A leading economist will give a public lecture tomorrow (Thursday, May 7) on the effect of global financial markets on real estate.
The University of Aberdeen Business School will welcome Professor Colin Lizieri from the University of Reading to give its annual property lecture.
Professor Lizieri is a real estate economist who has acted as an expert advisor to the UK and Norwegian Governments, the Corporation of London and the City of Toronto, as well as appearing as an expert witness on real estate matters.
His research focuses on modelling the development of world cities and office markets, and on innovation in real estate investment and finance.
His lecture is entitled Global Financial Centres, Office Markets and Risk, and will be held in the CPD Suite of the MacRobert Building at 1 pm.
Professor Lizieri said: "Global financial activity is heavily concentrated in a small number of world cities such as London and New York, where office markets receive significant flows of investment capital.
"But the growing specialization of activity in international finance corporations and innovations in real estate investment vehicles means the developer, occupier, investment, and finance markets end up locked together. This allows shocks from one office market to be transmitted throughout the system.
"International real estate investment strategies that fail to recognize this risk may fail to deliver the diversification benefits sought. Similarly, cities that follow growth strategies that focus on financial clustering may be vulnerable to periodic severe market downturns."
