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Article
Publication date: 30 March 2021

Graeme Newell, Muhammad Jufri Marzuki, Elaine Worzala, Alastair Adair, Martin Hoesli and Mauricio Rodriguez

Research impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has…

Abstract

Purpose

Research impact has taken on increased importance at both a micro- and macro-level and is a key factor today in shaping the careers of real estate researchers. This has seen a range of research impact metrics become global benchmarks when assessing research impact at the individual academic level and journal level. Whilst recognising the limitations of research impact metrics, this paper uses these research impact metrics to identify the leading research impact researchers in real estate, as well as the leading real estate journals in the real estate impact space. The nexus between research quality and research impact is also articulated. As well as focusing on research quality, strategies are identified for the effective incorporation of research impact into a real estate researcher's agenda to assist their research careers; particularly for Early Career Researchers in real estate.

Design/methodology/approach

The research impact profile of over 150 real estate researchers and 22 real estate journals was assessed using Google Scholar and Publish or Perish. Using the research impact metrics of the h-index, total citations and i10, the leading high impact real estate researchers as well as the high impact real estate journals are identified.

Findings

Based in these research impact metrics, the leading real estate researchers in impactful real estate research are identified. Whilst being US focused, there is clear evidence of increasing roles by ERES, AsRES and PRRES players. The leading real estate journals in the impact space are identified, including both real estate-specific journals and the broader planning/urban policy journals, as well as being beyond just the standard US real estate journals. Researcher career strategies are also identified to see both research quality and research impact included as balanced elements in a real estate researcher's career strategy.

Practical implications

With research impact playing an increased role in all real estate researchers' careers, the insights from this paper provide strong empirical evidence for effective strategies to expand the focus on the impact of their real estate research agendas. This sees a balanced strategy around both research quality and research impact as the most effective strategy for real estate researchers to achieve their research career goals.

Originality/value

Research impact has taken on increased importance globally and is an important factor in shaping real estate researchers' careers. Using research impact metrics, this is the first paper to rigorously and empirically identify the leading research impact players and journals in real estate, as well as identifying strategies for the more effective inclusion of impact in real estate researchers' agendas.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 18 March 2020

Laura McCann, Norman Hutchison and Alastair Adair

Recent years have witnessed significant increases in the number of undergraduate students entering UK higher education. This increase is a result of the removal of the…

Abstract

Purpose

Recent years have witnessed significant increases in the number of undergraduate students entering UK higher education. This increase is a result of the removal of the sector-wide cap on student numbers in England and Wales, along with a growth in overseas students attracted by the reputation of UK universities and the weakening of the value of Sterling. Adopting a corporate real estate perspective, the aim of this paper is to understand how the UK student residence market is structured and financed, and to identify the motivations that are driving the strategies adopted by the universities, private sector providers and investors in this market. In doing so, this research seeks to test the appropriateness of the Gibler and Lindholm (2012) model of corporate real estate strategy in the UK higher education sector.

Design/methodology/approach

Data was gathered from a survey of UK university secretaries, combined with interviews of private sector providers, bank lenders and the analysis of secondary data on investment flows into purpose built residential accommodation (PBSA).

Findings

UK university real estate strategy is mainly one of outsourcing student accommodation to reduce costs as well as employing modern purpose-built student housing as a marketing tool and brand enhancer. This strategy is also used as a risk mitigatory tool enabling universities to adjust to changing student demands. Revisions to the Gibler and Lindholm (2012) model are proposed to reflect the reality of the real estate strategy adopted by the universities. Private sector providers view the sector favourably and are set to be the main providers of new supply over the next decade, entering into strong partnerships with the universities. While there is evidence of some oversupply of bed spaces in certain cities, well-located developments are viewed as an attractive lending opportunity. Since 2013 there has been significant growth in institutional investment into UK student accommodation, albeit sentiment is currently tempered by political uncertainty.

