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In mainstream economics and finance literature, market sentiment is considered “irrational”. This leads to significant challenges in capturing the effect of sentiment on economic relationships. Real estate is even more complex due to the fact that the sector exhibits several market inefficiencies. The purpose of this paper is to explore the literature and present a simple test for the potential of using three different sentiment indicators to improve a basic cap rate model. The authors establish the case using commercial real estate (CRE) data for London West End.

The three indicators differ in their underlying source and method. The authors used orthogonalisation and principal component analysis for a macroeconomic sentiment indicator. Furthermore, online search volume data have been used to mirror the market sentiment for the London West End market. Finally, textual analysis based on word lists has been applied to corpus of market reports.

The results indicate considerable improvement in the authors’ ability to capture the effect of sentiment. Furthermore, the consideration of a human factor leads to improvement in the basic yield model.

The methods suggest that sentiment extracted from more forward-looking sources, such as online searches, could be a significant information gain for investors, lenders or other market participants. The additional information could be used to adjust their behaviour within the market.

To the authors’ knowledge, this is the first study that applies textual analysis to market reports for the CRE market in the UK.

Environment, social, governance (ESG) has taken on increased importance in real estate investment in recent years, with benchmarking ESG being critically important for more informed real estate investment decision-making. Using 60 stakeholder interviews with senior real estate executives, this paper examines the strategic issues regarding benchmarking ESG in real estate investment; specifically, identifying areas going forward where ESG benchmarks need to be improved. This includes the issues of granularity, climate resilience and climate risk, as well as an increased focus on outcomes and performance, and using best practice procedures in delivering ESG in real estate investment.

In total, 60 stakeholder interviews were conducted with key real estate players globally to assess the use of ESG benchmarking in real estate investment at various levels (asset/fund-level, listed real estate, delivery, reporting and internal benchmarking), across regions and across different types of real estate investment players (real estate fund manager, real estate investment trust (REIT), institutional investor and real estate advisor). This enabled key strategic insights to be identified for improved ESG benchmarking practices in real estate investment going forward.

There was clear evidence of the need for improved benchmarks for ESG in real estate investment. More focus was needed on performance, outcomes and impacts, with a stronger focus on granularity around the issues of climate resilience and climate risk. Improvements in Global Real Estate Sustainability Benchmark (GRESB), as well as increased attention to Task Force for Climate-Related Financial Disclosures (TCFD) were seen as important initiatives. Clear differences were also seen in the use of these ESG benchmarks on a regional basis; with Australia and Europe seen as the world leaders. These strategic stakeholder insights regarding ESG saw the development of best practice guidelines for the more effective delivery of ESG benchmarks for more informed real estate investment decision-making, as well as a series of recommendations for improving ESG benchmarking in real estate investment.

ESG benchmarking is a critical area of real estate investment decision-making today. By utilising stakeholder interviews, the strategic insights from key players in the real estate investment space are identified. In particular, this paper identifies how the current ESG benchmarks used in real estate investment need to be improved for a more critical assessment of climate resilience and climate risk issues at a more granular level. This enables the identification and delivery of more effective ESG best practice procedures and recommendations for improving ESG benchmarking in real estate investment going forward. These issues have clear impacts on ongoing capital raisings by investors, where benchmarking ESG is an increasingly important factor for real estate investors, tenants and real estate asset managers.

Based on the stakeholder interview responses, this paper has identified key areas for improvement in the current benchmarks for ESG in real estate investment. It is anticipated that an increased focus on technology and the availability of more granular data, coupled with user demand, will see more focus on assessing performance, outcomes and impacts at a real estate asset-specific level and produce a fuller range of ESG metrics, more focused on climate resilience and climate risk. This will see a more effective range of ESG benchmarks for more informed real estate investment decision-making.

This study aims to examine the housing outcomes of natives and multiple generations of non-natives using a longitudinal survey data in Britain.

The authors use longitudinal data from Britain, in which they can observe multiple generations of immigrants and their demographic and economic information.

The probability models for housing tenure reveal significant variation in the outcomes which are robust to several econometric specifications.

As migration and its impact on local economy is a highly debated topic across several major regions of the world, the findings bring out important insights with policy implications. The research is limited by the sample size of the longitudinal survey.

The empirical evidence on the topic is quite limited with mixed findings. Especially, the authors’ ability to look through multiple generations is unique in identifying the variation in housing outcomes for the native and non-native citizens.

Ageing populations provoke the question of how much bespoke housing should be provided for the elderly. Older people are generally reluctant to move but as they age health circumstances may encourage moves into specialised accommodation. This paper aims to report on an exercise in estimating the future demand for specialised independent living housing and the extent to which that demand will be for owner occupied accommodation or renting, using data for England.

