Financialised office markets and the cities. The example of Frankfurt am Main
AbstractIn the past two decades, real estate has been transforming from owner-occupied utilities into (well-performing) financial products with high yield expectations from investors. In this regard, the main objective of the paper is to discuss two central processes, which not only materialise in urban space but, following their inherent economic logic, reinforce each other. First, the increased volatility of office markets in international financial centres is a result of the liberalisation of the international financial markets and has been creating places of capital ex-traction within those cities. Second, and on the contrary, municipalities face in-creasing restrictions on domains such as urban planning, forced by the necessity to attract private investors to boost the local economy, thus, retracting the po-litical space for manoeuvre with respect to the varied needs of their own inhabi-tants.
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Bibliographic InfoPaper provided by CEPS/INSTEAD in its series CEPS/INSTEAD Working Paper Series with number 2011-51.
Length: 32 pages
Date of creation: Nov 2011
Date of revision:
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real estate office markets; financialisation; planning policy; Frankfurt am Main;
Find related papers by JEL classification:
- A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
- R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
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- Kathe Newman, 2009. "Post-Industrial Widgets: Capital Flows and the Production of the Urban," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 314-331, 06.
- Harald Bathelt & Andersand Malmberg & Peter Maskell, 2002. "Clusters and Knowledge Local Buzz, Global Pipelines and the Process of Knowledge Creation," DRUID Working Papers 02-12, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
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