Globalisierung der Immobilienwirtschaft

Scharmanski, André

doi:10.1515/9783839413050

2009

DOI: 10.1515/9783839413050

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Globalisierung der Immobilienwirtschaft

André Scharmanski¹

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Office buildings in Germany

Schubert

2013

Journal of Property Investment &Amp; Finance

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PurposeAccording to normative‐rational investment decision models, investors who seek office buildings should select markets which show high employment numbers in office related sectors such as Finance, Insurance, Real Estate (FIRE) and Knowledge Intensive Business Services (KIBS). This view is challenged by behavioural studies, which find that the investors' willingness for analysis and the structure of their decision‐making processes in practice notably limit such an influence. Looking at German office markets, the purpose of this paper is to explore to what extent the aforementioned connection between employment structure and market selection holds.Design/methodology/approachQualitative interviews with German investment experts are analysed in a manner that differentiates between investor types. Behavioural economics form a theoretical basis to identify investor type specific attitudes towards investment markets and the resulting market selection processes. The findings are tested by logistic regressions which connect the spatial structure of office investments with employment data.FindingsA sector‐specific employment structure does not have a direct but an indirect influence on the market selection. The existing theoretical contradiction is resolved by this indirect influence. Investor type specific risk profiles and business models determine varying spatial patterns of market selection.Research limitations/implicationsThe study shows that attitudes towards markets, business logics and decision processes differ between insurance companies and open‐ended funds. Researchers should be aware that empirical results may not always be valid for all institutional investors. In some cases a differentiating research design according to investor type may be necessary.Practical implicationsThe study identifies a set of minimum requirements with regard to building and market characteristics open‐ended funds use for filtering in German secondary/regional markets. Market selection by these funds and insurance companies correlates with relative employment in FIRE‐ and KIBS‐branches.Originality/valueThis paper overcomes decision‐theoretical contradictions and gives empirical evidence for the importance of the employment structure on market selection.

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Office buildings in Germany

Schubert

2013

Journal of Property Investment &Amp; Finance

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Implementing transparency in an Eastern European office market: preparing Warsaw for global investments

Bitterer¹,

Heeg²

2012

articulo

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In the aftermath of an increasing integration of property and financial markets, the real estate industry is subject to soaring internationalization processes. Since international institutional investors appeared, transnational real estate investments have increased tremendously. In recent years, Central and Eastern European countries have been becoming more attractive to institutional investors and are therefore being integrated into international market structures. Within these countries, Warsaw emerged as the most dynamic and important real estate market. But what are the mechanisms and practices through which the real estate market of Warsaw becomes international? Which networks, intermediaries and frames are necessary to constitute a mature real estate market? The article argues that international real estate consultants are playing a crucial role in the underlying internationalization process. They are acting at the interface between investors, developers, construction companies and tenants and are therefore becoming a crucial hinge between real estate actors. With the example of the Warsaw real estate market we argue that international real estate consultancies are key drivers of the transformation process from a local to a global market. They transfer global knowledge, competence and practices and implement transparent and professional structures in the emerging Warsaw real estate market

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Globalisierung der Immobilienwirtschaft

Cited by 2 publications

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Office buildings in Germany

Office buildings in Germany

Implementing transparency in an Eastern European office market: preparing Warsaw for global investments

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