The most important predictor of demand for specialised housing is the extent of the requirement for at least some degree of long‐term care due to loss of mobility. Therefore, the forecast is formulated around a behaviour‐based model centred on demographic, personal physical mobility and housing tenure factors.

The forecasts indicate a substantial increase in demand, growing at a faster rate than the population as a whole. If supply does not rise to meet these demands, serious problems arise in the quality of life of, and cost of caring for, older people with implications for health care and social services. Moreover, some of the greatest growth is going to be amongst those aged 75 to 84 and amongst the very old 85+ group.

The forecast is based on ELSA estimates. Data on activity and ageing are available from the English Longitudinal Survey of Ageing's (ELSA) Wave 4 2008 data set.

The implication is that in the future far more provision of housing for the elderly will have to take place in the private sector. However, the market provision of specialised retirement housing is likely to be very inadequate for predicted needs. A significant cause of this is a chronic planning‐induced land shortage which keeps the price of retirement accommodation high.

The continuing shortage of specialised housing will mean that hundreds of thousands of the elderly will continue to live in their existing accommodation when bespoke property would better suit their needs. This will further exacerbate general housing shortages, especially as the empty nester elderly do often own substantial family homes. It will also put pressures on care home sector because, in the absence of an appropriate intermediate stage, more will be pushed into care.

It could be argued that the assumptions made in this forecasting exercise contain a number of essentially arbitrary statements. But that is to miss the point of this exercise, which is to suggest that a large potential demand exists on plausible estimates of who might benefit from living in specialised retirement housing.

This paper aims to investigate the scale and drivers of cross-border real estate development in Western Europe and Central and Eastern Europe.

Placing cross-border real estate development within the framework of foreign direct investment (FDI), conceptual complexities in characterizing the notional real estate developer are emphasized. Drawing upon a transaction database, this paper proxies cross-border real estate development flows with asset sales by developers.

Much higher levels of market penetration by international real estate developers are found in the less mature markets of Central and Eastern Europe. Analysis suggests a complex range of determinants with physical distance remaining a consistent barrier to cross-border development flows.

This analysis adds significant value in terms of understanding cross-border real estate development flows. In this study, a detailed examination of the issues based on a rigorous empirical analysis through gravity modelling is offered. The gravity framework is one of the most confirmed empirical regularities in international economics and commonly applied to trade, FDI, migration, foreign portfolio investment inter alia. This paper assesses the extent to which it provides useful insights into the pattern of cross-border real estate development flows.

This study was conducted to analyse the socio-ecological problems faced by the Suhelwa Wildlife Sanctuary and understand its potential and challenges for developing ecotourism following Triple Bottom Line (TBL) principles. The study also benchmarked best ecotourism practices across the globe to create an ecotourism plan that would provide alternative livelihood and help in sustainable management of the area by reducing poverty, dependency on forests and biodiversity protection.

Suhelwa Wildlife Sanctuary was chosen because this area has several socio-ecological crises with limited livelihood options, and there is an urgent need for alternative livelihood opportunities in the form of ecotourism. The study followed an ethnographic approach through observation, participant observation, and semi-structured interviews. Content and thematic analysis was conducted through Atlas Ti9.0 software for data analysis. Subsequently, benchmarking best ecotourism practices through a literature review was done to develop an ecotourism action plan.

The First finding was related to the study area divided into three themes: problems, potential for ecotourism development, and challenges for ecotourism development. The second finding was related to benchmarking best practices and suggesting an action plan.

This work studied an area not sufficiently acknowledged by academicians and policymakers concerning ecotourism development. The work also benchmarks the best practices for ecotourism and proposes a sight-specific ecotourism action plan in accordance with TBL.

The purpose of this research is to investigate faculties' perceptions of emotional intelligence about job performance (task and contextual performance (TP and CP)) in the higher education sector in the Kingdom of Saudi Arabia.

This research employed an explanatory research design method. A quantitative design approach is adopted by implementing a survey-based study. Quantitative data have been collected anonymously from faculty members (n = 277) working in different higher educational institutes in Saudi Arabia.

The research findings revealed a positive relationship between others' emotions appraisal and use of emotions with CP, whilst all the dimensions of emotional intelligence, namely self-emotions appraisal (SEA), others' emotions appraisal (OEA), use of emotions (UOE) and regulation of emotions (ROE) revealed a significant positive relationship with the TP. Nevertheless, the research supports the argument that emotional intelligence is considered an essential contributor to faculty members' job performance.

This research study provides empirical support for the argument that emotional intelligence is a direct driver for enhancing job performance through the appraisal, use and regulation of emotions. In terms of practical implications, the research findings will encourage higher education institutions to take specific actions that will help to enhance awareness of and build emotional intelligence skills amongst faculty staff.

This study is the first that has sought to investigate the impact of emotional intelligence on employees' performance in the Saudi Arabian higher education sector. Additionally, this study has developed a new psychometric scale that is useful in the higher education sector.