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Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales


  • Peter Byrne

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

  • Stephen Lee


In two recent papers Byrne and Lee (2006, 2007) examined the geographical concentration of institutional office and retail investment in England and Wales at two points in time; 1998 and 2003. The findings indicate that commercial office portfolios are concentrated in a very few urban areas, whereas retail holdings correlate more closely with the urban hierarchy of England and Wales and consequently are essentially ubiquitous. Research into the industrial sector is very much less developed, and this paper therefore makes a significant contribution to understanding the structure of industrial property investment in the UK. It shows that industrial investment concentration is between that of retail and office and is focussed on LAs with high levels of manual workers in areas with smaller industrial units. It also shows that during the period studied the structure of the sector changed, with greater emphasis on the distributional element, for which location is a principal consideration.

Suggested Citation

  • Peter Byrne & Stephen Lee, 2008. "Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales," Real Estate & Planning Working Papers rep-wp2008-02, Henley Business School, Reading University.
  • Handle: RePEc:rdg:repxwp:rep-wp2008-02

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    References listed on IDEAS

    1. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
    2. Larry J. Lockwood & Ronald C. Rutherford, 1996. "Determinants of Industrial Property Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(2), pages 257-272.
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    Cited by:

    1. Daniel Kohlert, 2010. "The determinants of regional real estate returns in the United Kingdom: a vector error correction approach," Journal of Property Research, Taylor & Francis Journals, vol. 27(1), pages 87-117, June.


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