Office Markets & Public Policy
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REAL ESTATE ISSUES Office Markets REAL ESTATE ISSUES & Public Policy This is the first book that looks at how offices and office markets in cities have Also available in the series changed over the last 30 years. It analyses the long-term trends and processes Markets & Institutions in Real within office markets, and the interaction with the spatial economy and the Estate & Construction planning of cities. It draws on examples around the world, and looking forward Ball Policy Public & Markets Office at the future consequences of information communication technologies and the 9781405110990 sustainability agenda, it sets out the challenges that now face investors. The Right to Buy: Analysis & Evaluation of a Housing Policy The traditional business centres of cities are losing their dominance to the brash Jones & Murie new centres of the 1980s and 1990s, as the concept of the central business 9781405131971 district becomes more diffuse. Edge cities, business space and office parks have Housing Markets & Planning Policy entered the vocabulary as offices have also decentralised. The nature and pace of Jones & Watkins changes to office markets set within evolving spatial structures of cities has had 9781405175203 implications for tenants and led to a demand for shorter leases. The consequence is a rethink of the traditional perception of property investment as a secure long Challenges of the Housing Economy: An International Perspective term investment, and this is reflected in reduced investment holding periods by Jones, White & Dunse financial institutions. 9780470672334 Office Markets & Public Policy analyses these processes and policy issues from an Towers of Capital: Office Markets & international perspective and covers: International Financial Services Lizieri l A descriptive and theoretical base encompassing an historical context, 9781405156721 a review of the fundamentals of the demand for and supply of the office Office Markets market and offices as an investment. Embedded within this section is a perspective on underlying forces particularly the influence of technological change. l A synthesis of our understanding of the spatial structure and dynamics of & Public Policy local office markets at the city level. l An assessment of the goals and influence of planning policies, and the evaluation of policies designed toward the long term sustainability of cities as services centres. This goes beyond standard real estate and urban economics books by assessing the changing shape of urban office markets within a spatial theoretical and policy context. It will be a useful advanced text for honours and postgraduate students Jones of land economy; land management; property and real estate; urban planning; and urban studies. It will also be of interest to researchers, property professionals, policy-makers and planning practitioners. Colin Jones The Author Colin Jones is Professor of Estate Management, Institute for Housing, Urban and Real Estate Research, Heriot-Watt University REI_JONES_ppc_9781405199766.indd 1-3 08/02/13 08:05 Office Markets & Public Policy Office Markets & Public Policy Colin Jones Professor of Estate Management Institute for Housing, Urban and Real Estate Research Heriot-Watt University A John Wiley & Sons, Ltd., Publication This edition first published 2013 © 2013 Colin Jones. Wiley-Blackwell is an imprint of John Wiley & Sons, formed by the merger of Wiley’s global Scientific, Technical and Medical business with Blackwell Publishing. Registered Office John Wiley & Sons, Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK Editorial Offices 9600 Garsington Road, Oxford, OX4 2DQ, UK The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK 2121 State Avenue, Ames, Iowa 50014-8300, USA For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com/wiley-blackwell. The right of the author to be identified as the author of this work has been asserted in accord- ance with the UK Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold on the understanding that the publisher is not engaged in rendering professional services. If professional advice or other expert assistance is required, the services of a competent professional should be sought. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with the respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought. Library of Congress Cataloging-in-Publication Data Jones, Colin, 1949 Jan. 13– Office markets & public policy / Colin Jones. pages cm Includes bibliographical references and index. ISBN 978-1-4051-9976-6 (cloth) 1. Office buildings. 2. Central business districts. 3. City planning. 4. Land use, Urban. I. Title. II. Title: Office markets and public policy. HD1393.55.J66 2013 333.33′87–dc23 2012045884 A catalogue record for this book is available from the British Library. ISBN 978-1-405-19976-6 Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. Cover design by Garth Stewart. Cover image courtesy of iStockphoto. Set in 10/13pt Trump Mediaeval by SPi Publisher Services, Pondicherry, India 1 2013 The Royal Institution of Chartered Surveyors is the mark of property professionalism worldwide, promoting best practice, regulation and consumer protection for business and the community. It is the home of property related knowledge and is an impartial advisor to governments and global organisations. It is committed to the promotion of research in support of the efficient and effec- tive operation of land and property markets worldwide. Real Estate Issues Series Managing Editors Clare Eriksson Head of Research, Royal Institution of Chartered Surveyors John Henneberry Department of Town & Regional Planning, University of Sheffield K.W. Chau Chair Professor, Department of Real Estate and Construction, The University of Hong Kong Elaine Worzala Director of the Carter Real Estate Center, Department of Economics and Finance, School of Business and Economics, College of Charleston Real Estate Issues is an international book series presenting the latest thinking into how real estate markets operate. The books have a strong theoretical basis – providing the underpinning for the development of new ideas. The books are inclusive in nature, drawing both upon established tech- niques for real estate market analysis and on those from other academic disciplines as appropriate. The series embraces a comparative approach, allowing theory and practice to be put forward and tested for their applica- bility and relevance to the understanding of new situations. It does not seek to impose solutions, but rather provides a more effective means by which solutions can be found. It will not make any presumptions as to the impor- tance of real estate markets but will uncover and present, through the clarity of the thinking, the real significance of the operation of real estate markets. Further information on the Real Estate Issues series can be found at http://eu.wiley.com/WileyCDA/Section/id-380013.html Books in the series Greenfields, Brownfields & Housing Management of Privatised Housing: Development International Policies & Practice Adams & Watkins Gruis, Tsenkova & Nieboer 9780632063871 9781405181884 Planning, Public Policy & Property Markets Development & Developers: Perspectives Adams, Watkins & White on Property 9781405124300 Guy & Henneberry Housing & Welfare in Southern Europe 9780632058426 Allen, Barlow, Léal, Maloutas & Padovani The Right to Buy: Analysis & Evaluation 9781405103077 of a Housing Policy Markets & Institutions in Real Jones & Murie Estate & Construction 9781405131971 Ball Housing Markets & Planning Policy 9781405110990 Jones & Watkins Building Cycles: Growth & Instability 9781405175203 Barras Office Markets & Public Policy 9781405130011 Jones Neighbourhood Renewal & Housing 9781405199766 Markets: Community Engagement in Challenges of the Housing Economy: the US and UK An International Perspective Beider Jones, White & Dunse 9781405134101 978047062334 Mortgage Markets Worldwide Mass Appraisal Methods: An International Ben-Shahar, Leung