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1
Cashman, George, and Joshua Fairbanks. "Acknowledging Contributions to the Real Estate Literature." Journal of Real Estate Literature 22, no. 1 (January 1, 2014): 3–22. http://dx.doi.org/10.1080/10835547.2014.12090376.
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Song, Yu, Chunlu Liu, and Craig Langston. "LINKAGE MEASURES OF THE REAL ESTATE SECTOR CONSIDERING THE EFFECT OF CAPITAL." International Journal of Strategic Property Management 10, no. 3 (September 30, 2006): 131–43. http://dx.doi.org/10.3846/1648715x.2006.9637549.
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A significant limitation in previous linkage relevant research is that the flow of capital goods is not addressed. Using the OECD input‐output tables, this research first generates a new input‐output model considering capital as an intermediate factor. Using the new model, the real estate linkages are re‐calculated and investigated in order to evaluate appropriately the impact of the real estate sector on national economies. The findings verify that the linkages of the real estate sector were extremely underestimated in previous research. A correct linkage measure of the real estate sector can contribute to produce correct information corresponding to the sectors responsible for the economic growth during the period under study and provide substantial contributions towards guiding the appropriate strategies for future economic development.
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Jalil Omar, Abdul, and Christopher A. Heywood. "Defining a corporate real estate management's (CREM) brand." Journal of Corporate Real Estate 16, no. 1 (April 1, 2014): 60–76. http://dx.doi.org/10.1108/jcre-10-2013-0031.
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Purpose – This paper aims to explore how branding theory can be used to understand corporate real estate management's (CREM's) relationships with its customers. Specifically, the perspectives of CREM executives and customers are used to develop a statement of a CREM brand. Design/methodology/approach – A multiple case study approach from four industry sections that consist of telecommunications, logistic, retail, and education from an emerging real estate market (Malaysia) and a mature real estate market (Australia). CREM executives and CREM customers from each case were interviewed to obtain information on CREM within organisations. Findings – The findings indicate that CREM supports the business by managing organisations' strategic real estate resources as its brand. CREM executives focus more on the technicality of real estate functions, while CREM customers expect corporate real estate (CRE) to support their business functions. Research limitations/implications – A CREM brand is important to CREM relationship building with the targeted customers. Successful brand development is able to increase CREM visibility to customers and at the same time gain appreciation of its contributions to the organisations. Originality/value – This is the first study that investigates CREM from a branding perspective. The mechanism for communicating CREM contributions using branding helps to increase acceptance from the customers.
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Hoesli, Martin. "An analysis of papers published in the Journal of European Real Estate Research, 2008-2019." Journal of European Real Estate Research 14, no. 2 (January 18, 2021): 294–301. http://dx.doi.org/10.1108/jerer-04-2020-0027.
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Purpose The purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008. Design/methodology/approach The author analyzes papers published from 2008 to 2019 in the Journal of European Real Estate Research by authors’ country of affiliation, by country of study and by theme. Findings The Journal of European Real Estate Research publishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably. Originality/value This paper provides for a clearer understanding of key dimensions of real estate research in Europe.
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Xue, Chao, Yongfeng Ju, Shuguang Li, and Qilong Zhou. "Research on the Sustainable Development of Urban Housing Price Based on Transport Accessibility: A Case Study of Xi’an, China." Sustainability 12, no. 4 (February 17, 2020): 1497. http://dx.doi.org/10.3390/su12041497.
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The development of a real estate economy is beneficial to urban stability. A method of real estate price prediction based on transport accessibility is proposed. The method adds bus accessibility and metro accessibility into the model, which has higher prediction accuracy than the traditional model. Firstly, bus accessibility and metro accessibility are calculated according to the space syntax theory. Then, four models, the traditional hedonic price model (HPM) with transport accessibility, the traditional hedonic price model without transport accessibility, the random forest (RF) model with transport accessibility, and the random forest model without transport accessibility, are introduced. Finally, the four models are compared and analyzed in terms of precision and importance of index contributions. Taking Xi ’an, China, as an example, the experimental results show that the transport accessibility calculated based on space syntax can accurately represent the transport convenience in an urban space structure. Furthermore, it has a great influence on the contribution of indexes in the model. With the introduction of bus accessibility and metro accessibility, the accuracy of the real estate price prediction model is greatly improved.
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Then, Danny Shiem-Shin. "A PROACTIVE PROPERTY MANAGEMENT MODEL THAT INTEGRATES REAL ESTATE PROVISION AND FACILITIES SERVICES MANAGEMENT." International Journal of Strategic Property Management 9, no. 1 (March 31, 2005): 33–42. http://dx.doi.org/10.3846/1648715x.2005.9637524.
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The creation of suitable workplace environment to support employees in performing their tasks is becoming a key issue for many organisations faced with constant change. Numerous workplace strategies have evolved in recent years to provide for convenience and flexibility, as well as functionality and privacy. Problems usually arise at the implementation stage where organisation culture and practices often run counter to the need for innovation strategies. This paper contents that the creation of enabling workplace requires a proactive property management model that integrate real estate provision and facilities services management. The value contribution of real estate assets can only be optimised when the property/facilities professional takes on the responsibility of continuously providing appropriate facility solutions to business challenges. An essential prerequisite is the role of property/facilities management as the custodian and enabler of the corporate workplace environment. The focus of the research was to provide a business perspective to the role of real estate assets(property) in supporting the fulfilment of corporate business plans. Based a comprehensive survey of published literature and a series of in‐depth interviews of corporate real estate/property/facilities managers, an integrating resources management framework was developed to model the nature of interactions between strategic business planning and facility operations in an organisational setting.
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Surmann, Markus, Wolfgang Andreas Brunauer, and Sven Bienert. "The energy efficiency of corporate real estate assets." Journal of Corporate Real Estate 18, no. 2 (May 9, 2016): 68–101. http://dx.doi.org/10.1108/jcre-12-2015-0045.
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Purpose On the basis of corporate wholesale and hypermarket stores, this study aims to investigate the relationship between energy consumption, physical building characteristics and operational sales performance and the impact of energy management on the corporate environmental performance. Design/methodology/approach A very unique dataset of METRO GROUP over 19 European countries is analyzed in a sophisticated econometric approach for the timeframe from January 2011 until December 2014. Multiple regression models are applied for the panel, to explain the electricity consumption of the corporate assets on a monthly basis and the total energy consumption on an annual basis. Using Generalized Additive Models, to model nonlinear covariate effects, the authors decompose the response variables into the implicit contribution of building characteristics, operational sales performance and energy management attributes, under control of the outdoor weather conditions and spatial–temporal effects. Findings METRO GROUP’s wholesale and hypermarket stores prove significant reductions in electricity and total energy consumption over the analyzed timeframe. Due to the implemented energy consumption and carbon emission reduction targets, the influence of the energy management measures, such as the identification of stores associated with the lowest energy performance, was found to contribute toward a more efficient corporate environmental performance. Originality/value In the context of corporate responsibility/sustainability of wholesale, hypermarket and retail corporations, the energy efficiency and reduction of carbon emissions from corporates’ real estate assets is of emerging interest. Besides the insights about the energy efficiency of corporate real estate assets, the role of the energy management, contributing to a more efficient corporate environmental performance, is not yet investigated for a large European wholesale and hypermarket portfolio.
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Al Aina, Riham, and Tarik Atan. "The Impact of Implementing Talent Management Practices on Sustainable Organizational Performance." Sustainability 12, no. 20 (October 12, 2020): 8372. http://dx.doi.org/10.3390/su12208372.
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As organizations operate in an inexorable marketplace, there are always new and unpredictable difficulties that make managerial roles harder and the achievement of organizational goals and objectives more critical. Recently, the implementation of talent management practices in achieving sustainable organizational performance that will match the firms’ operational and strategic goals have been the concern of both academics and practitioners, but the issue has not been exhaustively investigated. Thus, the aim of this study is to investigate the effect of talent management practices on the sustainable organizational performance in real estate companies located in the United Arab Emirates. This paper seeks to make contributions through an empirical evaluation of talent management in the United Arab Emirates. A structured questionnaire was distributed to collect data from a study sample of 306 managers working in real estate companies. The proposed hypotheses were verified by structural equation modeling (SEM). The results of this study show that talent attraction and talent retention had no impact on the sustainable organizational performance, whereas learning and development and career management were found to have significantly positive impacts. The study suggests that learning and development, and employee career management, should be leveraged on by the management by concentrating on the coaching and training programs and job rotation so that the firm can achieve sustainable organizational performance.
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Price, Russell M. "REIT Performance From Real Estate Mutual Fund Holdings." Journal of Business & Economics Research (JBER) 9, no. 12 (November 22, 2011): 19. http://dx.doi.org/10.19030/jber.v9i12.6603.
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The performance of REITs may determine the level of holdings in real estate mutual funds. My study combines the process of asset composition of REITs with the REITs contribution in real estate mutual fund portfolios. There is a 2% to 3% increase in REIT holdings when the dividend yield increases by 1%. The relationship is strongest during the tech bubble period. This will give the investment advisor a look into management of real estate related assets in their respective portfolios.
