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Article
Publication date: 19 January 2024

Raveena Marasinghe and Susantha Amarawickrama

This paper examines rent determinants and their relationship with commercial office property rents.

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Abstract

Purpose

This paper examines rent determinants and their relationship with commercial office property rents.

Design/methodology/approach

The method adopted in this study differs from that of previous studies on this topic. Firstly, based on the survey of the viewpoints of experts, Relative Importance Index (RII) analysis was used to identify rent determinants and to rank and ensure their relevance and validity in the Sri Lankan context. Secondly, sampling of data related to 115 office properties collected from property tenants and landlords located within the central built-up area of Colombo City was conducted using a multi-methods approach to carry out an objective hedonic analysis of office rents.

Findings

This research utilizes RII and hedonic models to provide insights into determinants and relationships. Both analyses confirm that the three top drivers of commercial office rent are distance from the major town center, availability of parking space and the condition of the property. In addition to these three factors, hedonic models reveal that the age of the property and the availability of a conference hall also play a relevant role in explaining office rents. Given the disparities in the findings of the two methods, further examination was able to confirm that factors such as distance from the major town center, parking availability, age of the property, presence of a conference hall, building condition, floor size, business type and type of building are likely to influence commercial office rent. These findings reflect elements such as the quality, newness and better facilities of different office properties.

Practical implications

This systematic study and analysis of office rent for the guidance of real estate investors can support sound investment decisions, potentially leading to more financially sound property development, reduced public debt levels and improved public-private financing. Further, the research findings offer valuable insights to real estate investors, developers and planners regarding location decisions for office development quality enhancements in future office developments.

Originality/value

This research provides fresh insights into the local scale office market, an area where limited evidence currently exists. Further, the methodology adopted provides evidence that hedonic analysis, supported by a multi-method approach, can mitigate the subjective judgments made by professionals.

Details

Journal of Property Investment & Finance, vol. 42 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 22 August 2022

Jordan Ferreira

The intention of this work is to generate a tool to facilitate the visualization of urban parameters, critically discussing the current form of urban planning in Brazil and thus…

Abstract

Purpose

The intention of this work is to generate a tool to facilitate the visualization of urban parameters, critically discussing the current form of urban planning in Brazil and thus facilitate popular participation in decisions, considering that since 2001, it is foreseen by law that the elaboration processes of municipal urban plans in Brazil must have popular participation in order to be legitimized.

Design/methodology/approach

The method consists of three-dimensionally modeling the constructive potential within the lots, using the parameters of the Ribeirão das Neves city master plan (State of Minas Gerais, Brazil), using computer software, to predict the impact on landscape that the parameters generate and comparing different software programs.

Findings

With the proposed tool, it became clear that many of the city's parameters alone cannot reach the guidelines of the master plan, and the comparison of two software programs generated options for different local realities. It is a methodology that is able to provide excellent support for urban planning laws in Brazil to be more effective and less delayed.

Originality/value

The software was configured with a script developed by the Geoprocessing Laboratory of a university in Brazil and was used for the first time to completely analyze a municipal master plan for the metropolitan region of Belo Horizonte, generating a tool able to be used in master plans' review.

Details

International Journal of Building Pathology and Adaptation, vol. 42 no. 2
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 21 March 2024

Guiwen Liu, Yue Yang, Kaijian Li, Asheem Shrestha and Taozhi Zhuang

Micro-regeneration can effectively enhance a neighborhood’s commercial vitality and serve as a viable approach to boost economic benefits. However, the small scale of…

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Abstract

Purpose

Micro-regeneration can effectively enhance a neighborhood’s commercial vitality and serve as a viable approach to boost economic benefits. However, the small scale of micro-regeneration efforts and the fragmented nature of information currently limit the availability of strong empirical evidence demonstrating its impact on neighborhood commercial vitality. The aim of the study was to examine the link between micro-regeneration and neighborhood commercial vitality, focusing on the average, time-lag, spatial spillover, and spatial heterogeneity effects.

Design/methodology/approach

Using the panel data set of 1,755 neighborhoods in Chongqing from 2016 to 2021 as the research sample, the difference-in-differences (DID) method was employed in this study to explore the impact micro-regeneration has on neighborhood commercial vitality.

