The spatial interlocking of commercial office real estate and advanced producer services: a central flow theory lens

The paper extends geographical enquiry into the external urban relations described by central flow theory in an exploration of the roles of commercial office real estate (CORE) and advanced producer services (APS) as a conduit for inter-city flows of finance in corporate globalization. The analysis investigates and benchmarks the spatial overlap between these city-based service networks and uses this to consider how their respective servicing strategies influence international capital flows. We find that the networks are interlocked, as the connectivity in one network can significantly explain the connectivity in the other. Both CORE and APS services promote cross-border flows of finance. Cities providing multinational CORE and APS services are able to articulate direct as well as indirect inter-city capital flows and spillovers to non-service sectors.