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Nesterenko, S., Y. Radzinska, V. Frolov, and P. Firsov. "LEGAL ASPECTS OF LAND FORMATION UNDER REAL ESTATE OBJECTS." Municipal economy of cities 1, no. 161 (March 26, 2021): 129–33. http://dx.doi.org/10.33042/2522-1809-2021-1-161-129-133.
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Given the provisions of the existing regulatory framework, contributions and achievements in the development of modern land management, it can be noted that the current outline of legal features of land and real estate, the presence of significant gaps and unresolved issues need to clarify these problems and find effective practical measures. The purpose of the article is to study the existing regulatory requirements for the acquisition of ownership of real estate in combination with ownership of land. The article examines the existing regulatory requirements for the acquisition of ownership of real estate in combination with ownership of land. The paper analyzes modern approaches to obtaining the right to land under real estate in Ukraine. The procedure for assigning a cadastral number before the alienation of real estate is determined; schemes of land formation under the real estate object; the procedure for state registration of real estate rights and the grounds for refusal of it and others are determined. The order, principles, requirements and regulatory documents at formation of the ground area under real estate objects are offered. The article considers the peculiarities of assigning a cadastral number to the land plot on which the residential building is located. It is noted that the state registration of land plots is carried out at their location by the relevant state cadastral registrar. It is determined that the acquisition of the right to a person's share in the ownership of a residential building, building or structure under the contract as a result of state registration of rights is a fact of acquisition of real estate. The norms specified in the article establish the general principle of integrity of the real estate object with the land plot on which this object is located. According to these norms, the definition of land rights is directly dependent on the ownership of the building and structure. The provisions developed in the article will increase the efficiency of land use and real estate by defining regulations on their mutual influence.
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Shen, Liang Feng, and Tian Ping Song. "Study on the Measurement Model of Knowledge Management Contribution Rate for Real Estate Enterprises." Advanced Materials Research 590 (November 2012): 508–11. http://dx.doi.org/10.4028/www.scientific.net/amr.590.508.
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Through the introduction of potential analysis method, a measurement model of enterprise knowledge management contribution rate is put forward in this paper based on the improved the method of Solow’s residual value, and is estimated by the performance measure of a real estate enterprise for implement knowledge management, then the results have shown that the model and the method have good feasibility.
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Read, Dustin C., and Andrew Carswell. "Is property management viewed as a value-added service?" Property Management 37, no. 2 (April 15, 2019): 262–74. http://dx.doi.org/10.1108/pm-05-2018-0034.
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PurposeThe purpose of this paper is to examine the perspectives of real estate executives to assess the extent to which property management is viewed as a commodity or as a value-added professional service contributing positively to investment performance and property value maximization.Design/methodology/approachThe qualitative analysis draws on the result of 93 semi-structured interviews conducted with executives employed by some of the largest real estate investment management and service firms across the USA.FindingsThe findings suggest that significant perceptual cleavages exist in the real estate industry, with some executives believing property managers are incredibly important to the value creation process and others believing they play a much more modest role.Practical implicationsThe results highlight the need for the property management industry as whole to continue its efforts to gain recognition as a value-added professional service and for individual property management companies to actively take steps to differentiate themselves from competitors if they hope to avoid commodification and fee compression.Originality/valueThe study is the first to the authors’ knowledge to examine real estate executives’ perspectives about the roles property managers play in the value creation process, as well as their views about whether property managers have the skills and autonomy required to make value accretive decisions.
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Price, Russell M. "Management Changes And Performance: The Case Of REITs." Journal of Business & Economics Research (JBER) 9, no. 11 (October 28, 2011): 51. http://dx.doi.org/10.19030/jber.v9i11.6500.
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Managements (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study extends the work of McIntosh et al (1994) and Friday et al (2006) by analyzing management changes involving Real Estate Investment Trusts from 1996 to 2008. I find that there is a significant relationship between negative performance and a management change from a period three months prior to the change in management. REITs specializing in office properties have the largest negative performance prior to management changes. Negative performance prior to management changes was highest during the tech bubble period.
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WEBSTER, SARAH. "Estate Improvement and the Professionalisation of Land Agents on the Egremont Estates in Sussex and Yorkshire, 1770–1835." Rural History 18, no. 1 (March 16, 2007): 47–69. http://dx.doi.org/10.1017/s0956793306002019.
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The role of land agents in the management and improvement of English landed estates between 1770 and 1850 is examined in this paper. The focus is on the responsibilities of land agents, their contribution to agricultural improvement, and in particular the validity of a thesis of the professionalisation of agents during this period. The Petworth House archives are used to compare the work of two legal agents at Petworth in Sussex with that of a professional land agency firm in Yorkshire, both employed by the third Earl of Egremont (1751–1837). This study suggests that the role of land agents in agricultural improvement at Petworth was limited to the financial, legal and political aspects of these developments rather than practical management. It proposes that legal agents remained more influential than has been supposed, even on estates renowned for agricultural improvement, and despite contemporary criticism that emphasised the importance of applied agricultural expertise. The belated professionalisation of the Petworth agents and the significant differences in their roles when compared with contemporary and historical accounts suggests that estate management was therefore far more diverse than is suggested in some recent literature.
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Haran, Martin, Michael McCord, Peadar Davis, John McCord, Colm Lauder, and Graeme Newell. "European emerging real estate markets." Journal of Property Investment & Finance 34, no. 1 (February 1, 2016): 27–50. http://dx.doi.org/10.1108/jpif-04-2015-0024.
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Purpose – The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014. Design/methodology/approach – The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio. Findings – The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance. Practical implications – This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies. Originality/value – Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.
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Kwan, Ming, Anthony Kong, and David Liu. "Extraordinary Educative Environmental Events." Journal of Management and Sustainability 9, no. 1 (March 24, 2019): 101. http://dx.doi.org/10.5539/jms.v9n1p101.
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Using educative environmental protection events such as “Environmental Protection Pioneer Campaign”, “Rewarding Recycling Campaign”, “Green Efforts Give Great Rewards Event”, “Environmental Protection Workshop”, “Environmental Campaign Day”, “Environmental Protection Carnival” and “Second-hand Bazaar” held in Park Island, Hong Kong, as a case study, the purpose is exploring how educative environmental protection events contribute to demonstrate environmentally friendly property management and raise the environmental protection awareness and encourage residents’ involvement to live green.
Design/Methodology/Approach—This paper identifies environmental protection events as an effective strategy to raise environmental awareness for all of the estate residents. The objectives of environmental protection events aimat showing the importance of community involvement, demonstrating educative environmentally friendly property management and encourage residents to live green. Authors conducted twenty-five in-depth semi-structured interviews with participants so as to fully understand the contributions made by the events.
Findings—Educative environmental protection events were perceived by all of the study participants as effective and educative events, which raised environmental awareness, upheld moral obligation to engage in environmental protection, and induced greater pro-environmental behavior to sustainability. Based on the results, the framework of 10 Cs is revealed which contributes to environmentally friendly environment for the next generation. These contributions are:
1) Circulating surplus materials to the needy
2) Choosing public transportation
3) Committing to green education
4) Cultivating pro-environmental behavior
5) Caring for sustainable development
6) Cutting Carbon lifestyle
7) Coordinating efforts to reduce, reuse, and recycle
8) Consuming less electricity
9) Concerning ocean creatures protection
10) Ceasing ozone depleting chemicals products
Practical implications—Based on the insights gained from participants, the 10 Cs contributions are made by educative environmental protection events for nurturing moral obligation to demonstrate environmentally friendly property management and raise the environmental protection awareness and encourage residents’ involvement to live green. Participants should take part in all environmental-protection measures daily. The Estate Management Company and government should deepen cooperation in environmental protection, intensify ecological preservation and build a green living environment.
Originality/value—This paper urges for the importance of all residents, all estate management companies and government to engage in environmental protection for sustainable development. The aim of such an episode is to arouse all stakeholders to participate in environmental protection actively and attentively for green environment.
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Sarjana, Sri, Nur Khayati, Lis Warini, and Praswiyati Praswiyati. "Exposure of CSR Dimension for Business Development: Case Study in Industrial Estate." Management Analysis Journal 9, no. 2 (June 18, 2020): 221–32. http://dx.doi.org/10.15294/maj.v9i2.38252.
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This study aims to find out how contribution of companies in industrial estate has an active involvement in corporate social responsibility (CSR) programs. In addition, the study also encourages companies to develop business in industrial estates, especially for industrial manufacturers in various business backgrounds through strengthening of the company’s active involvement in corporate social responsibility programs. Research has been conducted data collection and testing for the management in industrial estate at West Java, Indonesia. The sample selection was collected by using random sampling. Observations were made in time horizon or cross-sectional. Data were tested using structural equation modeling. The results concluded that the company has not been optimally involved in corporate social responsibility program. This can be seen from the lack of corporate contribution related to the role of company to engage directly on corporate social responsibility that can be felt and utilized by surrounding community to develop resources around it. The research expects for manufacturing industries in industrial estates to increase active involvement in corporate social responsibility programs as they positively impact business development in the future.
