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Article
Publication date: 1 October 2006

Johannes J.L. Scheffer, Bastiaan P. Singer and Marc C.C. Van Meerwijk

The purpose of this research paper is to provide corporate real estate executives with a measurement tool for pinpointing and enhancing the contribution of corporate real

Abstract

Purpose

The purpose of this research paper is to provide corporate real estate executives with a measurement tool for pinpointing and enhancing the contribution of corporate real estate to corporate strategy.

Design/methodology/approach

A measurement tool is designed by adopting a theoretical framework in which seven added values of real estate are aligned with nine corporate strategic driving forces. The practical applicability of this tool is validated by assessing the contribution of corporate real estate to corporate strategy at 14 Dutch‐based global corporations.

Findings

Many corporations still lack sufficient insight into the impact of corporate real estate decisions on corporate performance. Therefore, it is difficult for senior management and other stakeholders to grasp the actual contribution of corporate real estate.

Research limitations/implications

Future research may be conducted to investigate the exhaustiveness of the listed real estate issues. Moreover, the linkage between the added values and the strategic driving forces could be validated further in practice.

Practical implications

The measurement tool supports corporate real estate executives in aligning corporate real estate with corporate strategy. Thereby it contributes to the further recognition of the importance of real estate in a corporate setting.

Originality/value

Prior papers on the contribution of corporate real estate to corporate strategy have primarily been focused on either pinpointing various driving forces or linking specific property decisions to corporate strategy. This paper, however, unveils the linkage between fundamental drivers of corporate real estate and corporate strategy in a comprehensive management tool for portfolio analysis and strategy formulation.

Details

Journal of Corporate Real Estate, vol. 8 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 31 December 1999

J.M. M.K Peter, Geert Dewulf and Hans de Jonge

Managing corporate real estate is confronted with more problems than just the changing characteristics of real estate. While operating companies strive for more autonomy…

Abstract

Managing corporate real estate is confronted with more problems than just the changing characteristics of real estate. While operating companies strive for more autonomy, corporate headquarters are increasingly struggling for a synergetic approach to corporate resources and capabilities. The authors argue that the impact of the corporate setting on the role and position of corporate real estate management is underestimated. This paper describes the effects of transisions in corporate structure and strategies and provides insight in a new perspective on managing corporate real estate.

Details

Journal of Corporate Real Estate, vol. 2 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 January 2006

Anna‐Liisa Lindholm and Kari I. Leväinen

The purpose of this paper is to model how real estate strategies can add value to the core business, providing corporate real estate mangers with a tool to illustrate to…

Abstract

Purpose

The purpose of this paper is to model how real estate strategies can add value to the core business, providing corporate real estate mangers with a tool to illustrate to corporate officers how real estate adds value to the firms.

Design/methodology/approach

The authors review previous research and interview 26 corporate real estate executives to examine what are common approaches to developing real estate strategies and measuring performance. They then model how real estate adds value to the firm and how that value can be measured.

Findings

Many firms do not recognize how real estate adds value to the business. While they may have a corporate real estate strategy, that strategy is often not developed in coordination with the overall business strategy. In addition, the performance measures being used by many companies focus solely on cost, not value added.

Practical implications

Corporate real estate's contribution to the core goal of wealth maximization can be modeled to illustrate the tangible and intangible effects real estate has financial performance. A structured approach to developing a real estate strategy in conjunction with the core business strategy, supported by a performance measurement system will allow corporate real estate executives to better communicate how corporate real estate is adding value to the firm.

Originality/value

Corporate real estate managers need better ways to illustrate, to corporate leaders, how they add value. This paper illustrates such a model with supporting operating decisions and performance measures.

Details

Journal of Corporate Real Estate, vol. 8 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 January 2001

Virginia Gibson

Real estate is an inherently inflexible asset, yet corporate real estate managers increasingly need to find ways in which flexibility can be achieved. Shorter planning…

Abstract

Real estate is an inherently inflexible asset, yet corporate real estate managers increasingly need to find ways in which flexibility can be achieved. Shorter planning horizons, increasing corporate experimentation and growth through mergers and acquisition are but a few of the influences which have led to the need for more flexible resources. One way in which corporate real estate managers can gain a greater insight into the problem is by recognising that real estate is often considered from a variety of perspectives: as a physical, functional and financial asset. Each of these perspectives leads to a different source of flexibility. As a physical asset, corporate real estate managers are concerned with aspects of design, including floorplate sizes, column placement and building services. As a functional asset, corporate real estate managers consider what activities can actually be undertaken inside a building. As a financial asset, corporate real estate managers examine the terms of contracts and the ability (and cost) to terminate those obligations. Each of these types of flexibility is required, but at different times and for different purposes within the life cycle of an organisation. Possibly the most appropriate way to look at the issue is on a portfolio‐wide basis, considering what are an organisation’s core and periphery real estate requirements. This approach requires a different type of examination of the assets but can provide a corporate real estate manager with a firm base for working towards the elusive goal of flexible real estate.

Details

Journal of Corporate Real Estate, vol. 3 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 31 December 2003

Deborah S. Kops

The corporate real estate provider community is freely using the term business process outsourcing, or ‘BPO’ to differentiate its value propositions. Yet most buyers and…

Abstract

The corporate real estate provider community is freely using the term business process outsourcing, or ‘BPO’ to differentiate its value propositions. Yet most buyers and sellers have yet to articulate clearly the concept as it pertains to corporate real estate ‐ the value proposition, economic structure, focus and impediments to adoption. This paper defines BPO as it relates to corporate real estate and suggests conditions that must be in place for its adoption.

