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The aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management.

The research design consists of two main parts: 1) formulating propositions based on existing literature and 2) attempting to validate the propositions through a qualitative interview study with major real estate owners in Finland.

The main finding is that the current real estate investors reflect the transient nature of competitive advantages and assess their strategies accordingly. The companies consider the traditional profitability and revenue growth aspects of their business but also a more long-term future growth dimension. As an outcome, the investors base their strategies on eight strategic themes which are “Innovation”, “ESG”, “Marketing and sales”, “Financial management”, “Leasing management and tenant satisfaction”, “Competitive environment and portfolio management”, “Outsourcing and strategic partnerships” and “Cost and operation optimization”.

This paper opens opportunities for future research concerning different strategies in real estate investment business and their impacts.

The presented framework provides support for real estate investors to create real estate management strategy or to evaluate their current strategy and to recognize operational actions and decisions that are relevant for their strategy.

This paper provides an extension to corporate real estate (CRE) literature by showing that the CRE theories are adaptable to real estate investment and provide value for their strategic management. This paper also contributes to real estate investment literature by providing a well-founded and empirically contested strategic management framework, the IREM framework, for identifying strategic themes on which real estate investors form their strategies.

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.

This paper aims to identify the importance of individual variables in the corporate real estate (CRE) decision-making process.

Nine experts received a posed scenario of a changed business strategy requiring a CRE reduction in individual interviews. Based on their suggested response, a decision network was modelled for each expert using the causal network elicitation technique, incorporating the utilities for decision variables and importance weights for attributes and benefits. The decision model offers a graphical representation of decision-benefit links for the decisions CRE managers make in such a period of decline.

Perceived facilitators of CRE dynamic alignment were identified by calculating lift ratios on their perceived importance of the attributes they mentioned during the interviews as nodes in the network that link decisions to benefits. Facilitators included CRE metrics and workplace strategy, while capital expenditure and landlords inhibit alignment processes. The research provides more granular insight into the variables used in CRE decision-making and the factors that facilitate or inhibit the dynamic alignment process.

The research set a specific scenario for the experts to consider. That could be regarded as small but there was clear evidence of saturation of expert knowledge. Additional face-to-face interviews with the experts may have generated further details on the thought processes of the experts.

The research provides more granular insight into the variables used in CRE decision-making and the factors that facilitate or inhibit the dynamic alignment process. Thereby providing CRE decision-makers with key elements for a decision model.

The research technique, causal network elicitation technique, uses semi-structured interviews to create decision networks, which is a technique that has not been widely applied to CRE research. The research provides a granular view of what are important inhibitors or facilitators of dynamic alignment of CRE to business strategy.

The purpose of this paper is to identify the variables that influence corporate real estate (CRE) decision-making and gauge their relative importance to each other, thereby understanding the consequent challenges/implications for CRE managers (CREM’s).

Interviews were undertaken with experienced CREM’s using the causal network elicitation technique to create decision networks for the variables they considered for the specifically defined scenario: dealing with surplus property from a change of business strategy. These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation.

These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly, strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation.

This research appears to be the first that looks in detail at the mental representations used by decision-makers while making CRE decisions.

The role of list price is often discussed in a narrative describing sellers’ preferences or sellers’ price expectations. This paper aims to investigate a set of list price strategies that real estate brokers have available to influence the outcome of the sale, which may be many times self-serving.

By analyzing real estate brokers’ arguments on the choice of the list price level, a couple of hypotheses are formulated with regard to different expected outcomes that depend on the list price. This study empirically tests two hypotheses for the underlying incentives in the choice of list price from the real estate broker’s perspective: lower list price compared to market value leads to the higher sales price, lower list price compared to market value leads to a quicker sale. To investigate the two hypotheses, this paper adopts different methodological frameworks: H1 is tested by running a classical hedonic model, while H2 is tested through a duration model. This study further tests the hypotheses by splitting the full sample into two different price segments: above and below the median list price.

The results show that H1 is rejected for the full sample and for the two sub-samples. That is, contrary to the common narrative among brokers that underpricing leads to a higher sales price, underpricing lower sales price. H2, however, receives support for the full sample and for the two sub-samples. The latter result points to that brokers may be tempted to recommend a list price significantly below the expected selling price to minimize their effort while showing a high turnover of apartments.

Although there are a large number of previous studies analyzing list price strategies in the housing market, this paper is one of the few empirical studies that address the effect of list price choice level on auction outcomes of non-distressed housing sales.

Technological change drives transformation in most sectors of the economy. Industry 4.0 technologies have been applied at different stages of a building’s lifecycle. However, limited studies exist on their application in real estate facilities management (REFM). This study aims to assess the existing knowledge on the topic to suggest further research directions.

Scopus-indexed literature from 2013 to 2023 was examined and visualised using VOSviewer software to output quantitative (descriptive) results. Content analysis was used to complement the quantitative findings.

Findings indicated a concentration of research in China, Norway and Italy. The knowledge areas included three clusters: lifecycle integration and management, data curation and management and organisational and management capabilities. The benefits, challenges and support strategies were highlighted.