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Umeh, Obinna Lawrence, and Al-ameen Ayoade Okonu. "Real estate performance in Nigeria pension fund." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 454–65. http://dx.doi.org/10.1108/jpif-02-2018-0009.
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Purpose The purpose of this paper is to examine the contribution of real estate to the performance of mixed-asset portfolio of Nigeria Pension Fund with a view to providing a guide on investment decision making for institutional investors and portfolio managers. Design/methodology/approach Data on capital value were collected from the quarterly and annual reports of Nigeria Pension Commission over a period of ten (2007–2016) years, and the data were analyzed using descriptive statistics. Findings The findings show that there is diversification benefit resulting from integrating real estate to other assets of the Nigeria Pension Fund, and that the fund’s portfolio performed better when real estate is integrated in the mixed-asset portfolio. Practical implications Investment portfolio managers can benefit from the findings of this study by making investment decisions that are performance-driven. The study will serve as a guide in making investment decisions on mixed-asset portfolio of institutional investors other than pension funds. Originality/value There is no known paper on the contribution of real estate in the performance of asset portfolio of the Nigeria Pension Fund.
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Amoatey, Charles, and Doreen Danquah. "Analysing project risks in Ghana’s real estate industry." Journal of Facilities Management 16, no. 4 (September 3, 2018): 413–28. http://dx.doi.org/10.1108/jfm-10-2017-0054.
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Purpose The purpose of this paper is to analyse project risks in Ghana’s real estate construction industry in terms of likelihood of occurrence, severity of impact and controllability. Design/methodology/approach A quantitative research approach was used in this study to address the research objective. The study population consisted project managers, architects, surveyors and contractors from 17 members of the Ghana Real Estate Developers Association (GREDA) in Ghana. Random stratified sampling technique was used to select 97 participants from these firms. A structured questionnaire was used to collect primary data, whereas descriptive statistics were used to present findings. Findings All risks identified have some level of likelihood of occurrence, extent of severity of impact and controllability. Market risks, technical risks and environmental risks are more likely to occur. Market risks, technical risks and environmental risks had the highest severity of impact. Financial risks, market risks, managerial risks and technical risks are the most controllable. Among all risks, environmental risks are the direst because they have high likelihood of occurrence and severity of impact but very low controllability. Real estate construction firms (developers) are therefore expected to prioritize remedy of environmental risks. Research limitations/implications The study is based on self-reported perception of project parties on the likelihood, severity of impact and controllability of real estate project risk factors. Firms outside of GREDA were not included in the survey. Therefore, generalisation of these risk factors for the entire construction industry should be done with caution. Practical implications The research results show that Ghanaian real estate developers are aware of the existence of the risks which impact on the performance of the industry. To effectively and efficiently manage these risk factors, project parties must understand the likelihood of occurrence, severity of impact and controllability of the risk factors, as well as individual firm’s responsibilities and capabilities to manage them. Such knowledge helps project managers to prioritise risks in managing them in the face of scarce resources. From an academic research perspective, the paper contributes to a conceptual risk assessment framework for the real estate industry. Originality/value The paper’s main contributions relate to the introduction of real estate construction sector-specific factors to project risk management modelling.
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Cricelli, Livio, Marco Greco, and Michele Grimaldi. "An overall index of intellectual capital." Management Research Review 37, no. 10 (September 9, 2014): 880–901. http://dx.doi.org/10.1108/mrr-04-2013-0088.
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Purpose – The aim of this article is to expound a holistic intellectual capital index. Moreover, the paper presents its implementation within a real estate organization. Design/methodology/approach – The index is calculated on the basis of 14 structured interviews synthesized through the analytic hierarchy process, min–max normalizations and weighted sums. Findings – The authors estimate a holistic intellectual capital index and show that an analysis of its components may allow identifying discordances within the organization about the contributions of its value drivers. Research limitations/implications – The proposed index may be used in a medium-/long-term research to measure the evolution in the organizational intellectual capital and its relation with the top management’s initiatives and the competitive environment changes. Practical implications – The proposed methodology may integrate the reports prepared for shareholders and stakeholders and provide the top management, with an in-depth understanding of the different perceptions of the organizational human resources. Originality/value – The authors discuss a holistic index of intellectual capital that allows considering both the performances of the intellectual capital components and the interdependencies among them and also their strategic contribution to the value-creation process. In addition, they propose a novel descriptive statistical analysis of the assessment and management of IC-index components to draw indications for the top management.
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Chikafalimani, Samuel H. P., Nathan Kibwami, and Sibusiso Moyo. "Perceptions of Academics on Real Estate Topics in Africa." Real Estate Management and Valuation 29, no. 1 (March 1, 2021): 30–40. http://dx.doi.org/10.2478/remav-2021-0004.
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Abstract This paper presents the perceptions of academics on real estate topics offered in Bachelors Real Estate (BRE) curricula in Africa. In order to understand the perceptions of academics on real estate topics, a survey of seven selected BRE curricula offered in different regions of Africa was conducted to determine important real estate topics academics included in the curricula. After analyzing the curricula, sorting and re-grouping the topics: Real estate management, Real estate valuation, Real estate economics, Real estate finance and investment, Real estate development, Real estate law, Real estate planning, Real estate research, Real estate industrial training and Real estate electives emerged to be important topics the academics considered to include in the curricula. The topics are in line with those expected in a real estate curriculum. In addition, results revealed that BRE curricula follow the interdisciplinary approach to real estate education. Findings will encourage universities in Africa and elsewhere to develop comprehensive real estate curricula or improve existing ones to accommodate the interdisciplinary approach and the international perspective of real estate education because of their benefits. The study will also support the harmonization of real estate education, practice, investment and business in Africa, hence contributing towards the economic development of the continent.
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Poon, Joanna. "Do real estate courses sufficiently develop graduates’ employability skills? Perspectives from multiple stakeholders." Education + Training 56, no. 6 (August 5, 2014): 562–81. http://dx.doi.org/10.1108/et-06-2013-0074.
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Purpose – The purpose of this paper is to investigate whether Royal Institution of Chartered Surveyors (RICS) accredited real estate courses in the UK have equipped real estate graduates with sufficient relevant employability skills to embark on a career in the profession. This paper considers the perspectives of four stakeholders – employers, human resource managers, graduates and course directors of RICS-accredited real estate courses – in the UK. Design/methodology/approach – The results of a mixed-methods study, involving two online surveys with real estate employers and recent graduates of RICS-accredited real estate courses, and two sets of interviews with human resource managers of real estate surveying firms and course directors of RICS-accredited real estate courses, are presented. Findings – The employers and graduates of the RICS-accredited real estate courses do not think the courses sufficiently equip graduates’ with employability skills. On the other hand, the human resource managers are very impressed with graduates’ technical skills but have concerns about their soft skills and attributes. Human resource managers and course directors of RICS real estate courses commented that commercial awareness is an important employability skill but graduates are not well developed in this area. Course directors also noted that practical experience is vital to employability, commenting that students can only obtain real-life practical experience if employers offer them opportunities. Originality/value – This paper makes an original contribution to the existing literature on employability skills for real estate graduates. It describes pioneering research considering the perspectives of four types of stakeholders and evaluates whether real estate courses sufficiently develop graduates’ employability skills.
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Piazolo, Daniel, and Gerhard Förster. "Integrity as performance-increasing factor within the real estate industry." Property Management 37, no. 1 (February 18, 2019): 38–51. http://dx.doi.org/10.1108/pm-02-2018-0015.
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Purpose The purpose of this paper is to examine how the strengthening of integrity within the real estate industry can lead to higher performance. Sticking to restricting ethical standards might be seen as reducing the range of options and consequently performance. However, in a dynamic setting of interactions there is a different outcome due to the performance effect of integrity. This is due to new opportunities that would not exist without integrity. Design/methodology/approach A literature review of ethics and the economics of trust is presented along with an analysis why real estate is an industry linked with corruption scandals. Findings Fostering integrity has an embedded challenge: integrity is invisible. Most capabilities and skills can be learnt through observation and imitation. However, what you cannot see, you cannot imitate. Consequently, education is central to address this issue and to increase awareness and understanding. Professional bodies have to support life-long education to ensure its members’ integrity. Practical implications This paper emphasizes the importance of fostering integrity through higher education and professional bodies within the real estate industry. Social implications Integrity is a performance-increasing factor—also in the real estate industry. Thus, the stakeholders forming the real estate industry, including educational institutions and professional bodies, are called upon to examine how they can address this issue. Originality/value This contribution is the first paper to link the performance effect of integrity with the real estate industry.
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Nunes, Ben, Simon Pollard, Paul Burgess, Gareth Ellis, Irel de los Rios, and Fiona Charnley. "University Contributions to the Circular Economy: Professing the Hidden Curriculum." Sustainability 10, no. 8 (August 2, 2018): 2719. http://dx.doi.org/10.3390/su10082719.
