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The aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management.

The research design consists of two main parts: 1) formulating propositions based on existing literature and 2) attempting to validate the propositions through a qualitative interview study with major real estate owners in Finland.

The main finding is that the current real estate investors reflect the transient nature of competitive advantages and assess their strategies accordingly. The companies consider the traditional profitability and revenue growth aspects of their business but also a more long-term future growth dimension. As an outcome, the investors base their strategies on eight strategic themes which are “Innovation”, “ESG”, “Marketing and sales”, “Financial management”, “Leasing management and tenant satisfaction”, “Competitive environment and portfolio management”, “Outsourcing and strategic partnerships” and “Cost and operation optimization”.

This paper opens opportunities for future research concerning different strategies in real estate investment business and their impacts.

The presented framework provides support for real estate investors to create real estate management strategy or to evaluate their current strategy and to recognize operational actions and decisions that are relevant for their strategy.

This paper provides an extension to corporate real estate (CRE) literature by showing that the CRE theories are adaptable to real estate investment and provide value for their strategic management. This paper also contributes to real estate investment literature by providing a well-founded and empirically contested strategic management framework, the IREM framework, for identifying strategic themes on which real estate investors form their strategies.

This paper aims to identify the importance of individual variables in the corporate real estate (CRE) decision-making process.

Nine experts received a posed scenario of a changed business strategy requiring a CRE reduction in individual interviews. Based on their suggested response, a decision network was modelled for each expert using the causal network elicitation technique, incorporating the utilities for decision variables and importance weights for attributes and benefits. The decision model offers a graphical representation of decision-benefit links for the decisions CRE managers make in such a period of decline.

Perceived facilitators of CRE dynamic alignment were identified by calculating lift ratios on their perceived importance of the attributes they mentioned during the interviews as nodes in the network that link decisions to benefits. Facilitators included CRE metrics and workplace strategy, while capital expenditure and landlords inhibit alignment processes. The research provides more granular insight into the variables used in CRE decision-making and the factors that facilitate or inhibit the dynamic alignment process.

The research set a specific scenario for the experts to consider. That could be regarded as small but there was clear evidence of saturation of expert knowledge. Additional face-to-face interviews with the experts may have generated further details on the thought processes of the experts.

The research provides more granular insight into the variables used in CRE decision-making and the factors that facilitate or inhibit the dynamic alignment process. Thereby providing CRE decision-makers with key elements for a decision model.

The research technique, causal network elicitation technique, uses semi-structured interviews to create decision networks, which is a technique that has not been widely applied to CRE research. The research provides a granular view of what are important inhibitors or facilitators of dynamic alignment of CRE to business strategy.

The purpose of this paper is to identify the variables that influence corporate real estate (CRE) decision-making and gauge their relative importance to each other, thereby understanding the consequent challenges/implications for CRE managers (CREM’s).

Interviews were undertaken with experienced CREM’s using the causal network elicitation technique to create decision networks for the variables they considered for the specifically defined scenario: dealing with surplus property from a change of business strategy. These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation.

These networks illustrate the complexity of the mental representations required for the realignment of the CRE portfolio. The key variables are more extensive than alignment theory suggests, namely, financial stakeholders. Additional variables identified include risk, lease accounting, costs, financial analysis, business metrics and motivational drivers. The latter indicates the importance of self-esteem and peer recognition for CREM’s and financial benefits for the C-suite. Accordingly, strategy alignment needs to incorporate CRE both in terms of strategy creation and implementation.

This research appears to be the first that looks in detail at the mental representations used by decision-makers while making CRE decisions.

Triggered by public concerns over office workplace safety during the COVID-19 pandemic, this study sheds light on the office workplace environment and aims to investigate how organisations respond to forces from the external environment (impacted by the COVID-19 pandemic) and how they modify their office workplace management strategically and operationally to suit the stakeholders’ needs and future development in the post COVID-19 period.

A desktop study was conducted to provide the framework for the in-depth interviews with five corporate real estate (CRE) managers and three workplace consultants. Thematic analysis including coding technique was adopted to analyse the qualitative data.

The findings show that during the COVID-19 pandemic, most of the intended and implemented office workplace modifications are mainly related to two types of risk control: administrative control and personal protection. At a strategic level, organisations react to the external forces by re-modelling their businesses and working towards re-orienting their CRE strategies, such as portfolio transformation, agile portfolio strategies and redesign of the office workplace, etc.

