“Influence of the Global Environment on Capital Flows in the London Office Market.”

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Abstract

Purpose: The London office market is a major destination of international real estate capital and arguably the epicentre of international real estate investment over the last decade. However, the increase in global uncertainties in recent years due to socio-economic and political trends highlights the need for more insights on the behaviour of international real estate capital flows. The study evaluates the influence of the global and domestic environment on international real estate investment activities within the London office market over the period 2007 to 2017.
Study design/methodology/approach: This study adopts an Auto-Regressive Distributed Lag (ARDL) approach using the Real Capital Analytics (RCA) international real estate investment data. The RCA data analyses quarterly cross-border investment transaction within the central London office market for the period 2007 to 2017.
Findings: The study provides insights on the critical differences in the influence of the domestic and global environment on cross-border investment activities in the London office market, specifically highlighting the significance of the influence of the global environment in the long-run. In the short-run, the influence of factors reflective of both the domestic and international environment are important indicating that international capital flows into the London office market is contextualised by the interaction of different factors.
Originality/value: The authors provide a holistic study of the influence of both the domestic and international environment on cross-border investment activities in the London office market, providing more insights on the behaviour of global real estate capital flows
Original languageEnglish
JournalJournal of European Real Estate Research
DOIs
Publication statusAccepted/In press - 7 Dec 2021

Keywords

  • Capital flows
  • Auto-regressive Distributed Lag Approach (ARDL)
  • Office markets
  • Global cities
  • International investment
  • Cointegration

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