Diversification strategies for the property element of portfolios have traditionally been undertaken on a sectoral/regional basis, primarily due to data restrictions. However, the standard regions in the UK are defined for administrative purposes and are likely, therefore, to be composed of heterogeneous property markets. The development of an alternative classification, based on local property markets, is investigated. This is based on annual retail rental growth rates and is developed using cluster analysis. A number of issues emerge. Throughout the various stages of development and tests for temporal stability, the local markets group according to broad underlying rental drivers. However, more tightly defined clusters are unstable over time as a consequence of rental volatility at the local level. It is clear that markets do not form groups conforming to the geographical regions that are widely analysed and that traditionally form the basis for diversification.
Jackson C. (2006) Retail planning and institutional property investment, Regional Studies 40, 555-561. Investment in town centre retail property markets is dominated by institutions. Thus, sustaining and enhancing the vitality and viability of town centres, which is a key role of local planning authorities, is crucial to maintain the attractiveness of the area to investors. Investor movements into and out of markets can have a significant impact on the market and wider local and regional economic success. Informed by a series of in-depth interviews with key regional planning officials, the paper unravels retail planning policy to present key areas of policy that, in the current restrictive planning environment, are becoming crucial to enhancing market competitiveness. Further, the paper argues that, using the perspective of the institutional investor, access to measures of comparative policy stance and implementation across authorities would enhance knowledge of market functioning and performance, advancing the robustness of investment strategies. Jackson C. (2006) La planification du commerce de detail et l'investissement institutionnel immobilier, Regional Studies 40, 555-561. L'investissement sur les marches de l'immobilier detaille situe en centre-ville se voit dominer par les investisseurs institutionnels. Maintenir et augmenter la vitalite et la viabilite des centres-villes, un role cle des commissions d'urbanisme, s'avere essentiel afin d'assurer l'attrait du milieu pour les investisseurs. L'augmentation et la diminution des investissements pourraient avoir des effets non-negligeables sur la resussite des marches et de la performance economique sur le plan local et au niveau regional. A partir d'une serie d'interviews en profondeur aupres d'importants urbanistes, cet article cherche a denouer la politique en faveur du commerce de detail afin d'en presenter des aspects cles qui, dans les limites restrictives actuelles de l'urbanisme, sont essentiels a l'augmentation de la competitivite du marche. En outre, du point de vue de l'investisseur institutionnel, cet article affirme que l'acces aux mesures de la politique comparative adoptee et la mise en oeuvre a travers des administrations augmenteraient la connaissance de la fonction et de la performance du marche, pronant la fiabilite des strategies d'investissement. Investissement regional, Planification du commerce de detail, Performance du marche de l'immobilier Jackson C. (2006) Einzelhandelplanung und institutionelle Immobilieninvestierungen, Regional Studies 40, 555-561. Bei Investierungen im Einzelhandeli mmobilienmarkt im Stadtkern dominieren Institutionen. Es ist deswegen wichtig fur ortliche Planungsbehorden, deren Hauptrolle die Erhaltung und Erhohung der Vitalitat und Existenzfahigkeit des Stadtkerns ist, die Attraktivitat des Gebietes fur Investoren zu gewahrleisten. Bewegungen in oder aus den Markten seitens der Investoren konnen eine signifikante Auswirkung auf den Markt, und weiteren ortlichen wie regionalen Wirtschaftserfolg zur Folge haben. Da...
Models of the commercial property market have become increasingly sophisticated in recent years. However, the retail sector and, more specifically, analysis of retail markets at the local level, have been comparatively neglected. This paper makes inroads into this gap in property research. Retail rental change at the local level is explored, focusing on consumer expenditure as the key determinant of change. The appropriateness of proxy variables is investigated and the mechanisms of rental change are examined. This highlights issues and difficulties unique to local level analysis. Following this, the relationship between rental change and underlying changes in consumer expenditure is investigated. The stability of a panel model of rental change is examined, with differences in market functioning identified across diverse groups of key local retail investment markets. These differences highlight the re‐emergence of northern markets during both the economic decline and recovery phases of the last decade of the 20th century. Rental levels in larger and smaller markets are also seen to respond to changes in consumer expenditure to significantly different degrees, in periods of both decline and recovery.
Empirical evidence suggests that planning policies significantly impact on investment property market performance in the UK. It is less clear, however, how information about the planning policy environment feeds into investment decision-making. This paper seeks to explore this issue. It reports on interviews with the property investment community and focuses on the decision to invest in the retail sector. The paper uses a six-stage model of the investment decision-making process as a framework for analysing the way in which concerns about policy impact on behaviour. The results suggest that an understanding of the policy environment and the development of a relationship with local planning authorities are most important in the post-acquisition asset management stage of the investment process. The research also reveals variations in access to policy intelligence and that approaches to analysis of the likely effects of planning regimes vary with fund type and strategy.
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