European metropolitan commercial real estate markets

Free ebooks ==> www.Ebook777.com Advances in Spatial Science Ed F Nozeman Arno J Van der Vlist Editors European Metropolitan Commercial Real Estate Markets www.Ebook777.com Free ebooks ==> www.Ebook777.com Advances in Spatial Science Editorial Board Manfred M Fischer Hans Westlund Folke Snickars (Coordinating Editor) Jean-Claude Thill Jouke van Dijk For further volumes: http://www.springer.com/series/3302 www.Ebook777.com ThiS is a FM Blank Page Ed F Nozeman • Arno J Van der Vlist Editors European Metropolitan Commercial Real Estate Markets Free ebooks ==> www.Ebook777.com Editors Ed F Nozeman Arno J Van der Vlist University of Groningen Faculty of Spatial Sciences Groningen The Netherlands ISSN 1430-9602 ISBN 978-3-642-37851-5 ISBN 978-3-642-37852-2 (eBook) DOI 10.1007/978-3-642-37852-2 Springer Heidelberg New York Dordrecht London Library of Congress Control Number: 2014940752 © Springer-Verlag Berlin Heidelberg 2014 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer Permissions for use may be obtained through RightsLink at the Copyright Clearance Center Violations are liable to prosecution under the respective Copyright Law The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made The publisher makes no warranty, express or implied, with respect to the material contained herein Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) www.Ebook777.com Contents Introduction Ed F Nozeman and Arno J Van der Vlist Institutional Differences in European Metropolitan Commercial Real Estate Markets Ed F Nozeman and Arno J Van der Vlist Financial Markets in London Metropolitan Commercial Real Estate Richard Barkham, Maurizio Grilli, and Cynthia Parpa 41 Building Activities in Barcelona and Madrid Metropolitan Areas Paloma Taltavull de La Paz and Federico Pablo-Martı´ 71 Land Policy and Vacancies in the Metropolitan Amsterdam Office Market 103 Henk J Brouwer Ten-Year Belgium Office and Retail Markets with a Digression on Vacancy Modelling 133 Marc J.K De Ceuster and Robert Van Straelen Urban Hierarchy in the Budapest Metropolitan Area 163 ´ ron Horva´th and Ga´bor Soo´ki-To´th A Rent Gradients in Germany’s Metropolitan Commercial Real Estate Markets 197 Andreas Schulten and Ulrich Denk Urban Renewal in Warsaw’s Commercial Real Estate Market 225 Maciej Turala and Dorota Sikora-Fernandez v vi Contents 10 Booms and Busts in Prague’s Commercial Real Estate Market 251 Tomas Drtina and Jan Kratochvil 11 Geopolitical Changes in Vienna’s Real Estate Market 281 Gunther Maier, Philipp Kaufmann, and Edwin Baroian 12 Dynamics of the Intra-Urban Hierarchy in Istanbul’s Metropolitan Area 301 Herman Kok Index 327 List of Figures Fig 1.1 Fig 2.1 Fig 2.2 Fig 2.3 Fig 2.4 Fig 2.5 Fig 2.6 Fig 2.7 Fig 2.8 Fig 3.1 Fig 3.2 Fig 3.3 Fig 3.4 Fig 3.5 Fig 3.6 Fig 3.7 Average annual real estate investments in Europe, 2000–2012 Yield (upper panel) and current rent per € per m2 (lower panel) for offices and retail premises by MSA, 2010 Time series of rents in € per m2 (offices and retail) by metropolitan area, 2000–2010 Time series for yields (offices and retail) by metropolitan area, 2000–2010 Average annual real estate development rates (offices and retail) by metropolitan area, 2000–2010 The lower corner of the upper panel is expanded in the lower panel Scatter plots of the World Bank Index for control of corruption (upper panel) and stability (lower panel)—as measures of the institutional context—against accountability Legal fee, notary fee and corporate tax against accountability Value added tax (VAT), transfer tax and agent fee against accountability Land-use regulatory index against accountability (a) Accountability (upper), corruption (middle) and land-use regulatory indices (lower panel) against fixed effect for the office sector (Source: authors’ calculations) (b) Accountability (upper), corruption (middle) and land-use regulatory indices (lower panel) against fixed effect for the retail sector London and its boroughs Office stock Office dynamics Additions to London office stock Average West End prime office yields compared to various European cities Average prime office yields: West End vs City Central London office transactions 21 22 23 24 25 26 28 32 43 45 46 48 49 49 50 vii viii Fig 3.8 Fig 3.9 Fig 3.10 Fig 3.11 Fig 3.12 Fig 3.13 Fig 3.14 Fig 3.15 Fig 3.16 Fig 3.17 Fig 3.18 Fig 3.19 Fig 3.20 Fig 4.1 Fig 4.2 Fig 4.3 Fig 4.4 Fig 4.5 Fig 4.6 Fig 4.7 Fig 4.8 Map 4.1 Map 4.2 Map 4.3 Map 4.4 Fig 5.1 Fig 5.2 Fig 5.3 Fig 5.4 Fig 5.5 Fig 5.6 Fig 5.7 Fig 5.8 Fig 5.9 Fig 5.10 List of Figures London Central: comparison goods catchment Comparison of age structures: London and the EU-27 GDP per capita: London compared with various European cities Comparison of most visited cities Employment per sector in London Most international European retail cities Retail stock in m2 per 1,000 inhabitants Major retail areas Prime retail rents in €/m2 per annum (upper panel) and index Lisbon¼100 (lower panel) London prime retail yields over time (top) and compared with other European cities Retail transactions Stock market performance vs City office take-up Stock market performance vs West End retail rents Metropolitan areas: Spain (upper left panel); Barcelona metropolitan area (lower left panel); Madrid metropolitan area (lower right panel) Resident population movements Madrid and Barcelona Employment and in-migration in Madrid and Barcelona Retail demand index (% annual change, 2005 ¼ 100) and interest rates Madrid CBD office market indicators Office market transactions in Madrid and Barcelona Office building permits, 2000–2010 Cholesky impulse-response between office building construction in Madrid and Barcelona, non accumulative responses Retail market in Madrid Office market in Madrid Retail market in Barcelona Office market in Barcelona Map of the Amsterdam Metropolitan Area GDP growth in the Netherlands (market prices) Office construction starts in m2 Supply of offices in the Amsterdam region by location in m2 Take-up of offices in m2 Office rents in Amsterdam (€/m2) Prime net yields (%) in the Amsterdam office market Office supply (m2) in the Amsterdam region Supply (m2) of newly built and older offices in the Amsterdam region Rental difference between new and existing offices in Amsterdam (€/m2) 51 51 52 53 54 55 56 57 58 59 60 66 66 73 75 76 76 84 85 