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In a world dominated by linear economic systems, the road to improving resource use is multi-faceted. Whilst public and private organisations are making progress in introducing sustainable practices, we ask ourselves the extent to which education providers are contributing to the circular economy. As engines for skills and knowledge, universities play a primary role in propelling circular economy approaches into reality and, as such, hold the potential for raising the bar on sustainable performance. A rapid evidence assessment (REA) was therefore undertaken to examine the interactions between university estate management and the circular economy. This assessment identified six pertinent themes: campus sustainability, the hidden curriculum, environmental governance, local impact, university material flows, and the role of universities as catalysts for business and examined 70 publications. A second part of the study reviewed the environmental activities of 50 universities ranked highly in terms of their environmental credentials or their environmental science courses. The results are presented and then discussed in terms of how universities can affect material flows, promote sustainability outside of the formal curriculum, and act as catalysts with business. The economic significance of universities provides an appreciable demand for circular products and services. Universities should develop “hidden curriculum” plans to promote improved environmental behaviours of staff and students. Universities can also catalyse a circular economy by working with business to improve eco-effectiveness as well as eco-efficiency. For example, projects should extend the focus from decreasing carbon footprint to achieving carbon positivity, from improving water efficiency to treating wastewater, and from recycling to reverse logistics for repurposing. Pilot projects arising from such work could provide valuable research bases and consultancy opportunities.
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Kauko, Tom. "Innovation in urban real estate: the role of sustainability." Property Management 37, no. 2 (April 15, 2019): 197–214. http://dx.doi.org/10.1108/pm-10-2017-0056.
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PurposeThe sustainability agenda has already become widely recognised in real estate analysis. However, two challenges are to overcome before sustainability issues are brought fully into the professional and academic mainstream: first, the provision of sustainability enhancing qualities; and second, to overcome deep-rooted scepticism towards the higher cost element of such qualities (i.e. creating economies of scale). Another potentially related issue is that the notion of innovation is gaining popularity in this field. Innovation-driven change is cyclical and unpredictable, which in turn calls for an explicit evolutionary and complexity perspective. The paper aims to discuss these issues.Design/methodology/approachCritical literature review. The author’s own experience as participant of the discussions and debates is also used.FindingsThe conclusions suggest that, in line with evolutionary and complexity principles, innovations exist and emerge within the real estate industry itself, and in fields related to it – and this includes various aspects of promoting sustainability thinking.Research limitations/implicationsThis contribution uses valuation automata as an example of this argumentation.Practical implicationsThe concept of complexity refers to emerging qualities found in the evolution of the development of an industry; the practical implication of complexity concerns the capability of managers to react competently in unfamiliar circumstances.Social implicationsThus, innovation in real estate is both economic and socio-cultural.Originality/valueNo similar (i.e. theoretically informed) papers on innovation or sustainability in real estate analysis have been written to the best of the author’s knowledge.
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Battisti, Enrico, S. M. Riad Shams, Georgia Sakka, and Nicola Miglietta. "Big data and risk management in business processes: implications for corporate real estate." Business Process Management Journal 26, no. 5 (September 6, 2019): 1141–55. http://dx.doi.org/10.1108/bpmj-03-2019-0125.
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Purpose The purpose of this paper is to improve understanding of the integration between big data (BD) and risk management (RM) in business processes (BPs), with special reference to corporate real estate (CRE). Design/methodology/approach This conceptual study follows, methodologically, the structuring inter-textual coherence process – specifically, the synthesised coherence tactical approach. It draws heavily on theoretical evidence published, mainly, in the corporate finance and the business management literature. Findings A new conceptual framework is presented for CRE to proactively develop insights into the potential benefits of using BD as a business strategy/instrument. The approach was found to strengthen decision-making processes and encourage better RM – with significant consequences, in particular, for business process management (BPM). Specifically, by recognising the potential uses of BD, it is also possible to redefine the processes with advantages in terms of RM. Originality/value This study contributes to the literature in the fields of real estate, RM, BPM and digital transformation. To the best knowledge of authors, although the literature has examined the concepts of BD, RM and BP, no prior studies have comprehensively examined these three elements and their conjoint contribution to CRE. In particular, the study highlights how the automation of data-intensive activities and the analysis of such data (in both structured and unstructured forms), as a means of supporting decision making, can lead to better efficiency in RM and optimisation of processes.
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Mohd Thas Thaker, Hassanudin, and Mohamed Ariff. "Supply-side drivers of residential price in Malaysia: a qualitative analysis from developers' perspectives." Property Management 38, no. 4 (May 25, 2020): 543–64. http://dx.doi.org/10.1108/pm-10-2019-0056.
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PurposeThis study aims to explore the issue of residential price in Malaysia from a supply-side perspective. The views are directly obtained from medium and small-scale developers in Malaysia.Design/methodology/approachWe used the semi-structured interview for analysis purpose. The samples are from property developers (medium and small-scale developers) and a single respondent from the Malaysian National House Buyers Association. We used the judgmental sampling method to choose respondents for this study. The interview results went through content analysis in order to derive common themes, resulting in the identification of four main themes.FindingsFirst, developers view that the residential market is growing at a good pace, albeit slowly. However, the issue of unaffordability and construction costs remains to haunt the progress of property development in Malaysia. Second, from supply-side perspectives, there are several main reasons why the residential prices in Malaysia are uncontrollable: (1) costs of construction, (2) taxes, (3) existing units, (4) location and (5) urbanization. The third theme is the government support in catering to the needs and wants of middle- and lower-income earners. Most respondents agreed that the government has been providing low-cost houses supported by various incentives. Finally, on price control strategies for residential units, recommended suggestions are as follow: embracing different methods of construction styles, promote the uses of local materials instead of relying on imported materials, continuously review rules and regulations, provide more incentives and to build partnerships between the government and private companies on affordable housing projects.Practical implicationsThe research is expected to present solid findings and claimsseveral significant contributions, especially policy-wise. We believe this contribution will enrich the existing literature on residential market. The present study is also predicted to produce noteworthy findings to all stakeholders in the real-estate industry, such as potential home buyers and existing house owners to housing developers, marketers and government policy regulators, as well as academic institutions.Originality/valueThis study is expected to enrich the existing literature available in the context of real-estate finance such as property price and property policy in emerging economies like Malaysia. One distinguishing factor which differentiates this study from others in the literature is the feedbacks obtained from medium and small-scale developers, therefore deemed to be more solid and reliable. The current research in real-estate finance is mainly focused on empirical analysis and we believe this study will offer a breakthrough view on the matter of residential market in Malaysia.
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Rajan Annamalai, Thillai, Bharat Bansal, and Josephine Gemson. "Private equity investment and real estate development." Journal of Financial Management of Property and Construction 19, no. 3 (October 28, 2014): 202–25. http://dx.doi.org/10.1108/jfmpc-02-2014-0001.
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Purpose – The purpose of this paper is to understand the trends and contribution of private equity (PE) investors in real estate development in India because the real estate sector in India had witnessed significant investments from PE firms in recent years. Design/methodology/approach – The study focused on residential segment of real estate development, as it is the largest among all the segments. Two types of analyses have been done in this paper: first was to compare residential projects with PE investment with those that did not have any PE investment. The results were based on an analysis of 453 residential projects. The second was an analysis of only those projects that had PE investment. This paper studied if there were differences in investment patterns between domestic and foreign PE investors, and dedicated and diversified PE investors. Findings – Projects with PE investment were larger, as compared to projects that did not have any PE investment. The results of this paper also showed that PE firms preferred to invest with developers who had significant experience in undertaking larger-sized projects. PE investments significantly happened in projects that were located in metro cities. While PE firms as a whole preferred to invest in project mode, domestic investors were more inclined to invest in a project structure as compared to foreign PE firms. Though foreign PE firms invested more amounts per deal on average, there was a negative relationship between foreign PE firms and the extent of their shareholding in the investment. Practical implications – Encouraging PE investment in real estate projects would contribute toward to increasing the transparency in the sector. Strengthening the domestic PE industry would increase investment flow for real estate projects. PE investors who are able to add value to their investments are able to obtain higher shareholding. Originality/value – Empirical research on Indian real estate industry is scarce because of the lack of transparency and availability of reliable data. This is one of the initial studies on the Indian real estate sector based on a robust dataset.
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Ametefe, Frank Kwakutse, Steven Devaney, and Simon Andrew Stevenson. "Optimal composition of hybrid/blended real estate portfolios." Journal of Property Investment & Finance 37, no. 1 (February 4, 2019): 20–41. http://dx.doi.org/10.1108/jpif-04-2018-0022.
