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Ownership, Occupation and Risk: A View of the City of London Office Market

Department of Land Management and Development, University of Reading, Whiteknights, Reading, RG66AW, UK, c.m.lizieri{at}rdg.ac.uk

Andrew Baum

Department of Land Management and Development, University of Reading, Whiteknights, Reading, RG66AW, UK, a.e.baum{at}rdg.ac.uk

Peter Scott

Business History Unit, Portsmouth Business School, University of Portsmouth, Locksway Road, Milton, Southsea, PO4 8JF, UK, scottp{at}pbs.port.ac.uk

Office returns in the City of London are more volatile than in other UK markets. This volatility may reflect fluctuations in capital flows associated with changing patterns of ownership and the growing linkage between real estate and financial markets in the City. Using current and historical data, patterns of ownership in the City are investigated. They reveal that overseas ownership has grown markedly since 1985, that owners are predominantly FIRE-sector firms and that there are strong links between ownership and occupation. This raises concerns about future volatility and systemic risk in a market strongly influenced by the cyclical behaviour and shocks of the international financial system.

Urban Studies, Vol. 37, No. 7, 1109-1129 (2000)
DOI: 10.1080/00420980020080041


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