92 96 98 98 99 99 106 108 109 111 112 113 114 123 123 127 Free ebooks ==> www.Ebook777.com List of Figures Fig 6.1 Fig 6.2 Fig 6.3 Fig 6.4 Fig 6.5 Fig 6.6 Fig 6.7 Fig 6.8 Fig 6.9 Fig 6.10 Fig 6.11 Fig 6.12 Fig 6.13 Fig 6.14 Fig 6.15 Fig 6.16 Fig 7.1 Fig 7.2 Fig 7.3 Fig 7.4 Fig 7.5 Fig 7.6 Fig 7.7 Fig 7.8 Fig 7.9 Fig 7.10 Fig 7.11 Fig 7.12 Fig 7.13 Fig 7.14 Fig 7.15 Fig 7.16 Fig 7.17 Fig 7.18 Fig 7.19 Fig 7.20 ix Map of Belgium Spatial structure of Brussels Time series of the Brussels office stock in million m2, 2000–2010 Evolution of the absorption of Brussels offices in 1,000 m2, 2000–2010 Evolution of prime rents for Brussels offices in € per m2 per annum, 2000–2010 Number of Belgium shopping centres by size in 1,000 m2, 2008 Number of Belgium retail parks by GLA in 1,000 m2, 2008 Number of Belgium galleries by GLA in 1,000 m2, 2008 GLA index for shopping centres, 2000–2010 Number of shopping centre extensions, 2000–2008 GLA of newly built shopping centres in 1,000 m2, 2000–2008 Evolution of the rent-index in the Belgian retail markets 2000–2010 (2000 ¼ 100) Evolution of the yield-index in the Belgian retail markets 2002–2010 (2002 ¼ 100) Changing capital values in the Belgian retail markets, 2000–2009 (2000 ¼ 100) Actors in the real estate market Evolving vacancy rates in the Brussels office market in %, 2000–2010 Real estate investment volume in Hungary in € billion Real estate investment volume in CEE in € billion Budapest statistical neighbourhoods Topographic map of the Budapest Agglomeration Population of Budapest and its metropolitan area Budapest, CBD and main roads Real GDP growth Hungary in % Employment Major office-related sectors, FDI flows to Hungary in million € Employment and college degree wage premium Office prime rent in €/m2/month Office prime yield in % Key office market indicators Commercial real estate loans Modern retail supply in m2 Modern retail stock in m2 Retail prime rents and retail prime yield Shopping centres in Budapest, 2010 Retail sector FDI in million € Private consumption and retail turnover www.Ebook777.com 134 136 137 140 141 144 144 145 145 146 146 148 148 149 150 155 165 165 167 167 168 168 172 172 172 173 173 173 174 174 176 176 176 180 181 181 318 H Kok Fig 12.13 Hierarchy of shopping centres in Istanbul based on retail offer in 1,000 m2 and year of opening (Source: PMA Property Market Analysis 2011) whether key national multiples are present It is a measure of the strength of the goods offered in a shopping centre (Fig 12.13) The hierarchy based on retail offer places the third generation shopping centres at the top All projects, except Cevahir (2005) opened in the period 2007–2011 (with Istinye Park opened in 2007, Forum Istanbul in 2009, and Marmara Forum in 2011) Of the top projects in 2000 (Akmerkez, Capitol, Profilo, Carousel and Galleria) only Akmerkez still ranks in the top 10 in 2012 Nevertheless, leading projects from the early days of shopping centre development are still doing relatively well and holding a place in the top 20 Although a good location and a good concept not guarantee a long-term stay in the top league of shopping centres, if successfully repositioned in a smaller community catchment area these centres tend to thrive in the longer term Taking into account the year of opening, the pattern in Fig 12.13 indicates the rapid changes in the hierarchy of retail locations Besides the need for strong project fundamentals, including a good location and concept, being new still matters, and being big is an advantage With several large projects of more than 100,000 m2 under construction, including Marmara Park, Mall of Istanbul and ViaPort Venezia, one can expect more changes at the top of the hierarchy in the coming years 12.4.2 Urban Change Urban and retail planning has played only a minor role in the changing hierarchy in the Istanbul market In Istanbul, the spatial outcome has been an extensive retail sprawl of different sizes and types of retail development, mainly to be found along 12 Dynamics of the Intra-Urban Hierarchy in Istanbul’s Metropolitan Area 319 the main transport corridors in the city Urban change was brought about by a number of mainly macroeconomic and institutional factors: A rapid urban development resulting in a fast-growing urban area in which functions could rapidly be overhauled in terms of location and in which new locations could be generated A rapid and uncoordinated increase in shopping centre locations There was never a municipal or greater municipal vision for retail development in the area, or at least not one that was implemented in planning guidelines The economic growth led to a growth in middle-class segments of society, with an increasing proportion of households able to visit shopping malls to make purchases An ongoing modernization and reorganization of the retail trade resulted in a number of chain retailers in almost all market segments aiming to grow and maximize their market shares by expanding their outlet networks A gradual increase in car ownership and use However, as taxes on cars are high in Turkey compared to international standards, and fuel prices are among the highest in the world in real terms, ownership and use of cars is still relatively low given the GDP and spending power per capita 12.4.3 Industrial Organization of the Retail Sector Developments in the industrial organization of the retail sector have also shaped the Istanbul retail landscape When the shopping centre development phase started in 1988, the Turkish retail sector was based on independent retailers and traders who were generally each running one or just a few stores Some fashion producers opened branded fashion stores, mostly on the basis of franchising or concessions although some were company-owned Consumer electronics were mostly sold through small-scale concession holders that were granted concessions by producers or distributors The quality and service reliability of a brand were important factors for the consumer Food retailing mostly took place in bazaars and independent retailers Migros Tuărk, set up in the 1950s by a Swiss-Turkish joint venture, developed into the largest Turkish food retailer after Swiss Migros sold its share to Koc Holding Several cities set up municipal cooperative retail chains to guarantee low prices, as when the city of Izmir initiated the Tansas chain