Findings

The results illustrate that: (1) micro-regeneration can promote neighborhood commercial vitality in terms of the number and types of local consumption amenities by 27.76 and 5.89%, respectively, with no time-lag effect; (2) the positive spillovers can exist within the range of 5,000 meters–5,500 meters of regenerated neighborhoods; and (3) the effect of micro-regeneration on neighborhood commercial vitality can be greater in peripheral areas than in core areas of the city.

Originality/value

The findings fill the knowledge gap on the relationship between micro-regeneration and neighborhood commercial vitality. Additionally, the results on the time-lag effect, spatial spillover effects, and spatial heterogeneity provide practical implications that can support the government and private sector in developing temporal and spatial arrangements for micro-regeneration projects.

Details

Engineering, Construction and Architectural Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0969-9988

Keywords

Article
Publication date: 7 February 2023

Rami Farouk Daher

The purpose of this paper is to investigate the effect of different levels of place understanding (primarily typo-morphological analysis) on the nature of interventions within…

Abstract

Purpose

The purpose of this paper is to investigate the effect of different levels of place understanding (primarily typo-morphological analysis) on the nature of interventions within historic urban setting and buildings within the City of Amman.

Design/methodology/approach

The research methodology depended on an extensive thematic survey and analysis. The typo-morphological analysis addressed several of Amman's residential hills and their connections with the downtown area. The thematic place survey tool included different units of analysis (e.g. buildings, public spaces, streets and sloped lands between streets) and addressed the values of these various buildings and spaces, their typology, typo-morphology and relation to the urban context, nature of change and transformations over time to mention a few. The extensive survey also included semi-structured interviews about these buildings addressing their emergence, historic context and values.

Findings

The paper presents an architectural typology for Amman's architecture and its relationship with the city's morphology stressing the specificity of Amman's historic core and residential hills. The paper also discusses the effect of this level of place understanding on the nature and levels of interventions within historic settings and buildings.

Research limitations/implications

This level of place understanding (typo-morphological analysis) can have a positive impact on the practice of architectural and urban conservation by informing the nature of interventions within historic urban setting and buildings within the city. More specifically, this level of place understanding can, first, inform the development of urban and heritage guidelines within conservation areas in one of Amman's residential neighborhoods (Weibdeh) and, second, inform the nature of interventions to existing historic buildings based on respect of building typology.

Originality/value

This paper contributes to the disciplines of architectural and urban conservation illustrating how place understanding can inform practices of heritage conservation and future policies and strategies concerning new intervention within such heritage places.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. 18 no. 1
Type: Research Article
ISSN: 2631-6862

Keywords

Open Access
Article
Publication date: 14 March 2024

Lázaro Florido-Benítez

The purpose of this paper is to analyse the metaverse platform in a social context to better understand the future of this tool in tourism cities and how this can help to improve…

Abstract

Purpose

The purpose of this paper is to analyse the metaverse platform in a social context to better understand the future of this tool in tourism cities and how this can help to improve the well-being of residents in both digital and physical scenarios.

Design/methodology/approach

In this paper, the current and probable developments in the metaverse, and its use in tourism cities and companies have been investigated. Moreover, this study develops, collects and examines the main metaverse definitions by expert authors and organizations as a methodology to ensure the transparency and credibility of the metaverse analysis.

Findings

Findings suggest that the fusion of the metaverse and tourism cities must create residents’ services and experiences in the new MetaTourPolis to help interact and connect citizens with the city’s institutions and companies, as well as make tourism cities more attractive, innovative, environmentally friendly and healthier places to live. Metaverse will bring new changes for residents and tourists, in fact, this virtual platform is already changing and improving the residents’ quality of life and people with disabilities in tourism cities. For instance, the metaverse platform has been implemented in Seoul, Santa Monica and Dubai MetaTourPolis to interact with their residents, including people with disabilities, to resolve bureaucratic and administrative problems, avoiding this group and the rest of the residents travelling by bus or car to the city’s institutions. In addition, several metaverse applications based on softbot tutors or metaverse virtual social centres have been developed to improve blind and impaired people, and elderly people’ quality of life, respectively.

Originality/value

A new concept called “MetaTourPolis” has been included to stage the relationship between tourism cities and the metaverse platform, where the fusion of metaverse and the new tourism polis of the 21st century will be at the service of citizens, tourists and companies, to create more sustainable, efficient, quantitative and environmental tourism cities.

