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Board members and real estate managers (decision makers) play an important role in the decision-making process in nursing home organisations. This study aims to provide an understanding of underlying attributes and benefits sought by decision makers when making nursing home real estate decisions.

Decision makers from seven different nursing home organisations in The Netherlands were interviewed using the laddering technique to determine the individual requirements, the considerations of the decision alternatives, the relevant attributes and benefits and their mutual relationships.

This study details the motivations behind real estate management decisions in nursing home organisations. The findings show that apart from financial considerations, decision makers strive to enhance the quality of life and satisfaction of users with their real estate decisions and seek to include residents and employees in the process. These benefits are connected to the goals of well-being and innovation in health care. Furthermore, functionality, physical and functional flexibility and technology are key considerations when undertaking corporate real estate (CRE) decisions, to ensure that real estate management aligns with the strategic goals of the nursing home organisation.

The insights of this study can support decision makers in healthcare facilities to create strategic value with their real estate. Understanding how to obtain certain benefits from nursing home real estate may result in a better realisation of organisational objectives and user needs.

This study reveals the decision-making process in a nursing home context. Moreover, the laddering technique is used as a new method to explore and gain a deep understanding of CRE decision-making processes.

Uncertainties affecting health organizations inevitably influence real estate decisions since real estate is required to facilitate the primary health process. The purpose of this study is to develop a decision support tool that supports health organisations in defining what flexibility they need in order to develop a flexible real estate strategy and to adapt to future uncertainties.

The research is being conducted from a design science perspective. By addressing the needs of real estate managers in health, research relevance is reached. By applying scientific knowledge when developing the tool, rigor is achieved.

Major elements of the decision support tool developed are real options to describe flexibility and its consequences for corporate real estate management, and the backcasting scenario planning method.

The application of the tool by health organisations can increase the professionalization of real estate management and improve the match between current and future demand and supply of real estate, adding to the effectiveness and efficiency in healthcare in general.

This is the first tool developed using the real options approach that provides real estate managers in health a systematic insight into the various types of flexibility needed for the future.

COVID-19 has had a significant global impact at many levels, including an impact on global real estate capital flows. This paper examines the impact of COVID-19 on global real estate capital flows over 2019–2022 to clearly articulate the extent of this impact on global real estate capital flows across regions, countries, major cities, real estate sub-sectors and by major real estate investors. Drivers of these global real estate capital flow changes are also identified. The strategic real estate investment implications of this impact are highlighted, as well as the implications going forward concerning the global real estate strategies for the real estate portfolios held by institutional investors.

To assess the impact of COVID-19, the Real Capital Analytics (RCA) database of global real estate transactions over 2019–2022 is used to drill-out critical details on commercial real estate transactions to explore specific trends in global real estate capital flows in this period of the COVID-19 crisis. This includes real estate capital flows to specific regions, countries, cities, real estate sub-sectors as well as the role of major real estate investors.

The impact of COVID-19 is clearly shown with the major decline in global real estate capital flows in 2020, with a strong recovery in 2021. Reduced levels of real estate capital flows in 2022 reflect different risk dynamics, where 2022 has seen investors move on from the COVID-19 environment. In 2022, the risk of COVID-19 for real estate has been replaced by global real estate risk factors such as inflation concerns, geopolitical tensions, economic growth concerns, increased cost of debt issues and supply chain issues. This sees COVID-19 now rated as only the 6th most important risk factor in real estate investment decision-making for real estate investors in the Americas, Europe, Middle East and Africa (EMEA) and Asia–Pacific.

This research has clearly shown the extent of the impact of COVID-19 on global real estate capital flows, as well as identifying the drivers of these real estate capital flow changes. It highlights that real estate investors have moved on and are now prioritising new risk factors ahead of COVID-19 risk. These critical risk factors reflect more recent financial, economic and geopolitical issues, which are key issues in real estate investment decision-making going forward. Investors need to structure these new risk factors into their real estate investment decision-making for the ongoing management of their domestic and international real estate portfolios.

This paper is the first published empirical research analysis of global real estate capital flows during the COVID-19 crisis. This research provides major insights on real estate investment decision-making during this crisis and the strategic changes seen in acquiring real estate portfolios in response to this major global crisis. The change in real estate risk priorities in 2022 as real estate investors move on from the COVID-19 environment is also identified and is clearly reflected in the 2022 global real estate capital flows.

This paper aims to present a general review of the practical implications of building information modelling (BIM) based on literature and case studies. It seeks to address the necessity for applying BIM and re‐organising the processes and roles in hospital building projects. This type of project is complex due to complicated functional and technical requirements, decision making involving a large number of stakeholders, and long‐term development processes.

