Manufacturing cities for financial markets

Produire la ville pour les marchés financiers

Antoine Guironnet () and Ludovic Halbert ()
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Antoine Guironnet: LATTS - Laboratoire Techniques, Territoires et Sociétés - UPEM - Université Paris-Est Marne-la-Vallée - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique
Ludovic Halbert: Réseaux, Institutions, Territoires (RIT) - LATTS - Laboratoire Techniques, Territoires et Sociétés - UPEM - Université Paris-Est Marne-la-Vallée - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique

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Abstract: The increased involvement of market finance in real estate development is underpinned by asset managers operating on behalf of retail and institutional investor clients. This paper examines how the investment criteria established within their professional community have a bearing on urban spaces due to the enrollment of long-standing real estate and planning actors. On account of market discipline, the growing integration of the investment and rental property development sectors, as well as the entrepreneurial turn in regional development agendas, the latter are compelled to align themselves with asset managers, spreading their investment criteria to urban governments. The ongoing financialization of real estate thus supports the dynamics of metropolitanization. It leads to the unfolding of geographically and socially hyper-selective investment patterns promoted by asset managers, whether in terms of which locations have access to capital, urban form, or types of uses and users.

Keywords: asset managers; metropolitan dynamics; France; financialization; property; financiarisation; immobilier d'investissement locatif; gestionnaires d'actifs; métropolisation; france (search for similar items in EconPapers)
Date: 2018
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Published in Espaces et sociétés (Paris, France), 2018, 174 (3), pp.17-34. ⟨10.3917/esp.174.0017⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02297191

DOI: 10.3917/esp.174.0017

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