Spatial concentration in institutional investment in the UK: some comparisons between the retail and office sectors

Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the US that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties that occupy their portfolios. The little work done in the UK draws similar conclusions, but has so far focused only on the office sector; no work has examined this issue for the retail sector. This paper therefore examines the extent of real estate investment concentration in institutional Retail portfolios in the UK at two points in time; 1998 and 2003, and presents some comparisons with equivalent concentrations in the office sector. The findings indicate that retail investment correlates more closely with the UK urban hierarchy than that for offices when measured against employment, and is focused on urban areas with high populations and large population densities which have larger numbers of retail units in which to invest.

Multi-satellite observed responses of precipitation and its extremes to interannual climate variability

The consistency of precipitation variability estimated from the multiple satellite-based observing systems is assessed. There is generally good agreement between TRMM TMI, SSM/I, GPCP and AMSRE datasets for the inter-annual variability of precipitation since 1997 but the HOAPS dataset appears to overestimate the magnitude of variability. Over the tropical ocean the TRMM 3B42 dataset produces unrealistic variabilitys. Based upon deseasonalised GPCP data for the period 1998-2008, the sensitivity of global mean precipitation (P) to surface temperature (T) changes (dP/dT) is about 6%/K, although a smaller sensitivity of 3.6%/K is found using monthly GPCP data over the longer period 1989-2008. Over the tropical oceans dP/dT ranges from 10-30%/K depending upon time-period and dataset while over tropical land dP/dT is -8 to -11%/K for the 1998-2008 period. Analyzing the response of the tropical ocean precipitation intensity distribution to changes in T we find the wetter area P shows a strong positive response to T of around 20%/K. The response over the drier tropical regimes is less coherent and varies with datasets, but responses over the tropical land show significant negative relationships over an interannual time-scale. The spatial and temporal resolutions of the datasets strongly influence the precipitation responses over the tropical oceans and help explain some of the discrepancy between different datasets. Consistency between datasets is found to increase on averaging from daily to 5-day time-scales and considering a 1o (or coarser) spatial resolution. Defining the wet and dry tropical ocean regime by the 60th percentile of P intensity, the 5-day average, 1o TMI data exhibits a coherent drying of the dry regime at the rate of -20%/K and the wet regime becomes wetter at a similar rate with warming.

Spatial and temporal effects of free-air CO2 enrichment (POPFACE) on leaf growth, cell expansion and cell production in a closed canopy of poplar

Leaf expansion in the fast-growing tree,Populus × euramericana was stimulated by elevated [CO2] in a closed-canopy forest plantation, exposed using a free air CO2 enrichment technique enabling long-term experimentation in field conditions. The effects of elevated [CO2] over time were characterized and related to the leaf plastochron index (LPI), and showed that leaf expansion was stimulated at very early (LPI, 0–3) and late (LPI, 6–8) stages in development. Early and late effects of elevated [CO2] were largely the result of increased cell expansion and increased cell production, respectively. Spatial effects of elevated [CO2] were also marked and increased final leaf size resulted from an effect on leaf area, but not leaf length, demonstrating changed leaf shape in response to [CO2]. Leaves exhibited a basipetal gradient of leaf development, investigated by defining seven interveinal areas, with growth ceasing first at the leaf tip. Interestingly, and in contrast to other reports, no spatial differences in epidermal cell size were apparent across the lamina, whereas a clear basipetal gradient in cell production rate was found. These data suggest that the rate and timing of cell production was more important in determining leaf shape, given the constant cell size across the leaf lamina. The effect of elevated [CO2] imposed on this developmental gradient suggested that leaf cell production continued longer in elevated [CO2] and that basal increases in cell production rate were also more important than altered cell expansion for increased final leaf size and altered leaf shape in elevated [CO2].

Visual enhancement of touch in spatial body representation

Perception of our own bodies is based on integration of visual and tactile inputs, notably by neurons in the brain’s parietal lobes. Here we report a behavioural consequence of this integration process. Simply viewing the arm can speed up reactions to an invisible tactile stimulus on the arm. We observed this visual enhancement effect only when a tactile task required spatial computation within a topographic map of the body surface and the judgements made were close to the limits of performance. This effect of viewing the body surface was absent or reversed in tasks that either did not require a spatial computation or in which judgements were well above performance limits. We consider possible mechanisms by which vision may influence tactile processing.

Resolving the spatial variability of soil N using fractions of soil organic matter

The spatial variability of soil nitrogen (N) mineralisation has not been extensively studied, which limits our capacity to make N fertiliser recommendations. Even less attention has been paid to the scale-dependence of the variation. The objective of this research was to investigate the scale-dependence of variation of mineral N (MinN, N–NO3− plus N–NH4+) at within-field scales. The study was based on the spatial dependence of the labile fractions of SOM, the key fractions for N mineralisation. Soils were sampled in an unbalanced nested design in a 4-ha arable field to examine the distribution of the variation of SOM at 30, 10, 1, and 0.12 m. Organic matter in free and intra-aggregate light fractions (FLF and IALF) was extracted by physical fractionation. The variation occurred entirely within 0.12 m for FLF and at 10 m for IALF. A subsequent sampling on a 5-m grid was undertaken to link the status of the SOM fractions to MinN, which showed uncorrelated spatial dependence. A uniform application of N fertiliser would be suitable in this case. The failure of SOM fractions to identify any spatial dependence of MinN suggests that other soil variables, or crop indicators, should be tested to see if they can identify different N supply areas within the field for a more efficient and environmentally friendly N management.

Taking the LEED? Analyzing spatial variations in market penetration rates of eco-labeled properties

This paper investigates the impact of policies to promote the adoption of LEED-certified buildings across CBSA in the United States. Drawing upon a unique database that combines data from a large number of sources and using a number of regression procedures, the determinants of the proportion LEED-certified space for more than 170 CBSA in the US is modeled. LEED-certified space still accounts for a relatively small proportion of commercial stock in all markets. The average proportion is less than 1%. There is no conclusive evidence of a positive impact of policy intervention on the levels of LEED-certified space. However, after accounting for bias introduced by non-random assignment of policies, we find preliminary evidence of a positive impact of city-level green building incentives. There is a significant positive association between market size and indicators of economic vitality on proportions of LEED-certified space.

Objective detection of sting jets in low-resolution datasets

Sting jets are transient coherent mesoscale strong wind features that can cause damaging surface wind gusts in extratropical cyclones. Currently, we have only limited knowledge of their climatological characteristics. Numerical weather prediction models require enough resolution to represent slantwise motions with horizontal scales of tens of kilometres and vertical scales of just a few hundred metres to represent sting jets. Hence, the climatological characteristics of sting jets and the associated extratropical cyclones can not be determined by searching for sting jets in low-resolution datasets such as reanalyses. A diagnostic is presented and evaluated for the detection in low-resolution datasets of atmospheric regions from which sting jets may originate. Previous studies have shown that conditional symmetric instability (CSI) is present in all storms studied with sting jets, while other, rapidly developing storms of a similar character but no CSI do not develop sting jets. Therefore, we assume that the release of CSI is needed for sting jets to develop. While this instability will not be released in a physically realistic way in low-resolution models (and hence sting jets are unlikely to occur), it is hypothesized that the signature of this instability (combined with other criteria that restrict analysis to moist mid-tropospheric regions in the neighbourhood of a secondary cold front) can be used to identify cyclones in which sting jets occurred in reality. The diagnostic is evaluated, and appropriate parameter thresholds defined, by applying it to three case studies simulated using two resolutions (with CSI-release resolved in only the higher-resolution simulation).