Details

International Journal of Tourism Cities, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-5607

Keywords

Book part
Publication date: 4 March 2024

Olga Tzatzadaki

This chapter discusses how an urban regeneration process, with culture as an economic asset, can contribute to creating a city brand and identity for the city of Mestre, a new…

Abstract

This chapter discusses how an urban regeneration process, with culture as an economic asset, can contribute to creating a city brand and identity for the city of Mestre, a new habitat, and economic opportunities for the local community, as well as helping neighboring Venice tackle overtourism. This chapter highlights that places suffering from undertourism often are located closely to those suffering from overtourism. Urban regeneration policies driven by culture can be a key solution for both places, by creating a new future, identity, and economic opportunities for one community and for the other, in helping to regulate their touristic flows.

Details

Managing Destinations
Type: Book
ISBN: 978-1-83797-176-3

Keywords

Article
Publication date: 15 April 2024

Seyed Abbas Rajaei, Afshin Mottaghi, Hussein Elhaei Sahar and Behnaz Bahadori

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent…

Abstract

Purpose

This study aims to investigate the spatial distribution of housing prices and identify the affecting factors (independent variable) on the cost of residential units (dependent variable).

Design/methodology/approach

The method of the present study is descriptive-analytical and has an applied purpose. The used statistical population in this study is the residential units’ price in Tehran in 2021. For this purpose, the average per square meter of residential units in the city neighborhoods was entered in the geographical information system. Two techniques of ordinary least squares regression and geographically weighted regression have been used to analyze housing prices and modeling. Then, the results of the ordinary least squares regression and geographically weighted regression models were compared by using the housing price interpolation map predicted in each model and the accurate housing price interpolation map.

Findings

Based on the results, the ordinary least squares regression model has poorly modeled housing prices in the study area. The results of the geographically weighted regression model show that the variables (access rate to sports fields, distance from gas station and water station) have a direct and significant effect. Still, the variable (distance from fault) has a non-significant impact on increasing housing prices at a city level. In addition, to identify the affecting variables of housing prices, the results confirm the desirability of the geographically weighted regression technique in terms of accuracy compared to the ordinary least squares regression technique in explaining housing prices. The results of this study indicate that the housing prices in Tehran are affected by the access level to urban services and facilities.

Originality/value

Identifying factors affecting housing prices helps create sustainable housing in Tehran. Building sustainable housing represents spending less energy during the construction process together with the utilization phase, which ultimately provides housing at an acceptable price for all income deciles. In housing construction, the more you consider the sustainable housing principles, the more sustainable housing you provide and you take a step toward sustainable development. Therefore, sustainable housing is an important planning factor for local authorities and developers. As a result, it is necessary to institutionalize an integrated vision based on the concepts of sustainable development in the field of housing in the Tehran metropolis.

Details

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

Keywords

Article
Publication date: 22 February 2024

Shareefa Fadhel

This paper offers a unique perspective on the urbanisation process in developing cities, with a particular focus on the region of the Gulf States. Beyond economic considerations…

Abstract

Purpose

This paper offers a unique perspective on the urbanisation process in developing cities, with a particular focus on the region of the Gulf States. Beyond economic considerations, the analysis sheds light on the complex interplay of socio-cultural factors, gender dynamics and urban development. Based on the calls for human-centred approaches to rethinking urban design and management of cities require the integration of these cities’ inhabitants’ lived experiences, that impact residents’ daily lives. The focus is on the importance of women’s perspectives in the development process.

Design/methodology/approach

The paper uses a systematic literature review that builds on existing knowledge relating to urbanisation, modernisation, sustainable cities, gender and the Arabian Gulf. It uses Lefebvre’s 'right to the city' theory to understand the evolution of the Gulf Cities which is a novel approach. This adaptation offers a unique perspective on the transformations and challenges that these urban spaces face. Furthermore, it offers a firm foundation for developing advanced knowledge on the interdisciplinary nature of the topic discussed and assists in integrating empirical findings and perspectives from different resources.

Findings

The extreme levels of transformation in urbanisation in the Gulf States built cities that are no longer solely places for settlement, production and services but operate as significant influencers on the social, economic and political relations that produced design and cultural challenges. These cities became epicentres of power and politics that shaped the national visions and influenced policy. The process of inclusive and considerate urban development that the Arabian Gulf region is aiming to embark on is not a new exclusive strategy. But a process that has been implemented and tested in other urbanised areas globally.

Research limitations/implications

Very little historical urban research on the Arabian Gulf countries exists, hence, the difficulty in researching the Gulf urbanisation process or providing historical encounters of the change.

