Search results

The purpose of this paper is to explore how the availability of sustainable buildings may affect the decisions made by office occupiers in their building selection process.

The structure of the paper includes a review of both the sustainability literature and traditional location literature which serves to inform the study. A qualitative study comprising 13 in‐depth one‐to‐one interviews with decision makers of a variety of organisations who have chosen to locate in a “sustainable” building within the central business district in Auckland, New Zealand is undertaken.

The research suggests that selecting a building that is perceived to be sustainable by the market may not be the ultimate driving factor in the office location decision and that more emphasis is placed on micro location factors, attractiveness to staff, marketing and flexibility. The importance of each of these factors tends to be influenced by the size and type of organisation as well as the availability of suitable buildings in the market. The research reinforces the finding that organisations generally seek accommodation that can “add value” to their specific business.

The study provides a deeper understanding on the impact of the emergence of sustainable buildings in the decision‐making process of office tenants and how this may be affected by the size and type of the occupier organisation. These findings will be of practical application to property professionals involved in the development, sale and valuing of sustainable buildings.

This paper provides in‐depth insights into business location decisions from the perspective of a variety of tenants choosing to locate within a CBD.

This paper aims to examine the experiences of valuers when valuing market dominant and non‐dominant standard lease structures. The research compares the perceptions and approaches of New Zealand valuers when valuing gross and net leases, two standard lease types commonly utilised in the New Zealand commercial property market.

The study employs a structured survey of 87 commercial valuers practising in Auckland (where net leases dominate) and Wellington (where gross leases dominate) complemented by in‐depth interviews with senior commercial valuers employed by large national/international multidisciplinary real estate companies.

The results suggest that valuers find the process of valuing standard non‐dominant lease structures more demanding than valuing dominant leases and tend to be comparatively less confident about carrying out valuations of leases with which they are less familiar. This lack of confidence tends to result from the lack of comparable evidence and the added complexity of the valuation process requiring additional valuer expertise and judgement. In addition the study uncovers the adoption of place‐based differential valuation practices that have built up over time between the two centres under study.

The paper contributes to the literature relating to valuer behaviour by revealing that even within one country with the same rules and professional standards different valuation practices may evolve. This study specifically identifies different dominant lease structures as being one of the reasons for these differential valuation practices. The findings also highlight the difficulties perceived by valuers when valuing non‐dominant leases and in turn this may have implications when comparing the valuation outcomes of similar buildings within different markets.

Organisations use “space” to support the profitability of their business. The workplace and the space that organisations occupy is continuously evolving and transforming. There has been a general trend globally to provide less assigned space and more shared space for employees at higher occupational density. Studies have shown that the workplace setting can contribute to an employee's sense of well-being and increased productivity. The purpose of this paper is to permit a deeper understanding as to how knowledge workers evaluate their workspace within this changing environment.

The paper describes an integrated conceptual framework developed from a range of literature within the disciplines of property, psychology and facilities management. In order to investigate the pertinence of this framework a case study is undertaken comprising five one-to-one in-depth interviews with knowledge workers from an organisation that had recently relocated. The key changes between the original and newer premises in terms of space usage were the move from a more traditional layout incorporating larger desk space and eye-level partitioning to one incorporating a fit-out providing for a higher occupational density and a wider range of communal spaces.

The findings identify a number of evaluative criteria including workability, comfort, occupational density, the need for privacy, control over the environment, adjacency to colleagues and functionality, all previously identified in the literature. A further two criteria, location and customisability were also identified.

The study although incorporating a wide ranging literature review concentrates on employees within one company and given the makeup of employees the interviewees were all male thus not able to pick up gender differences.

The study provides stakeholders such as organisations, workplace consultants and design professionals with information about what knowledge workers value most in their workplace environment.

Most extant literature investigating the link between employees and their workplace has focused on specific aspects of the relationship. This research contributes to understanding workplace by taking an overall perspective and providing knowledge worker employees with an opportunity to compare two distinct workplace settings.

The purpose of this paper is to investigate the key drivers affecting property investment decisions within a context of sustainability and how these drivers are likely to change the investment product landscape and the management of existing property investment portfolios.

