Knowledge city and urban economic resilience

Huston, Simon and Warren, Clive (2013) Knowledge city and urban economic resilience. Journal of Property Investment and Finance, 31 1: 78-88. doi:10.1108/14635781311292980

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Author Huston, Simon
Warren, Clive
Title Knowledge city and urban economic resilience
Journal name Journal of Property Investment and Finance   Check publisher's open access policy
ISSN 1463-578X
1470-2002
Publication date 2013-01-30
Year available 2013
Sub-type Article (original research)
DOI 10.1108/14635781311292980
Open Access Status
Volume 31
Issue 1
Start page 78
End page 88
Total pages 11
Place of publication W Yorks, United Kingdom
Publisher Emerald Group Publishing
Collection year 2014
Language eng
Formatted abstract
Purpose: The purpose of this paper is to investigate the limitations and potential usefulness of a "knowledge city" concept as diversification vehicle for property investors.

Design/methodology/approach: The paper first dissects the "knowledge city" concept and then investigates whether it inoculates against economic turbulence as measured by growth and jobs recovery. The paper also looks at the protection offered by middle class population growth.

Findings: The idea of the "knowledge city" comes from earlier economic constructs but concentrated at the urban scale. There are two versions - a technical and one enriched with institutional and social dimensions. The limited analysis of selective secondary data suggests that "knowledge city" and strong middle class population growth provide some protection from economic and, presumably, property market instability.

Research limitations/implications: Statistical limitations include arbitrary sample frames; lack of data and unclear spatial resolution, short time frames for aggregate analysis. Further research requires, first, a structured grading of knowledge precincts and, second, randomised sampling of individual properties to investigate any links between total risk-adjusted performance is measured over a decade.

Practical implications: To mitigate risk, investors should consider re-weighting their portfolios to increase exposure to knowledge cities and second-tier but fast growing cities in emerging countries. Social implications: A knowledge-city cannot be imposed by infrastructure, technology or place configuration alone. It involves multiple precinct configurations and subsidiarity. Institutions and people matter. A broader knowledge-city conceptualisation helps inform planning, management and oversight for regional second-tier cities.

Originality/value: Dissecting, noting the limits and drawing out the practical implications of the "knowledge city" concept.
Keyword Diversification
Emerging Markets
Knowledge city
Middle class growth
Real estate
Risk adjusted returns
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Knowledge city and urban economic resilience

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2014 Collection
UQ Business School Publications
 
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Created: Mon, 04 Feb 2013, 14:21:42 EST by Simon Hugh Cuthbert Huston on behalf of UQ Business School