International food retailers including Carrefour and Metro (with Metro cash and carry stores and Real hypermarkets) only entered the market in the 1990s Multi-brand consumer electronics stores and organized book and multimedia retailers were almost non-existent until approximately 10 years ago In other words, until fairly recently, the market was highly immature in terms of organized retailing and market concentration, and could be characterized by its high fragmentation and a very high share of traditional independent traders In parallel to the shopping centre development activities, a rapid restructuring took place in the retail sector with organized retailers expanding their store 320 H Kok networks and other new organized retailers, both domestic and international, entering the market While this process offered a basis of potential tenants for new shopping centre projects, it also offered an organized competitive retail supply to the consumer Through a store network densification and expansion into secondary and tertiary cities, a larger proportion of the Turkish consumer market became within reach of organized retailers The process was to an extent trial and error, with many formats appearing and seeking a share of the market In parallel with the expansion into convenient locations and smaller cities, a consolidation process took place in which bigger, more efficient, organizations took over smaller organizations, especially in the food and grocery market segment For example, the Gima chain was taken over by Carrefour and the stores reformatted as Carrefour Express supermarkets, and the Tansas supermarket chain was taken over by Migros Tuărk The growth and expansion of Migros Tuărk turned it into the leading Turkish retailer with more than 1,600 stores including hypermarkets, supermarkets, discount stores and convenience stores Stores are typically to be found in high-street, neighbourhood and shopping centre locations with Migros Tuărk seen as one of the most important anchor tenants Carrefour entered the market through a joint venture partnership with Sabanci holding in the mid-1990s Initially only pursuing its hypermarket format, Carrefour expanded into the discount line with Dia The expansion of Carrefour received a major boost with the takeover of the Gima supermarket chain Carrefour identifies shopping centre locations for its hypermarkets Kipa, a grocery chain, was established in the Aegean region in the 1990s and initially operated stores in Denizli and Izmir UK Tesco took over the company in two stages in 2003, and established a nationwide expansion strategy involving both hypermarkets and large supermarkets Although Kipa-Tesco’s has a relatively small market share in Istanbul, it has a stronger position in secondary and tertiary markets throughout the country, both as standalone units and as anchor units in shopping centres The German organization Real entered the market in the late 1990s as part of the wider Metro holding Mainly to be found in Istanbul and in Ankara, Real hyper stores are often the key anchor in hypermarket galleries and shopping centres developed both by Metro Real Estate as well as by independent developers Bim, a discount format, appeared in the market in the late 1990s Based on the principles of the German Aldi format, Bim operates small stores, offering a limited product range, in high-street and neighbourhood locations, close to the consumer, and has only a very limited presence in shopping centres As in the food and convenience sector, a process of reorganization and concentration is occurring in the non-food segment (see Table 12.1) As already noted, multi-brand consumer electronic stores as seen in West Europe did not exist in Turkey until recently, with the market dominated by concession holders organized by the producers Teknosa, a retail brand owned by Sabanci holding, was initially a computer and software retailer trading from small shop units but has gradually developed into the main Turkish consumer electronics retailer It now has a wide variety of stores and trades within shopping centre locations Bimeks, another Turkish retailer of consumer electronics, is rapidly growing and also active in shopping centre locations International consumer electronics formats such as 12 Dynamics of the Intra-Urban Hierarchy in Istanbul’s Metropolitan Area 321 Table 12.1 Retail chains in Turkey Segment Food Retailer Migros Kipa-Tesco Carrefour Metro-Real Bim Fashion Koton Ipekyol LC Waikiki Zara C&A H&M Cosmetics Tekin Acar Sevil Douglas Consumer electronics Teknosa Mediamarkt Darty Book-multimedia D&R Remzi Department stores Boyner YKM Cetinkaya Variety stores Beymen Marks&Spencer DIY-furniture Koctas Leroy Merlin BauMax IKEA Istikbal Source: Sosyal Perakende (2011) International/local Local International International International Local Local Local Local International International International Local Local International Local International International Local Local Local Local Local Local Int—franch Local International International International Local Entry 1950s 1980s 1995 1998 1995 1995 1986 1996 1998 2007 2009 1979 1976 2006 2000 2008 2007 1996 1927 1981 1950 1957 1971 1995 1955 2009 2009 2004 1957 Stores 1,566 105 866 16 2,628 240 78 308 30 28 10 60 36 12 263 22 24 97 27 64 59 22 52 42 32 890 Mediamarkt-Saturn and Darty entered the market relatively late Concerns that held these retailers back were the strong reliance of consumers on consumer credit and the Turkish import regulations on electrical goods However, both have now been active for years, each with more than 20 stores Similar to markets elsewhere, Mediamarkt-Saturn has both its Mediamarkt and Saturn formats in operation in Turkey At the same time, there is an increasing trend towards smaller conveniencebased schemes located closer to residential areas These schemes are in response to consumers’ desires to reduce travel distance, travel time and travel costs Real estate projects such as Kozzy in Kadikoăy, on the Anatolian side of the city, provide most of the retail needs of residents within a 6-min drive These developments have led to a dense network of retailers providing a service closer to the consumer than existed before In this way, as described by Karamychev and Van Reeven (2008), the network of stores and shopping locations has become more efficient, reduced 322 H