Capital market expectations and the London office market

The analysis of office market dynamics has generally concentrated on the impact of underlying fundamental demand and supply variables. This paper takes a slightly different approach to many previous examinations of rental dynamics. Within a Vector-Error-Correction framework the empirical analysis concentrates upon the impact of economic and financial variables on rents in the City of London and West End of London office markets. The impulse response and variance decomposition reveal that while lagged rental values and key demand drivers play a highly important role in the dynamics of rents, financial variables are also influential. Stock market performance not only influences the City of London market but also the West End, whilst the default spread plays an important role in recent years. It is argued that both series incorporate expectations about future economic performance and that this is the basis of their influence upon rental values.

Asymmetric space market adjustment in the London office market

Models of the City of London office market are extended by considering a longer time series of data, covering two cycles, and by explicit modeling of asymmetric rental response to supply and demand model. A long run structural model linking demand for office space, real rental levels and office-based employment is estimated and then rental adjustment processes are modeled using an error correction model framework. Adjustment processes are seen to be asymmetric, dependent both on the direction of the supply and demand shock and on the state of the rental market at the time of the shock. A complete system of equations is estimated: unit shocks produce oscillations but there is a return to a steady equilibrium state in the long run.

Long run relationships between City office rents and the economy in the UK: creating a database for research

This paper sets out progress during the first eighteen months of doctoral research into the City of London office market. The overall aim of the research is to explore relationships between office rents and the economy in the UK over the last 150 years. To do this, a database of lettings has been created from which a long run index of City office rents can be constructed. With this index, it should then be possible to analyse trends in rents and relationships with their long run determinants. The focus of this paper is on the creation of the rent database. First, it considers the existing secondary sources of long run rental data for the UK. This highlights a lack of information for years prior to 1970 and the need for primary data collection if earlier periods are to be studied. The paper then discusses the selection of the City of London and of the time period chosen for research. After this, it describes how a dataset covering the period 1860-1960 has been assembled using the records of property companies active in the City office market. It is hoped that, if successful, this research will contribute to existing knowledge on the long run characteristics of commercial real estate. In particular, it should add a price dimension (rents) to the existing long run information on stock/supply and investment. Hence, it should enable a more complete picture of the development and performance of commercial real estate through time to be gained.

The causes and effects of depreciation in office buildings: a ten year update

This paper publishes the results of the 1996 study, which repeats a cross-section analysis of around 125 City of London office buildings, and examines the longitudinal data contributed by a sample of 56 unrefurbished properties common to the 1986 and 1996 City of London datasets. An estimate of the average rate of rental and capital value depreciation is made; the effect of age is shown not to be straight-line; and the causes if depreciation are measured. The results are compared with the 1986 City of London findings.

Geoarchaeology and the value of multidisciplinary palaeoenvironmental approaches: a case study from the Tehran Plain, Iran

Tepe Pardis, a significant Neolithic–Chalcolithic site on the Tehran Plain in Iran, is, like many sites in the area, under threat from development. The site contains detailed evidence of (1) the Neolithic–Chalcolithic transition, (2) an Iron Age cemetery and (3) how the inhabitants adapted to an unstable fan environment through resource exploitation (of clay deposits for relatively large-scale ceramic production by c. 5000 BC, and importantly, possible cutting of artificial water channels). Given this significance, models have been produced to better understand settlement distribution and change in the region. However, these models must be tied into a greater understanding of the impact of the geosphere on human development over this period. Forming part of a larger project focusing on the transformation of simple, egalitarian Neolithic communities into more hierarchical Chalcolithic ones, the site has become the focus of a multidisciplinary project to address this issue. Through the combined use of sedimentary and limited pollen analysis, radiocarbon and optically stimulated luminescence dating (the application of the last still rare in Iran), a greater understanding of the impact of alluvial fan development on human settlement through alluviation and the development of river channel sequences is possible. Notably, the findings presented here suggest that artificial irrigation was occurring at the site as early as 6.7±0.4 ka (4300–5100 BC).

