La financiarisation du capitalisme urbain : Marchés immobiliers tertiaires et politiques de développement urbain dans le Grand Paris et le Grand Lyon, les projets des Docks de Saint-Ouen et du Carré de Soie

Abstract : Myriads of urban objects and spaces located in city-regions have turned into financial assets. Office buildings, shopping malls, student dwellings, and large utilities are purchased by investment funds and listed property companies, which seek to capitalise on the future income streams based on their use by firms and people. Urban redevelopment and financial markets are thus intertwined through the financing circuits of property markets. By analysing the interactions between the financial strategies of real estate asset managers and the urban development policies of city governments, the thesis sets out to analyse this financialisation of urban capitalism. In order to question their power relationships and their socio-spatial and material outcomes, it develops a comparison between two large-scale, mixed-use urban redevelopment projects located in the Greater Paris and Greater Lyon areas. The comparison is based on the investigation of the projects, commercial real estate fairs where they are showcased to investors, and metropolitan strategies. Despite different local agendas, both projects leads to the production of standardised and spatially clustered commercial real estate buildings whose access is limited to a restricted set of tenants, thus strongly constraining urban redevelopment policies. Such characteristics correspond to the selective expectations of asset managers, whose investment standards are circulated by real estate brokers and developers to city governments. They result from different processes, which involve more or less conflicts according to local agendas. Faced with intense opposition from developers, the city of Saint-Ouen had to back on several key goals of the project, whereas the redevelopment of the Carre de Soie was undertaken on the basis of a strong consensus between local developers and the Greater Lyon metropolitan authority. In order to account for these differences, the thesis identifies two local configurations conducive of financialisation. In Saint-Ouen’s Docklands case, weak regulation at the city-region scale between cities competing to attract businesses contributes to localised power relationships; their results depend in turn from the combination between priority-setting, redevelopment financing and land materiality. In the Carre de Soie case, the institutionalisation of a property-led policy carried out by the metropolitan executive and its economic development staff has organised the circulation of investment standards at the city-region scale, thereby enhancing their impact on urban redevelopment. Based on these results, the thesis offers an urban political economy of the financialisation of urban production which, compared to Marxian theory, highlights the role of real estate asset managers and pays attention to the mediations of such a process. It also contributes to theories of urban power by emphasising the limited explanatory power of local agendas on the selective effects of financialisation. Eventually, it discusses how, under specific circumstances, an urban financialised coalition emerges.
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Contributor : Antoine Guironnet <>
Submitted on : Thursday, September 21, 2017 - 10:04:07 AM
Last modification on : Thursday, January 11, 2018 - 6:19:09 AM

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Antoine Guironnet. La financiarisation du capitalisme urbain : Marchés immobiliers tertiaires et politiques de développement urbain dans le Grand Paris et le Grand Lyon, les projets des Docks de Saint-Ouen et du Carré de Soie. Architecture, aménagement de l'espace. Paris-Est, 2017. Français. ⟨tel-01590801v1⟩

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