Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities

Abstract

This article is part of a project that has received funding from the European Research Council (ERC) under the Horizon 2020 research and innovation programme (Grant agreement No. 680313). Cities on the global real estate marketplace: Urban development policy and the circulation of financial standards in two French localities Departing from localised accounts of the role of local governments in the financialization of the built environment, this article outlines their contribution to the process through increasing attendance at global real estate fairs such as the Marché international des professionnels de l'immobilier (Mipim), where they showcase investment opportunities. Following urban political economy approaches centred on the transcalar intermediations of financialization, Mipim is conceptualized as a site of the circulation of the expectations of investors that involves spatial and temporal dimensions. Based on a comparison of two local authorities in France, namely the Grand Lyon metropolitan authority and Saint-Ouen municipality, the article examines the motives, modalities, and outcomes of their attendance. If both committed to the event despite opposite political agendas, the impact of Mipim has been more significant in the case of the Grand Lyon, where the metropolitan authority adjusted not only the type of showcased projects over the years, but also their content as well as its local planning strategy. The article explains why and how, and discusses under which conditions Mipim is not a mere display showcase, but instead can actively contribute to the adjustment of urban space and governance to the requirements of financial markets.

Şehir Planlaması ve Şehir Pazarlaması Bağlamında Küresel Gayrimenkul ve Emlak Fuarları

“…Bu açıdan bakıldığında fuarlar, yerel yönetimlerin gayrimenkul profesyonelleri ile bağlantı kurabilmelerini sağlamaktadır. Ayrıca bu fuarlar, yerel yönetimlerin sektördeki en son trendler, teknolojiler ve uygulamalar hakkında bilgi edinmelerine ve yatırımcıların hangi projelerle daha fazla ilgilendiklerini keşfetmelerine imkan vermektedir (Guironnet, 2019).…”

“…Bu tekrarlı katılımlar, uygulamalarında ayarlama yapmalarına imkan verebilecek öğrenme süreçlerini ve fuarlar sırasında sabit hale gelen belirli temsillerin yeniden üretilmesini kolaylaştırır. (Guironnet, 2017). Başka bir ifadeyle emlak fuarları yerel yönetimlere, yatırımcıların tercihlerini öğrenme ve o tercihlere göre pozisyon alma kabiliyeti kazandırmaktadır.…”

Taking Stock of What We Know About Large-Scale Urban Development Projects: A Review of Existing Theoretical Frameworks and Case Studies

“…Several prominent urban scholars thereafter have highlighted the role of governments and their financial and fiscal policies in facilitating the financialization of real estate (Fainstein 2016; Gotham 2006; Guironnet 2019; Weber 2002, 2010). The growing scale and number of UDPs are seen as a manifestation of such a trend (Rutland 2010).…”

Governing investors and developers: Analysing the role of risk allocation in urban development

“…As is evident above, investors and developers have contrasting focuses for their risk calculations, as such investors argued that key in their decision-making process was acquiring a site where planning permission would be hard to get. This contributes to debates about the agency of city and local governments in relation to national legislation and real estate actors that has been revived in financialisation work (see Guironnet, 2019).…”