Rescaling of the commercial property market and changing urban governance in Lisbon

Abstract

This paper analyzes linkages between rescaling of commercial property markets and changes in urban governance in Lisbon. The paper aims to improve our understanding of globalization in the sphere of immobile property, and to show to what extent globalization in this limited sense has occurred in Lisbon. In earlier research on Copenhagen, a method and analytical framework was developed for analyzing globalization of commercial property markets and for probing the relations with shifts in urban governance. Here, I attempt to apply these to the context of Lisbon. A framework for analysis is presented, methodological problems are reported and cautious comparisons with Copenhagen are made. I conclude that Lisbon has experienced a regional rescaling of its commercial property market and changes in urban governance, and that these processes are inextricably intertwined. The findings indicate, however, that changes in urban governance have been asymmetrical, benefiting private capital more than local levels of government.