This is a topical and timely study that presents the general practice of office workplace modification during the COVID-19 pandemic, as well as the related CRE management (CREM) strategies developed for the new normal. The findings obtained through in-depth interviews have well supported the CREM strategic alignment theory. It is foreseen that office workplace management will encounter other challenges due to uncertainties of the COVID-19 pandemic. The findings of this study provide a practical lens to look at the future changes of office workplace environment.

This paper aims to explore the extent to which Covid-19 has challenged work habits and outcomes. The authors argue that after the lockdown period workers have been experiencing a new work mode called “Covid-working”. The aim is to provide a first interpretation of this phaenomenon and elaborate on future real estate strategies and workplace policies based on this experience.

Using survey data, this research analyses Covid-working in a large-sized company in Italy. The survey was answered by 90 employees and addresses three domains: locations of work; a comparison between work-from-home (WFH) and work from the office; and outcomes of Covid-working vs office-working.

With Covid-working, the workers of the case company drastically changed their traditional work from the office approach to pure WFH. While this abrupt switch might generate difficulties in adaptation, this working practice was generally appreciated by this company’s workers. Positive and negative outcomes of Covid-working confirm previous studies on remote working. Recommendations on multi-location of work, new value for the headquarters and diversity empowerment open up avenues for future real estate strategies.

Observations on Covid-working are still limited and mainly appear on grey literature, due to the newness of this phaenomenon. Empirical studies such as the proposed one can increase companies’ awareness of the positive and negative outcomes of this experience and support their future workplace strategies.

This paper aims to explore how the scientific literature and company reports have addressed inclusive workplace design and strategies to date.

This paper adopts a scoping review to answer the following question: To what extent is inclusion present in workplace design and related strategies? An analysis of 27 scientific papers and 25 corporate social responsibility reports of the highest-ranked companies in the Great Place to Work global ranking disentangles the main aspects related to workplace design and strategies for promoting inclusion.

This paper opens avenues for four macro-categories of diversity (psycho-physical aspects; cultural aspects; socio-economic conditions; and ability, experience and strengths) to support the development of inclusive workplace design and strategy. Besides, multiple spatial scales emerged as material and immaterial elements of the workplace encountering inclusion and diversity.

Nowadays, the workforce is becoming more diverse. Although diversity, equity and inclusion (DE&I) has become key to many organizations, it remains unclear how DE&I principles are applied in workspace design and strategies. This scoping review provides a novel perspective on the topic by integrating scientific knowledge and practice-based approaches which still address this matter independently.

This paper aims to answer the question of the future of work-from-home (WFH) from the position of productivity and employee well-being. In this research, the authors studied the future of WFH by analyzing perceived home productivity and work–life balance (WLB) in the WFH environment. This paper attempts to say that WFH is here to stay, and business leaders should acknowledge this fact and adjust their strategy.

The authors used a heterogeneous sampling method, surveying 1,157 employees in Mexico on productivity and WLB. The authors did three independent interventions in different pandemic stages: beginning – in 2020, peaking – in 2021, and calming down – in 2022. The authors used contingency table analysis to research the influence of perceived productivity and WLB in WFH on employees’ propensity to WFH.

The results show that employees perceive productivity the same or higher when WFH and WLB same or better. The findings of this study are a wake-up call for managers who refuse to embrace changes in employees’ perceptions and needs. Companies refusing to acknowledge the existing need for WFH may face significant challenges in terms of employee satisfaction and retention.

This study contributes to the broader literature by addressing whether WFH is here to stay. The dynamics of returning to office vary from country to country, industry to industry and business to business. This paper is an answer to the future of WFH for Mexico and the Latin American region.

Este artículo tiene como objetivo responder a la pregunta sobre la relevancia del futuro del trabajo desde casa (WFH por sus siglas en Inglés) desde la perspectiva de la productividad y el bienestar de los colaboradores. En esta investigación, se estudia el futuro del trabajo desde casa analizando la productividad percibida y el equilibrio entre la vida laboral y personal en el entorno del trabajo desde casa. Este documento intenta decir que el trabajo desde casa llegó para quedarse y que los líderes empresariales deberían reconocer este hecho y ajustar sus estrategias.

Se ha utilizado un método de muestreo heterogéneo, encuestando a 1157 colaboradores que trabajan en México sobre el tema de productividad y balance vida-trabajo (WLB por sus siglas en Inglés). Se realizaron tres intervenciones independientes en diferentes etapas de la pandemia del COVID-19: al inicio (2020), un año despúes que fué el pico (2021) y finalmente cuando está a la baja y en calma (2022). Se utilizaron diversas herramientas estadísticas como el análisis de tablas de contingencia para investigar la influencia de la productividad percibida y el WLB en el trabajo desde casa en los colaboradores que son propensos a trabajar desde casa.

