An investigation of the effect of eco-labeling on office occupancy rates

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open-ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open ended funds experienced sharper drops in capital values than other fund types in the second half of 2007, after the market turning point. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

Implications of climate change for expanding cities worldwide

This paper analyses the trends of the changing environmental effects within growing megacities as their diameters exceed 50–100 km and their populations rise beyond 30 million people. The authors consider how these effects are influenced by climate change, to which urban areas themselves contribute, caused by their increasing greenhouse gas emissions associated with rapidly expanding energy use. Other environmental and social factors are assessed, quantitatively and qualitatively, using detailed modelling of urban mesoscale meteorology, which shows how these factors can lead to large conurbations becoming more vulnerable to climatic and environmental hazards. The paper discusses the likely changes in meteorological and hydrological hazards in urban areas, both as the climate changes and the sizes of urban areas grow. Examples are given of how these risks are being reduced through innovations in warning and response systems, planning and infrastructure design, which should include refuges against extreme natural disasters. Policies are shown to be more effective when they are integrated and based on substantial community involvement. Some conclusions are drawn regarding how policies for the natural and artificial environment and for reducing many kinds of climate and hazard risk are related to future designs and planning of infrastructure and open spaces.

Sustainable urban development to 2050: complex transitions in the built environment of cities

The majority of the world’s population now live in cities. This poses great challenges, but also great opportunities in terms of tackling climate change, resource depletion and environmental degradation. Policy agendas have increasingly focused on how to develop and maintain ‘integrated sustainable urban development’, and a number of theoretical conceptualisations of urban transition have been formulated to help our thinking and understanding in both developed and developing countries. Drawing on examples around the world the paper aims to examine the key ‘critical success factors’ that need to be in place for cities to traverse a pathway to a more sustainable future in urban development terms by 2050. The paper explores how important the issues of ‘scale’ is in the context of complexity and fragmentation in the city’s built environment, identifies the lessons that can be learned for future sustainable urban development, and the further research which is needed to address future urban transitions to 2050.

Studying the impact of ubiquitous monitoring technology on office worker behaviours: the value of sharing research data

Pervasive computing is a continually, and rapidly, growing field, although still remains in relative infancy. The possible applications for the technology are numerous, and stand to fundamentally change the way users interact with technology. However, alongside these are equally numerous potential undesirable effects and risks. The lack of empirical naturalistic data in the real world makes studying the true impacts of this technology difficult. This paper describes how two independent research projects shared such valuable empirical data on the relationship between pervasive technologies and users. Each project had different aims and adopted different methods, but successfully used the same data and arrived at the same conclusions. This paper demonstrates the benefit of sharing research data in multidisciplinary pervasive computing research where real world implementations are not widely available.

International office investment in global cities: the production of financial space and systemic risk

The paper explores the relationships between UK commercial real estate and regional economic development as a foundation for the analysis of the role of real estate investment in local economic development. Linkages between economic growth, development, real estate performance and investment allocations are documented. Long-run regional property performance is not the product of long-run economic growth, and weakly related to indicators of long-run supply and demand. Changes in regional portfolio weights seem driven by neither market performance nor underlying fundamentals. In the short run, regional investment shifts show no clear leads or lags with market performance.