Whilst much of the literature concerning counter terrorism focuses upon policies and strategies aimed at removing either the terrorist environment and/ or the groups or individuals willing to utilize political violence to achieve their goal(s), there is a much smaller body of work concerned with anti-terrorism, namely those defensive measures, which are designed to prevent or deter terrorist attacks. Increasingly, crowded places have become popular targets for terrorists and the research presented in this paper connects the planning, design and development of real estate with respect to the adoption of protective counter terrorism measures. It seeks to develop new understandings of the considerations that real estate developments have towards terrorism, as well as the barriers that may inhibit counter terrorism protective security measures in future development projects. The analysis is based on qualitative research, namely semi-structured interviews conducted in the United Kingdom, United States and Australia with professionals involved in all core strands of the real estate development process. The findings suggest that considerations towards terrorism vary considerably as a consequence of a range of factors and that while expected factors such as cost and aesthetics are important determinants for decision making, a range of other barriers exist.
Purpose
The purpose of this paper is to understand both the facts and the values associated with the breadth of issues, and the principles related to sustainable real estate for institutional investors. Sustainable real estate is a growing sector within the commercial real estate industry, and yet, the decision-making practices of institutional investors related to sustainability are still not well understood. In an effort to fill that gap, this research investigates the post-global financial crisis (GFC) motivations driving the implementation of sustainability initiatives, the implementation strategies used, and the predominant eco-indicators and measures used by institutional investors.
Design/methodology/approach
This paper presents the results of a three-round modified Delphi study conducted in the USA in 2011-2012 investigating the nature of performance measurements and reporting requirements in sustainable commercial real estate and their impact on the real estate decision-making process used by institutional investors. Two rounds of in-depth interviews were conducted with 14 expert panelists. An e-questionnaire was used in the third round to verify qualitative findings.
Findings
The key industry drivers and performance indicators influencing institutional investor decision making were associated with risk management of assets and whether initiatives can improve competitive market advantage. Industry leaders advocate for simple key performance indicators, which is in contrast to the literature which argues for the need to adopt common criteria and metrics. Key barriers to the adoption of sustainability initiatives are discussed and a decision framework is presented.
Practical implications
This research aims to help industry partners understand the drivers motivating institutional investors to uptake sustainability initiatives with the aim of improving decision making, assessment, and management of sustainable commercial office buildings.
Originality/value
Building on the four generations of the sustainability framework presented by Simons et al. (2001), this research argues that the US real estate market has yet again adjusted its relationship with sustainability and revises their framework to include a new, post-GFC generation for decision making, assessment, and management of sustainable real estate.
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