Kok the mobility demands on consumers in reaching their preferred stores, created a more efficient retail trade and, therefore, greater household wealth The networks of individual retailers’ stores are still limited and most retailers have not penetrated all districts of large cities and catchment areas of smaller towns Further, the number of competitors in each market segment is still relatively high in Turkey given the overall volume of trade in the market, and so a further consolidation of market players could be expected 12.4.4 Redevelopment Urban development affects existing structures, possibly reducing the viability of existing locations necessitating urban redevelopment and renewal Compared to shopping centres, the key high-street areas have proved to be more resilient in the hierarchy of Istanbul’s retail locations The Istiklal Street and the Sisli-Nisantasi areas on the European side and Bagdat Street on the Anatolian side have maintained their top positions in the Istanbul retail landscape and realize the highest prime rents Several trends can be seen in the redevelopment of retail projects in Istanbul and in other Turkish cities – Redevelopment takes place in inner-city locations connected to existing highstreet areas and often includes the redevelopment of existing buildings The Demiroăren project, an eight-storey inner city mall with frontage on the Istiklal high street, anchored by Saturn and Virgin Megastore opened in 2011 and is expected to be followed by other inner-city projects in Istanbul and other Turkish cities; – Redevelopment of small schemes based on a convenience lifestyle and proximity are taking place in central suburban areas with excellent neighbourhood access The Kozzy project in Kadikoăy, developed by Roănesans and opened in 2010, is a good example This convenience concept based on proximity responds well to a general desire to reduce travel time and costs in the context of a highly congested city and expensive travel caused by very high taxation on fuel and vehicles – Redevelopments take place in existing well-located shopping centres with outdated concept designs and/or poor tenant and merchandize mix The redevelopment and refurbishment efforts at well-located centres such as Galleria, Akmerkez and Capitol clearly reflect the need for redevelopment as, otherwise, newer schemes will take market share However, the multiple ownership structures found in many schemes, especially those where units have been sold to individual tenants, will be a major obstacle to redevelopment Nevertheless, in a market which is based on ‘adapt or die’, and where urban planning mechanisms not necessarily protect existing locations against new locations, redevelopment will become an important line of business Given that the number of large-scale retail developments is declining, and development shifting gradually to innercity/urban projects, proximity convenience 12 Dynamics of the Intra-Urban Hierarchy in Istanbul’s Metropolitan Area 323 projects, and redevelopments, the hierarchy of shopping centres, on the basis of retail offer, is likely to stabilize in the coming years, with a good location, a strong concept and professional mall management being essential for securing and maintaining a long-term position among the strong and well performing retail locations 12.5 Outlook and Conclusions The urban geography of Istanbul is dynamic with new locations and places generated by the simultaneous process of urban growth and the creation of large-scale infrastructure such as highways and metro lines As part of this, the Istanbul commercial property market is dynamic and fast growing A combination of economic growth, population growth and household formation drives city growth This chapter on Istanbul has set out to provide insights into the changing geography of the commercial real estate market and the role of institutions, and to focus on how and by which actors the Istanbul commercial real estate market has been shaped, the important planning and regulatory mechanisms in this development and how the hierarchy of retail centres has changed Although the development of both office locations and retail locations follow similar paths in that they follow newly developed infrastructure and urban growth patterns, the stakeholders in the developments are different Office development is dominated by local developers linked to construction firms, office buildings are often tailor-made headquarters and leasing is a somewhat informal process often relying on connections and relatives, whereas retail development is very different International involvement in retail development is much higher, through international retailing conglomerates such as Metro and Carrefour, or through international developers such as Multi Development and ECE Here, the leasing process is more structured and formalized since the number of chain retailers active in any retail branch is more limited than the number of potential office tenants, and international tenants have a stronger presence in the office market Further, apart from location as a quality criterion, the development and management of retail premises requires a high level of professionalism, especially in a market like Istanbul where competition is strong and growing The development of both office and retail locations is the outcome of a formalized system of zoning plans in which the Istanbul Greater Municipality is responsible for the master plan, and individual district municipalities are responsible for the detailed implementation plans Especially when the political leaderships of the greater municipality and of the municipality are not of the same persuasion, there can be conflicts between the two levels Although rather formalized in principle, the planning and regulatory system is also entrepreneurial in the sense that the system can react to business trends and opportunities in a somewhat flexible way with the political leadership approaching urban development from a strongly business and economic development perspective 324 H Kok The city has been growing rapidly in recent decades both in physical and in demographic terms, and location hierarchies have changed dramatically, especially in the retail sector The outlook for Istanbul is further growth, defined by demographic dynamics, infrastructure development, internationalization