Aligning corporate real estate to real estate investment functions: Improved property decision making using a real option approach

Pfnuer, Andreas; Schaefer, Christina; Armonat, Stefan

doi:10.1108/14630010410812379

Cited by 9 publications

(8 citation statements)

References 18 publications

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“…For example, Bradley (2002) examines the workplace performance improvements on four levels from the perspectives of different stakeholders:the boardroom;the business unit;the real estate and facilities management department; andthe workforce.As Bradley (2002) points out, different stakeholders have different interests which might lead to different requirements and conflicts of interest, even within the one organisation. Pfnuer et al (2004) looked at the corporate real estate function from two perspectives: the owner function that aims to maximise the value of corporate real estate assets, and the user function whose main goal is to provide a work environment that is suitable for all operational processes in the organisation. The challenge is to balance the needs of the employees with the needs of the organisation, in order to reach an optimal solution.…”

Section: What Do We Know So Far?mentioning

confidence: 99%

User preferences of office occupiers: investigating the differences

Rothe

Lindholm

Hyvönen

et al. 2011

Journal of Corporate Real Estate

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PurposeThe work environment has been identified to influence employee satisfaction and work performance. In order to develop and provide work environments that meet the preferences of as many employees as possible, more information about user preferences and possible preference differences between different kinds of users is required. The purpose of this paper is to increase the understanding concerning office users' work environment preferences. The aim is to investigate whether there are differences in the preferences of office users based on their age, gender, their mobility, and whether they work individually or with others.Design/methodology/approachOffice users' work environment preferences are studied through a survey directed to office employees. Statistical analysis is used in order to identify work environment preference differences between respondents of different age, gender, and the way they work.FindingsThe results indicate that there are differences between office users' work environment preferences concerning some characteristics of the work environment. The results show that the preferences vary both based on demographic issues such as age and gender as well as based on how they work.Research limitations/implicationsThe research is limited to the Helsinki Metropolitan Area, Finland, so the cultural context has to be taken into account when generalising the results.Originality/valueThe paper provides several stakeholders, such as user organisations, designers, consultants, and investors, valuable information on what kind of work environments office users prefer.

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Section: What Do We Know So Far?mentioning

confidence: 99%

User preferences of office occupiers: investigating the differences

Rothe

Lindholm

Hyvönen

et al. 2011

Journal of Corporate Real Estate

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“…The high‐ownership rate in Europe, compared to the USA, has been documented in several studies (see, e.g. for Germany, Pfnür et al , 2004).…”

Section: Methodsmentioning

confidence: 83%

Responsibility for and performance of corporate real estate functions

Hartmann

Linneman

Pfnür

et al. 2010

Journal of Corporate Real Estate

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PurposeThe purpose of this paper is to identify different organizational models concerning both the functions and responsibilities assigned to corporate real estate (CRE) professionals in European and North American companies, as well as to determine the factors that influence the occurrence of these different management models.Design/methodology/approachAn empirical survey between 74 major European and 38 North American companies from the banking, energy, telecommunication, and transportation and logistics industries is conducted.FindingsFive typical models describing the allocation of responsibility of real estate functions within a company and the performance of those responsibilities are identified. Only weak statistical associations are found between these models and certain contextual factors that may influence the choice for a specific model, as well as between the models and certain achievements in CRE. From this, the paper infers that there does not exist one “best practice” CRE management model in a specific situation as often is stated, but instead, various promising organizational models seem to exist.Originality/valueThis paper contributes to a deeper understanding of the organizational variables “responsibility” and “performance” of real estate functions and presents a differentiated view compared to existing research. Specifically, this is the first paper that analyzes and attempts to categorize the various existing approaches to the allocation of responsibility for CRE functions, as well as accountability of the corresponding performance. As such, this paper can therefore serve as an initial point for further research on this topic.

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“…Several studies highlighted that better 'comfort' in the workplace [135][136][137] increases buildings' attractiveness for occupiers and decreases the risk for investors, determining a higher occupancy rate and a premium on rents or property values. Some authors [138,139] point out the linkages between the two viewing angles from which a corporate real estate can be observed, i.e., the owner perspective, which aims at maximizing the value of the assets, and the user perspective, which aims at ensuring a suitable work environment for all operational processes [140]. Rymarzak and Sieminska [141] illustrated that the demand and supply factors affecting the general location choice of corporate real estate are linked not only to the ordinary locational, technological and market factors (accessibility in terms of transport networks, parking capacity, age and technical standard of existing space, market rents/sale prices, office building pattern and size) but also to the features that make the environment of work familiar and comfortable for the employees (e.g., the office space per employee).…”

Section: Variablesmentioning

confidence: 99%

An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context

et al. 2020

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The financial transmission of the USA's housing price bubble has highlighted the inadequacy of the valuation methods adopted by the credit institutions, due to their static nature and inability to understand complex socio-economic dynamics and their related effects on the real estate market. The present research deals with the current issue of using Automated Valuation Methods for expeditious assessments in order to monitor and forecast market evolutions in the short and medium term. The paper aims to propose an evaluative model for the corporate market segment, in order to support the investors’, the credit institutions’ and the public entities’ decision processes. The application of the proposed model to the corporate real estate segment market of the cities of Rome and Milan (Italy) outlines the potentialities of this approach in property big data management. The elaboration of input and output data in the GIS (Geographic Information System) environment allowed the development of an intuitive platform for the immediate representation of the results and their easy interpretation, even to non-expert users.

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Aligning corporate real estate to real estate investment functions: Improved property decision making using a real option approach

Cited by 9 publications

References 18 publications

User preferences of office occupiers: investigating the differences

User preferences of office occupiers: investigating the differences

Responsibility for and performance of corporate real estate functions

An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context

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