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Paper eres2012_239:
Office real estate investment in the world city network: the effects of financial crisis

id eres2012_239
authors Colin Lizieri, Kathryn Pain and Sandra Vinciguerra
year 2012
title Office real estate investment in the world city network: the effects of financial crisis
source 19th Annual European Real Estate Society Conference in Edinburgh, Scotland
summary In the globalization of finance, commercial office real estate investment has come to have an increasing role in the transnational circulation of capital (Knox and Pain 2010). Global city offices used by clustered advanced producer services firms have become key points through which finance flows within and between cities in several ways (Lizieri, 2009). Financial services are corporate real estate occupiers, deeply embedded in global city quarters. They create and manage the investment vehicles that turn physical office infrastructures into liquid assets and through their world-wide city-based office networks, they help to articulate the international flows of finance produced. Thus there are deep and complex interrelations between the physical fabric of global cities, its financial users and city inflows and outflows of capital. City governments have increasingly tried to exploit the opportunities for inward investment that these capital flows present (Brenner and Theodore 2005) but until now there has been a lack of empirical evidence on the dynamics of such flows and how they map onto the “World City Network”ť of financial services (Taylor 2001, 2004). This paper will present new data and analyses from a two-year European Union study mapping the geographies of these city networks and investment flows for the first time, bringing together two complementary theoretical and empirical approaches to the study of financial globalization and helping to inform current questions about the effects of global financial crisis.
series ERES:conference
type normal paper
email cml49@cam.ac.uk
content file.pptx (798,942 bytes)
discussion No discussions. Post discussion ...
ratings
session Parallel Session C1
last changed 2014/10/21 21:51
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