Through desk research and referring to the ongoing European research project InPro, the framework for integrated collaboration and the use of BIM are analysed. Through several real cases, the changing roles of clients, architects, and contractors through BIM application are investigated.

One of the main findings is the identification of the main factors for a successful collaboration using BIM, which can be recognised as “POWER”: product information sharing (P), organisational roles synergy (O), work processes coordination (W), environment for teamwork (E), and reference data consolidation (R). Furthermore, it is also found that the implementation of BIM in hospital building projects is still limited due to certain commercial and legal barriers, as well as the fact that integrated collaboration has not yet been embedded in the real estate strategies of healthcare institutions.

This paper contributes to the actual discussion in science and practice on the changing roles and processes that are required to develop and operate sustainable buildings with the support of integrated ICT frameworks and tools. It presents the state‐of‐the‐art of European research projects and some of the first real cases of BIM application in hospital building projects.

This paper aims to explore similarities and dissimilarities between facilities management (FM) and corporate real estate management (CREM) regarding its history and key issues, and whether the similarities may result in a further integration of FM and CREM.

The paper is based on a review of FM and CREM literature, seven interviews with experienced academics and consultants and the long experience of the author as a researcher and teacher in accommodating people and activities.

Both FM and CREM aim to support primary business processes by aligning the physical resources of organisations to the organisational strategies in order to contribute to organisational performance and to add value to the organisation. Efficiently and effectively supporting the primary activities and business purposes are key issues. Dissimilarities consider the focus on facilities and services (FM) versus that on buildings and real-estate portfolios (CREM), as well as a shorter time frame and high flexibility of facilities (FM) versus a long life cycle and rather static buildings (CREM). In spite of the differences, it is expected that both disciplines will be more integrated in the future.

The selection of key topics and key publications may be biased by the personal knowledge and European perspective of the author and the input from seven expert interviews.

The common body of knowledge of FM and CREM may be used to improve both professions and disciplines and may result in a more integrated approach of facilities and real estate management (FREM).

This paper combines insights from two related disciplines with different histories and focus points, and explores what they have in common and can learn from each other.

Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment.

The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout.

Through real option analysis, the economic value of switching output flexibility of the mixed use building was determined to be higher than the initial upfront costs. Moreover, a payoff of about $4million was determined to be the value of the switching output flexibility, therefore justifying upfront investments in flexibility as an uncertainty and risk management tool.

This application is an important demonstration of the practical use of options pricing techniques (real options analysis) and delivers further evidence needed to support the adoption of real option valuation in practice. Flexibility can also enhance risks and uncertainty management in residential property investment better than the adjustment of discount rates.

There is limited evidence on the use of real options techniques for the valuation of switching output flexibility in practice, and this comes as an original application; both the case study and data are all initial applications of switching flexibility in the Australian property market.

Because of the transition of the Dutch health care sector from a governmentally steered domain towards regulated market forces, health care organisations have become fully responsible for their real estate. This paper aims to explore if/how Dutch health care organisations adopt the concept of adding value by corporate and public real estate, which values are prioritised and how these values are implemented in daily practice.

Literature study and a meta-analysis of six student theses (1 × BSc, 1 × MSc, 3 × post-MSc and 1 × PhD) on adding value by health care facilities were conducted, using document analysis and semi-structured interviews with CEOs, project leaders, real estate managers and facility managers. All respondents work in Dutch hospitals, assisted living facilities for the elderly, or mental health care facilities. The interviews were jointly prepared by the students, and the author of this paper being their supervisor.

End-user satisfaction, enhancing productivity and stimulating innovation are highly prioritised. Which values are prioritised depends on the organisational objectives, target group, available budget, position in the life cycle of design, construction and use and external context, in particular governmental policy and competition with other health care suppliers. The operationalisation into concrete design choices and strategic management of buildings-in-use is still underdeveloped.

The interviews lasted 1-1.5 hours, which is rather limited to get a complete picture. Although much work has been done to operationalise the added value of corporate real estate and building-related facilities, there is still a lack of a widely agreed taxonomy of added values and how to measure and manage these values. Ongoing international collaboration between researchers and practitioners aims to contribute to a common framework and to develop standardised measurement methods.

The insights can support decision-makers in value-adding real estate and facilities management value by public and corporate real estate. The listings of prioritised values and related interventions can be used as a frame of reference to improve the current design and management of health care real estate.

A clear insight in value-adding management of corporate real estate may result in a better fit among real estate, organisational objectives and end-user needs.

