Search results

This paper aims to examine the performance efficiency of 56 real estate assets within the rental sector in the UAE to evaluate the relative operation efficiency in relation to revenue generation.

The data envelopment analysis (DEA) approach was used to measure the relative operational efficiency of the studied assets in relation to the revenue performance. This method could produce a more informed and balanced approach to performance measurement.

The outcomes show that scores of efficiencies ranging from 7% to 99% in some of the models. The results showed that on average buildings are 75% relatively less efficient in maintenance, in term of revenue generation, than the benchmark set. Likewise, on average, the inefficient buildings are 60% relatively less efficient in insurance. Result also shows that 95% of the building assets in the sample are by and large operating at decreasing returns to scale. This implies that managers need to considerably reduce the operational resources (input) to improve the levels of revenue.

This study recommends that the FM operational variables that were found to inefficiently contribute to the revenue should be re-examined to test the validity of the findings. This is necessary before generalising or interpolating the results that are presented in this study.

The information obtained about operational performance can help FM managers to understand which improvements in the productivity of inefficient FM resources are required, providing insight into how to reduce operating costs and increase revenue.

This paper adds value in using new FM operational parameters to evaluate the efficiency of the performance of built assets.

The proliferation of environmental rating tools over the past two decades has endeavoured to assist the industry in measuring sustainability. Recent changes to the International Valuation Standards (IVS) have directed valuers to consider ESG. The purpose of this study aims to examine how commonly utilized sustainability tools, which have been employed to communicate building sustainability credentials, align with the IVS categories of ESG.

The research utilises the IVS categorisation of ESG and maps sustainability tools adopted at scale by the Australian Commercial Real Estate market. The approach identifies the various attributes within the commonly utilised rating tools that align with IVS defined ESG criteria.

The mapping provides insights into the coverage of the IVS ESG criteria in the mainstream tools used in Australia. Further, the research identifies existing sustainability criteria that are relevant to the built environment, that have not been clearly identified by the IVS, but have an important role in evaluating the sustainability of commercial real estate.

For investors, occupiers and valuers, this research provides insights on how the current, commonly utilised sustainability rating tools align with the IVS-defined ESG metrics. This research assists in providing greater clarity regarding the relationship between ESG criteria and existing rating tools, which have been recently identified as key considerations in valuation practice and help to provide transparency and understanding for property stakeholders.

The importance of monitoring, reporting and enhancing transparency in ESG disclosures has emerged as a central issue with significant implications for the property industry. This research provides the first evaluation of how existing sustainability rating tools map against ESG criteria as directed in the IVS.

This study reviews the teaching of real estate in the USA for the first 100 years after the foundational curriculum was laid down in 1923 by three key institutions: the National Association of Real Estate Boards (NAREB), the Institute for Research in Land Economics and Public Utilities (The Institute) and the American Assembly of Collegiate Schools of Business (AACSB). Its line of investigative pursuit is the persistent lamentation by American real estate scholars that real estate is not getting the respect it deserves as an academic discipline compared to its peers in the school of business such as accounting, finance and marketing. The study addresses a fundamental question: What is the cause of this endless “search for a discipline”? This is motivated by the belief that identification of the root cause of this “search for a discipline” will lead to the requisite solution: the intellectual foundation of the real estate discipline.

The study used qualitative document analysis to review two primary documents published in 1959 as reports on business education in the USA: (1) Higher Education for Business, financed and sponsored by the Ford Foundation, and (2) The Education of American Businessmen – financed and sponsored by the Carnegie Corporation of New York. The impacts of the publications on the teaching of real estate to date have been reviewed in the context of scholarly actions and literature that has been generated in relation to the two documents.

The two primary documents impacted negatively on the teaching of real estate. The committee members who produced the two reports had indicated that real estate did not fit into the business curriculum hence should not be taught in business school. This conclusion led to unintended negative outcomes for real estate education. The negative impact of the reports arose principally because the teachers of real estate misinterpreted the outcome to mean that they should tweak the real estate curriculum to fit in the pedagogical framework of the business school. This reaction is responsible for perpetuating the identity crisis that has plagued real estate as an academic discipline since its inception as a subject of study in 1923. Secondly, at the inception of the real estate education in 1923, while the AACSB accepted real estate as a discipline in the school of business, Richard T. Ely wrote the curriculum under land economics which has led to the persistent collegiate dilemma regarding the teaching of the discipline.

