Towers of Capital: Office Markets and International Financial Services

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9781405156721: Towers of Capital: Office Markets and International Financial Services
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Are global city office markets inherently unstable?

This examination of office markets in major world citiesanalyses the flows of capital that create urban form, the nature ofownership, investment and occupation and the impact of officemarkets on economic stability.

Towers of Capital – office markets & internationalfinancial services explores the relationship between theevolution of major international financial centres as part of theglobal capital market system, the development of office markets inthose cities, real estate investment in those office markets andthe patterns of risk and return that result from the interactionsbetween financial flows and office markets.

Rather than focusing on just one single aspect of therelationship, Colin Lizieri sets out the interconnections betweenthe location of financial activity, the processes operating inoffice markets and the volatility of real estate returns. Theresulting schematic model of IFC office markets provides insightsinto risk and will act as a springboard for subsequent empiricalwork.

Towers of Capital develops a framework for understandingreal estate and the transformation of the built environment infinancial centres, based both on the development of global capitalmarkets and on micro-level research into the functioning of officemarkets.

By drawing together the insights, models and ideas that addressglobal capital flows, the evolution of city systems, office marketprocesses and real estate finance, the book will help students andresearchers in property and urban planning, investors and policyadvisors to understand the linkages between the evolution offinancial markets, innovation in commercial real estate markets andthe dynamics of the office markets in global cities.

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From the Back Cover:

By merging research aimed at understanding the operation of realestate markets and property finance and investment with a broaderurban social science perspective, this book will attract interestfrom both real estate and urban programmes. It will have aninternational flavour and a strong policy component.


The book starts with an examination of the development of aglobal system of cities, the urban hierarchy and the development ofinternational financial cities and the global financial system. Therole of technology (particularly relating to information exchangeand digital capital flows) is considered: what does this do tospatial patterns and the “need for cities”? It draws onthe global cities literature - but in a critical way - and on theregional and urban literature of the “new economic geography.This creates the arena for the office markets under considerationand establishes the principal sources of demand for space.


The second part of the book turns to consideration of themechanics of the office market – keeping the focus on prime(class A) office space found in the IFCs. The boundaries betweenthe chapters is somewhat fuzzy (because of the dynamics andfeedback effects that exist). The relationship between demand,supply and rents is considered, using the modelling literature toexamine rent setting and rental adjustment processes: thesereactions mediated by the institutional structure of the market.Next, the supply side is considered explicitly, looking at thedeveloper’s decision and the role of urban land use planning.Finally, capital flows into and out of the real estate market areconsidered. The contribution of this part of the book is largelysynthesis – but it follows from the urban context introducedin Part 1, rather than being simply an abstract modelling exercise.The emphasis on price formation and investment flows as drivingfactors distinguish it from the critical urban social scienceliterature on the development process.


The book then ‘drills down’ into the structure ofthe market by examining the processes of change – inownership structures and in financial vehicles. This is the key tounderstanding the dynamics of office markets in major cities. Thefragmentation of ownership and the different, monetised, vehiclesfor channelling capital into real estate, the partitioning and saleof different components of cashflow and the rise of new debtvehicles and debt recycling opportunities will be considered. Theseinnovations have implications for the risk, return and liquiditycharacteristics of real estate which, in turn, have implicationsfor portfolio strategies and capital flows – which now needto be considered in international, rather than purely domesticcontext. Those capital flows have real spatial impacts in enabling(or constraining) supply of space for occupation.


The final part of the book synthesises the findings of the firstthree sections by looking at cyclical behaviour in the officemarkets of major cities. The conventional literature on officecycles is considered critically; then the impact of the innovationsdiscussed in Part 3 are considered. In international financialcentres, the splintering of ownership and cashflow is allied to alocking in of investment, ownership, financing, funding andoccupation that creates potential issues of systemic risk. At thesame time, there are efficiency gains and, in principle, improvedtransparency. The balance between these additional risks and gainscan shape the trajectory of major office markets going forward.

About the Author:

Colin Lizieri - Professor of Real Estate Finance, Head of Department of Real Estate and Planning, University of Reading Business School.

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English . Brand New Book. Are global city office markets inherently unstable ? This examination of office markets in major world cities analyses the flows of capital that create urban form, the nature of ownership, investment and occupation and the impact of office markets on economic stability. Towers of Capital - office markets international financial services explores the relationship between the evolution of major international financial centres as part of the global capital market system, the development of office markets in those cities, real estate investment in those office markets and the patterns of risk and return that result from the interactions between financial flows and office markets. Rather than focusing on just one single aspect of the relationship, Colin Lizieri sets out the interconnections between the location of financial activity, the processes operating in office markets and the volatility of real estate returns. The resulting schematic model of IFC office markets provides insights into risk and will act as a springboard for subsequent empirical work. Towers of Capital develops a framework for understanding real estate and the transformation of the built environment in financial centres, based both on the development of global capital markets and on micro-level research into the functioning of office markets. By drawing together the insights, models and ideas that address global capital flows, the evolution of city systems, office market processes and real estate finance, the book will help students and researchers in property and urban planning, investors and policy advisors to understand the linkages between the evolution of financial markets, innovation in commercial real estate markets and the dynamics of the office markets in global cities. Seller Inventory # AAH9781405156721

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Are global city office markets inherently unstable ? This examination of office markets in major world cities analyses the flows of capital that create urban form, the nature of ownership, investment and occupation and the impact of office markets on economic stability. Towers of Capital - office markets & international financial services explores the relationship between the evolution of major international financial centres as part of the global capital market system, the development of office markets in those cities, real estate investment in those office markets and the patterns of risk and return that result from the interactions between financial flows and office markets. Rather than focusing on just one single aspect of the relationship, Colin Lizieri sets out the interconnections between the location of financial activity, the processes operating in office markets and the volatility of real estate returns. The resulting schematic model of IFC office markets provides insights into risk and will act as a springboard for subsequent empirical work.Towers of Capital develops a framework for understanding real estate and the transformation of the built environment in financial centres, based both on the development of global capital markets and on micro-level research into the functioning of office markets. By drawing together the insights, models and ideas that address global capital flows, the evolution of city systems, office market processes and real estate finance, the book will help students and researchers in property and urban planning, investors and policy advisors to understand the linkages between the evolution of financial markets, innovation in commercial real estate markets and the dynamics of the office markets in global cities. Seller Inventory # AAH9781405156721

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. 1. Auflage. Language: English. Brand new Book. Are global city office markets inherently unstable ? This examination of office markets in major world cities analyses the flows of capital that create urban form, the nature of ownership, investment and occupation and the impact of office markets on economic stability. Towers of Capital - office markets & international financial services explores the relationship between the evolution of major international financial centres as part of the global capital market system, the development of office markets in those cities, real estate investment in those office markets and the patterns of risk and return that result from the interactions between financial flows and office markets. Rather than focusing on just one single aspect of the relationship, Colin Lizieri sets out the interconnections between the location of financial activity, the processes operating in office markets and the volatility of real estate returns. The resulting schematic model of IFC office markets provides insights into risk and will act as a springboard for subsequent empirical work.Towers of Capital develops a framework for understanding real estate and the transformation of the built environment in financial centres, based both on the development of global capital markets and on micro-level research into the functioning of office markets. By drawing together the insights, models and ideas that address global capital flows, the evolution of city systems, office market processes and real estate finance, the book will help students and researchers in property and urban planning, investors and policy advisors to understand the linkages between the evolution of financial markets, innovation in commercial real estate markets and the dynamics of the office markets in global cities. Seller Inventory # BTE9781405156721

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