Originality/value

This paper delves into the gendered aspects of urban planning, an aspect that is frequently overlooked. It contributes to the discourse on gender inclusivity in urban spaces by focussing on Khaleeji women’s experiences, offering insights that go beyond economic considerations. The use of Lefebvre’s “right to the city” theory to understand the evolution of the Gulf Cities is a unique approach. It investigates the interaction of various factors such as economic, cultural and political influences on Gulf urban development. This adaptation offers a distinctive perspective on the transformations and challenges that these urban spaces face.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2631-6862

Keywords

Article
Publication date: 16 April 2024

Shiyan Lou, Junhao Wang, Yi Ting Zeng and Chun Cheong Fong

With the rapid development of the economy in China, the wealth of residents has continued to increase, and most families have gradually been aware of the importance of commercial…

Abstract

Purpose

With the rapid development of the economy in China, the wealth of residents has continued to increase, and most families have gradually been aware of the importance of commercial insurance. The family purchase of insurance in China was still not optimistic. Many scholars focus on wealth allocation, but the attention to the commercial insurance market was still less. Based on previous research studies, this study aims to investigate the impact of education and financial literacy on the commercial insurance purchase in China.

Design/methodology/approach

China Household Finance Survey data was used to investigate the purchase of commercial insurance in Mainland Chinese families. Factor analysis was used to construct financial literacy, and the education data were combined to analyze the commercial insurance purchase using the Probit model and the Tobit model. Finally, the contributions of education and financial literacy to commercial insurance purchases were analyzed.

Findings

Both education and financial literacy exerted a positive impact on the purchase of commercial insurance in China. Individual characteristics such as gender, age, marital status, risk attitude, purchase of social insurance and consultation with a financial advisor possessed significant effects; household factors like household size and assets, macro factors such as the density of financial institutions and the density of financial industry staff, and regional factors as local unemployment rate excreted influences on the commercial insurance purchase.

Originality/value

Based on the current economic development in China, this study investigated and expressed opinions on the public and insurance companies regarding commercial insurance purchases. It accentuated financial literacy and education as factors that facilitated commercial insurance development.

Details

Pacific Accounting Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0114-0582

Keywords

Article
Publication date: 29 December 2022

Sudhanshu Sekhar Pani

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and…

Abstract

Purpose

This paper aims to examine the dynamics of house prices in metropolitan cities in an emerging economy. The purpose of this study is to characterise the house price dynamics and the spatial heterogeneity in the dynamics.

Design/methodology/approach

The author explores spatial heterogeneity in house price dynamics, using data for 35 Indian cities with a million-plus population. The research methodology uses panel econometrics allowing for spatial heterogeneity, cross-sectional dependence and non-stationary data. The author tests for spatial differences and analyses the income elasticity of prices, the role of construction costs and lending to the real estate industry by commercial banks.

Findings

Long-term fundamentals drive the Indian housing markets, where wealth parameters are stronger than supply-side parameters such as construction costs or availability of financing for housing projects. The long-term elasticity of house prices to aggregate household deposits (wealth proxy) varies considerably across cities. However, the elasticity estimated at 0.39 is low. The highest coefficient is for Ludhiana (1.14), followed by Bhubaneswar (0.78). The short-term dynamics are robust and show spatial heterogeneity. Short-term momentum (lagged housing price changes) has a parameter value of 0.307. The momentum factor is the crucial dynamic in the short term. The second driver, the reversion rate to long-term equilibrium (estimated at −0.18), is higher than rates reported from developed markets.

Research limitations/implications

This research applies to markets that require some home equity contributions from buyers of housing services.

Practical implications

Stakeholders can characterise stable housing markets based on long-term fundamental value and short-run house price dynamics. Because stable housing markets benefit all stakeholders, weak or non-existent mean reversion dynamics may prompt the intervention of policymakers. The role of urban planners, and local and regional governance, is essential to remove the bottlenecks from the demand side or supply side factors that can lead to runaway prices.

Originality/value

Existing literature is concerned about the risk of a housing bubble due to relaxed credit norms. To prevent housing market bubbles, some regulators require higher contributions from home buyers in the form of equity. The dynamics of house prices in markets with higher owner equity requirements vary from high-leverage markets. The influence of wealth effects is examined using novel data sets. This research, documents in an emerging market context, the observations cited in low-leverage developed markets such as Germany and Japan.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

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