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Article
Publication date: 20 May 2021

Howard Cooke, Rianne Appel-Meulenbroek and Theo Arentze

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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.

Practical implications

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.

Originality/value

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.

Details

Journal of European Real Estate Research , vol. 14 no. 2
Type: Research Article
ISSN: 1753-9269

Keywords

Content available
Article
Publication date: 6 February 2021

Howard Cooke, Rianne Appel-Meulenbroek and Theo Arentz

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…

Abstract

Purpose

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).

Design/methodology/approach

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.

Findings

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.

Originality/value

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

Details

Journal of European Real Estate Research , vol. 14 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

Content available
Article
Publication date: 14 November 2016

Howard Cooke

Abstract

Details

Journal of Corporate Real Estate, vol. 18 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 9 September 2013

Howard Cooke

Abstract

Details

Journal of Corporate Real Estate, vol. 15 no. 3/4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 2 September 2014

Howard Cooke

Abstract

Details

Journal of Corporate Real Estate, vol. 16 no. 3
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 April 2014

Howard Cooke

Abstract

Details

Journal of Corporate Real Estate, vol. 16 no. 1
Type: Research Article
ISSN: 1463-001X

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Abstract

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Journal of Corporate Real Estate, vol. 10 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 October 2004

Howard Cooke

Financial Reporting Standard 12 was introduced in 1999 with no guidance notes on how to deal with property. The key points of this paper consider how real estate needs to…

Abstract

Financial Reporting Standard 12 was introduced in 1999 with no guidance notes on how to deal with property. The key points of this paper consider how real estate needs to be dealt with: corporate real estate managers need to assess liability, before considering whether it is material; the sums to be discounted; and annual reviews needed.

Details

Journal of Corporate Real Estate, vol. 6 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 October 2002

Howard Cooke

As major economies throughout the world gradually pick themselves up after 2001’s downturn, what are the prospects for the UK property industry? Is it safe to say that it…

Abstract

As major economies throughout the world gradually pick themselves up after 2001’s downturn, what are the prospects for the UK property industry? Is it safe to say that it has avoided the plunging values experienced in the early 1990s recession and what can corporate occupiers be doing to ensure survival in uncertain economic conditions?

Details

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

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Article
Publication date: 1 April 2003

Howard Cooke

As the property market falters, corporate occupiers are increasingly finding themselves in the uncomfortable role of ‘The Reluctant Landlord®’, with surplus property and…

Abstract

As the property market falters, corporate occupiers are increasingly finding themselves in the uncomfortable role of ‘The Reluctant Landlord®’, with surplus property and subtenants. When you are facing both sides of the landlord‐tenant equation, what strategies can you use to limit the damage to cash flow and to avoid the costly legal pitfalls awaiting you if you get it wrong?

Details

Journal of Corporate Real Estate, vol. 5 no. 2
Type: Research Article
ISSN: 1463-001X

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