Sport and the Local Economy: The Effects of Stadia Development on the Commercial Property Market

Abstract

The use of sports stadia for economic development and regeneration has gained increasingly credibility in recent years, both academically and in terms of UK urban policy. However, evidence to support the effectiveness of stadia for these purposes is highly variable. This paper uses a comparative case study of the Millennium Stadium and the City of Manchester Stadium to examine the effects of stadia development on the commercial property market, an area of research that has received little attention in the literature. It uses the expert opinion of professionals working in real estate, together with the experience of key stakeholders in Manchester and Cardiff to provide empirical evidence that stadia can create tangible and intangible impacts on the commercial property market, but that these are variable between different sectors. It concludes by arguing the need for further research on the role of stadia in the regeneration process if the impacts of these developments are to be maximised in the future.