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and cultural complexes, and the increased connection between gentrifi cation and global
real estate resulting in waterfront regeneration schemes and associated art-led gentrifi cation
(Gotham, 2005).
Third-wave gentrifi cation can be traced from the post-recession era since the mid-1990s,
which saw the 'return of gentrifi cation' in which the role of large-scale capital has appeared
greater than ever, as large developers redeveloped whole urban neighbourhoods, often with
state support (Lees, 2003a, 2003b; Lees,
et al.
, 2008). In addition to residential rehabilitation
and refurbishment, gentrifi cation has become increasingly intertwined with reinvestment in
commercial consumption developments such as shopping centres, cultural complexes and
leisure and entertainment landscapes, and therefore tourism ( Judd and Fainstein, 1999).
Fourth-wave gentrifi cation emerged in the early 2000s with 'intensifi ed fi nancialisation' of
housing combined with pro-gentrifi cation urban policies (Lees, 2003; Lees
et al.
, 2008).
Gentrifi cation has now entered another transitional period as a result of the global economic
downturn since 2007, with a slowing of the process and impacts on linked consumer and
experience economies (Lees, 2009; Parkinson
et al.
, 2008).
Approaching gentrifi cation
Supply-side perspectives based on the production dimension (built forms)
Gentrifi cation has been driven strongly by supply-side motivations associated with initial
owners of property, developers and speculators. This asserts that gentrifi cation occurs when
the gap between what current rents are and what they could potentially be grows suffi ciently
to entice developers into a neighbourhood who invest in the housing and improve the street-
scape. Therefore, gentrifi cation can be explained as an economic process consequent to the
fl uctuating relationships among capital investments and the production of urban space (Smith,
1996). The proximate cause of gentrifi cation is generally ascribed to uneven development
under (late) capitalism (Gladstone and Préau, 2008).
Demand-side perspectives based on the consumption dimension (actors)
Ley (1996) advocated the demand-side explanation for gentrifi cation. This demand has been
driven by consumer choice and cultural expression in postmodern society, along with wider
social and demographic trends such as later marriage, single lifestyles, growing numbers of
students, and the expansion of the 'service class' or 'creative class' of urban professionals
amenable to central city living (Allen, 2007; Florida, 2002, 2005; Ley, 1996; Tallon and
Bromley, 2004). Warde (1991) and Zukin (1989, 1995, 2010) started to examine the socio-
cultural characteristics and motives of gentrifi ers as social, cultural and creative actors (see
also Rofe, 2003). Zukin argues, as a departure from Jane Jacobs' writing on the institutional
forms of large-scale urban renewal, that her focus was on trying to keep the people and not
just the buildings in place
(bigthink.com,
2011).
In spatial terms, Zukin has also focused extensively on the migration of fi rst-wave 'artistic'
neighbourhoods as part of the urban gentrifi cation process (Zukin, 1989, 1995, 2010). The
service and creative classes of gentrifi ers assert their identity through consumption and select
central city living above the sterility and suppressive nature of the suburbs (Florida, 2002;
Ley, 1996). Also coming from a place perspective, Cresswell notes the rise of 'neotradition-
alism' - the desire to create places that are different from the anonymous sprawling suburbs
of tract developments and 'MacMansions' (Cresswell, 2004: 95), noting that words such as
