Office Markets and Public Policy (PDF)

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.

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.

Office Markets & Public Policy analyses these
processes and policy issues from an international perspective and
covers:

* 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.

* A synthesis of our understanding of the spatial structure and
dynamics of local office markets at the city level.

* 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.

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.