International Financial Centres, Office Market Rents and Volatility

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International Financial Centres, Office Market Rents and Volatility

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Colin Lizieri () (Department of Real Estate & Planning, University of Reading Business School)

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Colin Martyn Lizieri

Abstract

Despite continuing developments in information technology and the growing economic significance of the emerging Eastern European, South American and Asian economies, international financial activity remains strongly concentrated in a relatively small number of international financial centres. That concentration of financial activity requires a critical mass of office occupation and creates demand for high specification, high cost space. The demand for that space is increasingly linked to the fortunes of global capital markets. That linkage has been emphasised by developments in real estate markets, notably the development of global real estate investment, innovation in property investment vehicles and the growth of debt securitisation. The resultant interlinking of occupier, asset, debt and development markets within and across global financial centres is a source of potential volatility and risk. The paper sets out a broad conceptual model of the linkages and their implications for systemic market risk and presents preliminary empirical results that provide support for the model proposed.

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Paper provided by Henley Business School, Reading University in its series Real Estate & Planning Working Papers with number rep-wp2008-03.

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Length: 24 pages
Date of creation: 2008
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Handle: RePEc:rdg:repxwp:rep-wp2008-03

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Find related papers by JEL classification:
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
G01 - Financial Economics - - General - - - Financial Crises
O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Regional, Urban, and Rural Analyses
R33 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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Rena Sivitanidou & Petros Sivitanides, 2000. "Does the Theory of Irreversible Investments Help Explain Movements in Office-Commercial Construction?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(4), pages 623-661. [Downloadable!] (restricted)

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