Practical implications

The role of PBSA designed to meet modern student requirements is playing a critical role not only in attracting, recruiting and retaining students but also enhancing the overall higher education experience promoting student welfare and well-being.

Originality/value

The corporate real estate strategy adopted by the UK higher education sector is an under researched area. This paper focuses on the strategy surrounding student accommodation provision and reports on the findings of an extensive survey of the key players in this sector. The results are of value to all stakeholders including government and regulators, at a time when higher education is facing substantial challenges. The evidence of a growing partnership between universities and the private sector is viewed as a logical solution, both for the present and the foreseeable future.

Details

Journal of Property Investment & Finance, vol. 38 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 3 October 2016

David McIlhatton, William McGreal, Paloma Taltavul de la Paz and Alastair Adair

There is a lack of understanding in the literature on the spatial relationships between crime and house price. This paper aims to test the impact of spatial effects in the…

Abstract

Purpose

There is a lack of understanding in the literature on the spatial relationships between crime and house price. This paper aims to test the impact of spatial effects in the housing market, how these are related to the incidence of crime and whether effects vary by the type of crime.

Design/methodology/approach

The analysis initially explores univariate and bivariate spatial patterns in crime and house price data for the Belfast Metropolitan Area using Moran’s I and Local Indicator Spatial Association (LISA) models, and secondly uses spatial autoregression models to estimate the role of crime on house prices. A spatially weighted two-stage least-squares model is specified to analyse the joint impact of crime variables. The analysis is cross sectional, based on a panel of data.

Findings

The paper illustrates that the pricing impact of crime is complex and varies by type of crime, property type and location. It is shown that burglary and theft are associated with higher-income neighbourhoods, whereas violence against persons, criminal damage and drugs offences are mainly associated with lower-priced neighbourhoods. Spatial error effects are reduced in models based on specific crime variables.

Originality/value

The originality of this paper is the application of spatial analysis in the study of the impact of crime upon house prices. Criticisms of hedonic price models are based on unexplained error effects; the significance of this paper is the reduction of spatial error effects achievable through the analysis of crime data.

Details

International Journal of Housing Markets and Analysis, vol. 9 no. 4
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 1 December 1996

Alastair Adair, Norman Hutchison, Bryan MacGregor, Stanley McGreal and Nanda Nanthakumaran

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the…

Abstract

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the same market and using the same basic assumptions would produce in their estimation of price. It significantly extends the approach adopted by Hager and Lord and draws conclusions about different market sectors, locations and size of firms. The results of the survey show a wide variation in value across both rack rented and reversionary interests. In terms of the former over 80 per cent of all valuations produced a variation from the mean of less than 20 per cent with a corresponding figure of over 90 per cent for the reversionary investments. These levels of accuracy fall short of the contention that valuers can value to within 5‐10 per cent of market value.

Details

Journal of Property Valuation and Investment, vol. 14 no. 5
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 February 1984

Alastair Adair

Introduction Belfast in the 1970s became synonymous with terrorism, violence and civil disturbance. Yet, as the capital of Northern Ireland, it is the regional centre for…

Abstract

Introduction Belfast in the 1970s became synonymous with terrorism, violence and civil disturbance. Yet, as the capital of Northern Ireland, it is the regional centre for shopping and office development. The city centre has traditionally been the focus of the capital's commercial and administrative activities. Yet recent office developments in suburban locations have begun to challenge this focus.

Details

Property Management, vol. 2 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 January 1987

ALASTAIR ADAIR and STANLEY McGREAL

The problem of obtaining suitable comparables has been recognised as the principal weakness in the direct comparison method of valuation. This paper utilising a data‐base…

Abstract

The problem of obtaining suitable comparables has been recognised as the principal weakness in the direct comparison method of valuation. This paper utilising a data‐base derived for Northern Ireland highlights the degree of statistical variability that exists in residential property values. It is shown that knowledge of variability can aid the valuer in looking wider for comparables in certain property types while also bringing attention to situations in which spurious comparables are statistically more probable. In conclusion the case is forwarded for a ‘pooled’ data base in which the level of information available for the valuer could be greatly enhanced.

