Public property management in Italian municipalities: Framework, current issues and viable solutions
Abstract
Purpose
This article aims to present an overview of the main issues related to public real estate management in Italian local governments and to define a reliable approach for the employment of real estate properties during the time.
Design/methodology/approach
The research defines a theoretical framework that takes under consideration the “key variables” that affect the strategic management of a real estate asset portfolio. The suggested approach may help public managers in the decision‐making process, enhancing the performance of the organization and the accountability in favor of the stakeholders.
Findings
The results demonstrate that there are still several omissions in the management of these assets and that strategies adopted have not been centered on a preliminary analysis of the financial, economic and social fallouts in the mid‐long term, mainly answering to short‐term political needs and budgetary constraints. Unlike experiences developed in other European countries, in Italy the main answer was the divestment of real estate assets, assumed as a “first best solution”.
Practical implications
The article suggests a systemic and multidimensional approach for the management of a real estate portfolio and aims at developing a depth of knowledge in a field such as public property management, which can still be considered essentially unexplored by Italian literature.
Originality/value
The paper emphasizes the strategic relevance of the subject for politicians, managers, technicians and researchers involved in the management of a real estate portfolio.
Keywords
Citation
Vermiglio, C. (2011), "Public property management in Italian municipalities: Framework, current issues and viable solutions", Property Management, Vol. 29 No. 5, pp. 423-442. https://doi.org/10.1108/02637471111178119
Publisher
:Emerald Group Publishing Limited
Copyright © 2011, Emerald Group Publishing Limited