The study sheds light on the situation of business education in the USA and AACSB-accredited colleges internationally. It draws attention to the incoherent body of knowledge of business education and will help schools of business to redesign their curricula to include course contents that rightly reflects the business oriented academic disciplines.

The study is timely as it has been done 100 years since the development of the first standard collegiate real estate curriculum following the 1923 conference at Madison. The study has reviewed the first 100 years in terms of the persistent quest: “in search of a discipline”. In so doing, it has uncovered the root cause of this search during the first centennium; and to end the search, it proposes that real estate should not be taught as a business discipline.

Effective knowledge management has played a crucial role in propelling the green transformation of organisations and industries. Nevertheless, its underutilisation in the real estate sector has impeded the progress of green transformation. Therefore, the purpose of this paper is to offer a theoretical and practical analysis of the green transformation of the real estate industry through the lens of knowledge management and to provide a valuable reference to facilitate the industry’s green transformation.

This study entailed applying induction and deduction method, using China’s real estate industry as a typical case, and collecting and analysing the public data, corporate reports and literature of China’s real estate industry. On this basis, the authors conducted an in-depth analysis of the mechanisms through which the green transformation has empowered the sustainable development of China’s real estate industry, as well as the critical role of knowledge management.

The study has revealed that the primary challenges encountered by China’s real estate industry during the green transformation have stemmed from significant disparities in the knowledge base among different industry entities, the complexities related to knowledge integration and the “difficulty” of applying green knowledge across the entire life cycle. To address these issues, the authors recommend several strategic actions, including creating a dedicated green knowledge platform for the real estate industry, establishing a knowledge-sharing mechanism, enhancing knowledge acquisition on both the supply and demand sides and intensifying the focus on the application of green knowledge within the real estate industry.

This research holds considerable theoretical and practical significance concerning the comprehension and promotion of knowledge management’s role in the green transformation of China’s real estate industry. These insights can be applied to significantly enhance the theoretical framework of knowledge management, and the research outcomes provide substantial support for propelling the green transformation in China’s real estate industry and contributing to the sustainable development of the overall economy in China.

From a knowledge management perspective, this study introduces a series of solutions and recommendations, presenting new research ideas and pathways for advancing the green transformation of the real estate industry. In addition to guiding the industry’s sustainable development, it also significantly contributes to enhancing the theoretical framework of knowledge management.

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

A perusal of extant literature suggests asymmetric devotions in empirical research that overlooks unique social and industrial dynamics of married working women in highly competitive male-dominated industries. Drawing on the social role theory, the study addressed this asymmetry by proposing a multivariate regression model that examined performance drivers of married female real estate brokers, as mediated by organizational, cognitive and social influences.

The study employed a descriptive design. A structured electronic questionnaire was used to collect data from a sample of 256 married female brokers who are active on online messaging platforms. Snowball sampling was used to reach the research participants. Collected data were subjected to multivariate regression analysis.

The results infer that social influences were the most significant drivers of married female brokers in the real estate industry (r = 0.932, p < 0.05, F = 556.581). Significant interventions of diversity management, work-life balance, family support and access to economic opportunities were found.

In acknowledging the societal stereotype and culturally imposed burdens married women face in emerging economies, the study advanced theoretical, practical and policy initiatives for a more inclusive, supportive and learning-oriented work environment.

The novelty of the paper lies in its exposition of the unregulated real estate brokerage market in an emerging economy and the dynamic organizational, cognitive and societal influences of married female brokers.

This study aims to enrich our understanding of the characteristics of non-urban coworking spaces (CSs) that focus on corporate users, as well as the benefits that companies expect to gain from incorporating those CSs into their corporate real estate (CRE) portfolios.

This study leverages a series of in-depth interviews with owners and managers of CSs in non-urban locales that focus on serving corporate clients.

