Book description
2000 to 2010 was a remarkable decade for real estate. It started with
the dot. com bubble and ended with the putative recovery from the Great
Financial Crisis. The period in-between featured the world's first
coordinated real estate boom and slump. This book is based on a series
of briefings on the relationship between macro economic events and real
estate markets in the era of globalisation that covered the period.
Collectively they offer unique insights, new ideas and practical
approaches to real estate economics, grounded in the day-to-day
realities of investment, development and fund management operations in a
leading international property company.
All the briefings are based on research conducted by a sophisticated
in-house research team with expertise in macroeconomics, urban
economics, financial economics and econometrics, led by a well- known
specialist in the field. The topics highlight the relationship between
real estate markets and global economic and political events - an area
not well covered by academic journals.
A compelling introduction considers the dramatic boom and slump in
real estate values that led up to the Great Financial Crisis. The
briefings are then presented, grouped into broad themes: macro
economics and real estate; GDP, recessions and inflation; REITs;
construction; Asia; retail, offices and housing markets; the formation
of investment yields. A final chapter considers the medium-term future
for real estate in the context of the ongoing financial crisis.
Topics span the key sectors of office, retail and residential real
estate in over 40 countries, with a focus on private sector
investment, development and management. The perspective is long term,
reflecting Grosvenor's unique position in real estate as a privately
owned group.
The author provides a commentary on each topic, giving context to the
research and the implications for strategy, drawing out two unifying
themes: the effect of globalisation; and the importance of macro
economics and geo-politics in real estate research.
Together, the briefings offer a penetrating analysis of real estate
markets in the era of globalisation and financial crises. The era of
crises is far from over, and Real Estate and Globalisation
provides invaluable insights for property professionals worldwide -
developers, occupiers, investment analysts and planners - on the
nature of the processes that create such intense property market
volatility. The book is also a unique source of guidance on practical
property research for final year undergraduates and postgraduates on
property courses, as well in geography, planning, architecture, and construction.
Dr Richard Barkham
MRICS, Group Research Director, Grosvenor, and a Director of Grosvenor
Fund Management, heads a global research team of ten full time real
estate economists. He has an extensive track record of highly cited real
estate research and is a regular presenter at major conferences on real
estate trends.