Examples from the Australian property market are discussed in order to demonstrate how sustainability principles may form part of the wider agenda of corporate property investment strategy and social responsibility.

A full understanding of the impact of sustainability on the property investment landscape can only be found by adopting an holistic approach, including the behavioural effects of economic, social, ecological, policy and regulative environments.

This paper provides important new insights as to the effect that sustainability may have on future investment decisions and the future investment product landscape.

A series of experiments were conducted to examine valuation behaviour in the UK, the USA, and New Zealand (NZ). Professional valuers from all three countries participated in the study whose findings support the notion that the US normative model is cognitively demanding and that greater departures from it result in reduced cognitive effort. The study also concluded that subjects from cultures requiring disclosure (USA and NZ) examined a significantly greater number of sales than did subjects from the UK where disclosure is uncommon. Finally, while valuers perhaps ought to increase sales search in unfamiliar markets, this research revealed no evidence that they do so. These findings are consistent with the need to seek cognitive efficiency and reduce cognitive effort even at the expense of performance quality.

Discusses the benefits to the property profession of pursuing a marketing philosophy in an attempt to gain a clearer understanding of how consumers perform in real‐life situations. Undertakes an empirical study using two market research techniques in an attempt to create an accurate picture of how industrialists approach the decision‐making process associated with location and relocation. The first of these is conjoint analysis and the second involves a more traditional hierarchical approach. Claims the results indicate that these techniques are inter‐related. Emphasizes the benefits to the property professional of understanding both types of analysis and stresses the need to embrace modern marketing techniques.

This study aims to develop a database of existing academic information in house purchase decision (HPD) using systematic literature review (SLR), to facilitate worldwide advancement of research under HPD domain.

This research examined papers from two reputable databases – Scopus and Google Scholar – from 1992 to 2022 using a scoping review technique (Arksey and O’Malley, 2005) and a theme analysis method. Out of 374, 181 articles fit the inclusion parameters and were evaluated using the theme analysis approach.

Data from 181 articles was evaluated thematically to create a thematic map of HPD research. Five main themes and their sub-themes were identified: consumer behaviour, housing attributes, factors influencing purchasing decisions, investment analysis and demographics, which proved essential in understanding HPD and customer preferences for house purchase.

Data from 181 articles were evaluated thematically to create a thematic map of HPD research. This SLR intends to provide useful new insights on consumer concerns about home purchases in the rapidly developing residential real estate market and the issues that marketers, housing sector stakeholders, real estate industry and existing and future researchers should prioritize.

This research is unique such that it is the only 30-year-long SLR on the subject matter of HPD. This paper makes a significant contribution to residential real estate domain signifying the present state of research in HPD.

The literature on appraisal smoothing and valuer behaviour contains frequent references to the “political pressures” faced by valuers. However, the vast majority of these are either unsubstantiated or based on anecdotal evidence or media reports. Recent research focusing on the issue of pressure similarly suffers from either a lack of formal evidence that particular sources of pressure (e.g. client) actually exist or preconceptions concerning the effect of such pressures. This paper reports on the results of a study which seeks to redress these shortcomings by identifying the non‐methodological factors that affect the values reported to, and ultimately accepted by, clients. The study consists of a series of individual in‐depth interviews with senior New Zealand Registered Valuers addressing the topic of “non‐methodological factors affecting reported values to clients”. Our results indicate that the primary factors affecting the degree to which clients influence valuations, are the type of client, the characteristics of valuers and valuation firms, the purpose of a valuation and the information endowments of clients and valuers.

Families and households make up a significant proportion of the real estate market. There is, however, little information in mainstream real estate literature on the impact of family behaviour on real estate decisions. This paper clarifies some of these issues by analysing and expanding on many of the findings from the marketing literature, in particular the topic of influence between different family members in the purchase of a new home. This paper presents some important issues to be considered when examining family decision‐making. These include the roles played by different family members and their influence at different stages of the decision‐making process. It also reports on the findings of a study involving a series of in‐depth interviews with real estate agents to determine their perception of the family decision‐making process in relation to a house purchase decision. This culminates in a conceptual framework on family decision making specifically for the purchase of residential real estate, before discussing the implications of these findings to the general real estate market, including service, promotion and valuation.