Los resultados muestran que los colaboradores perciben la productividad igual o mayor cuando trabajan desde casa y el balance vida-trabajo son iguales o en ocasiones mejores. Los hallazgos de este estudio son para llamar la atención de los directivos y gerentes que se niegan a aceptar que han existido cambios y ajustes en las percepciones y necesidades de los colaboradores en las maneras de realizar el trabajo. Las empresas que se niegan a reconocer la necesidad existente de trabajar desde casa pueden enfrentar desafíos importantes en el corto plazo en términos de satisfacción y retención de los empleados.

Este estudio contribuye para ampliar la literatura y poder abordar el tema de las modalidades de trabajo, en particular para profundizar si el trabajo desde casa (WFH) llegó para quedarse. Así mismo, se puede mencionar que la dinámica del regreso a las oficinas puede variar de un país a otro, de una industria a otra y de una empresa a otra, ofreciendo una variedad de reflexiones y puntos de vistas, finalmente este documento es una respuesta a la reflexión sobre el futuro del trabajo, los beneficios del trabajo en casa para México y para la región de LATAM.

Este artigo pretende responder à questão sobre a relevância do futuro do trabalho a partir de casa (WFH, Work from home, por suas siglas em inglês) na perspetiva da produtividade e do bem-estar dos colaboradores. Nesta investigação, o futuro do trabalho a partir de casa é estudado através da análise da produtividade percebida e do equilíbrio entre vida pessoal e profissional no ambiente de trabalho a partir de casa. Este artigo tenta dizer que o trabalho a partir de casa veio para ficar e que os líderes empresariais devem reconhecer este facto e ajustar as suas estratégias.

Foi utilizado um método de amostragem heterogêneo, pesquisando 1.157 funcionários que trabalham no México sobre o tema produtividade e equilíbrio entre vida profissional e pessoal (WLB). Foram realizadas três intervenções independentes em diferentes fases da pandemia da COVID-19: no início (2020), um ano após o pico (2021) e finalmente quando estava em declínio e calma (2022). Várias ferramentas estatísticas, como a análise de tabelas de contingência, foram utilizadas para investigar a influência da produtividade percebida e do WLB no trabalho em casa em funcionários propensos a trabalhar em casa.

Os resultados mostram que os colaboradores percebem uma produtividade igual ou superior quando trabalham a partir de casa e que o equilíbrio entre vida pessoal e profissional é igual ou por vezes melhor. Os resultados deste estudo são para chamar a atenção de diretores e gestores que se recusam a aceitar que tenham havido mudanças e ajustes nas percepções e necessidades dos funcionários nas formas de fazer o trabalho. As empresas que se recusam a reconhecer a necessidade existente de trabalhar a partir de casa podem enfrentar desafios significativos a curto prazo em termos de satisfação e retenção dos colaboradores.

Este estudo contribui para ampliar a literatura e poder abordar a questão das modalidades de trabalho, em particular para aprofundar se o trabalho em casa (WFH) veio para ficar. Da mesma forma, pode-se mencionar que a dinâmica de retorno aos escritórios pode variar de um país para outro, de uma indústria para outra e uma empresa para outra, oferecendo uma variedade de reflexões e pontos de vista. Em última análise, este documento é um resposta. para refletir sobre o futuro do trabalho, os benefícios de trabalhar em casa para o México e a região LATAM.

The purpose of this paper is to examine how advertising is used by real estate companies as an instrument for managing the adverse effects of a catastrophe.

Through a theoretical analysis, types of post-disaster advertising messages were identified. On the basis of the likely variations in post-disaster advertising, a content analysis was conducted of a sample of 4,150 property print advertisements to identify advertising messages related to the earthquake. Finally, the message changes in these earthquake-related advertisements were evaluated and compared with the dimension of time to explore the development of advertising strategies.

The authors found that 12 types of advertising messages were used by developers in response to the Wenchuan earthquake. The initial advertising strategy was mainly to manage public relations, then the strategy was to reduce or compensate for the increased earthquake risk perceptions of buyers.

The findings provide valuable references for helping enterprises adopt effective advertising messages and strategies to reduce the negative effects of disasters.

There are only a few studies on advertising campaigns, especially in the real estate industry, that have been conducted in the wake of catastrophes. This study sought to expand upon the scarce findings in this particular field.

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 to investigate the impact of international diversification on the value and operating efficiency of European real estate firms.

The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level.

The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains).

The empirical analysis is limited to Europe.

This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.