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This paper analyses the inherent risks associated with corporate real estate (CRE). First, the author looks at corporate risk in general and at the context in which CRE decisions are made. Next, the types of risk generally inherent in CRE usage are examined, beginning with development risks and then grouping other risks into three categories: financial, physical and regulatory CRE risks. Possible risk management strategies are offered, to reduce the risks associated with CRE usage: due diligence, avoidance, insurance, hedging and diversification. Lastly, conclusions and recommendations for accounting for risk in corporate real estate management (CREM) are provided. The discussion of the risks inherent in CRE usage offers a starting point for future and more detailed discussions of the risk in CREM and provides a new perspective on the management of CRE assets.

This study aims to establish the statistical relationships between corporate real estate added value indicators of cost reduction, increasing productivity, risk reduction and flexibility and organizational financial and non-financial performance.

The study adopted a mixed methods approach which encompasses initial expert interviews and subsequent questionnaire surveys. Partial least squares structural equation modelling was applied to test the proposed hypotheses of the study.

The results highlight the significant influence of three added value indicators on organizational performance while highlighting the need for strategic corporate real estate risk management to enhance performance.

The results of the study are useful to identify relevant added value indicators that can improve organizational performance as well as potential added value indicators that deserve attention for performance improvement. Moreover, it presents knowledge on corporate performance indicators which is sparsely explored in corporate real estate management literature.

This study makes a novel contribution to corporate real estate management literature by presenting a parsimonious model to alert corporate real estate managers on essential added value parameters towards organizational performance. The model set the theoretical debates to exploit additional added value dimensions and organizational performance.

The purpose of this study is to test the content validity of value-adding indicators derived from a comprehensive review of literature and expert interviews within the context of the nascent corporate real estate management (CREM) practices in Ghana.

A questionnaire survey was conducted on a panel of experts to assess the content relevance and clarity of the value-adding indicators. The individual content validity (I-CVI) index as well as the average scale content validity index (S-CVI) were computed. Preliminary interviews were analyzed using summative content analysis.

The I-CVI for relevance and clarity ranged from 0.33 to 1.00, whereas the average S-CVI was > 0.80. Critical analysis of the results by corrections, eliminations due to lower I-CVI scores and suggestions from the experts resulted in a final list of 50 indicators grouped under 10 domains. The results from the content validity confirm the applicability of the value-adding indicators in literature within the Ghanaian context. The study provides detailed sustainability indicators while introducing a new value-adding parameter that relates to CREM preparedness for pandemics such as the Covid-19.

Further psychometric assessment such as construct validity, inter- and intra-examiner reliability and internal consistency of the indicators is recommended.

The indicators developed through the content validation can assist in the design and review of measures for the assessment of added value by corporate real estate managers and researchers.

The paper presents the first attempt to test and develop added value indicators within the context of a developing country by taking a systematic content validation procedure.

The purpose of this paper is to identify the corporate real estate (CRE) risks that might influence the added value of CRE to the shareholder value of an organization and to analyze if there are differences in perception of these risks according to job and company specifics of the respondents.

A literature study was carried out to identify the CRE risks. In addition, a number of interviews were held with CRE specialists to complete the list of risks. An inventory of the risk perception was gathered by making use of a survey among 70 end-users, 16 CRE consultants and 2 CRE academics. Differences are analyzed making use of Kruskal–Wallis tests, Mann–Whitney U tests and t-tests.

In total, 43 risks in six different categories were identified. It turned out that the risk perception differentiates the most per geographical location or industry segment. The size of the organization (number of employees) does not appear to influence the way in which the risks are perceived.

This paper provides CRE managers and risk managers with a basis for a risk register that contributes to identification of possible CRE risks. Besides, it enables a comparison of their risk perception with industry peers.

Earlier research concerning CRE risk management approached the subject from a specific point of view, but did not provide a CRE risk list using an integral perspective and covering multiple topics. Also, this paper provides insights in how CRE risk management is perceived in practice.

The purpose of this paper is to improve understanding of the integration between big data (BD) and risk management (RM) in business processes (BPs), with special reference to corporate real estate (CRE).

This conceptual study follows, methodologically, the structuring inter-textual coherence process – specifically, the synthesised coherence tactical approach. It draws heavily on theoretical evidence published, mainly, in the corporate finance and the business management literature.

A new conceptual framework is presented for CRE to proactively develop insights into the potential benefits of using BD as a business strategy/instrument. The approach was found to strengthen decision-making processes and encourage better RM – with significant consequences, in particular, for business process management (BPM). Specifically, by recognising the potential uses of BD, it is also possible to redefine the processes with advantages in terms of RM.

