Details

<p>Acknowledgements ix</p> <p>Preface xi</p> <p>1 Introduction 1</p> <p>History of offices 2</p> <p>City office markets 6</p> <p>Overview of office market trends 19</p> <p>Book structure 20</p> <p>2 Market Fundamentals 25</p> <p>Growth of services 26</p> <p>New technology, new work and new offices 28</p> <p>New specialist office forms 31</p> <p>The office stock 31</p> <p>Constraining influences on the office property market 33</p> <p>Office market cycles 37</p> <p>Repeating the ‘mistakes’ 42</p> <p>Conclusions 44</p> <p>3 Submarkets and the Changing Nature of the Traditional</p> <p>Central Business District 47</p> <p>Economics of cities and office location 48</p> <p>The Central Business District and intra-urban rent structures 50</p> <p>Office submarkets 55</p> <p>Identifying submarkets 59</p> <p>Changing submarkets and a polycentric office market 67</p> <p>Summary 69</p> <p>4 Decentralisation and Edge City Office Centres 73</p> <p>The information age 74</p> <p>The motor age and urban forms 75</p> <p>Deconstructing agglomeration economies 78</p> <p>Decentralisation processes 82</p> <p>Suburban offices and edge cities 84</p> <p>Spatial structure of urban office markets 87</p> <p>Spatial pattern of rents 90</p> <p>Congestion, decentralisation and public policy 92</p> <p>Conclusions 95</p> <p>5 Investment, Risk Premiums and Office Market Dynamics 97</p> <p>Obsolescence of offices and depreciation 98</p> <p>Institutional office investment trends in the UK since the 1980s 101</p> <p>Investment in offices 102</p> <p>Establishment of office parks as an investment class 104</p> <p>Mixed-use development 108</p> <p>Institutional investment and office cycles 113</p> <p>Credit crunch, cycles and bubbles 118</p> <p>Conclusions 121</p> <p>6 Public Policy and Competitiveness 125</p> <p>Offices, competitiveness and the urban economy 127</p> <p>Overview of public policy 130</p> <p>Competitiveness and property market constraints 132</p> <p>Public policy and office location constraints 134</p> <p>Logic of property-led local economic development policies 140</p> <p>Sustainable markets 145</p> <p>Case studies of public policy initiatives 148</p> <p>Concluding comments 157</p> <p>7 Green Offices, Office Markets and Sustainability 161</p> <p>A sustainable city? 163</p> <p>Offices and the environmental dimension 165</p> <p>Tall office towers and the economic dimension 168</p> <p>Greening the office stock 171</p> <p>Arguments for paying higher rents for green offices 173</p> <p>Green refurbishment of existing offices 177</p> <p>Current and changing occupier attitudes 178</p> <p>Towards a green office rental market 179</p> <p>Green investment 188</p> <p>Conclusions 189</p> <p>8 Market Changes and Challenges 193</p> <p>Evolving offices 194</p> <p>Evolving office markets 196</p> <p>Office market cycles, bubbles and globalisation 199</p> <p>Toward greener offices? 201</p> <p>The future of offices as an investment 208</p> <p>Public policy issues 211</p> <p>Future challenges for the market 217</p> <p>References 219</p> <p>Index 233</p>

<b>Colin Jones</b> is professor of Estate Management at Heriot-Watt University. He has published widely on spatial commercial, industrial and housing property markets, urban regeneration and the economics of housing policy.

<p>This is the first book that looks at how offices and office markets in cities have changed over the last 30 years. It analyses the long-term trends and processes within office markets, and the interaction with the spatial economy and the planning of cities. It draws on examples around the world, and looking forward at the future consequences of information communication technologies and the sustainability agenda, it sets out the challenges that now face investors.</p> <p>The traditional business centres of cities are losing their dominance to the brash new centres of the 1980s and 1990s, as the concept of the central business district becomes more diffuse.  Edge cities, business space and office parks have entered the vocabulary as offices have also decentralised.  The nature and pace of changes to office markets set within evolving spatial structures of cities has had 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 term investment, and this is reflected in reduced investment holding periods by financial institutions.   </p> <p><i>Office Markets & Public Policy</i> analyses these processes and policy issues from an international perspective and covers:</p> <ul> <li>A descriptive and theoretical base encompassing an historical context, a review of the fundamentals of the demand for and supply of the office market and offices as an investment.  Embedded within this section is a perspective on underlying forces particularly the influence of technological change.</li> <li>A synthesis of our understanding of the spatial structure and dynamics of local office markets at the city level.</li> <li>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.  </li> </ul> <p>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 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.</p>

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