Details

Journal of Corporate Real Estate, vol. 6 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 April 2000

Tom Bomba

The Corporate Real Estate Portfolio Alliance performed extensive research into corporate real estate portfolio management and developed a number of new practices and…

Abstract

The Corporate Real Estate Portfolio Alliance performed extensive research into corporate real estate portfolio management and developed a number of new practices and analytical methods. A number of papers in this issue of the Journal of Corporate Real Estate resulted from the research. This paper provides an overview of the corporate real estate organisations and researchers involved, the research methodology and its findings.

Details

Journal of Corporate Real Estate, vol. 2 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 6 February 2007

Bas P. Singer, Bart A.G. Bossink and Herman J.M. Vande Putte

The purpose of this paper is to investigate how organisations use a corporate real estate strategy to support their competitive strategy. It provides a theoretical and…

Abstract

Purpose

The purpose of this paper is to investigate how organisations use a corporate real estate strategy to support their competitive strategy. It provides a theoretical and empirical overview and analysis of effective combinations of firms' real estate and competitive strategies.

Design/methodology/approach

The paper constructs a model that integrates three real estate strategies and three types of competitive strategies. Case studies in ten multinational firms in The Netherlands apply the model, and describe and analyse the combinations of the firms' real estate – and competitive strategies.

Findings

A standardisation real estate strategy supports all three competitive strategies: lowest costs, differentiation, and focus. A value‐based real estate strategy supports a competitive strategy of differentiation and differentiation‐focus, and does not contribute to a competitive strategy of lowest costs, or lowest costs‐focus. Finally, an incremental real estate strategy is ambiguous, and does not support any of the three competitive strategies.

Originality/value

The paper constructs a literature‐based model that combines real estate strategy and competitive strategy. It applies the model in a study of ten cases. Practitioners can use the model to analyse and reconsider the combination of their organisation's real estate strategy and competitive strategy. Academics can use the qualitative research results to design further research that qualifies and quantifies the relationship between various elements of real estate – and competitive strategy.

Details

Journal of Corporate Real Estate, vol. 9 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 30 January 2020

Tsoanelo Ntene, Samuel Azasu and Anthony Owusu-Ansah

This paper aims to discuss whether alignment between corporate real estate strategy and corporate strategy exists for non-property companies listed on the Johannesburg…

Abstract

Purpose

This paper aims to discuss whether alignment between corporate real estate strategy and corporate strategy exists for non-property companies listed on the Johannesburg Securities Exchange and what effects alignment has on the firms’ financial performance.

Design/methodology/approach

The study was both qualitative and quantitative in nature, with a specific focus on non-property firms listed on the Johannesburg Securities Exchange. The qualitative part of the study involved the analysis of the firms’ annual reports to determine the presence and use of corporate real estate strategies and their alignment to corporate strategy and the extraction of financial indicator data. The quantitative portion of the study involved the use of multivariate analysis, to distinguish and quantify the relationship, if any, between corporate real estate strategy and the identified financial performance indicators. The independent variables were the CRE strategies employed and the dependent variable was the share price. The methods used in this study have been applied before in European and Asian studies; this assisted in ensuring that validity and reliability was achieved.

Findings

The study finds that the most used strategy by firms (47%) is that which facilitates production, operation and service delivery. The Consumer Goods, Healthcare and Telecommunications sectors appear to demonstrate the highest level of alignment. Return on Shareholder Funds has a strong significant positive correlation with share price. Flexibility as a corporate real estate strategy also has a significant positive coefficient, which indicates a positive relationship with share price.

Research limitations/implications

Although consistent with results of studies conducted in Europe and Asia, the results of this research may not be applicable to privately held non-listed firms, state-owned enterprises, non-profits and educational institutions. This study also ignores the dynamic external environment in which firms operate and the necessity of firms adjusting their corporate real estate strategy to their changing business strategy.

Practical implications

These results suggest that the incorporation of corporate real estate strategy in the firms’ corporate strategy formulation has the potential to enhance shareholder value for South African firms. Real estate developers, landlords and owner occupiers would benefit from better understanding the strategic requirements of corporations to ensure that the solutions they provide increase the likelihood of maximizing shareholder return.

Originality/value

The role of corporate real estate strategy in the firms’ corporate strategy formulation has the ability to enhance shareholder value. This research adds to the scant literature on corporate real estate management in South Africa.

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Article
Publication date: 1 September 2000

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property…

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

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Article
Publication date: 1 July 2001

Peter J.M.M. Krumm

Although often regarded as mere bricks and mortar, real estate often plays an important role in supporting corporate growth and even survival. Parallel to the rapid growth…

Abstract

Although often regarded as mere bricks and mortar, real estate often plays an important role in supporting corporate growth and even survival. Parallel to the rapid growth and evolution of (multinational) corporations, real estate portfolios expanded. In order to manage these portfolios, corporations established special staff and supporting departments in order to take care of these assets. Based on the results of case studies, this paper provides an analysis. In addition to a mere historical overview the outcomes of the study also provide lessons for corporations currently facing a similar path of growth. This article builds on a previous contribution and presents an in‐depth analysis of the evolution of (corporate) real estate departments related to changes in the corporate setting. In addition to a mere historical overview the outcomes of this contribution provide lessons as well for today’s managers facing similar paths of growth.

Details

Facilities, vol. 19 no. 7/8
Type: Research Article
ISSN: 0263-2772

Keywords

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