This study contributes to the literature in the fields of real estate, RM, BPM and digital transformation. To the best knowledge of authors, although the literature has examined the concepts of BD, RM and BP, no prior studies have comprehensively examined these three elements and their conjoint contribution to CRE. In particular, the study highlights how the automation of data-intensive activities and the analysis of such data (in both structured and unstructured forms), as a means of supporting decision making, can lead to better efficiency in RM and optimisation of processes.

The purpose of this paper is to examine the influence of corporate real estate (CRE) holdings on firm performance. Unlike previous studies, the paper does not only consider the firms’ primary business segment but also their activities in different business fields. This is of particular interest because additional segments often have different requirements for the provision of space and thus for the ownership strategy, which could have led to a possible bias in previous studies. Furthermore, additional business areas are becoming more relevant through integrated solutions.

The study uses a balance sheet data set of companies in the six largest European economies for the period from 2000 to 2016. Germany serves as a suitable laboratory for deeper analyses. Holdings of 490 firms are regressed to the stock market performance using a two-stage approach. This procedure is repeated by considering additional business segments.

The analyses reveal that ownership reduces stock market performance. Additional business activities also appear to influence the relevance of ownership for firm performance.

The research shows that ownership is priced depending on its primary and additional business activities. First, this insight helps capital market players to choose the right investment strategy. Second, it provides CRE decision-makers with information on the optimal provision of real estate.

This is the first paper to examine the contribution of real estate ownership on firm performance in light of the fact that companies operate in more than one sector.

The Swedish central government has implemented a radical market‐oriented reform of its real estate management. Authorities are free to rent premises from private firms, and stateowned properties have been allocated to a number of entities that lease their properties to authorities on conditions similar to those on the open market. The background and experience from these reforms are described in this paper. Local authorities and county councils have also reformed their real estate management systems in the same direction, but not as radically. There were many unexpected problems with implementing these systems, related for example to difficulties in writing good contracts for special purpose buildings, conflicts about rent setting and differences in bargaining power between the property‐owning units and the tenants/authorities. The general view is, however, that the reform created necessary economic incentives for the authorities in the public sector to economise on premises, but that it is very important to think through the details and to adjust the system to changing circumstances. An example is that the introduction of school vouchers created problems for some systems of setting internal asset rents.

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 study aims at testing the relationship between corporate real estate (CRE) investment and firm performance of nonfinancial firms in the context of an underdeveloped market, Pakistan.

This study uses a sample of 307 nonfinancial firms listed at the Pakistan Stock Exchange from 2010 to 2020. This study adopts a rigorous methodological approach and employs ordinary least square, fixed effect, generalized method of moments system regressions and the propensity score matching technique to account for potential heteroskedasticity, effects of unobserved variables and endogeneity.

This study finds that as the investment in CRE increases, the firm’s performance decreases. The findings are robust to alternative proxies of CRE investment and alternative methodologies. Furthermore, the findings hold for financially constrained and financially unconstrained firms, high- and low-growth firms and safe and financially distressed firms.

This study extends the evidence about CRE investment in an underdeveloped market and suggests potential avenues for future research.

The findings of this study warrant investors, managers and directors be cautious about CRE investment in firms.

This study uses a new proxy of CRE investment, which is more inclined toward the asset management and financial perspective of CRE investment. Furthermore, to the best of the authors’ knowledge, this is the first attempt to investigate the role of CRE investment in an underdeveloped market.

The purpose of this paper is to introduce a novel decision‐making approach to risks assessment in commercial real estate development against social, economic, environmental, and technological (SEET) criteria. It therefore aims to describe a multiple criteria decision‐making model based on analytic network process (ANP) theory, and to use an experimental case study on an urban regeneration project in Liverpool to demonstrate the effectiveness of the ANP model.

The paper commences with a description about risks related to commercial real estate development, and provides a list of risk assessment criteria based on literature review and experience in related areas. The ANP is then introduced as a powerful multicriteria decision‐making method. An experimental case study is finally conducted with scenarios and assumptions based on a real urban regeneration project in Liverpool.

The paper defines a group of risks assessment criteria against SEET requirements directly related to commercial real estate development. An ANP model is set up with 29 risks assessment criteria, and results from an experimental case study reveal that the ANP method is effective to support decision‐making based on risks assessment to select the most appropriate development plan; and therefore it is applicable in commercial area.

This paper defines SEET criteria for risks assessment in regard to SEET requirements to emphasise sustainable development; while the ANP is introduced to assess risks in commercial real estate development. The ANP model provides a platform for decision makers in commercial real estate development to evaluate different plans based on the degree of interactions among risk assessment criteria.