a faculty of economics and Management, hu university of applied sciences, utrecht, the netherlands; b faculty of humanities, utrecht university, utrecht, the netherlands; c faculty of education, hu university of applied sciences, utrecht, the netherlands; d faculty of architecture and the Built environment, Delft university of technology, Delft, the netherlands ABSTRACT Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.

Recent years have witnessed a shift from central urban locations of shopping facilities to extra-urban locations. This trend, which has become a prominent one in North America, is also increasingly observed in several European countries (e.g. France and Germany). The Netherlands has always had a discouraging policy for out-of-town shopping malls. Recently, however, a new experiment has been implemented, namely in the Greater Rotterdam area. This paper deals with the potential competition of such an out-of-town shopping mall in the retail sector with respect to the inner-city of Rotterdam. Based on a survey questionnaire, this paper aims to identify the motives of visitors and buyers for such large-scale shopping facilities. Analytical research into the nature (with a main distinction according to run and fun shopping) and the spatial market area of a particular shopping centre located in Greater Rotterdam (Alexandrium) shows that the anticipated policy goals are met, in the sense that the shopping mall concerned turns into a regional market for run shopping purposes rather than into a competing fun shopping centre. Copyright (c) 2003 by the Royal Dutch Geographical Society KNAG.

Purpose Information verification is an important factor in commercial valuation practice. Valuers use their professional autonomy to decide on the level of verification required, thereby creating an opportunity for client-related judgement bias in valuation. The purpose of this paper is to assess the manifestation of client attachment risks in information verification. Design/methodology/approach A case-based questionnaire was used to retrieve data from 290 commercial valuation professionals in the Netherlands, providing a 15 per cent response rate of the Dutch commercial valuation population. Descriptive and inferential statistics have been used to test research hypotheses involving relations between information verification and professional features that may indicate client attachment such as an executive job level and brokerage experience. Findings The results reveal that valuers acting at partner level within their organisation obtain lower scores on information verification compared to lower-ranked valuers. Also, brokerage experience correlates negatively to information verification of valuation professionals. Both findings have statistical significance. Research limitations/implications The results reflect valuers’ reasoning behaviour rather than actual behaviour. Replication of findings through experimental design will contribute to research validity. Practical implications Maintaining close client contact in a competitive environment is important for business continuity yet may foster client attachment. The associated downside risks in valuation practice call for higher awareness of (subconscious) client influence and the development of attitudinal scepticism in valuer training programmes. Originality/value This paper is one of the few that explore possible sources of valuer judgement bias by relating client-friendly valuer features to a key area of valuation i.e. information verification.

The aim of this paper is to examine valuer judgement behaviour, by exploring the manifestation of task complexity in Dutch commercial valuation practice. For this purpose, we adopted a grounded theory approach and undertook 18 in-depth interviews with senior valuation professionals across the Netherlands. Our findings indicate a strong presence of situational task complexity in commercial valuation practice, as professionals operating in large valuation teams perceive different elements of task complexity throughout commercial valuation practice in comparison to peers working in small valuation teams or self-employed valuers. Further, coping strategies used to deal with task complexity vary substantially by type of valuer as well. From our data, we deducted three types of task environment constructs in which valuers operate, which basically represent the various levels of professional standards required by clients as well as organisational settings composed to meet client standards. As such, we found that task environment settings strongly coincide with perceptions of task complexity. The presence of situational task complexity in commercial real estate valuation practice points to the need for customisation of professional valuer's development programs to facilitate valuers to deal with task complexity in different stages of valuation practice and hence contribute to advancing valuer judgement skills.

PN966PKCG This exploratory paper addresses the driving forces of real estate investment trusts (REITs). After a concise overview of the history of REITs in the USA, the success conditions of retail REITs are addressed by investigating the relationship between local retail rents and a set of local explanatory factors. A sequential regression method is deployed to identify the most prominent, statistically significant variables and to create a ranking of most promising metropolitan areas from an investor'sperspective.