More collaboration is needed across countries and territories on technology integration in REFM. Future research using alternative methodologies is recommended, with a focus on adopting and non-adopting REFM organisations. Further, implications for facility managers, employees, technology suppliers or vendors, training, organisations and management exist.

Further, implications for facility managers, employees, technology suppliers or vendors, training, organisations and management exist.

The study reveals the knowledge base on technology use in REFM. It adds to the evidence base on innovation and technology adoption in REFM.

This paper aims to explore the extent to which Covid-19 has challenged work habits and outcomes. The authors argue that after the lockdown period workers have been experiencing a new work mode called “Covid-working”. The aim is to provide a first interpretation of this phaenomenon and elaborate on future real estate strategies and workplace policies based on this experience.

Using survey data, this research analyses Covid-working in a large-sized company in Italy. The survey was answered by 90 employees and addresses three domains: locations of work; a comparison between work-from-home (WFH) and work from the office; and outcomes of Covid-working vs office-working.

With Covid-working, the workers of the case company drastically changed their traditional work from the office approach to pure WFH. While this abrupt switch might generate difficulties in adaptation, this working practice was generally appreciated by this company’s workers. Positive and negative outcomes of Covid-working confirm previous studies on remote working. Recommendations on multi-location of work, new value for the headquarters and diversity empowerment open up avenues for future real estate strategies.

Observations on Covid-working are still limited and mainly appear on grey literature, due to the newness of this phaenomenon. Empirical studies such as the proposed one can increase companies’ awareness of the positive and negative outcomes of this experience and support their future workplace strategies.

Triggered by public concerns over office workplace safety during the COVID-19 pandemic, this study sheds light on the office workplace environment and aims to investigate how organisations respond to forces from the external environment (impacted by the COVID-19 pandemic) and how they modify their office workplace management strategically and operationally to suit the stakeholders’ needs and future development in the post COVID-19 period.

A desktop study was conducted to provide the framework for the in-depth interviews with five corporate real estate (CRE) managers and three workplace consultants. Thematic analysis including coding technique was adopted to analyse the qualitative data.

The findings show that during the COVID-19 pandemic, most of the intended and implemented office workplace modifications are mainly related to two types of risk control: administrative control and personal protection. At a strategic level, organisations react to the external forces by re-modelling their businesses and working towards re-orienting their CRE strategies, such as portfolio transformation, agile portfolio strategies and redesign of the office workplace, etc.

This is a topical and timely study that presents the general practice of office workplace modification during the COVID-19 pandemic, as well as the related CRE management (CREM) strategies developed for the new normal. The findings obtained through in-depth interviews have well supported the CREM strategic alignment theory. It is foreseen that office workplace management will encounter other challenges due to uncertainties of the COVID-19 pandemic. The findings of this study provide a practical lens to look at the future changes of office workplace environment.

Across the world, many universities are dealing with a pressure on resources, caused by both organisational developments and ageing campuses. Space utilization studies have a strategic role, providing information on how space is being used, thereby informing decisions about the type and scale of facilities that are needed.

This study reports on the space use measurements conducted at TU Delft over the past five years, complemented by their use to make decisions about the university's real estate portfolio.

The education spaces of the university are found to perform well in terms of frequency rates and can be improved in terms of occupancy rates. The information helped to support short- and long-term decision-making. The study places of the university have a satisfactory occupancy in some types of study places, while in others there is room for improvement. More research is needed here to understand the relationship between space norms and space use.

The space utilization studies have supported discussions with the student council and decision makers on which interventions are required and which current facilities meet students' needs best.

Not much space utilisation studies are reported in the academic literature, and those that do have several limitations. This study may serve as a best practice for benchmarking by other universities and as evidence in other research for the planned and actual use of university facilities.

This paper aims to explore the impact of COVID-19 on office space in Johannesburg. This study further explores the role of changing work practices in the office sector in South Africa because of the pandemic and its impact on future office space use planning and management.

To understand the footprints that the COVID-19 pandemic has left on the office space market in Johannesburg, this study uses semi-structured interviews, which were administered to corporate office users, and a thematic analysis was adopted to understand the views, perspectives and expectations of office users.

The study showed that space users perceive COVID-19-induced remote working as having benefits, opportunities and challenges. A notable shift in office space utilization has emerged, with employees increasingly opting for roles that permit remote work. This newfound flexibility, accommodating both on-site and remote work, often makes working from home more appealing than traditional office environments that may no longer align with users’ preferences for office spaces.

The study is limited to Johannesburg, South Africa, and may not apply to other African markets. Ten in-depth interviews were conducted, and analysis and results were deduced; this may be considered a limitation of this study.

The pandemic’s impact has brought about irreversible changes, compelling policymakers and business leaders to strategize and prepare. This proactive stance aims to prevent avoidable challenges for employees and companies during future pandemics. A thoughtful approach to the post-pandemic world can usher positive changes in the office and property sector. This includes the coexistence of both remote work and on-site working models.

This paper provides valuable insight into some of the outcomes of the COVID-19 pandemic in South Africa that are essential for future office space use planning and management. The insights from this study extend the literature and provide novel knowledge based on an office sector in the “global south.”