The Restructuring of the UK Urban Retail Hierarchy and the Consequences for Real Estate Investment
||Jones, Colin ; Nicola Livingstone
||The Restructuring of the UK Urban Retail Hierarchy and the Consequences for Real Estate Investment
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||Over the last thirty years or so a new dispersed sub-regional urban system has emerged in many developed countries. Key accessibility relationships have been transformed leading to a ‘rationalisation’ of the retail hierarchy that has seen large centres grow and out of town centres developed at the expense of small town centres that have gone into decline. There is little hard evidence on this trend but there has been a large increase in clothing and footwear stores in UK regional centres with a parallel decline in sub-regional and town centres over the period 1998-2010. These phenomena have given rise to the term polycentric urban region and urban networks with an implied shift away from a central places hierarchy. Some of the long term culminations of these trends have been stressed in a series of well publicised reports, notably The Portas Review. This paper will examine the consequences for real estate rents and investment by analysing the long term changes in rent levels of local centres within a (evolving) central place framework. The primary data are ‘standard’ high street rents on a quarterly basis from 1984 of more than 400 towns provided by CBRE.
||Retail hierarchy, Rent shifts, Urban change, A new central place%3F
Post discussion ...
||Real Estate & Regional and Urban Economics
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