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Convergence and Difference in Regional Office Development Cycles

Departement of Town and Regional Planning, The University of Sheffield, Western Bank, Sheffield, S102TN, UK, j.henneberry{at}sheffield.ac.uk

In this paper, data and analytical techniques not hitherto employed for the purpose have been used to explore the particularities of the role played by finance capital in influencing the spatio-temporal patterning of office construction in British regions. There was little variation in the supply of long-term finance to the property sector by investment capital over the last property cycle. Investors' influence was nevertheless substantial, but was exerted indirectly via the property price mechanism. Rents, reflecting demand for accommodation from local industrial capital, set the basic dynamic of regional property markets. However, investment yields were relatively insensitive to regional variations in rental trends. The interaction of rents and yields produced a price-induced set of regional office development cycles which were paradoxically both more similar and more different. Temporal cyclical convergence contrasted with growing interregional differences in office construction. These effects were contingent upon banking capital supplying sufficient short-term debt finance to support developers' responses to price signals and upon the rented sector forming an important part of the wider office property market.

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