Amenity, Trail, Greenbelt, Home value, Hedonic estimation,

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CORPORATE REAL ESTATE MANAGEMENT AND THE CORPORATIONIt is an essential proposition of this paper that the efficient usage of corporate real estate (CRE) assets must be a function of overall corporate objectives and be in support of the corporate mission. This is at variance somewhat with the philosophy that CRE assets should be considered as strictly an investment decision by the corporation; a distinction that can be somewhat confusing since investment and risk are so closely intertwined in the financial literature. The following brief review of the CRE literature separates the two ideas and the appropriate role of corporate risk management within the firm.One of the seminal works on corporate real estate management (CREM) is the text by Nourse (1990). 1 Nourse discusses the role of CRE as both an investment decision (profit centre) and as a production (cost centre) decision. Kimbler (1980) 2 reports how International Paper Company treated its CRE assets as a pure investment, developing 288 of prime beach-front property owned by the corporation into a 200-unit