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Article
Publication date: 12 July 2021

Fatih Eren and John Henneberry

The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the…

Abstract

Purpose

The continuation of globalisation and liberalisation processes has prompted the restructuring of many national and local property markets. The research examines the evolution of Istanbul's retail property market to identify how global and local agents engage with one another to produce a unique “glocalized” outcome.

Design/methodology/approach

The morphogenetic approach is adapted and applied to analyse the dynamics of market change. The focus is on the character and behaviour of national and international market actors and how they interact with the wider political economy. The research uses a combination of elite interviews, document analysis and corporate case studies to obtain empirical evidence.

Findings

The liberalisation of the Turkish economy heralded the entry of the first international companies into Istanbul's retail property market in the 1990s. International involvement expanded rapidly after 2004, accelerating the process of market re-structuring. However, while the number of global buy-outs increased, the expansion of local property companies–and the establishment of some international/national corporate partnerships–was even more marked. This resulted in a “glocalised” market with a strong and distinctive local culture.

Originality/value

Istanbul has been a major centre of trade for millenia. This is the first substantive analysis of the recent restructuring of the city's retail property market. Previous research on market maturity and market evolution has paid limited attention to the dynamics of change. The paper describes the use of a process-based theoretical framework (morphogenesis) that was explicitly designed to analyse structural shifts in socio-economic conditions through an examination of the characteristics and behaviours of the actors involved.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

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Abstract

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Structural Survey, vol. 18 no. 1
Type: Research Article
ISSN: 0263-080X

Content available

Abstract

Details

Facilities, vol. 18 no. 1/2
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 February 2000

Abstract

Details

Journal of Property Investment & Finance, vol. 18 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 February 1984

John Henneberry

Do science parks and high‐technology industrial estates have anything other than a semantic link with the process of technological change in industry? The paper considers…

Abstract

Do science parks and high‐technology industrial estates have anything other than a semantic link with the process of technological change in industry? The paper considers this question by examining some aspects of technological change and comparing them with the initial results of a survey of British science parks and high‐technology developments.

Details

Property Management, vol. 2 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 January 1987

John Henneberry

Increasingly, rigorous market research is being seen as a necessary prerequisite to the successful and profitable construction and disposal of property developments…

Abstract

Increasingly, rigorous market research is being seen as a necessary prerequisite to the successful and profitable construction and disposal of property developments. Norton, for example, stresses that, with the demand for accommodation in most market sectors being already reasonably well met, only a thorough and detailed understanding of the market will ensure that new schemes compete with and complement existing developments rather than merely duplicating them. The penalties of inadequate market research are heavy: projects are difficult to finance because funders remain to be convinced that there is a demand for the floorspace proposed; completed developments stand vacant because the accommodation provided does not meet the design, site or location requirements of potential occupiers. Even in areas, such as Berkshire, with relatively healthy local economies and continuing demand for premises, record levels of vacant floorspace, much of it modern, exist alongside record rental levels. The property industry appears not to have absorbed this lesson. Cadman and Cleaveley suggest that too many development decisions have been taken on the basis of ‘hunches’ or ‘gut feeling’ or because a similar project has been successfully developed elsewhere, rather than being taken in the light of adequate market analysis. Consequently, it is suggested that the surveying profession needs to show much greater interest in property market research and analysis and this paper has been written in an attempt to widen discussion on the subject. The vehicle chosen is a consideration of the high technology market and, more specifically, the difficulties encountered in trying to define that market. It is hoped that a detailed rather than a generalised approach will better illustrate the practical advantages and limitations of market research. The particular market sector was chosen because science parks and high technology developments are cited by Cleaveley as specific examples of projects which have been built without the benefit of adequate market research.

Details

Property Management, vol. 5 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 April 1991

John Henneberry

Reports on a study examining the interrelationships betweenmanufacturing firms and their accommodation in the rented sector of theindustrial property market and conducted…

Abstract

Reports on a study examining the interrelationships between manufacturing firms and their accommodation in the rented sector of the industrial property market and conducted among occupiers of rented and industrial property. Discusses occupier satisfaction with rented industrial property. Discusses occupier satisfaction with rented industrial property and the causes of occupier dissatisfaction. Emphasizes the complex pattern of relationships between firms and their buildings.

Details

Property Management, vol. 9 no. 4
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 March 1991

Chris Gardiner and John Henneberry

Develops a habit‐persistence model which is based on the assumptionthat experience conditions present behaviour and expectations. Notesthat the model combines the adaptive…

Abstract

Develops a habit‐persistence model which is based on the assumption that experience conditions present behaviour and expectations. Notes that the model combines the adaptive expectations hypothesis with the partial adjustment process. Concludes that accurate forecasts for declining regions are produced but the results for growing regions are not significant.

Details

Journal of Property Valuation and Investment, vol. 9 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 March 1987

John Henneberry

Retail warehousing is a subject of great topicality and interest. The property and planning press regularly contains new superlatives describing the behaviour of this…

Abstract

Retail warehousing is a subject of great topicality and interest. The property and planning press regularly contains new superlatives describing the behaviour of this sector of the retail industry. ‘…furniture and DIY warehouse sales were £658 million in 1984 showing a growth of 25% per annum since 1981.’ ‘Since 1977 retail warehouse rents have increased by a staggering 16.5 per cent per annum…compared with 13.0 per cent per annum for prime town centre retail rents.’ In 1986 there were current planning applications for more than 1.75m sq. ft of retail warehousing in the outer south east alone and ‘there are now over 1,000 stores in the country, with an estimated 40 chains currently seeking sites for 1,900 out‐of‐centre stores.’ Such statements distract the attention and make more difficult an examination of the factors which have underlain the emergence and remarkable growth of retail warehouses. Retail warehouses are one particular type of retail outlet and should be considered within the context of those wider trends evident in the retail sector as a whole.

Details

Property Management, vol. 5 no. 3
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 January 1989

Chris Gardiner and John Henneberry

Attempts to describe the determinants of rent. Describes theinitial stages in the development of a regional office rent predictionmodel which uses readily available data…

Abstract

Attempts to describe the determinants of rent. Describes the initial stages in the development of a regional office rent prediction model which uses readily available data and should aid the investment decision‐making process. Rejects cross‐sectional analysis, preferring time series approaches. Formulates a spatially disaggregated model which allows for delays between changes in user output and changes in user demand, and which reflects the variable adjustment rate between these two factors. Argues that the combined influence of the independent variables in the derived equation can explain up to 97 per cent of the variation in rent over the period examined.

Details

Journal of Valuation, vol. 7 no. 1
Type: Research Article
ISSN: 0263-7480

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