as well as problems related to the risk of earthquakes Also in the coming decades, economic growth, population growth and new household formations are expected to drive urban growth in Istanbul The position of Turkey, between the EU, the Middle East and Russia, makes Istanbul a natural hub for international business in the region, a role the city is aiming to further capitalize upon In line with the AKP government’s liberalization policies, the urban planning policies of Istanbul Greater Municipality are becoming increasingly entrepreneurial with urban planning being used as a tool to strengthen the financial base of the city The greater municipality is increasingly aware of the impact that major infrastructure projects can have on the direction of urban development Future infrastructure projects in and around Istanbul will have a major impact on the quality of locations and on how locations are perceived The Marmaray metro and railway tunnel connecting the European and Anatolian sides of the city will improve links and access A planned third motorway bridge across the Bosporus will significantly change travel and commuting behaviour and affect location qualities As part of this process, the expansion of the metro system and the development of metro stations will increasingly be used to trigger commercial real estate developments similar to the model implemented in Hong Kong Further, the development of a much-needed third international airport approximately 50 km west of Istanbul will ease business traffic movements especially around those places where planned rail and road connections will merge with the existing urban infrastructure A less certain project, part of the AKP government’s scheme of major development projects floated in the 2011 general election campaign, involves the creation of a new Bosporus waterway to the west of the city to relieve the heavily congested Bosporus Strait New satellite cities and business centres are envisaged along that channel Increasingly, concerns over earthquake safety influence the development map There is an ongoing process of replacing non-safe buildings by earthquake-resistant structures, and a preference for developing locations that are less prone to earthquakes in the sense of being further from the Marmara fault line with good soil compositions In general, this means an axis shift towards the northwest (parallel to the TEM Istanbul-Edirne motorway) and to the northeast (parallel to the IstanbulSile road and the TEM Istanbul-Ankara highway) Although generally positive, the outlook for the commercial real estate market in Istanbul has different dimensions: from both retail and office development perspectives and from an investment point of view From a retail development perspective, the days of developing conventional large shopping malls on the basis that ‘big is beautiful’ are over, with projects such as Marmara Park, Mall of Istanbul and the Roănesans project in Kartal filling the last white spots Although some new regional mall locations might result from future 12 Dynamics of the Intra-Urban Hierarchy in Istanbul’s Metropolitan Area 325 urban development and future infrastructure, the direction of future retail development in Istanbul is more likely to go in the direction of: – Inner-city retail projects connected to existing high-street areas and often including the redevelopment of existing buildings – Developing small convenience lifestyle schemes based on proximity that are centrally located in suburban areas and rely on excellent neighbourhood access – Redevelopment of well-located existing shopping centres that are based on outdated concepts and have poor tenant and/or merchandize mix Retail development will increasingly become a business for specialized and experienced local and international players, and the differentiation between well performing and non-performing retail schemes will grow The office development market, which is still a local business, will continue to focus on prime developments along the Sisli-Levent-Maslak axis Favourable agglomeration effects and good access due to the proximity of the main Istanbul highways and the metro line coupled to the attractive setting near the Bosporus and the relatively earthquake-resistant nature of the areas will ensure that this axis remains the prime business location Although already fairly densely built up, there are still open spaces as well as an increasing number of redevelopment opportunities The ongoing redevelopment of Galatasaray’s former stadium into an office and business centre illustrates the redevelopment potential However, alongside this prime axis, office sub-centres will continue to grow in importance This will partly be due to favourable access and partly due to specialized agglomeration effects, as in Tekstil Kent where many key textile firms have offices close to each other The investment market in Turkey underwent major changes in the years following 2005 when Corio became the first international shopping centre investor to enter the Turkish market by buying a share in Akmerkez While the office investment market is expected to remain dominated by local conglomerates and local investors, the retail investment market is expected to be more dynamic albeit at a slow pace The existing structures in the Istanbul and Turkish market, especially the investment attitude of local capital, will change only slowly, and the persistent turmoil in international markets with a modest long-term outlook have made international investors more cautious than in the 2004–2008 period International players are likely to participate in fund-type investment vehicles so as to be able to make use of the professional mall management and asset management experience already available in the local market and avoid the burden of establishing their own structures Assuming that the Turkish economy will continue to outpace the EU’s average growth, and that Turkey will successfully position itself as a regional power with strong connections with west and east as well as with north and south, Istanbul has the potential to become one of the major European business and retail hubs in the coming decade 326 H Kok References Colliers (2011) Turkey real estate review first half 2011 Colliers, Istanbul Deloitte (2011) International tax and business guide – Turkey Deoitte Touche Tohmatsu