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PurposeThe purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended funds, to provide the liquidity required by institutional investors, such as UK defined contribution pension funds. This is with the objective of securing liquidity while not unduly compromising the risk-return characteristics of the underlying asset class. This paper considers the best mix of liquid assets at different thresholds for a liquid asset allocation, with the performance then evaluated against that of a direct real estate benchmark index.Design/methodology/approachThe authors employ a mean-tracking error optimisation approach in determining the optimal combination of liquid assets that can be added to a real estate fund portfolio. The returns of the optimised portfolios are compared to the returns for portfolios that employ the use of either cash or listed real estate alone as a liquidity buffer. Multivariate generalised autoregressive models are used along with rolling correlations and tracking errors to gauge the effectiveness of the various portfolios in tracking the performance of the benchmark index.FindingsThe results indicate that applying formal optimisation techniques leads to a considerable improvement in the ability of the returns from blended real estate portfolios to track the underlying real estate market. This is the case at a number of different thresholds for the liquid asset allocation and in cases where a minimum return requirement is imposed.Practical implicationsThe results suggest that real estate fund managers can realise the liquidity benefits of incorporating publicly traded assets into their portfolios without sacrificing the ability to deliver real estate-like returns. However, in order to do so, a wider range of liquid assets must be considered, not just cash.Originality/valueDespite their importance in the real estate investment industry, comparatively few studies have examined the structure and operation of open-ended real estate funds. To the authors’ knowledge, this is the first study to analyse the optimal composition of liquid assets within blended or hybrid real estate portfolios.
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MARTINS, Vanda C. S., Marlene N. M. FILIPE, Fernando A. F. FERREIRA, Marjan S. JALALI, and Nelson J. S. ANTÓNIO. "FOR SALE… BUT FOR HOW LONG? A METHODOLOGICAL PROPOSAL FOR ESTIMATING TIME-ON-THE-MARKET." International Journal of Strategic Property Management 19, no. 4 (December 23, 2015): 309–24. http://dx.doi.org/10.3846/1648715x.2015.1072746.
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Residential real estate assumes crucial importance in a country's socioeconomic development. It is an important field of study, and much work has gone into better understanding the sector and the factors determining sales within it, such as time-on-the-market (TOM). TOM can be influenced by a variety of elements; a fact that in effect raises a lot of issues, because these determinants are often interpreted in an ambiguous or unstructured way. This study aims to bring greater accuracy and structure to our understanding of these factors, by showing that the integrated use of cognitive mapping with the Analytic Hierarchy Process (AHP) can give rise to a conceptually coherent and empirically valid framework to calculate TOM indices in the residential real estate market. Because it takes into account both tangible and intangible characteristics of a house, this measurement framework also boosts strategic planning support and allows for more informed business planning, which we believe can be a real contribution to the development of the real estate market. The practical implications and limitations of this evaluation system are also discussed.
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Mattarocci, Gianluca, and Georgios Siligardos. "Income return versus capital appraisal for real estate funds during the financial crisis." EuroMed Journal of Business 10, no. 1 (May 5, 2015): 66–79. http://dx.doi.org/10.1108/emjb-01-2014-0005.
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Purpose – The overall performance of real estate funds can be ascribed to capital appreciation and/or income return. The Italian property funds market has grown significantly over the past few years; however, little is known about the key drivers of property fund performance. The purpose of this paper is to measure the impact of two sources of funds’ performance and identify their relevance during the financial crisis. Design/methodology/approach – The paper considers the Italian market in the last decade and analyses the annual reports of public real estate funds, separating appraisal returns from income returns. By considering a wide time horizon, it evaluates if the roles of income returns and capital gains with respect to overall performance are more or less influenced by fund characteristics, such as asset diversification, concentration, and leverage. Findings – The contribution of income return and capital growth are not strictly related to the overall performance of Italian real estate funds, with a significantly lower correlation during the global financial crisis. Furthermore, the main drivers of the two income sources are not strictly comparable. Originality/value – The paper presents the first analysis on the source of income return for the Italian real estate funds and it represents one of the few studies that considers the effect of the financial crisis on European indirect real estate investments, capital appreciation and income return.
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Nanka-Bruce, Douglas. "Corporate ownership and technical efficiency analysis in the Spanish real estate sector." Corporate Ownership and Control 4, no. 2 (2007): 100–113. http://dx.doi.org/10.22495/cocv4i2p10.
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The real estate sector keeps contributing significantly to the Spanish economy. A recent news article reports the existence of inefficiencies in the nature and delivery of new properties. We investigate the technical efficiency of this sector using a non-parametric “reasonable” benchmarking frontier, acknowledging the marked influence of the sector’s shadow economy. We then relate the results applying a panel data analysis to the shareholding concentration and identity of firm ownership. We find no systematic support for the effect of corporate ownership on technical efficiency
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Stamsø, Mary Ann. "Selling a house and the decision to use a real estate broker in Norway." Property Management 33, no. 2 (April 20, 2015): 173–86. http://dx.doi.org/10.1108/pm-01-2014-0006.
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Purpose – The purpose of this paper is to examine the widespread of property sellers choosing to sell by themselves or through an estate agent, what characterises them and the reason for their choice. In addition the paper contains comparisons of the gap between sales price and asking price between the sales methods and satisfaction with the sales process. This study is the first study of these phenomena carried out in Norway. Design/methodology/approach – The data used for this study was obtained from a national survey including 1,649 house sellers. A logistic regression analysis is used to analyse the impact of household’s characteristics on the sales method. Findings – The main findings of this study are that 83 per cent of the house sellers used an estate agent through the whole sales process and differences in the choices are related to urbanisation, age and education. The most important reason for preferring a real estate broker is that doing the sale on your own is considered too much work. Conversely, the most important reason for doing the sale on your own is that estate agents are too expensive. Those selling without an estate agent were more satisfied and the gap between sales price and asking price was smaller than for those selling through a real estate broker. Originality/value – Issues concerning competition within the market for estate agents should be central topics for property management. Property sellers selling their property by themselves are an important contribution to increase the competition in the market for estate agents. This issue has not been on the agenda in Norway, or in Europe, in the same way as in the USA. This is probably due to the complexity in the legislation and strict laws within property sales in Central and Southern Europe. However, in Norway, UK and in the Nordic countries, the legal system is not complicated. It is rather the lockout of private individuals from the housing web sites and the fact that the property sellers are not familiar with this kind of transaction that has prevented property sellers to sell their house by themselves. Today Norway is one of few countries with a booming housing market, which also has increased the commission for estate agents. From 2010 private individuals got access to advertise their house on the housing web sites in Norway. These have influenced the focus on alternative sales methods.
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Kampamba, Johnson, Emmanuel Tembo, and Boipuso Nkwae. "An evaluation of the relevance of real estate curricula in Botswana." Property Management 35, no. 3 (June 19, 2017): 275–305. http://dx.doi.org/10.1108/pm-12-2015-0065.
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Purpose The purpose of this paper is to establish the relevance of the real estate curricula being offered by the two universities in Botswana to industry. Design/methodology/approach This is a cross-sectional study in which a designed questionnaire was administered to the practitioners in real estate obtained from the membership list of the Real Estate Institute of Botswana (REIB), final-year students and former graduates of the Bachelor of Land Management programme using proportionate stratified random sampling technique. This resulted into the total population of 150 elements. Students for the Bachelor of Commerce in Real Estate (BCom RE) at Ba Isago and BSc Real Estate programme at the University of Botswana were excluded from the population because they did not have graduate degrees yet; therefore the study sample was drawn from the identified population at 90 per cent confidence level with a 10 per cent margin of error. The sampling frame composed of 122 registered property valuers and managers, 14 alumni and 14 final-year students of Land Management (150). The sample size of 60 was determined at 90 per cent level of confidence with a 10 per cent margin of error. The questionnaire was administered through e-mail using a contact list from the REIB to their members. It was also e-mailed to the alumni and physically administered to the final-year students as well. A 60 per cent response rate was achieved. Findings It was established that the three programmes offered at the two universities in their current form are relevant to the industry. The overall average scores out of 5 for these programmes were 4.14 for BSc Real Estate – UB, 4.10 for Bachelor Land Management – UB and 3.97 for BCom RE – Ba Isago University College. By using analysis of variance, the study further established that there were no significant differences between the two programmes that are offered at UB and the one at Ba Isago University College. This was established by looking at the computed F-test (0.89) and the critical F-test (2.36). Since the computed F-test was less than the critical F-test value, it was concluded that there is no significant statistical differences among the three programmes being offered in the two universities. Research limitations/implications The major limitation in this study was the use of an e-mailed questionnaire to the property practitioners and alumni of the Land Management programme which is characterised by a low response rate. Practical implications Since the three overall mean scores are close to and above 4.00, it means the current programmes offered at the two universities are relevant to the industry. Social implications The research results might be useful to the society and should be used to enhance the social uplifting of society by contributing to the decisions that are made which might affect the society as a whole. Originality/value This is the first study to be conducted in Botswana which was meant to establish if the real estate programmes offered in the two universities were relevant. It is the first study to compare and evaluate the relevance of the contents of three real estate programmes locally.
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Oyedokun, Tunbosun Biodun, Rotimi Boluwatife Abidoye, and Solomon Pelumi Akinbogun. "Bridging the gap between real estate research and professional practice in Nigeria." Property Management 39, no. 4 (May 5, 2021): 493–508. http://dx.doi.org/10.1108/pm-12-2020-0087.
