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Considers the interrelationships between manufacturing firms and their accommodation in the rented sector of the industrial property market. Discusses the implications for the industry of the growth of the rented sector, and outlines three analytical approaches to an understanding of firm‐property interrelationships: industry‐based analysis, behavioural analysis, and life‐cycle theory. Concludes that the increasing importance of rented industrial property has highlighted the need for a better understanding of the firm‐property interrelationship, three approaches to which have been outlined above.

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