“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France
There is increasing pressure from political circles and citizens’ groups to ensure the production of urban built forms that can address both social and economic needs while respecting long-term environmental goals. This has resulted in new legislative and policy frameworks aimed at encouraging the a...
সংরক্ষণ করুন:
| প্রকাশিত: | URI:https://journals.openedition.org/articulo, |
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| প্রধান লেখক: | , , |
| বিন্যাস: | Article ou chapitre numérique |
| ভাষা: | Anglais |
| প্রকাশিত: |
Journal of Urban Research
2012
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| বিষয়গুলি: | |
| অনলাইন ব্যবহার করুন: | Accès Université d'Orléans et IFPM Accès Université d'Orléans et IFPM |
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openedition-oai:revues.org:articulo_2155 |
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openedition |
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openedition-oai:revues.org:articulo_2155 https://doi.org/10.4000/articulo.2155 urn:doi:10.4000/articulo.2155 en https://journals.openedition.org/articulo/2155 2012-11-23T01:00:00Z info:eu-repo/semantics/openAccess article info:eu-repo/semantics/article urn:handle:20.500.13089/a3tx https://creativecommons.org/licenses/by-nc-nd/4.0/ “Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France Journal of Urban Research UrbanHub info:eu-repo/semantics/reference/issn/1661-4941 URI:https://journals.openedition.org/articulo Attuyer, Katia Guironnet, Antoine Halbert, Ludovic France financialization commercial real estate sustainable urban development uneven geographies of investment There is increasing pressure from political circles and citizens’ groups to ensure the production of urban built forms that can address both social and economic needs while respecting long-term environmental goals. This has resulted in new legislative and policy frameworks aimed at encouraging the adoption of sustainable development practices. This paper analyzes how professionals investing finance capital in commercial real estate properties in France are responding to such pressure. It raises the theoretical question of how sustainability goals may be internalized by investors in a context of financialization of urban production. Based on a qualitative analysis, the paper questions how property investors engage with the sustainability agenda and how this affects their organizational charts, business strategies, investment processes and day-to-day management of commercial real estate. The results show that FCIs have to internalize potentially contradictory objectives, i.e., countering the capital depreciation arising from new legislation by upgrading their portfolios and, at the same time, limiting their investments to maintain their profit margins. To achieve this, they both encourage their tenants to reduce energy consumption and adopt spatially selective ‘green’ investments that favor a limited number of ‘established’ markets at both intra and inter-urban levels. |
| collection |
OpenEdition Journal |
| language |
Anglais |
| format |
Article ou chapitre numérique |
| building |
0/Bibliothèque numérique/ 1/Bibliothèque numérique/OpenEdition Journals/ |
| topic |
France financialization commercial real estate sustainable urban development uneven geographies of investment |
| spellingShingle |
France financialization commercial real estate sustainable urban development uneven geographies of investment Attuyer, Katia Guironnet, Antoine Halbert, Ludovic “Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| description |
There is increasing pressure from political circles and citizens’ groups to ensure the production of urban built forms that can address both social and economic needs while respecting long-term environmental goals. This has resulted in new legislative and policy frameworks aimed at encouraging the adoption of sustainable development practices. This paper analyzes how professionals investing finance capital in commercial real estate properties in France are responding to such pressure. It raises the theoretical question of how sustainability goals may be internalized by investors in a context of financialization of urban production. Based on a qualitative analysis, the paper questions how property investors engage with the sustainability agenda and how this affects their organizational charts, business strategies, investment processes and day-to-day management of commercial real estate. The results show that FCIs have to internalize potentially contradictory objectives, i.e., countering the capital depreciation arising from new legislation by upgrading their portfolios and, at the same time, limiting their investments to maintain their profit margins. To achieve this, they both encourage their tenants to reduce energy consumption and adopt spatially selective ‘green’ investments that favor a limited number of ‘established’ markets at both intra and inter-urban levels. |
| author |
Attuyer, Katia Guironnet, Antoine Halbert, Ludovic |
| author_facet |
Attuyer, Katia Guironnet, Antoine Halbert, Ludovic |
| author_sort |
Attuyer, Katia |
| title |
“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| title_short |
“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| title_full |
“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| title_fullStr |
“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| title_full_unstemmed |
“Turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in France |
| title_sort |
“turning pumpkins into carriages”: sustainable urban development and the financialization of ‘green’ commercial real estate in france |
| publisher |
Journal of Urban Research |
| publishDate |
2012 |
| container_title |
URI:https://journals.openedition.org/articulo |
| url |
https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.4000/articulo.2155 https://ezproxy.univ-orleans.fr/login?url=https://journals.openedition.org/articulo/2155 |
| _version_ |
1877243766182510592 |