The research reveals various CS characteristics and forms within non-urban areas, focusing on corporate clients. It suggests that implementing a CS in corporate premises is perceived to enhance CRE use-value strategies with a focus on the employee's well-being, innovation and the attraction of talents. Moreover, exchange-value strategies with a focus on portfolio flexibility may benefit from the implementation of a CS. However, strategies related to life-cycle cost optimization or gains are not perceived to be supported. Social events for the surrounding neighborhood and the choice of location emerge as critical success factors for non-urban CSs. Besides infrastructure and connectivity, non-urban corporate-centric CSs built their location decisions rather on a personal connection to the location and place of residence of potential users than on lower rental prices.

This research pioneers in providing a comprehensive understanding of non-urban CSs, particularly in the context of their perceived implications for corporate real estate management. The nuanced perspectives it offers are invaluable for stakeholders looking to leverage CSs as part of their corporate strategies.

In the context of an absence of studies examining the interrelationship between Indian construction industry and residential real estate sector, the study aims to develop and test a conceptual framework to stimulate construction industry through optimisation of housing market in India. The developed conceptual framework lays down a blueprint to assess the interaction between construction industry and housing market in other countries.

Means of stimulation of construction industry by residential real estate sector were identified. Housing market was examined to identify factors constituting consumer-centric delivery and consumer-empowered demand. Supply side of housing market was probed to identify underlying factors stifling housing delivery. The identified factors were put together to form the conceptual framework. A questionnaire was developed and administered to the delivery-side stakeholders of housing market.

The study demonstrates significant correlations between real estate investment-led construction industry output stimulation and consumer-centric residential real estate delivery. The deterrents to consumer-centric housing delivery have been ascertained to be having an impact on time, cost and scope of housing projects. Significant correlations have been ascertained between the deterrents. On the demand-side, skills, awareness and engagement of consumers are strongly correlated with each other. Affordability of housing is rightfully correlated with all the three means of stimulation of construction industry output.

Specific to the Indian context, the study presents and validates a novel conceptual framework aimed at stimulation of construction industry output through interventions in housing market.

In the online marketing context, virtual reality (VR) has been used to display products and shopping environment, which effectively enhances the consumer experience. VR technology can not only recreate scenes similar to the real world (virtual authenticity, VA) but also create fictitious and desirable scenes that do not exist in the real world (virtual ideality, VI). The differences between VA and VI in influencing consumers' responses have not been fully understood. In addition, social signals have appeared in VR apps. However, the role of social signals in a VR context has rarely been studied. To fill the gaps in the literature, this study investigates the roles of VA and VI in shaping consumers' responses, as well as whether and how their effectiveness in shaping consumers' responses is influenced by social signals.

A VR real estate service platform was selected as the experimental platform, and two experiments were conducted to test the hypotheses. The ANOVAs and regressions were used for data analysis.

Results show that VA leads to a higher level of perceived diagnosticity than VI, whereas VI leads to a higher level of inspiration than VA; perceived diagnosticity and inspiration positively affect visit intention. Furthermore, the relationship between consumers' perceived diagnosticity, inspiration and visit intention is moderated by the presence of social signals.

The study revealed the differences between VA and VI in shaping consumers' responses, as well as the effect of social signals in VR environment, which provide a new perspective for future VR research in the context of interactive marketing.

In this article, the aim is to document the divergences/convergences between the market perceptions of quality and the financial estimations for office buildings relative to the notion of centrality and the distance to the central business district (CBD).

Based on a hierarchical approach that decomposes and estimates the perceived quality of buildings from the stakeholders’ perspectives, we study the geographies of perceived quality measures in the Greater Paris Metropolis and compare them to the financial geography.

The perceived location quality decreases with distance from the CBD whereas judgments on the built structure and the workplace do not, exhibiting a ring-shaped pattern. The gradient of the components of the perceived quality are heterogeneous, having positive, negative or null values. Appraisers tend only to consider the quality of location in their estimations.

This article raises the issue of fair spatial judgments by appraisers and the financial market. Monocentricity is not the rule in the market perceptions of quality. It suggests that financial estimates are strongly biased, with mental representation of centrality as a judgmental heuristic.