The findings link the added value theory to corporate real estate management in Dutch health care practice.

Research shows that strategic corporate real estate management (SCREM) practice contributes to organizational performance. However, globally, SCREM practice is hindered by numerous challenges especially in developing countries such as Ghana. This study examines the challenges of SCREM practice in Ghana from business and corporate real estate managers’ perspectives.

A mixed-method design was adopted for the study. The largely quantitative study was supported with qualitative data. The multi-stage sampling technique was used to select respondents from 35 institutions in five sectors. The relative importance index, consensus/agreement framework and Mann–Whitney U test were used for analysis.

Analysis revealed that there is latent resistance to the provision of CRE policy, adequate authority and resources as well as resistance to change in organizational culture for the adoption of SCREM practice. The CRE management function is thus not well integrated into corporate activities. It is seen as a non-core organizational function merely providing physical space and support services.

The research has identified the challenges of SCREM and how these could be addressed to ensure that CRE is managed strategically to contribute effectively to organizational performance.

The paper is the first to identify the challenges of SCREM practice from business and CRE managers’ perspective in five sectors in Ghana, thus contributing to the limited literature on the subject globally.

The purpose of this paper is to examine factors influencing service quality of the property managers to the occupiers of shopping complexes in Ibadan, Nigeria. This was with a view to providing information that could enhance property management practice.

Primary data were used for the study. The study area was stratified into five axes using major roads where shopping complexes were highly concentrated. Systematic sampling technique was used to select 139 out of 276 shopping complexes in the study area. The data obtained were analyzed using mean ranking and principal component analysis.

The study found that ineffective employee’s compensation, high employee turnover, lack of continuous improvement culture, inadequate use of employee empowerment, inadequate staff, lack of teamwork, inability to see tenants as customer, lack of motivation, education and training of the property managers and poor planning among others were the most significant factors influencing service quality of the property managers using mean ranking. The study further found that professional and empowerment factor, teamwork and motivation factor, customer related factor, work volume and operation factor, skills and job satisfaction factor, top-management commitment factor, experience and communication factor as well as financial factor were the factors influencing service quality of the property managers using principal component analysis.

This study will aid the property managers of shopping complexes in identifying areas which needed to be improved upon in order to provide quality service to occupiers thereby enhancing tenant retention and loyalty.

Previous studies on factors influencing service quality have been focusing on hospitality, healthcare, real estate agency and library industries. This study is one of the very few studies that examined factors influencing service quality of property managers of shopping complex. Also, the paper underlines the need for property managers of shopping complexes to give required attention to factors influencing service quality for enhanced property management practice.

As the prolonged effect of the COVID-19 pandemic has materially impacted investment returns significantly, it is more crucial than ever for institutional investors to redefine their property portfolios using assets with better investment management potential and meaningful diversification benefits. The “alternative asset revolution” is gaining traction in the property investment space internationally among institutional investors due to the shifting investment attitudes towards the alternative property sectors. Australia's $205bn healthcare property sector is at the forefront of this revolution due to its societal significance, as well as its attractive investment qualities. This paper investigates the institutional investor management of the Australian healthcare property sector via both the direct and listed channels and empirically analyses its investment attributes.

Using the unique Morgan Stanley Capital International/Property Council of Australia quarterly data set for Australian direct healthcare property over 2006–2020, the risk-adjusted performance and portfolio diversification potential direct healthcare property and listed healthcare were assessed. A constrained mean-variance portfolio optimisation framework was used to develop a six-asset portfolio scenario to analyse the portfolio added-value benefits of both direct healthcare property and listed healthcare in a mixed-asset investment strategy. A similar set of analysis was performed using the post-global financial crisis (GFC) quarterly time series of 2009–2020 to investigate the healthcare asset class' performance dynamics in the post-GFC investment timeframe.

The results indicate that direct healthcare property and listed healthcare offer two key advantages for institutional investors in managing their property portfolios: (1) a stable yet superior risk-adjusted performance and (2) significant portfolio diversification potential in managing their property portfolios. Importantly, both direct healthcare property and listed healthcare provided valuable contributions in strengthening an investment portfolio's performance. The post-GFC sub-period analysis revealed a consistent conclusion regarding the healthcare asset class's performance attributes.

This is the first research that provides an independent empirical examination of the strategic importance of Australian healthcare property as a maturing alternative property sector that can serve both investment and environmental, social and governance goals of investors. This research presents a positive investment prognosis for the Australian healthcare property sector to achieve its institutionalised status as a mainstream asset class of the future.