Life before the minster: the social dynamics of monastic foundation at Anglo-Saxon Lyminge, Kent

Anglo-Saxon monastic archaeology has been constrained by the limited scale of past investigations and their overriding emphasis on core buildings. This paper draws upon the results of an ongoing campaign of archaeological research that is redressing the balance through an ambitious programme of open-area excavation at Lyminge, Kent, the site of a royal double monastery founded in the seventh century ad. The results of five completed fieldwork seasons are assessed and contextualised in a narrative sequence emphasising the dynamic character of Lyminge as an Anglo-Saxon monastic settlement. In so doing, the study brings into sharp focus how early medieval monasteries were emplaced in the landscape, with specific reference to Anglo-Saxon Kent, a regional context offering key insights into how the process of monastic foundation redefined antecedent central places of long-standing politico-religious significance and social action.

Spectral theory of some non-selfadjoint linear differential operators

We give a characterisation of the spectral properties of linear differential operators with constant coefficients, acting on functions defined on a bounded interval, and determined by general linear boundary conditions. The boundary conditions may be such that the resulting operator is not selfadjoint. We associate the spectral properties of such an operator $S$ with the properties of the solution of a corresponding boundary value problem for the partial differential equation $\partial_t q \pm iSq=0$. Namely, we are able to establish an explicit correspondence between the properties of the family of eigenfunctions of the operator, and in particular whether this family is a basis, and the existence and properties of the unique solution of the associated boundary value problem. When such a unique solution exists, we consider its representation as a complex contour integral that is obtained using a transform method recently proposed by Fokas and one of the authors. The analyticity properties of the integrand in this representation are crucial for studying the spectral theory of the associated operator.

Post-occupancy studies of an office environment: Energy performance and occupants’ satisfaction

It is generally accepted that the physical workplace environment affects employees’ satisfaction and, consequently, their perceived productivity and well-being. This study investigated whether employee “satisfaction” variables can predict perceived productivity, well-being and enjoyment at work, and if so, to what extent. The study also explored whether limiting employees’ control over their environment could save energy without compromising employees’ satisfaction and perceived productivity. Preoccupancy and post-occupancy evaluation studies were conducted, in terms of both energy consumption and employee perceptions, to make comparisons between a company’s old and current headquarters buildings, both located in the same area of London. The results showed that employees were more satisfied with their work environment at their new HQ, in general, than with that of their previous office. Also, employees’ self-reported productivity, well-being and enjoyment at work improved after the move. It was revealed that the combination of employees’ level of satisfaction with “interior use of space” and “physical conditions” was the best predictor of their perceived productivity, while satisfaction with “indoor facilities” was not a good predictor. In terms of energy performance, although the new HQ’s energy consumption per m2 was significantly less than that of the previous building, there was still a gap between the refurbishment design target and the actual performance of the building. The findings suggest that this gap could be due to a number of factors, including an ineffective use of interior space, and occupants’ behaviour.

Acts of estrangement: reading the psoriatic-skin

I am continually surprised by the acts of estrangement in which my body engages. All bodies do this to some extent – lungs breathe, hearts beat and so on, but with psoriasis, which my article is concerned with, these processes are highly visible. As a condition of the skin, it is a pathology which is enacted both within and without, visible to the social world as well emerging from some little understood inflammatory source within the body. This article will undertake a phenomenological exploration of my own skin and how my experience of my body is affected by its lack of compliance with medicine, cosmetics etc. By some unknown causation it flakes, breaks, itches constantly drawing attention to bodily limits and the limits of medical knowledge. I want to think through the meanings we ascribe to such inflammatory conditions in Western society, how my skin materialises at the nexus of industrialisation, medicine, class and capital. This investigation will emerge at the limit point, the thin skin between the subjective and objective, observing and theorising my skin in ways which dissolve disciplinary boundaries, to comprehend the cultural, biological and environmental forces that work upon my body, estranging it from me.