Limited, New York, NY Ersoy M (1999) Local government finance in Turkey METU studies in development nr 26 Ankara Istanbul Buăyuăksehir Belediyesi Harita Muăduărluăguă (Istanbul Metropolitan Municipality) http:// www.ibb.gov.tr/en-US/Pages/Home_Page.aspx Accessed 15 June 2012 Karamychev V, Van Reeven P (2008) Retail sprawl and multi-store firms: an analysis of location choice by retail chains Reg Sci Urban Econ 39:277286 Kazgan G (1997) Kuăreselleme ve Yeni Ekonomik Duăzen (globalization and the new economic order) Altin Kitaplar, Istanbul Kuzey B (2005) The commercial property market in greater Istanbul – May 2005 Kuzey Bati, Istanbul Kuzey Bati/Savills (2010) Turkey retail report Kuzey Bati, Istanbul LaSalle JL (2005–2010) Various market reports on Istanbul and Turkey under different names Jones Lang LaSalle, Istanbul Oxford Economics (2012) European cities and regional forecasts – forecast of Turkey December 2011 Oxford Economics, London ă zdemir D (2002) The developments in the Central Business District of Istanbul Paper presented O at 42nd Congress of the European Regional Science Association (ERSA) in Dortmund PMA Property Market Analysis (2010) Turkey Shopping center Market Update Winter 2009/10 PMA Property Market Analysis, London Property Market Analysis PMA (2011) Turkey shopping center market update spring 2012 PMA Property Market Analysis, London Schmitt P (2011) Managing urban change in five European urban agglomerations: ‘key policy documents and institutional frameworks’ In: Eraydin A, Tasan-Kok T (eds) Resilient thinking in urban planning Springer, Dordrecht Sosyal (2011) Sosyal shopping center directory 2011 Sosyal, Istanbul Tasan-Kok T (2008) Turkish shopping center development goes international: balancing the risks and opportunities of investing in a hot market Res Rev 15:39–44, ICSC, New York Turkish statistical institute TUIK (1961-2011) Turkey’s statistical yearbook (1961, 1966, 1971, 1976, 1981, 1986, 1991, 1996, 2001, 2006, 2011) TUIK, Ankara Index A Accessibility, 154, 160, 189, 243, 260, 287 Accountability, 19, 21–28, 31–33 Actors, 149–151, 171, 194, 195, 214, 226, 237–238, 243, 247, 302, 312–314, 323 Agents, 23, 114, 177, 184, 201, 207, 237, 312 fees, 19, 22, 27, 152, 259 Allocation, 42, 68, 119 Amenities, 62, 82 Amsterdam, 3, 5–7, 15–16, 18, 23, 30, 34, 103–130 Austria, 12, 14, 36, 234, 237, 281–286, 288, 291–295, 297, 298 B Bank, 5, 7, 10, 19, 20, 25, 44, 65, 67, 77, 89, 92, 103, 150, 152, 168, 171, 172, 181, 188, 206, 207, 217, 237, 241, 246, 247, 259, 266, 268, 274, 278, 289, 291, 295, 297, 303, 308, 315 lending, 10, 20, 49, 67 Barcelona, 3, 5–7, 15, 16, 18, 30, 34, 71–100 Belgium, 2, 12–14, 18, 133–160, 232, 234, 237 Berlin, 3, 5, 6, 15, 16, 18, 30, 197, 198, 201–206, 208–214, 217, 218, 222 Britain, 219, 220 Broker, 1, 7, 9, 11, 13, 18, 133, 142, 158, 237 fees, 152, 217, 292 Brownfield development, 279, 299 site, 244, 279 Budapest, 3, 5, 6, 15, 16, 18, 20, 30, 31, 35, 163–196 Building cycle control, 97, 152, 189 costs, 11, 63, 115, 119, 120, 188, 244, 248 permission, 88, 90, 195 regulations, 1, 88, 97, 151, 239 Business cycle, 42, 154 C Capitalization rate, 11, 20 Capital market, 6, 9, 35, 44, 78, 82, 87, 91, 102, 134, 151, 171, 225, 241, 252, 309, 325 Central Business District (CBD), 6, 36, 79, 81, 82, 84, 137, 168, 170, 171, 189–192, 193, 195, 218, 244–246, 285, 287, 289, 303, 307–309, 316 Cities, 4, 20, 36, 41–44, 52–62, 64, 66, 67, 68, 72, 77, 79, 82–86, 93, 95, 103, 104, 113, 115, 121, 142, 160, 174–177, 179, 183–185, 195, 197, 204, 210, 211, 213, 217–227, 230, 236, 239–244, 260, 262, 270, 271, 274–276, 281, 283, 286–290, 297, 301, 302, 304, 312, 319, 322, 324 Clustering, 20, 22, 108, 190, 207, 248–249, 289 Commercial, 1–4, 6, 7, 9–37, 41–68, 71, 72, 78, 86, 91, 105, 119, 133, 135, 142, 146, 147, 163, 165, 166, 170, 171, 173, 174, 184, 188, 195, 197–222, 225–249, 251–280, 284, 286, 289–298, 301, 302, 304, 305, 309, 313, 315 Connectivity, 9, 11, 41–42, 64 Construction cycle, 93 Contract, 20, 29, 47, 67, 89, 113, 140, 152, 184, 237, 238, 241, 247, 248, 259, 266–269, 292, 308, 310 Corporate tax, 18, 22, 27, 63, 89, 90 Costs, 11, 13, 19, 22, 42, 44, 46, 56, 61, 63, 66, 83, 84, 88, 89, 96, 114, 115, 119, 120, Ed F Nozeman and A.J Van der Vlist (eds.), European Metropolitan Commercial Real Estate Markets, Advances in Spatial Science, DOI 10.1007/978-3-642-37852-2, © Springer-Verlag Berlin Heidelberg 2014 327 328 152, 171, 181, 187–189, 195, 207, 217, 232, 238, 244, 248, 259, 267, 279, 291, 296, 308, 313, 321, 322 Crisis, 47, 65, 71, 77, 95–96, 107, 109, 114, 135, 136, 141, 147, 149, 159, 170, 172, 177, 189, 198, 211, 217, 220, 243, 247–248, 264, 266, 268, 283, 294, 296, 297, 299, 302, 306, 307, 309, 310, 312, 315 Czech Republic, 12, 18, 252, 253, 256, 259, 264, 266–268, 273, 278, 282, 283, 295 D Demand cycle, 124 dynamics, 135, 137–140, 226 shock, 11, 23 Demographics, 3, 34, 36, 50, 68, 72, 75, 76, 138, 159, 166, 222, 230, 248, 252, 278, 324 Design, 18, 61, 62, 82, 184, 216, 234, 237, 314, 317, 322 Developers, 18, 35, 47, 61, 67, 93–95, 116, 117, 119–121, 124, 128, 129, 150, 160, 164, 171, 175, 177, 180, 182–184, 187, 189–192, 205, 209–211, 216, 237, 241, 242, 245, 246, 248, 251, 258, 262, 264, 267–269, 271, 275, 279, 287, 294, 295, 298, 302, 304, 307–309, 311–313, 315, 320, 325 Development finance, 20 process, 6, 18, 35, 119, 166, 182, 226, 237–238, 251, 268–270, 299, 302, 313 proposals, 61, 62, 68 rates, 20, 24, 30 Diversification, E Economy, 2, 20, 25, 30, 31, 34, 42, 44, 47, 53, 62, 64, 65, 71, 72, 77, 83, 91–93, 95, 96, 103, 104, 106, 107, 128, 137, 154, 157–159, 163, 164, 169, 171, 190, 195, 196, 198, 203, 225–227, 232, 246, 247, 251, 252, 254, 259, 266, 278, 283, 295, 302, 303, 309, 325 Effects, 24, 28, 31, 48, 57, 61, 62, 65, 75, 82, 93–95, 129, 136, 158–160, 164, 166, 190, 193, 194, 205, 207, 242, 249, 283, 325 fixed, 10–11, 25, 28, 31–33, 37, 94 Index Employment, 2, 11, 41, 45, 47, 53, 54, 65, 71, 73–77, 92, 93, 97, 103–109, 124, 128, 129, 137, 139, 169, 171–173, 197, 200–202, 254, 289, 306 Environmental impact assessment, 239 report, 151 Equipment, 13, 15, 22, 184, 214, 219, 239 Equity, 11, 42, 44, 45, 47, 63, 65, 67, 266, 268, 308, 316 investors, 11, 65, 266, 267 European Community (EC), 71, 139 European Monetary Union (EMU), 231 European Union (EU), 2, 20, 36, 44, 51, 53, 54, 72, 163, 164, 175, 177, 195, 228, 231, 236, 