Geoffrey Keogh

Territorial Competition and Property Market Process: An Exploratory Analysis:

This paper argues that the emerging research on territorial competition should be supplemented by an explicit consideration of the role of real property, and property market process, in shaping urban competitiveness. The competitive position of urban areas depends directly on the existing stock of property and the flow of new or modified buildings. Equally important, however, are the institutional form and structure of the property market, and the process by which economic pressures for change are translated into property market activity. Evidence from six contrasting European cities demonstrates marked differences in the institutional environment of their respective property markets. These differences are explored in terms of their potential significance for the determination of urban competitiveness. The illustrative case studies provide a schedule of property market characteristics which can be used to inform explanations of urban economic change and to support the design of policies for territorial competition.

The Property Market and Urban Competitiveness: A Review:

This paper examines the role of the property market in determining urban competitiveness. For these purposes, urban competitiveness is taken to mean the ability of a city to exploit or create comparative advantage, and thereby to generate high and sustainable economic growth relative to its competitors. The property market describes the institutional arrangements through which real property is used, traded and developed, and the wide range of actors involved in these processes. It seems clear that the property market will in ̄ uence urban competitiveness directly through the provision of suitable accommodation for economic activity and indirectly through its cumulative contribution to the built environment (D’ Arcy and Keogh 1997a). However, the majority of research on urban competitiveness has ignored or downplayed the role of the property market. This paper reviews a diverse and emerging property market literature in an attempt to identify its implications for urban competitiveness, and to formulate a workable analytical approach for the integration of property market and urban economic theory in the promotion of competitive urban development. Interest in urban competitiveness has grown rapidly in recent years. The burgeoning research effort has been multidisciplinary and wide-ranging, attracting contributions from both policy-makers and academics (see, for example, CEC, 1992, 1997; Cheshire and Gordon, 1995, 1996; Jensen-Butler et al., 1997; Oatley, 1998; Porter, 1995; Scott and Soja, 1996). These studies have highlighted the importance of issues such as industrial structure, technological innovation, entrepreneurship, governance, policy action, and even architecture and art, as key determinants of urban competitiveness. They have ranged in coverage from discussions of the broad process of competition between cities (Cheshire and Gordon, 1995, 1996; JensenButler et al., 1997) to the speci® c determinants of inner-city competitive advantage (Porter, 1995). While most research has avoided any detailed consideration of its role, some recent work has begun to explore the property market as a potentially important factor in shaping urban competitive advantages, economic growth and development outcomes (Ball, 1986, 1994, 1996; Carbonaro and D’ Arcy, 1993; D’ Arcy and Keogh, 1997a, 1998; Fainstein, 1993; Garreau, 1991; Healey et al., 1992; van der Krabben, 1995).

House Extensions and Housing Market Adjustment: A Case-study of Wokingham

This paper identifies possible explanations of house extension, based on the literature relating to house improvement and the decision to move. House extension, both as a form of housing market adjustment and as an individual household choice, is examined in a case-study of extension activity in Wokingham. Over the period 1979-89, house extension appears to be closely related to movements in house prices and can be seen as a form of housing development. A questionnaire survey of extenders who successfully applied for planning permission in 1987 provides information on house type, household characteristics, reasons for extending, and the degree of satisfaction with extension expenditure. Extension appears less likely to be triggered by specific life-cycle events, like increases in household size or income, representing instead a progressive upgrading of property to achieve higher space standards.

The Private and Social Costs of Planning Delay

This paper examines planning delay and identifies the difficulty in establishing an appropriate definition and measure of delay. It then outlines an economic framework for the analysis of delay costs, distinguishing between private costs and the various elements of social cost. It shows that the costs of delay are contingent upon the restrictiveness of planning and should be assessed in relation to the benefits of planning control. Available estimates of delay cost are identified, but are shown to be deficient even as measures of the private cost of delay. Various suggestions are made for the improvement of existing approaches, but it is concluded that the assessment of private and social delay costs requires case-study research which distinguishes between property sectors, locations and different points in the cycle of property development.

Industrial Decline and Unemployment in the Inner City Areas of Great Britain: a Review of the Evidence

This article examines empirical studies which have investigated problems of decentralisation, employment decline and the high levels of unemployment which prevail in the inner city areas of Britain. An attempt is made to synthesise these studies and to expose gaps in the current body of knowledge. The article concludes by interpreting the findings in relation to present policies towards inner city employment.

Regional Employment Prospects

The previous chapters have been concerned with medium-term economic prospects at the national level. Using the macroeconomic model, alternative economic outcomes have been projected under different policy assumptions. These projections embody demands for labour which have been analysed in terms of industrial and occupational structure. However, the analysis so far has been non-spatial. Thus, employment levels have been projected for each industry group and occupational category but nothing has been said about where within the UK these demands will occur. Similarly, the projections of the labour force have been made for the nation as a whole. There are several reasons why it is important to introduce a spatial dimension into the analysis. First, spatial mismatching of demands for and supplies of labour may be an important aspect of unemployment and may cause considerable wastage of labour resources. It is, therefore, important to know whether the projected demands for labour will occur at locations where the availability of labour enables them to be satisfied. Second, spatial disparities remain a contentious issue. One would, therefore, wish to make some comment on spatial differences in employment opportunities. Third, it is at the local level that much employment policy must be implemented. Demand-deficient unemployment can perhaps be tackled by broad national policies to stimulate the economy, but structural unemployment must be tackled locally by providing appropriate aid to retraining or relocation.