The Suburbanization of the Institutional Investment Advisory Industry: Metropolitan Philadelphia, 1983–1993

Abstract

Traditionally, the institutional investment advisory industry in Pennsylvania has been concentrated in Philadelphia's Central Business District (CBD). However, analysis of the industry's organizational structure and spatial dynamics over the 1983–1993 study period indicates suburbanization and growth of the industry outside of the CBD. Maps and tables describe the institutional investment advisory industry's spatial organization at the intra‐metropolitan scale using the Money Market Directory of Pension Funds and their Investment Advisors (Money Market Directories 1983, 1993). This industry‐specific research contributes to the ongoing attempt to theorize financial services location and growth, and provides a basis for examining the impact of information technology (IT) on the spatial concentration of financial services activity at the intra‐metropolitan scale.

Location Determinants and Patterns of Foreign Logistics Services in Shanghai, China

“…It implies that although land cost in the central city area is higher than that in more peripheral locations, many logistics firms are still willing to bear this cost in order to take advantage of special benefits in the CBD. Another important reason is that locating near the CBD may maximise the possibility of forward linkages (or access to markets) and backward linkages [Bodenam, 1998]. This result is quite consistent with that of a recent study [Ozdemir, 2002], which found that most foreign transport firms located in the traditional central city area in Istanbul.…”

Intrametropolitan Patterns of High-order Business Service Location: A Comparative Study of Seventeen Sectors in Ile-de-France

“…Although face-to-face contact is not required continuously, much of the information exchanged is non-codi ed and ease of physical contact between client and supplier is important. This requirement for face-to-face contact has locational consequences (Illeris, 1996;Immergluck, 1997;Bodenam, 1998;Bollinger et al, 1998): whether the client comes to the service provider or vice versa, a point of maximum accessibility will be prized and, historically, this has been the CBD. 4…”

“…One of the principal reasons for CBD location is the fact that it maximises the possibility of forward linkages, or access to markets (Bodenam, 1998). This is due to the fact that company headquarters and other services are located in the CBD: a cumulative process of agglomeration has occurred, strengthening the initial central market.…”

“…The proximity of other business services attracts other such services because of the forward and backward linkages within this sector (Bodenam, 1998): whilst it is common to perceive high-order services as services to manufacturers (the term producer services can invite this interpretation), the extent to which such rms collaborate and provide each other with inputs and markets is sometimes overlooked. A related and somewhat paradoxical advantage of CBD location is the presence of competitors.…”

“…The centrifugal forces are counteracted by new centripetal ones, such as increased access to suburbs provided by new communication technologies and the increased value of non-codi ed information relative to codi ed information as the latter becomes ubiquitous. Furthermore, although evidence exists that certain sectors-for instance, the institutional investment advisory industry (Bodenam, 1998)are locating outside the CBD (albeit in a small number of concentrated locations), this may re ect the nature of the particular sector rather than general locational dynamics of business services.…”