247, 282, 283, 286, 292–293, 296, 298, 302, 309, 324 Export, 64, 77, 86, 91–93, 96, 163 F Factory outlet centres (FOCs), 232, 263 Fee legal, 13, 22, 27 notary, 22, 27, 152 Financial institutions market, 61, 65, 237, 287, 291, 295, 297, 298 services, 60, 68, 287 France, 12, 18, 198, 220, 234, 237, 319 Frankfurt, 3, 5, 6, 15, 16, 18, 30, 197, 198, 201–208, 210–214, 217, 222 G GDP See Gross Domestic Product (GDP) Germany, 12, 14, 197–222, 234, 237, 297, 313 Global Financial Crisis (GFC), 1, 3, 9, 20, 36, 41, 44, 65–68, 71, 91, 95, 97, 231, 247, 248, 267, 310, 312, 313 Globalization, 2, 64 Governance, 10, 12–20, 23, 163, 196 Government federal, 214 local, 14, 19, 95, 121, 129, 183, 186, 187, 195, 237–240, 283 national, 44, 216, 298, 314 provincial, 15, 16, 56, 78 regional, 151, 285 Gross Domestic Product (GDP), 2, 12, 19, 29–31, 41, 42, 44, 52, 53, 64, 73, 74, 77, 91, 96, 105, 106, 108, 137, 138, 169–171, 211, 221, 227, 228, 247, 252, 255, 286, 293, 295, 296, 304–306, 310, 319 Index H Hamburg, 3, 5, 6, 15, 16, 18, 20, 30, 197, 198, 201, 202, 204, 206, 208, 212, 213, 217, 218, 222 Hierarchy, 41, 190–192, 249, 271–278 urban, 35, 36, 163–196, 251, 271–278, 284, 302, 316–323 Housing, 41, 61, 65, 68, 80, 87, 97, 119, 142, 159, 164, 179, 181, 185, 241, 244, 252, 264, 291, 306, 315 Hungary, 12, 13, 17, 18, 163–174, 177–179, 181–185, 187, 188, 195, 281–283, 295 Hypothesis, 29, 91 I Industrial buildings, 71, 93–95 Industry, 2, 42, 48, 61, 71, 73, 74, 83, 85, 86, 89, 95, 139, 150, 171, 189, 195, 200, 210, 230, 254, 306 Information, 2, 7, 11, 13, 18, 19, 36, 48, 78, 87, 92, 105, 106, 112, 114, 117, 121, 127, 135, 137, 138, 143, 145, 147, 149, 200, 203, 205, 226, 227, 238, 253, 269, 270 Infrastructure, 14, 29, 31, 36, 61, 67, 68, 75, 160, 183, 188, 194, 242, 243, 249, 260, 269, 270, 289–291, 299, 301, 306, 313, 316, 323–325 Institutions, 1, 2, 6, 7, 9–19, 23, 24, 28, 34–36, 60–64, 67, 72, 88–89, 97, 104, 115–121, 137, 149–151, 159, 160, 163, 166, 182–189, 194, 198, 207, 214–221, 225, 234, 237–242, 251, 266, 268–278, 284, 286, 287, 291–292, 295, 298, 302, 312–316, 323 Insurance, 42, 44, 45, 47, 61, 67, 89, 150, 152, 159, 201, 259 Interest rates, 11, 19, 75–77, 92–94, 100, 188, 207 Investment, 2, 9, 41, 72, 113, 136, 164, 197, 226, 264, 284, 310 market, 41, 48–50, 58, 67, 114, 121, 164, 206–208, 237, 247, 297, 308, 312, 325 Investment Property Databank (IPD), 59, 66, 84, 86, 114, 219, 220 Investors, 11, 18, 34, 36, 48, 59, 60, 63, 67, 68, 80, 87, 91, 96, 113, 114, 117, 120–121, 127, 129, 130, 133, 150, 159, 160, 164, 165, 180, 184, 198, 199, 206, 207, 210, 219–221, 225, 230, 234, 236, 237, 243, 244, 246–249, 251, 262, 264, 266, 267, 329 284, 297–299, 302, 308, 309, 311–313, 325 Istanbul, 3, 5, 6, 15, 16, 18, 20, 22, 30, 31, 36, 301–325 Italy, 12–14 L Labour market, 67, 75, 91, 159, 230, 282 Land market land use, 1, 10, 12–18, 23, 28, 29, 31–34, 36, 46, 72, 89, 118, 185, 189, 216, 241, 269 owners, 55, 62, 180, 216, 313 supply, 164 value, 120, 121, 129, 130, 152, 308 Lease contract, 89, 140, 152, 237, 259, 266–268, 292, 308 Liquidity, 59, 95, 96, 266, 267 Location, 2, 36, 42, 79, 103, 137, 164, 197, 231, 252, 281, 303 Logistics, 72, 85, 168 London, 3, 5, 6, 15, 16, 18, 20, 30, 31, 34, 41–68, 155, 198, 206, 219 M Macroeconomics, 6, 7, 9, 19, 34, 73, 74, 93, 96, 107–109, 214, 252–254, 256, 278, 304–306 Madrid, 3, 5, 6, 15, 16, 18, 30, 34, 52, 71–100, 105 Manufacturing, 45, 54, 169, 254 Market demand dynamics, 1, 6, 10, 11, 36, 166 efficiency, 10, 295, 320–322 fundamentals, 9–12, 19, 35, 37 lending, 66 Method buy-back, 241–242 LSDV, 28, 30 project-finance, 241 Metropolitan areas, 3–9, 11, 12, 14, 18–20, 22–24, 28, 30, 31, 34–36, 43, 71–100, 105, 106, 122, 128, 134–136, 163–196, 225, 226, 228–237, 246, 251, 252, 256, 263, 266, 284, 301–325 Milan, 3, 5, 16, 18, 30 Model ADL, 24, 29, 158 centrally-planned, 227 monocentric, 86 330 Model (cont.) urban renewal, 35, 225–249 Moscow, 3, 5, 16, 18, 20, 22, 30 Munich, 3, 5, 6, 15, 16, 18, 30, 105, 197, 198, 201–204, 206, 208–210, 212, 213, 217, 218, 222 N Netherlands, 12–14, 18, 103, 105–108, 114, 115, 121, 313 Nomenclature of territorial units for statistics (NUTS), 72, 74, 105, 226, 228, 284 O Office building construction, 91, 93–95, 104, 109, 110, 118, 120, 128–130, 150, 193, 227, 246 development, 159, 182 investment, 77, 82, 91, 93, 96, 115, 119, 136, 236, 246 location, 6, 42, 78, 79, 83, 110, 115, 116, 124, 125, 128, 138, 141, 160, 189, 197, 198, 206, 218, 307, 323 market, 7, 20, 31, 34, 35, 44, 46, 47, 64, 65, 77–86, 91, 95, 96, 98, 103–130, 134–142, 147, 151–157, 159, 160, 166, 170, 171, 189–195, 198–208, 213, 214, 218, 219, 222, 230–234, 247, 254, 256–259, 279, 287, 297, 306–309, 323 rents, 4, 20, 29, 30, 37, 62, 86, 87, 91, 96, 112–113, 171, 194, 197, 198, 206, 218, 258, 296, 297 space, 34, 47, 65, 68, 77–80, 82, 83, 85, 91, 92, 94, 95, 97, 103, 104, 110, 118, 126, 151, 157, 159, 164, 169, 171, 192, 193, 197, 198, 202–206, 218, 222, 225, 227, 228, 230, 231, 244, 246, 247, 256–258, 260, 261, 272, 278, 290, 294–296, 306, 307 stock, 44, 45, 48, 103, 106, 109, 116, 117, 124, 134, 137, 138, 155, 160, 170, 171, 190–192, 197, 198, 201–203, 220, 230, 231, 294, 306, 307 supply, 43, 80, 93, 95, 104, 111, 115–116, 123, 205, 206, 227, 231, 256, 258 users, 83, 117, 123 Offices, 3, 10, 41, 72, 103, 133, 164, 197, 225, 251, 284, 306 Operating costs, 87 Out-of-town locations, 79, 82, 182, 218 Index Outskirts,82 87, 103, 116, 125, 252, 262–264, 288 Ownership, 13, 14, 18, 78, 79, 82, 179, 184, 269, 270, 308, 317, 319, 322 P Paris, 3, 5, 16, 18, 20, 30, 41, 42, 54, 55, 57, 198, 206, 219, 263 Pension funds, 61, 150 Planning authorities, 42, 61, 187 control, 216 permission, 46, 88, 270 policy, 42, 60, 278 process, 14, 61–62, 214–216, 270, 314 regulations, 29, 34, 35, 38, 61–62, 88, 89, 149, 163, 166, 185–187, 214–216, 226, 238–239 Poland, 12, 13, 18, 165, 225–241, 246–248 Population mobility, 111, 262, 304, 321 Prime, 5, 7, 37, 45, 46, 48, 49, 55, 57–59, 65, 68, 79, 81, 8384–86, 96, 114, 133, 140–142, 154, 156, 164, 171, 173, 182, 186, 193, 197–214, 217–219, 222, 234, 236, 244, 257, 260, 266, 267, 279, 289, 290, 303, 304, 307–309, 311, 316, 322, 325 Property cycle, 42, 124, 213 development, 67, 188–189, 211, 220 investment, 68, 207, 217 market, 13, 42, 65, 72, 78, 127, 183, 194, 198–201, 203, 206, 208–214, 219, 220, 222, 318, 323 rights, 2, 10, 12–14, 19, 23, 237, 