Rights statement: This is a Pre-Print Manuscript of an article published by Taylor & Francis Group in Regional Studies on 24/07/2013, available online: http://www.tandfonline.com/10.1080/00343404.2013.799763
Submitted manuscript, 266 KB, PDF document
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Concordance in global office market cycles
AU - Stevenson, Simon
AU - Akimov, Alexey
AU - Hutson, Elaine
AU - Krystalogianni, Alexandra
N1 - This is a Pre-Print Manuscript of an article published by Taylor & Francis Group in Regional Studies on 24/07/2013, available online: http://www.tandfonline.com/10.1080/00343404.2013.799763
PY - 2014
Y1 - 2014
N2 - Concordance in global office market cycles, Regional Studies. A large proportion of international real estate investment is concentrated in the office markets of the world's largest cities. However, many of these global cities are also key financial services centres, highlighting the possibility of reduced economic diversification from an investor's perspective. This paper assesses the degree of synchronization in cycles across twenty of the world's largest office markets, finding evidence of significant concordance across a large number of markets. The results highlight the problems associated with commonalities in the underlying economic bases of the markets. The concentration of investment also raises the possibility of common flow of funds effects that may further reduce diversification opportunities.
AB - Concordance in global office market cycles, Regional Studies. A large proportion of international real estate investment is concentrated in the office markets of the world's largest cities. However, many of these global cities are also key financial services centres, highlighting the possibility of reduced economic diversification from an investor's perspective. This paper assesses the degree of synchronization in cycles across twenty of the world's largest office markets, finding evidence of significant concordance across a large number of markets. The results highlight the problems associated with commonalities in the underlying economic bases of the markets. The concentration of investment also raises the possibility of common flow of funds effects that may further reduce diversification opportunities.
KW - International office markets
KW - Economic diversification
U2 - 10.1080/00343404.2013.799763
DO - 10.1080/00343404.2013.799763
M3 - Journal article
VL - 48
SP - 456
EP - 470
JO - Regional Studies
JF - Regional Studies
SN - 0034-3404
IS - 3
ER -