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List of contents
List of figures縤x
Acknowledgements縳i
Glossary縳iii
1 Introduction�/b>
Sub?-prime Lending Enters the Financial Vocabulary�/p> The Global Extension�/p> Commercial Property Market Context�/p> Commercial Property's Role in the Wider Economy�
Property Investment and Short?-termism�
Measuring Commercial Property Market Performance�
Book Structure�
2 Long?-term Changes to Property Finance and Investment�
The Changing Role of the Banks in the United Kingdom�
Property Development and Investment Finance�
The Changing Investment Landscape of the Non?-banking Financial Institutions�
The Other Main Players in Commercial Property�
The Changing Face of Institutional Property Investment�
Limited Partnerships�
Jersey Rides to the Rescue�
Unit Trusts and Indirect Investment�
Conclusions�
3 Economic Growth, Debt and Property Investment through the Boom�
Global Economic Upturn and Debt Accumulation�
The Property Boom and Escalating Debt�
The Cost and Role of Debt�
Development and its Finance in the Noughties Boom�
The Weight of Money and Moving up the Risk Curve�
Conclusions�
4 The Anatomy of the Property Investment Boom�
Commercial Property, the Macroeconomy and Globalization�
Global Property Upswing�
Market Trends in the Property Boom - Was Something Different this Time?�
UK Investment Trends�
Lending To Commercial Property in the United Kingdom�
A Property Boom in an Irrational Market�
Summary and Conclusions�
5 The Global Financial Crisis and its Impact on Commercial Property�
A Crisis Unfolds�
The Impact on Global Property Markets�
Capital and Rental Values in the United Kingdom Post 2007�
But This Time the Bust Was Also Different�0
Investment Trends and Capital Value Falls�6
Changing View of Risk�2
Summary and Conclusions�4
6 Property Lending and the Collapse of Banks�7
The Crumbling of the UK Banking System�8
Royal Bank of Scotland�1
Halifax Bank of Scotland�2
Britannia Building Society and the Co?-operative Bank�0
Dunfermline Building Society�1
Irish Banking Collapse�2
US Experience�6
Discussion and Conclusions�9
7 Aftermath and Recovery�3
The Macroeconomic Context�4
Property Market Trends�7
Bad Bank Debts and Impairments: The Road to Redemption�1
The Response of Property Investors, Property Funds and Property Companies�8
Property Lending Post?-GFC�1
Implications for the Pricing of Commercial Property and Investment�2
Conclusions�6
8 Conclusions�9
Globalization�1
The Boom and Bust through the Prism of Valuations�3
Role of Banking�3
Irrational Exuberance�4
Could It Happen Again?�6
What Can Be Done?�7
Final Thoughts�9
References�1
Index�1
About the author
Colin Jones, PhD, is Professor of Estate Management in the Institute for Social Policy, Housing, Environment and Real Estate at Heriot-Watt University, Edinburgh, Scotland, UK. He has published widely on spatial commercial, industrial and housing property markets, urban regeneration and the economics of housing policy.
Stewart Cowe worked for thirty years in the investment division of Scottish Widows Investment Partnership.
Edward Trevillion, PhD, is an Honorary Professor of Real Estate Investment and Finance in the Institute for Social Policy, Housing, Environment and Real Estate at Heriot-Watt University.