269 tax, 89, 90, 187, 240–241, 259, 315 Property income distribution (PID), 64 Q Quantity surveyor, 150, 152 R Real Estate Investment Trusts (REIT’s), 61, 64, 67, 150, 159, 216, 311, 312 Real estate tax, 18, 63, 90, 152, 216, 240, 270 Redevelopment, 183, 239, 242, 244, 279, 299, 322–323, 325 Refurbishment, 164, 170, 175, 192, 195, 289, 322 Regressions, 156, 193, 194 Index Regulations,1 10, 14, 15, 19, 24, 29, 31, 34, 35, 37, 61–62, 68, 72, 88, 89, 97, 116, 135, 149, 151–153, 163, 166, 183, 185–189, 195, 196, 214–216, 226, 238–239, 241, 247, 269, 289, 291, 292, 314, 315, 321 Regulatory index plan, 19 quality, 19 Rehabilitation, 89, 90, 175, 242 Renovation, 78, 79, 97, 151, 158, 164, 242, 286 process, 242 Rent distribution, 20 gradient, 86, 197–222 Residual land value, 120, 121, 129, 130 Restructuring, 96, 179, 194, 195, 216, 242, 291, 298, 299, 319 Retail development, 29–31, 36, 62, 104, 128, 149, 164, 175, 209, 210, 239, 252, 274, 278, 302, 317, 318, 322–325 offer, 55–57, 279, 317, 318, 323 parks, 143, 144, 146, 147, 160, 164, 175, 182, 183, 193, 209, 232, 234, 248, 263, 267, 273, 276 provision, 62 rents, 4, 20, 29, 30, 37, 54, 58, 65, 66, 87, 212, 217–219, 266 space, 20, 35, 41, 55, 78, 87, 104, 149, 174, 175, 179, 210, 212, 225, 227, 232, 234, 237, 239, 244, 247, 248, 261–263, 265, 266, 273, 289, 290 spending, 53, 54, 254 stock, 37, 56, 59, 68, 79, 142, 147, 176, 177, 179, 198, 209–211 structure, 86 warehousing, 142, 147, 148, 160 Revalorization, 242, 243 Revitalization, 195, 225, 226, 239, 242–244, 246, 291 Risk, 1, 3, 11, 35, 48, 65, 68, 117, 121, 160, 172, 187, 188, 198, 207, 220, 222, 242, 246, 249, 268, 269, 288, 292, 298, 324 premium, 14 Rome, 3, 5, 16, 18, 30, 301 Rules, 10, 12–14, 19, 22, 63, 64, 88, 89, 97, 115, 151, 152, 241, 270, 278, 291, 292 Russia, 2, 12, 18, 313, 324 S Saturation, 234, 264, 265, 279 Shopping areas, 54, 56, 78, 86, 88, 103, 182 331 centres, 6, 7, 36, 37, 55–57, 71, 78, 86–88, 103, 104, 128, 142–148, 160, 164, 171, 174, 175, 177, 179, 180, 182, 183, 209–211, 213, 222, 232, 234, 248, 251, 262–267, 271–276, 279, 288, 308–313, 314–320, 322, 323, 325 Site, 47, 62, 116, 183, 186, 187, 237, 239, 244, 246, 248, 279, 289, 291 Stamp duty, 18, 63, 315 Stock, 2, 3, 5, 7, 9, 11, 19, 20, 23, 25, 28–31, 34, 37, 42, 44–49, 56, 59, 64–66, 68, 78, 79, 81, 82, 87, 94, 103, 104, 106, 109, 110, 112, 116, 117, 124, 126, 127, 134–138, 140–142, 147, 155, 160, 170, 171, 176, 177, 179, 190–190, 197, 198, 201–203, 209–211, 216, 218, 220, 227, 230, 231, 242, 243, 251, 283, 287, 289, 294, 306, 307, 309-311 Stockholm, 3, 5, 18, 30, 31 Stock market, 34, 42, 46, 64–66, 68 Subcentres, 35, 82, 103, 104, 190, 299, 306, 325 Submarkets, 6, 44–47, 61, 79, 82, 83, 133–135, 141, 142, 200, 217, 218, 297 Supply constraints, 116, 129 dynamics, 36, 135–137, 145–147, 166, 251 Sweden, 7, 12–14 T Tax, 13, 18, 19, 22, 63–64, 67, 68, 72, 89, 90, 97, 115, 149, 152–154, 159, 170, 183, 184, 187, 188, 193, 205, 216, 217, 240–241, 247, 248, 259, 270, 292, 302, 315, 319 Taxation6, 34, 63–64, 151–153, 187–188, 216–217, 240, 315, 322 Tenant, 9, 18, 44–47, 60, 89, 104, 113, 117, 119, 122, 124, 126, 127, 129, 139, 140, 150, 152, 160, 177, 179, 184, 190, 194, 203, 204, 212, 214, 237, 242, 246–248, 251, 258, 259, 264–267, 279, 292, 306–311, 316, 317, 320, 322, 323, 325 Test Fisher’s panel, 29 impulse-response, 95 t-Test, 29 Tourism, 52–54, 64, 65, 96, 97, 107 Town and Country Planning Act, 15, 61 Transaction, 6, 7, 12, 13, 22, 48–50, 60, 64, 67, 82, 83, 85, 89, 112–114, 135, 140–142, 152, 165, 165, 183, 188, 198, 207, 220, Free ebooks ==> www.Ebook777.com 332 Index 231, 232, 236, 247, 258, 266, 267, 269, 279, 291, 292, 297, 311, 315 costs, 16, 25, 26, 93, 298 Transfer tax, 13, 18, 19, 22, 27, 89, 90, 188, 216, 241, 270, 292, 315 Transformation, 36, 79, 126, 151, 159, 166, 181, 195, 196, 222, 225, 227, 232, 242–243, 282–284, 298 Transparency, 7, 19, 21, 59, 199, 217 Transportation, 42, 186, 230, 306 Turkey, 2, 12, 301–306, 309–313, 315, 316, 319–322, 324, 325 U UK See Britain Uncertainty, 47, 237, 268, 294, 299 Unemployment, 71, 73, 74, 107, 159, 230, 253, 256, 278 United States (US), 53, 65, 66, 155, 189, 246, 312, 313 Urban development growth, 16, 303, 323, 324 regeneration, 242, 291 renewal, 225–249, 322 Urbanization, 89, 90 US See United States (US) Use, change of, 112 User, 11, 18, 60, 83, 123, 149, 150, 242 V Vacancy, 9, 10, 35, 79, 81–84, 88, 92, 94–96, 104, 109–111, 113, 120, 122, 122–130, 133–160, 164, 170, 171, 177, 191, 193, 194, 200–203, 206, 231–234, 247, 256, 257, 287, 288, 297–299, 308, 310 rate, 5, 9, 35, 79, 81, 83, 84, 88, 94–96, 104, 109–111, 113, 122, 124–126, 128, 129, 133, 134, 140, 149, 154–160, 164, 170, 171, 177, 191, 193, 200, 202, 203, 206, 231, 234, 247, 256, 287, 288, 297–299, 308 Valuation, 19, 126, 129, 189, 217 Value Added Tax (VAT), 13, 22, 27, 63, 89, 90, 97, 152, 160, 188, 212, 217, 248, 270, 292, 315, 322 Values, 2–4, 9–11, 13, 24, 27, 30, 42, 47, 55, 56, 61–63, 67, 68, 71, 74, 87, 88, 113–115, 119–121, 127–130, 140, 147–149, 152, 154, 169, 171, 185, 187–189, 202, 208, 212, 217–221, 237, 238, 240, 243, 244, 247, 254, 256, 270, 283, 292, 295, 308, 313, 315 Variables, 11, 18–19, 28, 29, 37, 41, 91, 93, 94, 100, 140, 157, 158, 193, 194, 317 VAT See Value Added Tax (VAT) Vector autoregression (VAR), 95, 100 Vienna, 3, 5, 6, 18, 20, 23, 30, 31, 36, 168, 193, 281–299 Volatility, 42, 91, 156, 157, 197 W Warsaw, 3, 5, 6, 16, 18, 20, 30, 35, 225–228, 230–232, 234, 236, 237, 242, 244–249 Y Yield, 4, 7, 19–21, 23, 35, 37, 48, 49, 59, 83, 84, 87, 88, 113, 114, 120, 121, 129, 130, 142, 147–149, 171, 172, 176, 188, 198, 202, 206–208, 213–214, 222, 236, 258, 259, 266, 280, 308, 309, 311, 312 distribution, 20 Z Zoning plan, 186, 187, 313, 314, 323 www.Ebook777.com ... characterize European metropolitan commercial real estate market dynamics; how to characterize the structures of European metropolitan commercial real estate institutions; and European metropolitan commercial. .. of European metropolitan commercial real estate? How to characterize the structure of commercial real estate institutions in European metropolitan areas? How the market dynamics of European metropolitan. .. Differences in European Metropolitan Commercial Real Estate Markets Ed F Nozeman and Arno J Van der Vlist 2.1 Introduction Commercial real estate markets are typically considered as global markets and