Way of the future
In a statement the company says the research program will examine "the processes of change that will affect the property markets of Europe's leading cities over the coming decades." It says the results will have direct relevance for occupiers, developers and investors.
Speaking at ExpoReal 2005 in Munich, Nick Axford, head of EMEA research at CBRE, said: "The current pattern of economic activity and property development in European cities is a result of the economic, social and political history of each city. By looking at what has influenced the development of a city in the past, and how those processes are operating now, we have sought to develop insights into what the future 'shape' of each city will be."
The Future Cities program is being launched in tandem with a series of reports that look at the changing transport infrastructure around Europe, which has a direct effect on land value and urban development.
CBRE says most European cities are facing three key challenges. Firstly, to ensure that existing public and private urban transport networks function effectively to maximize the commuting efficiency and other urban travel. It highlights traffic management and congestion relief policies as crucial in alleviating road congestion.
Secondly, the report says, "rising oil prices and the growing importance of the environmental agenda have highlighted the need for sustainable development." Essentially this means promoting public transport over private car ownership.
Thirdly, CBRE says investment in a modern transport infrastructure, in particular new rail and metro lines, rapid transit schemes and new or expanded airports, is crucial. CBRE says these factors govern different areas' accessibility and it says access for workers is a principal driver of property values.
In plain language, when it comes to land and property, the easier it is to get to, the more money it's worth.
The first series of reports looks at how these issues are developing across a number of cities and over the next six months the firm will release research on London, Paris, Madrid, Barcelona, Brussels, Amsterdam, Berlin, Hamburg, Dublin, Warsaw, Moscow, Lisbon and Vienna.
These reports will examine: the nature of the current transport system and its relationship to urban structure; the major transport and urban development policies being pursued in the city; the timing and nature of major changes to the existing transport network; and the impact of these changes on accessibility, occupier locations and thus patterns of value and property development.
