Global City Makers
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Global City Makers

Economic Actors and Practices in the World City Network

Edited by Michael Hoyler, Christof Parnreiter and Allan Watson

Global City Makers provides an in-depth account of the role of powerful economic actors in making and un-making global cities. Engaging critically and constructively with global urban studies from a relational economic geography perspective, the book outlines a renewed agenda for global cities research. Focusing on financial services, management consultancy, real estate, commodity trading and maritime industries, the detailed studies in this volume are located across the globe to incorporate major world cities such as London, New York and Tokyo as well as globalizing cities including Mexico City, Hamburg and Mumbai.
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Chapter 4: Real estate and global capital networks: drilling into the City of London

Colin Lizieri and Daniel Mekic

Abstract

There is a growing awareness in urban social science of the importance of commercial real estate as a medium by which large cities are embedded within global capital networks. This trend is most pronounced in the office markets of international financial centres and has become more marked with increasing globalization of commercial real estate. Nuances of market processes can be lost in over-simplistic categorizations such as ‘international financial capital’ or ‘property developers’. Diversity in the nature of office investors leads to substantial differences in the motivations for building international portfolios and in impacts for the cities concerned. This chapter provides a detailed examination of the City of London office market, drawing on a unique database tracing office ownership over some 40 years. The changing tides of ownership, from predominantly local domestic to over 60 per cent non-UK owned in 2014, are linked to transformations of the City of London economy.

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