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C H A P T E R T H I R T E E N Commercial Real Estate 13.1 INTRODUCTION Imagine a city with nothing but houses, public institutions, and parks. It might be serene, but what a dull place it would be – not really a city at all. Commercial real estate is what gives a city much of its life and character. | A Companion to Urban Economics Edited by Richard J. Arnott Daniel P. McMillen Copyright 2006 by Blackwell Publishing Ltd I CHAPTER THIRTEEN Commercial Real Estate David Geltner 13.1 Introduction Imagine a city with nothing but houses public institutions and parks. It might be serene but what a dull place it would be - not really a city at all. Commercial real estate is what gives a city much of its life and character. Commercial buildings largely occupy the most central sites in the city the most accessible places. They define the skylines of the downtowns and edge cities. They give visual image and focus a sense of place even to neighborhood centers. They provide the vital nodes in the system of manufacturing production and distribution. Alas they fill the linear strips of the suburban sprawl that characterizes too much of the modern metropolis. But commercial buildings are the economic heart of the city where people and capital and resources come together to add value to create and to recreate. Commercial buildings are where the action is. No treatment of urban economics would be complete without considering the economics of commercial real estate. The aim of this chapter is to provide an introduction to this topic. We will do this by focusing on the commercial real estate development investment decision the decision that causes the creation of new built space the fabric of the city. As commercial real estate consists of income-producing assets it represents a major component of the capital market the market for income-producing assets. Commercial development results from investment decisions and these decisions are themselves underpinned by the economics of the space market the market for the usage of commercial space. This chapter will take you through a brief introductory tour of how these markets and decisions come together to create the commercial heart of the city. 212 D. Geltner 13.2 An Illustrative Example at the Micro Level Perhaps the best way to gain .