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PurposeBeyond contributing to literature, research findings are expected to reinforce existing best practices while also serving as a springboard for formulating new and more efficient methods of undertaking economic activities. However, academic research is sometimes divorced from implementation and research findings are not always translated into practice. This study, therefore, assesses the impact of real estate research activities and findings on the practice of real estate surveying and valuation in Nigeria as the largest real estate market in Africa.Design/methodology/approachAn online questionnaire survey was conducted to obtain relevant data from Estate Surveyors and Valuers across the country. The survey questions cover reading of academic papers from the field of real estate and the reasons for doing so; whether they have made any changes to their professional practice based on findings from academic papers; and possible barriers to adoption academic research findings in your practice. Mean score ranking and principal component analysis were employed for data analysis.FindingsOut of a total of 61 participants, only 35 have made a change to their professional practice based on findings from academic papers they have read. “Personal development and enlightenment” ranks first on the list of reasons for reading academic papers among the participants while barriers to the adoption of academic research findings relate mainly to education, dissemination and lack of guidance on how to apply research findings.Practical implicationsThe study demonstrates how findings from real estate research are being applied and identifies possible barriers that must be addressed to improve the level of application and consequently, the value of academic studies.Originality/valueThe study provides evidence on barriers to the adoption of academic research and contributes to the global effort to bridge the gap between academia and practice.
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Aggarwal, Tanu, and Priya Solomon. "A study on the mediating effect of residential loans on total real estate loans of banks in India." Journal of Property Investment & Finance 37, no. 5 (August 5, 2019): 455–69. http://dx.doi.org/10.1108/jpif-03-2019-0034.
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Purpose The purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation modelling (PL–SEM) method. The residential loans as a mediator have been used to know the mediation effect between commercial and total real estate loans of banks in India. The residential loans as a mediator govern the relationship between commercial loans and total real estate loans in India. Real estate sector development is a lucrative opportunity for India. The real estate sector plays a major role in shaping economic conditions of the individuals, firms and family. Design/methodology/approach The research is descriptive in nature. The study on residential loans, commercial loans and total real estate loans has been taken into consideration, and on the other hand the measurement and structural model have been employed to the study the impact of residential loans and commercial loans on total real estate loans in India by using PL–SEM. The residential loans as a mediator have been taken to study the mediation effect of the relationship between commercial loans and total real estate loans in India. Findings The outcome of the structural model that is bootstrapping technique shows that there is an impact of residential and commercial loans by public and private sector banks on total real estate sector development in India. The residential loans show the full mediation effect between commercial loans and total real estate loans as the value of variation accounted for (VAF) is more than 1.93 which shows residential loans govern the nature of variable between commercial loans and total real estate loans. Practical implications The public and private sector banks are contributing to the real estate sector development in India which increases the economic growth of the country. The mediation analysis shows that residential loans are an important aspect between commercial and total real estate loans in India as the demand for residential housing is more in India. The increasing role of banks in the real estate sector strengthens the financial capability in the real estate sector market, and the property buyers will able to purchase more property which leads to increasing demand for real estate sector. Originality/value The research paper is original, and PL–SEM has been used to find the results.
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Jadevicius, Arvydas. "Exchange-traded fund investing as European open-end diversified core equity real-estate funds' cash substitute." Journal of Property Investment & Finance 38, no. 2 (March 16, 2020): 156–60. http://dx.doi.org/10.1108/jpif-12-2019-0147.
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PurposeThe study is set to explore a viability for substituting part of cash holdings within European open-end diversified core equity (ODCE) real-estate funds with listed real-estate exchange-traded fund (ETF) alternative. Academically, this research bridges a knowledge gap within private real-estate market research.Design/methodology/approachFirst, the study investigates the correlation between ODCE and ETFs to assess series interdependence. Next, the study generates a blended ODCE and ETF portfolio and examines its performance by quantifying a) the contribution to returns and b) the diversification benefits.FindingsThe findings suggest that a 1 percent spare cash allocation to an ETF increases ODCE fund returns by few bps although the diversification benefits are more nuanced.Practical implicationsReal estate and other investment vehicles are encouraged to review their cash-holding strategies. Real estate, infrastructure or private equity vehicles could designate a small proportion of available cash to asset class-specific ETFs. These cash substitutes are likely to increase returns and could strengthen diversification, although there are some caveats. For ESG-conscious investors, sustainable ETFs and associated passive conduits with strong responsible investment characteristics could provide cash replacement alternatives at the margin.Originality/valueThe study adds additional evidence on the contested issue of blending private and public real estate.
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Battisti, Fabrizio, and Orazio Campo. "A Methodology for Determining the Profitability Index of Real Estate Initiatives Involving Public–Private Partnerships. A Case Study: The Integrated Intervention Programs in Rome." Sustainability 11, no. 5 (March 5, 2019): 1371. http://dx.doi.org/10.3390/su11051371.
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In the European Union, real estate initiatives involving public–private partnerships (PPPs) are characterized by the payment of a charge, which is generally used for public purposes (and works). In Italy, since the 1990s, PPPs have also been used to start negotiated initiatives giving the possibility of modifying town planning forecasts. Such initiatives are aimed at increasing the value of private properties and, through the charge, financing public works. This charge was regulated only in 2014 with the change of Article 16, paragraph 4, point d-ter of the Presidential Decree 380/2001 (Consolidated building law) and was named the “extraordinary urbanization contribution” (or simply the “extraordinary contribution”). The extraordinary contribution makes it possible to finance public works with private monetary resources. The amount of the extraordinary contribution is not less than 50% of the capital gain that is produced by real estate initiatives concerning modifications to town planning forecasts. A crucial issue of the this kind of PPPs has always been the appraisal of the capital gain of real estate initiatives due to changes in town planning forecasts. The factors to be considered while evaluating the extraordinary contribution, the appraisal tools and procedures to be used in assessing the capital gain are not indicated at regulatory level. However, an over 20 years’ practice has been consolidating the use of an analytical procedure for the appraisal of the transformation value to be used in evaluating the extraordinary contribution. In this procedure, the evaluation of the profitability index of real estate initiatives appears critical: in fact, the capital gain depends upon this element. At the same time, this topic is substantially neglected by the scientific debate. In this paper, a methodology has been defined, which is structured on the Build-Up Method and allows the profitability index (or rate of return) of a real estate initiative to be evaluated. Through a test, the developed methodology has been used in a case study: the appraisal of the extraordinary contribution in three integrated intervention programs in the city of Rome.
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Landis, J., R. Cervero, and P. Hall. "Transit Joint Development in the USA: An Inventory and Policy Assessment." Environment and Planning C: Government and Policy 9, no. 4 (December 1991): 431–52. http://dx.doi.org/10.1068/c090431.
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The joint development of urban mass transit facilities and private real estate projects has become a popular practice throughout the United States. As of October 1990, 114 transit joint-development projects had been constructed in more than two dozen US cities, although the vast majority of projects have been concentrated in just five cities: New York City, Washington, DC, Philadelphia, Atlanta, and Boston. Of completed joint-development projects 58% have occurred at or near heavy-rail transit stations; another 18% of projects have been developed around commuter rail facilities. Transit joint-development activity can be classified into two basic forms: (1) revenue-sharing arrangements, and (2) cost-sharing arrangements. Of the joint-development projects completed to date, 40% have involved cost-sharing, and 25% have involved revenue-sharing. The remaining projects have involved both types. Joint-development projects have yet to generate very much income to local transit operators, either through capital contributions or through yearly lease payments. Except in New York City, capital contributions from joint development have generally amounted to less than 1% of yearly capital expenditures. This study reveals that there are four conditions necessary for successful joint-development projects. First, the local real estate market must be active and healthy. Second, the agency with the lead responsibility for pursuing joint development must have an entrepreneurial bent. Third, coordination is essential when joint-development projects involve more than one public agency. Fourth, sponsoring agencies need to understand that there are benefits to joint development that go beyond generating revenues. To date, in fact, the direct revenue benefits of joint development have been quite small. The best joint-development projects are those that encourage greater transit usage, create more interesting station environments, and reinforce other planning and development goals.
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Abidoye, Rotimi Boluwatife, and Albert P. C. Chan. "Artificial neural network in property valuation: application framework and research trend." Property Management 35, no. 5 (October 16, 2017): 554–71. http://dx.doi.org/10.1108/pm-06-2016-0027.
