property plays a key role in the economy as an essential input into the process of production. However, unlike the private residential market the commercial property market receives little attention in terms of its impact on the economy. While some analysis has been undertaken for the UK as a whole, no similar work has been undertaken for Scotland. Such an analysis is timely given continuing drives to improve growth in the Scottish economy and given that recent market corrections have resulted in commercial property values falling significantly. In this context, the paper quantifies the contribution that commercial property makes to the Scottish economy in terms of output and employment, reviews recent development and investment trends in Scotland, examines the causes of recent market corrections and compares these to trends in performance in the UK market overall. The paper also examines the potential impacts of recent changes in market behavi our on regional economic performance e.g. through changes in development activity.
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