Urban Economy: Real Estate Economics and Public Policy

Cover
Half Title
Title Page
Copyright Page
Table of Contents
Preface
1 Introduction
PART I: Spatial pattern of economic activity
	2 Location of economic activity
		Objectives
		Definitions of a city
		Location of cities
		Industrial location theory
		Summary
		Learning outcomes
	3 Spatial agglomeration
		Objectives
		Role of agglomeration economies
		Types of agglomeration economies for firms
		Urban agglomeration benefits for households
		Why cities grow?
		The scale of urban development
		Summary
		Learning outcomes
	4 Spatial structure of towns and cities
		Objectives
		Agricultural land rent determination
		Intra-urban patterns of land use and rents
		Hierarchical nature of services and retail centres and subcentres
		Summary
		Learning outcomes
	5 Spatial structure of the housing market
		Objectives
		Access-space model of the urban housing market
		Spatial patterns of house prices and incomes within cities
		Neighbourhood submarkets
		Urban functional areas
		Summary
		Learning outcomes
	6 Planning and the land market
		Objectives
		Functions of planning
		Real estate market implications
		Distributional implications
		Land value capture
		Summary
		Learning outcomes
	7 Urban housing markets
		Objectives
		Housing tenure
		Choice and constraint: household movement in the housing market
		Affordability and affordable housing
		Financial constraints
		Migration and spatial house price trends
		Summary
		Learning outcomes
	8 Urban commercial real estate markets
		Objectives
		Tenure
		Occupation demand
		Investment
		Supply constraints
		Development activity
		Real estate cycles
		Summary
		Learning outcomes
PART II: Spatial change and public policy
	9 Growth, decline and revival of cities
		Objectives
		Industrialisation
		Deindustrialisation
		Manufacturing decentralisation
		Decongestion
		Suburbanisation
		Growth of services
		Inner-city donut
		Re-urbanisation and revival
		Summary
		Learning outcomes
	10 Explaining intra-urban economic change
		Objectives
		Intra-/interurban transport costs
		Changing real incomes
		Changing commercial rent gradients
		Changing house price gradient
		Re-urbanisation and the changing donut
		Summary
		Learning outcomes
	11 The changing urban system
		Objectives
		Stages model of urban change
		Stage 1 Pre-urban or pre-modern stage
		Stage 2 Urban specialisation stage
		Stage 3 Urban transformation stage
		Stage 4 Urban dispersal stage
		Facets of urban dispersal
		Individual influences on localities
		Regional growth poles
		Summary
		Learning outcomes
	12 Real estate impacts of urban and technological change
		Objectives
		Diversification of office centres
		New forms of retailing
		Changing retail hierarchy and the decline of high/main streets
		Evolution of warehousing
		Cities in the information age
		Summary
		Learning outcomes
	13 Real estate investment, planning and urban economic change
		Objectives
		Land market and urban development
		Planning policy responses to urban change
		Investment, urban change and new real estate forms
		The emergence of new investment classes
		The longer-term implications for real estate investment in retailing
		Financial institutions and other real estate innovations
		Wider implications for the real estate market
		Summary
		Learning outcomes
	14 Urban public finance
		Objectives
		Urban public services
		Structure of local government
		Financing of public services
		Influence of local taxes on property market
		Urban fiscal problem
		Central government equalisation
		Impact of urban change
		Multiplier effects
		Summary
		Learning outcomes
	15 Transport policies
		Objectives
		Scale of the problem
		Congestion road pricing
		Investment in roads
		Traffic management
		Enhancement of public transport
		Low emission zones and car bans
		Investment in cycling
		Implications for land use patterns and real estate market impacts
		A future postscript
		Summary
		Learning outcomes
	16 Urban sustainability
		Objectives
		Nature of urban sustainability
		Global policy context
		The compact city, smart growth and new urbanism
		Decentralised eco-settlements
		Polycentric sustainable model
		Walkable neighbourhoods
		Reformulation of urban sustainability problem
		Economic viability of adapting cities
		Summary
		Learning outcomes
	17 Neighbourhood and housing market dynamics
		Neighbourhood decay and revitalisation
		Neighbourhood succession
		Policy questions
		Summary
		Learning outcomes
PART III: Regeneration and urban growth policies
	18 Urban regeneration policies
		Objectives
		Historical context
		Traditional approaches to urban renewal
		Urban social policies of 1960s and 1970s
		Economic regeneration of 1970s and 1980s
		Broadening out of the urban policy
		Urban policy under a Labour Government 1997–2010
		Urban regeneration in the UK post 2010
		Summary
		Learning outcomes
	19 Urban competitiveness and the real estate market
		Objectives
		Building of landmark buildings
		Agglomeration economies, cities and competitiveness
		Competitiveness and real estate constraints
		Offices dispersal policies
		Logic of real estate-led local economic development strategies
		Summary
		Learning outcomes
	20 Physical and housing-led urban regeneration
		Objectives
		New social infrastructure and physical renewal
		Tourist-led regeneration
		Retail-led regeneration
		Housing-led regeneration
		Experience of Barcelona
		Glasgow experience
		The GEAR project and the regeneration of the east of Glasgow
		Summary
		Learning outcomes
	21 Enterprise zones: real estate-led regeneration
		Objectives
		International context
		Details of UK EZs
		Evaluation
		Limiting factors
		Legacy
		Revival of UK EZs
		Summary
		Learning outcomes
	22 Urban Development Corporations: a costless solution?
		Objectives
		International context
		Details of UK UDCs
		Review of first-generation UDCs
		Review of second-generation UDCs
		Review of third-generation UDCs
		Dependency on macroeconomy
		Regeneration of places or people
		Summary
		Learning outcomes
	23 Development of sustainable markets
		Objectives
		Logic of grants to developers
		A long-term perspective
		Regeneration case studies
		Real estate initiatives in a wider context
		Summary
		Learning outcomes
Index