This text is a comprehensive analysis of property investment and the market's determination of commercial property values and investment performance. Will Fraser examines the economic forces that operate in the property market by placing property in the context of the overall investment market and the local, national and international economies. Relevant concepts and principles of economics, investment and finance are identified, these are then used to explain the operation of the property market and property price determination. The book begins with a study of the stock market, identifying the principles and forces which explain the price determination of stocks and shares. These principles are then applied to commercial property investments and a simple theory is developed. The three major sectors of the property market (letting, development and investment) are then analyzed in depth, and the pricing theory is reviewed. After an examination of the influence of government intervention, the subject is synthesized by detailed studies of three of the most turbulent periods in the history of the post-World War II property market in the UK.In this second edition, both the text and illustrative examples have been updated. The theory of the market's determination of rental values and yields have been revised and developed. A new chapter, discussing the 1980s property boom and the 1990s collapse, has been added.