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Purpose The predictive accuracy and reliability of artificial intelligence models, such as the artificial neural network (ANN), has led to its application in property valuation studies. However, a large percentage of such previous studies have focused on the property markets in developed economies, and at the same time, effort has not been put into documenting its research trend in the real estate domain. The purpose of this paper is to critically review the studies that adopted ANN for property valuation in order to present an application guide for researchers and practitioners, and also establish the trend in this research area. Design/methodology/approach Relevant articles were retrieved from online databases and search engines and were systematically analyzed. First, the background, the construction and the strengths and weaknesses of the technique were highlighted. In addition, the trend in this research area was established in terms of the country of origin of the articles, the year of publication, the affiliations of the authors, the sample size of the data, the number of the variables used to develop the models, the training and testing ratio, the model architecture and the software used to develop the models. Findings The analysis of the retrieved articles shows that the first study that applied ANN in property valuation was published in 1991. Thereafter, the technique received more attention from 2000. While a quarter of the articles reviewed emanated from the USA, the rest were conducted in mostly developed countries. Most of the studies were conducted by universities scholars, while very few industry practitioners participated in the research works. Also, the predictive accuracy of the ANN technique was reported in most of the papers reviewed, but a few reported otherwise. Research limitations/implications The articles that are not indexed in the search engines and databases searched and also not available in the public domain might not have been captured in this study. Practical implications The findings of this study reveal a gap between the valuation practice in developed and developing property markets and also the contributions of real estate practitioners and universities scholars to real estate research. A paradigm shift in the valuation practice in developing nations could lead to achieving a sustainable international valuation practice. Originality/value This paper presents the trend in this research area that could be useful to real estate researchers and practitioners in different property markets around the world. The findings of this study could also encourage collaboration between industry professionals and researchers domiciled in both developed and developing countries.
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Mascena, Keysa Manuela Cunha de, and Fabricio Stocker. "Gestão de Stakeholders: Estado da Arte e Perspectivas." Future Studies Research Journal: Trends and Strategies 12, no. 1 (February 7, 2020): 01–30. http://dx.doi.org/10.24023/futurejournal/2175-5825/2020.v12i1.490.
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Purpose – this research aims to present an overview of the stakeholder management, reviewing the main models and theoretical propositions and investigating the phenomena addressed in the empirical papers on the theme.Design/methodology/approach – A bibliometric survey and sociometric analysis were undertaken considering the international and national publications related to the topic between 1980 and 2019.Originality / Value: The stakeholder approach has developed in recent years and its application is increasingly present in several areas of management, having a strong dialogue on the emerging issues of society. This study has an academic relevance advancing the dissemination of current knowledge in stakeholder theory integrating to the empirical studies.Findings – the main results were discussed in order to analyze: the variables related to stakeholder management; the stakeholder management models applied in empirical studies; the main results in studies on stakeholders’ conflict of interest; and discussions about stakeholder influence and pressure.Research implications – The research contribution consists in the elaboration of a panorama of the stakeholder management, presenting the main theoretical and empirical contributions, and the dimensions for future studies perspectives, being: i) Creation, co-creation and value distribution; ii) cooperation, involvement, and stakeholder engagement; iii) Influence of stakeholder management on performance; and iv) networks, relationships, and multi-stakeholder influences.
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Lam, Terence Y. M. "A sustainable procurement approach for selection of construction consultants in property and facilities management." Facilities 38, no. 1/2 (August 22, 2019): 98–113. http://dx.doi.org/10.1108/f-12-2018-0147.
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Purpose Outsourcing architectural and engineering services is a trend for public-sector construction projects. This study aims to examine what tender selection criteria should be considered when assessing the performance outcomes of consultants in relation to sustainable design, construction and management of buildings within the context of property and facilities management of existing building portfolios. Design/methodology/approach Combined qualitative-quantitative methods are adopted to examine the causal relationship between sustainable performance outcomes and influencing factors, using primary data collected from the estate offices of the UK universities, which form a unique public sector. The performance factors identified form the basis of selection criteria. Findings The qualitative multiple-case interviews identify economic, environmental, social and functional sustainability measures as the attributes of performance outcome. The quantitative hierarchical regression analysis generalises that sustainable performance outcomes can be significantly influenced by task and contextual performance factors. Research limitations/implications The scope of the study is limited to university estates. Further research should be conducted on other property and facilities management and construction-related organisations so that the sustainable procurement approach developed by this research can become more robust and applicable to the wider public sector. Practical implications At the tender stage, estate managers should adopt a sustainable procurement approach for selection of construction consultants: focussing on the significant task performance (project staff and execution approach) and contextual performance (collaborative consultant frameworks) influencing factors to optimise the project sustainability outcomes in relation to economic, environmental, social and functional values. Originality/value The sustainable procurement approach developed by this research benefits property and facilities management, as well as construction disciplines within the wider public sector, thus contributing to the government construction policy on promoting sustainability to the built environment.
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Durica, Marek, Danuse Guttenova, Ludovit Pinda, and Lucia Svabova. "Sustainable Value of Investment in Real Estate: Real Options Approach." Sustainability 10, no. 12 (December 7, 2018): 4665. http://dx.doi.org/10.3390/su10124665.
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The issue of application of real option valuation approach in the valuation of investment project is presented in the article in a way in which the flexibility of the project could be included in the process of its valuation. The authors apply the valuation approach in case of a specific investment project in the real estate in the capital city of the Czech Republic—Prague, using the option to expand, to contract, and to abandon the project. The main aim of this case study is to present a practical application of the investment valuation and to construct an option pricing model for real estate investment which considers and integrates as many aspects of the investment and market environment as possible to describe the best situation of the real estate market and its development. The valuation of the investment is carried out using a universally applicable numerical method of binomial trees. The results obtained are subjected to the sensitivity analysis with respect to the discount rate, value of the most influential parameter of the volatility and the input option parameters. The results of the valuation of the project obtained using the real option approach are important mainly for the management of the company in the process of quantification of the present value of future investments. Implementation of managerial interventions enables for optimizing the value of the project not only in case of favourable development of the real estate market, but particularly in case of unfavourable development. Therefore, they are important in order to protect an investor from potential high losses. Finally, the valuation of these interventions increases the present value of the project, contributing to the decision of the corporate management regarding its implementation.
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Wei, Yigang, Patrick T. I. Lam, Yat Hung Chiang, and Barbara Y. P. Leung. "THE EFFECTS OF MONETARY POLICY ON REAL ESTATE INVESTMENT IN CHINA: A REGIONAL PERSPECTIVE." International Journal of Strategic Property Management 18, no. 4 (December 8, 2014): 368–79. http://dx.doi.org/10.3846/1648715x.2014.971087.
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Monetary policy on real estate investment in China has had varying impacts across the country due to regional differences. A supply-determined model is used to measure the policy effects on property investment volume based on a set of regional data from 2003 to 2010. This research yields several important findings contributing to an understanding of uneven policy effects on the unbalanced regional markets. Firstly, it is revealed that the eastern coastal provinces in China have a higher dependence on bank loans for housing investment than that of the other inland provinces. Secondly, this research has disentangled the specific transmission channels of monetary policy in the property market. Bank loan supply, instead of interest rates, would be a potentially effective policy tool for the government in making property market adjustment. Thirdly, the eastern coastal provinces are more sensitive in their responses to the changes of monetary stances than the other non-coastal central and western provinces. Therefore, the government must take note of the significant heterogeneity arising from the regional differences in estimating the policy impacts, although monetary policy is uniformly employed in the nation most of the time.
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Tagliaro, Chiara, and Andrea Ciaramella. "Experiencing smart working: a case study on workplace change management in Italy." Journal of Corporate Real Estate 18, no. 3 (September 12, 2016): 194–208. http://dx.doi.org/10.1108/jcre-10-2015-0034.
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Purpose The purpose of this paper is to share the insights gained by a recent research and consultancy work performed by the authors accompanying an organization in workplace change management. The inception of the new ways of working may lead a company to rethink the office space toward downsizing, with the main objectives to shrink occupancy costs and enhance workers’ productivity. The shift to a new office building and a smart working model needs to be well managed and verified ex-post. The application of a post-occupancy study can help fine-tune real and perceived quality with the enhancement of both space and people’s performance. Design/methodology/approach The experience is presented as a case study. Data have been collected through the triangulation of different methodologies, both quantitative and qualitative. Walk-throughs, observations, questionnaires, interviews and focus groups have been conducted. Interpolation and interpretation of all the information obtained led to a critical synthesis that this paper aims at disclosing. Findings Inter-disciplinary collaboration between corporate real estate, facilities management and human resources departments, with employees’ involvement, has been fundamental for gaining useful insights. Research limitations/implications It is necessary to extend the sample to obtain information at an epidemiological level. Originality/value The research can be considered one of the few Italian contributions to the field of post-occupancy studies. Moreover, it can give new indications about the evolution of workplace features in an Italian context.
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Cheung, Ka Shing, and Joshua Lee. "The effect of sentiment on commercial real estate returns: investor and occupier perspectives." Journal of Property Investment & Finance 39, no. 6 (January 15, 2021): 561–89. http://dx.doi.org/10.1108/jpif-01-2020-0010.
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PurposeReal estate is an asset that is traded in highly segmented, illiquid and informationally inefficient local markets. A short sale in real estate is almost infeasible and therefore impedes informed rational arbitrageurs to trade against mispricing. Thus, real estate returns are prone to sentiment-driven behaviours. Will the impacts on asset returns be identical for different types of sentiment?Design/methodology/approachThis study argues that not all sentiment effects are created equal. Using the bounds test of the autoregressive distributed lag (ARDL) models, this paper examines how occupier sentiment versus investor sentiment contributes to the short-run and long-run dynamics of commercial real estate returns in Australia.FindingsThe empirical evidence suggests that investor sentiment and occupier sentiment influence return asymmetrically after macroeconomic conditions are controlled for.Practical implicationsThe sectoral analysis further reveals that sector-specific sentiment plays a significant role in explaining commercial real estate returns. Furthermore, notable improvement is found in producing more accurate prediction in returns, given that measures of occupier and investor sentiment are appropriately specified in the forecast.Originality/valueThis study is novel in the sense that it acknowledges the impacts of occupiers' and investors' sentiment may be fundamentally different. The unique innovation and contribution of this study to behavioural finance literature are based on a new dataset from the Royal Institute of Chartered Surveyors which includes a survey-based measure of investor sentiment and occupier sentiment.
