The nature and structure of spatial industrial property markets

This paper focuses on the nature and structure of spatial industrial property market areas within todayʹs pattern of dispersed stage urban development. It seeks to achieve four main objectives. First, it considers the underlying factors influencing the intra-regional location of industry through a review of industrial location theories, theories of industrial clustering and Alonsoʹs urban land use model. Next the paper assesses the concept of a local industrial property market. The third step attempts to identify, empirically, the spatial pattern and structure of local industrial property markets in west central Scotland. The research is based on a unique stock database and the empirical analysis draws on parallel research criteria developed in the analysis of local labour and housing markets. These primarily apply criteria of spatial containment. The final section re-appraises the theoretical elements and makes some conclusions for public policy. The results of our analysis suggest that local industrial property market areas are relatively small and embedded within travel to work areas.