Details

Journal of Valuation, vol. 5 no. 1
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 February 2005

Alastair Adair, Jim Berry, Stanley McGreal, Joanna Poon, Norman Hutchison, Craig Watkins and Kenneth Gibb

Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. However, there is relatively…

Abstract

Purpose

Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. However, there is relatively little knowledge regarding the investment performance of property in regeneration areas. Indeed, there is a perception that such locations carry increased risk and that the returns achieved may not be sufficient to offset the added risk. The main objective of this paper, therefore, is to construct regeneration property performance indicators consistent with the CBRE rent index and average yield monitor.

Design/methodology/approach

Local market experts were asked to estimate rents and yields for hypothetical standardised offerings for a range of regeneration locations throughout the UK, covering the period 1995 to 2002.

Findings

The results show that rental growth was similar in regeneration locations compared to the prime market. However, the analysis highlights a major yield shift for property in regeneration areas in the short to medium term. The downward pressure in yields would suggest that once a regeneration area becomes established and rental growth emerges, investor interest is stimulated resulting in increased competition and a shortening of yields.

Originality/value

The significance of this research is the quantification of property investment performance from regeneration areas that previously has not been available to investment institutions and decision makers. From a policy perspective this analysis is of relevance in confirming the maturing of locations that have received high levels of public sector support and indicating the effectiveness of regeneration policy mechanisms in creating sustainable urban environments capable of meeting private sector investment goals.

Details

Journal of Property Investment & Finance, vol. 23 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 11 July 2008

Alastair Adair

Abstract

Details

Journal of Property Investment & Finance, vol. 26 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 4 April 2016

Norman Hutchison, Graham Squires, Alastair Adair, Jim Berry, Daniel Lo, Stanley McGreal and Sam Organ

The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the…

Abstract

Purpose

The purpose of this paper is to consider the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the level of risk premium demanded by the market.

Design/methodology/approach

The research used a mix of qualitative and quantitative methods with desk-based study and interviews. Interviews were held with policy makers, local authority staff, planners, developers, investors, fund managers and academics. Infrastructure bond data were obtained from the Bloomberg database on all project bonds issued in four Asian countries – Malaysia, China, Taiwan and India – over the period 2003-2014.

Findings

The analysis indicates investor appetite for project bonds and suggests that a risk premium of between 150 and 300 basis points over the comparable government bond is appropriate depending on the sector and the degree of government involvement in underwriting the issue.

Practical implications

The paper argues that the introduction of project bonds would be an important innovation, assisting the financing of infrastructure investment at a time when bank lending is likely to remain fragile. The current conditions in the sovereign debt market, where strong demand has forced down yields, has opened up the opportunity to introduce project bonds offering a higher yield to satisfy institutional investment demand for long term fixed income products.

Originality/value

The originality of this paper stems from the analysis of the merits of using projects bonds to finance infrastructure investment projects, the pricing of such bonds and the level of risk premium demanded by the market.

Details

Journal of Property Investment & Finance, vol. 34 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 March 1998

Stanley McGreal, Alastair Adair, Dylan McBurney and David Patterson

The potential application of data mining techniques in the extraction of information from property data sets is discussed. Particular interest is focused upon neural…

Abstract

The potential application of data mining techniques in the extraction of information from property data sets is discussed. Particular interest is focused upon neural networks in the valuation of residential property with an evaluation of their ability to predict. Model testing infers a wide variation in the range of outputs with best results for stratified market subsets, using postal code as a locational delimiter. The paper questions whether predicted outcomes are within the range of valuation acceptability and examines issues relating to potential biasing and repeatability of results.

Details

Journal of Property Valuation and Investment, vol. 16 no. 1
Type: Research Article
ISSN: 0960-2712

Keywords

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