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Nadler, Michael. "Performance vs prospectus = transparency in German closed-ended real estate funds?" Journal of Property Investment & Finance 36, no. 2 (March 5, 2018): 158–70. http://dx.doi.org/10.1108/jpif-11-2016-0084.
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Purpose The purpose of this paper is to close the transparency gap by comparing ex ante and ex post performance disclosure, thus providing important conclusions regarding the transparency of this important German market segment. Design/methodology/approach Closed-ended real estate funds (CEREFs) are one of the biggest segments of unlisted private equity funds in Germany. CEREFs have a central “profitability promise” that is based on ex ante forecasts given in the prospectus. Typically, equity is tied to these investments for up to 20-30 years, leaving investors highly insecure whether their expectations will be fulfilled and fund managers actually achieve prospected performances ex post. Findings The performance variance analysis of all German CEREFs outstanding during the global financial crisis reveals that prospect-performance disclosures as well as prospect-performance variances cause substantial problems in Germany due to overestimation biases of many fund managers. Research limitations/implications As typical for the recent scholarly debate, also the past disclosure practice in Germany prohibits a long-term performance analysis, unless researchers apply instruments of modern investment analysis like comprehensive financial plans (“Visualisation of Financial Implications)”. Practical implications The transparency developments in CEREF-reporting of the last decade deliver precise recommendations regarding the internal and external performance variance analysis, risk-profiles and stress tests for the future fund management. Social implications The introduced methodology would increase transparency in the segment of CEREF and, thus, improve investor protection. Since private households in Germany mainly acquire these funds, this is a contribution to sustainability in private asset management. Originality/value The paper develops a new methodological framework for performance measurement of unlisted funds. It then assesses for the first time the impact of transparency and trust on fund performances by applying a performance variance analysis.
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Hanisch, Alexander T. "Factors influencing the propensity of real estate investors in the UK to employ property derivatives." Journal of Property Investment & Finance 37, no. 2 (March 4, 2019): 194–214. http://dx.doi.org/10.1108/jpif-01-2018-0005.
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PurposeReal estate is the last major asset class without liquid derivatives markets. The reasons for that are not fully known or understood. Therefore, the purpose of this paper is to better understand the main factors that influence the propensity of commercial real estate investors in the UK to employ property derivatives.Design/methodology/approachThe research methodology that was chosen for this research is grounded theory which, in its original form, goes back to Glaser and Strauss (1967). A total of 43 interviews were conducted with 46 real estate professionals in the UK from property investment management firms (investing directly or indirectly in real estate), multi-asset management firms, real estate investment trusts, banks, and brokerage and advisory firms, among others.FindingsThe research results show 29 factors that influence the propensity of direct and indirect real estate investors in the UK to employ property derivatives. Out of the 29 factors, the current research identified 12 factors with high-explanatory power, 6 with a contributing role and 11 with low explanatory power. Moreover, factors previously discussed in the literature are tested and assessed as to their explanatory power. The focus of this paper is on those factors with high-explanatory power. From the research data, three main reasons have been identified as the sources of investor reluctance to trade in property derivatives. The first and main reason is related to a mismatch between motivations of property investment managers and what can be achieved with the instruments. The second reason, which ties in with the first one, is a general misunderstanding as to the right pricing technique of property derivatives. Finally, the third reason is a general lack of hedging demand from the investor base owing to the long investment horizons through market cycles.Research limitations/implicationsThe research contributes to the literature on property derivatives in various ways. First, it extends the literature on market hurdles in property derivatives markets by testing and extending the hurdles that were proposed previously. Second, the research shows that the existing pricing models need to be extended in order to account for the risk perception of practitioners and their concerns with regard to liquidity levels.Practical implicationsFor both theory and practice, the research has shown some limitations in using property derivatives for purposes such as creating index exposure or hedging. Another contribution, in this case to practice, is that this study provides a clearer picture as to the reasons that keep property investment managers away from using property derivatives.Originality/valueThe research results indicate that liquidityper seis not a universal remedy for the problems in the market. In addition to the need for improving the understanding of the pricing mechanism, practitioners should give more thought to the notion of real estate market risk and the commensurate returns that can reasonably be expected when they take or reduce it. This implies that property index futures currently do not price like those on any other investable asset class.
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Lahdenperä, Pertti. "PHASED MULTI‐TARGET AREAL DEVELOPMENT COMPETITIONS: ALGORITHMS FOR COMPETITOR ALLOCATION." International Journal of Strategic Property Management 13, no. 1 (March 31, 2009): 1–22. http://dx.doi.org/10.3846/1648-715x.2009.13.1-22.
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The prevailing practice in new areal real estate development is for public and private actors to perform their duties by turns. Yet, the planning process could benefit from simultaneous contributions from society and developers and their designers. That, again, requires that the municipality selects the private partner consortia prior to completion of the local detailed plan through a competition in order to find the most potential actors and the best ideas for implementation of an urban structure of high quality. Candidates will be attracted by offering them the right to implement a residential/business block as a developer. The several blocks involved in an areal development project, and the laboriousness of producing competitive solutions, require a well planned selection process. A novel multi‐target competition process was developed which is presented in this paper with special emphasis on the allocation algorithms that allow selecting the most qualified competitors for parallel follow-up competitions from among a large group of registered candidates. The approach was tested in an actual real estate development project in the municipal district of Vuores which was the original reason for launching the study. Santruka Pletojant nekilnojamaji turta naujose teritorijose, vieši ir privatūs asmenys dažniausiai savo pareigas vykdo paeiliui. Tačiau planavimo procesui būtu tik geriau, jei tuo pačiu metu prisidetu ir visuomene, ir vystytojai, ir projektuotojai. Tam velgi reikia, kad savivaldybe paskelbtu konkursa ir pasirinktu privačiu partneriu grupes prieš užbaigdama vietini detaluji plana didžiausia potenciala turintiems dalyviams aptikti ir geriausioms idejoms surinkti, kokybiškai miesto struktūrai išvystyti. Kai teritoriju pletros projektas apima kelis kvartalus, o kuriant konkurencingus sprendimus idedama daug darbo, reikia gerai suplanuoto atrankos proceso. Yra sukurtas novatoriškas daugiatikslis konkurso procesas, pristatomas šiame darbe, daugiau demesio skiriama paskirstymo algoritmams, kuriuos naudojant iš daugybes registruotu kandidatu galima atrinkti tinkamiausius tolesniems tuo pat metu vykdomiems konkursams. Toks būdas patikrintas realiame nekilnojamojo turto pletros projekte, kuris vyko Vuores savivaldybes teritorijoje, ir būtent del šios priežasties pradetas šis tyrimas.
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Morri, Giacomo, Dejan Djukic, and Federico Chiavazza. "Corporate real estate and performance: evidence from Italian manufacturing sectors." Journal of Corporate Real Estate 19, no. 3 (September 11, 2017): 168–85. http://dx.doi.org/10.1108/jcre-07-2016-0026.
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Purpose The purpose of this paper is to analyse the effect of real estate weight on Italian manufacturing companies and the effect of occupancy costs on income. The main purpose is to understand whether the ownership of properties, for non-real-estate companies, has an impact on performance. Design/methodology/approach The empirical research was carried out for a 10-year period (2004-2013) with a sample of 300 manufacturing companies belonging to six sub-sectors of the manufacturing sector. In the second part, a cluster analysis was conducted to identify better and more poorly performing companies. Companies were classified in different clusters according to their ROA, debt ratio and liquidity ratio. The analysis from the first part was repeated to verify the differences between the clusters with respect to their real estate holdings. Findings First, the authors found that manufacturing sub-sectors do not differ in terms of real estate holdings. They found that real estate holdings affect performance: companies with lower real estate asset weight and higher occupancy costs perform better. Research limitations/implications The main contribution of the paper is the finding that most Italian manufacturing companies do not take into account corporate real estate (CRE) decisions and the trade-off between ownership and leasing, thus showing that they are ineffective at CRE management. Practical implications It could be wise to pay more attention to the existing trade-off between the occupancy costs and the holdings of real estate as ownership, as a significant negative correlation between the two indicators was found for the best performing companies. However, the level of this correlation was still rather small. Moreover, to increase performance, companies should be able to recognise that maintaining constant investments in CRE is a better solution than increasing these investments and locking more capital into illiquid assets (which have lower returns than the core business), especially during periods of turmoil and financial crisis. Originality/value For the first time, the Italian manufacturing sector has been widely investigated.