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Financialised office markets and the cities. The example of Frankfurt am Main

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  • DÖRRY Sabine

Abstract

In 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.

Suggested Citation

  • DÖRRY Sabine, 2011. "Financialised office markets and the cities. The example of Frankfurt am Main," LISER Working Paper Series 2011-51, LISER.
  • Handle: RePEc:irs:cepswp:2011-51
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    References listed on IDEAS

    as
    1. Colin Lizieri & Andrew Baum & Peter Scott, 2000. "Ownership, Occupation and Risk: A View of the City of London Office Market," Urban Studies, Urban Studies Journal Limited, vol. 37(7), pages 1109-1129, June.
    2. David Harvey, 2003. "The right to the city," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 27(4), pages 939-941, December.
    3. 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.
    4. 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, June.
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    More about this item

    Keywords

    real estate office markets; financialisation; planning policy; Frankfurt am Main;

    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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