The property masters : a history of the British commercial property sector

Cover ......Page 1 The Property Masters......Page 2 Title Page......Page 3 Copyright Page......Page 4 Table of Contents......Page 6 Acknowledgements......Page 9 Glossary of abbreviations and technical terms......Page 12 List of tables......Page 16 List of figures......Page 18 Foreword......Page 20 1.1 The aims of this study......Page 22 1.2 Scope, sources and methodology......Page 25 References and notes......Page 28 SECTION ONE THE EVOLUTION OF THE BRITISH COMMERCIAL PROPERTY MARKET SINCE 1800......Page 29 2.2 'Traditional' landowners and the nineteenth century urban property market......Page 30 2.3 Insurance company investment in the property sector 1800-1870......Page 33 2.4 The changing nature of the property investment market 1850-1914......Page 37 2.5 City office development and the property market......Page 40 2.6 Insurance companies and the property market 1870-1918......Page 45 References and notes......Page 53 3.1 Introduction......Page 57 3.2 The growth of market intermediaries......Page 58 3.3 The 'multiple revolution' and the property investment market......Page 67 Appendix: The mathematical derivation of the steady state of corporate growth equation......Page 82 References and notes......Page 83 4.1 The pattern of institutional property investment 1919-1939......Page 87 4.2 Property companies and the property development market......Page 92 4.3 Property development finance......Page 102 4.4 Entrepreneurship in the inter-war property investment market......Page 109 References and notes......Page 114 5.1 The Second World War......Page 118 5.2 Property investment and the capital market 1945-1954......Page 123 5.3 The financial institutions and the property entrepreneurs: 1945-1954......Page 136 References and notes......Page 147 6.1 Introduction......Page 151 6.2 Property investment and the capital market 1955-1964......Page 152 6.3 Institutional investors and the property developers 1955-1964......Page 172 References and notes......Page 193 7.2 The property investment boom......Page 197 7.3 The property development market 1965-1973......Page 205 References and notes......Page 218 8.1 Introduction......Page 224 8.2 The property crash......Page 225 8.3 Recovery and boom, 1975-1980......Page 232 References and notes......Page 240 9.2 The retreat ofthe institutional investors 1981-1984......Page 244 9.3 The changing face of commercial property......Page 246 9.4 The merchant developers......Page 252 9.5 The Big Bang Boom 1985-1989......Page 254 9.6 The second property crash......Page 260 9.7 The green shoots of recovery......Page 267 References and notes......Page 270 SECTION TWO A STATISTICAL ANALYSIS OF THE COMMERCIAL PROPERTY MARKET......Page 274 10.2 Net investment in property 1922-1993......Page 275 10.3 The composition of institutional property portfolios 1870-1990......Page 288 10.4 Initial yields on investment property 1920-1993......Page 294 10.5 Market rents......Page 299 10.6 The rate of return on investment property 1921-1993......Page 302 References and notes......Page 312 11.1 The long-term determinants of rates of return and net investment in UK property......Page 314 11.2 The determinants of investment property capital values......Page 319 11.3 The determinants of the volume of institutional property investment......Page 322 References and notes......Page 324 CHAPTER 12 CONCLUSIONS......Page 325 References and notes......Page 334 Bibliography......Page 336 Index......Page 349 This is a thorough exploration of the evolution of the commercial property investment and development markets from the mid-nineteenth century to the present day. It explains how the current investment scene emerged and fills an important gap in the literature on the property market.