Originally published as the Journal of Property Investment & Finance Volume 23 Number 4, 2005
ISBN: 1 84544 161 3
Guest edited by: Bob Thornton, RETRI Group, Upminster, UK.
Historically, industrial property has always been the poor relation in any sectoral assessment of real estate markets. A preference for owner occupation, a high degree of integration between processes and the built fabric and location in often unfashionable places have always made the sector the preserve of the specialist investor.
Over the past 15-20 years, better and more rigorous analysis of performance has raised the profile of the sector in the UK. This, combined with the development of a distinct distribution sub-class, has led to more mainstream investment. In particular, distribution warehouses and multi-let industrial estates are in demand to the point where yields have been driven down to record lows in many industrial locations.
These articles, and others like them, herald a big change for industrial property – it has become fashionable as a sector and an investment class. This Special Issue is a timely reminder of the research that underpins its position. Despite a clear European dimension to industrial real estate, most of the papers presented here are determinedly UK-focused, reflecting no doubt the absence of a decent time-series of market data in most industrial markets across the channel.
Contents:
Affordability and performance in the industrial property market
The aim of the present study is to assess the significance of cash flow and profitability survey data in the modelling and forecasting of industrial rents. These data, taken from the British Chambers of Commerce regional surveys of the manufacturing sector, are used as a partial proxy for the affordability of industrial space occupiers.
The spatial pattern of industrial rents and the role of distance
The objective of this paper is to re-appraise intra-urban rent models in the context of a multi-nodal landscape. Primarily, the study focuses on the early work of Alonso and, more recently, Di Pasquale and Wheaton.
Inflation and rental change in industrial property: A multi-level analysis
This paper combines two methodological approaches to examine the interaction between inflation and rental change, and the relative importance of national, regional and local factors in rental determination. The results suggest that factors operating on all spatial scales should be considered in rental studies.
Corporate strategic decision making: A comparative analysis of companies in the industrial and non-industrial sectors
This article seeks to explore recent studies in corporate real estate and provides a comparative analysis of industrial corporations in Ireland and those in the non-industrial sector with respect to their corporate real estate management objectives.
Pan-European industrial property
This article aims to highlight the changes ongoing in the distribution and logistics property sector across Europe and to show that wide differences remain between the sophisticated warehouse properties available in mature property markets and those available in traditional parochial markets found prevalently across the continent.
About the Journal of Property Investment & Finance
The Journal of Property Investment & Finance aims to provide an international forum for the interchange of information and ideas relating to property valuation and investment. The journal explores the interface between academic research and practical application by disseminating new research findings alongside articles related to everyday professional practice.
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