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Article
Publication date: 23 March 2020

Larry Wofford, David Wyman and Christopher W. Starr

This paper addresses the increasingly rapid and disruptive changes caused by technology innovations impacting commercial real estate (CRE) and how leaders in today's CRE…

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274

Abstract

Purpose

This paper addresses the increasingly rapid and disruptive changes caused by technology innovations impacting commercial real estate (CRE) and how leaders in today's CRE business environment can better anticipate, and even experiment with, disruptive technologies while maintaining current business assets and practices.

Design/methodology/approach

This qualitative research is based in systems theory, through which the impact of disruptive technology innovation cycles on business models is described for tactical and strategic utility.

Findings

The advent of the fourth industrial revolution (Industry 4.0) is characterized by a convergence of multiple technological innovations including artificial intelligence, the Internet of things, smart buildings, autonomous agents, and automated decision-making. Industry 4.0 promises a future of discontinuities and disruptive innovation superseding the deployment of digital technologies enabled by Industry 3.0. Ambidextrous leaders need to maintain two concurrent foci: one on the current CRE business environment for incremental improvements and one on new opportunities made possible by the next technology innovation cycle.

Practical implications

By anticipating the inflection points of nonlinear technology adoption cycles, CRE leaders can reduce risks and increase innovative opportunities as participants in the next disruptive cycle rather than falling victim to it.

Originality/value

This work examines CRE market disruptions caused by technology innovation cycles through the lens of systems theory. A connection is made between the nonlinear nature of technology disruption cycles within the CRE business environment and how CRE leadership can better anticipate and prepare for change through ambidextrous thinking.

Details

Journal of Property Investment & Finance, vol. 38 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 18 February 2021

Larry Wofford, Elaine M. Worzala and David Wyman

Abstract

Details

Journal of Property Investment & Finance, vol. 39 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 25 June 2020

Larry Wofford, Elaine Worzala and David Wyman

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133

Abstract

Details

Journal of Property Investment & Finance, vol. 38 no. 4
Type: Research Article
ISSN: 1463-578X

Content available
Article
Publication date: 3 April 2017

Elaine M. Worzala and Larry Wofford

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241

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Details

Journal of Property Investment & Finance, vol. 35 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 21 May 2020

Larry E. Wofford, David Wyman and Christopher W. Starr

This paper addresses decision-making for commercial real estate (CRE) firms and professionals within the context of rapid technological innovations capable of business…

Abstract

Purpose

This paper addresses decision-making for commercial real estate (CRE) firms and professionals within the context of rapid technological innovations capable of business model disruption. It considers the paradoxical notion of the need for CRE firms to become ambidextrous by simultaneously exploiting their existing business model and exploring possible opportunities and threats. The paper develops a practical approach, the paradox map, for dealing with this paradoxical problem.

Design/methodology/approach

This qualitative research draws on work from organizational management, leadership, social sciences and technology. This research frames the definition and development of an ambidextrous mindset and its components. Paradox management is explored as a possible source of useful tools.

Findings

The ambidextrous mindset is a paradox in that exploit and explore are ongoing interrelated opposing forces. Further, the mindset is the product of a number of sub-paradoxes that act as levers for its development and adjustment. The paradox map is developed to facilitate dealing with numerous paradoxes.

Practical implications

The paradox map is a useful tool for commercial real-estate firms to understand and develop an ambidextrous mindset.

Originality/value

Commercial real estate is experiencing a wave of substantive technological disruption in the proptech marketplace and beyond. This paper attempts to clarify the paradox of innovation and its underlying sub-paradoxes to help professionals navigate the interrelated landscape of exploiting past products and exploring innovations.

Details

Journal of Property Investment & Finance, vol. 39 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 21 July 2020

Larry Wofford

Time is a critical element of commercial real estate (CRE) and has received only cursory attention. This paper identifies and describes the interactions between time…

Abstract

Purpose

Time is a critical element of commercial real estate (CRE) and has received only cursory attention. This paper identifies and describes the interactions between time, change and CRE. It leads to important implications and possible changes in professional practice, teaching and research.

Design/methodology/approach

The research design involves identifying and synthesising research in a disparate discipline into a coherent portrayal of time, change and CRE. Using the CRE environment as a foundation, a more comprehensive, multi-disciplinary approach is developed to highlight the temporal issues within CRE.

Findings

The extreme levels of complexity, dynamism and uncertainty characterising current CRE environments affect the interaction of time, change and CRE. In response, CRE has become increasingly specialised in property types and time segments. The paper identifies four issues for CRE: the role of CRE as an integrator of different layers of civilisation with different clock speeds, the need for a temporal mindset recognising finite and infinite games, the need for temporal ambidexterity and the use of strategic foresight and scenarios. The very definition of CRE as an industry is questioned.

Research limitations/implications

Need for essential empirical work as well as additional work for implications.

Practical implications

CRE faces disruption from many sources, and this paper considers how to incorporate time and change into analysis of the CRE market environment. It identifies specific ways CRE can understand and avoid disruption. Further, areas of teaching and research are highlighted.

Social implications

Real estate assets are substantial, long-lived assets with important consequences for society. This paper advances the analysis of such assets.

Originality/value

Areas of concentration in CRE and academia needing attention are identified. The areas have generally not been considered prior to this paper.

Details

Journal of Property Investment & Finance, vol. 39 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 12 July 2011

Larry Wofford, Michael Troilo and Andrew Dorchester

This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce…

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1683

Abstract

Purpose

This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the concept of cognitive risk, to propose a framework for mitigating it, and to develop a stream of translational research to transfer knowledge to real estate valuers.

Design/methodology/approach

The paper takes an interdisciplinary conceptual approach towards the development and study of cognitive risk, and its mitigation. It proposes to broaden the study of behavioral issues in real estate valuation beyond cognitive psychology to cognitive science, and also fields such as time studies and human failure, in order to identify and mitigate cognitive risk.

Findings

The paper offers a framework as a starting‐point for handling cognitive risk. It borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate valuers to improve performance.

Originality/value

The paper's concept of cognitive risk and discussion of its mitigation will enrich behavioral real estate by introducing the wisdom of other fields such as cognitive science and time studies. These fields have much to say about managing the risk surrounding human cognition, and will be of both academic and practical value to the discipline of real estate valuation.

Details

Journal of Property Investment & Finance, vol. 29 no. 4/5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 February 2013

Larry Wofford and Michael Troilo

The aim of this study is to examine the divide between academicians and professionals in the applied field of real estate in the USA and the impact of this divide on the…

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393

Abstract

Purpose

The aim of this study is to examine the divide between academicians and professionals in the applied field of real estate in the USA and the impact of this divide on the use of best evidence by professionals. Its purpose is to introduce the concept of evidence‐based management to the discipline of real estate, to propose a framework for gathering best evidence, and to develop a stream of translational research to bridge the academic‐professional divide.

Design/methodology/approach

The paper takes an interdisciplinary conceptual approach regarding the gap between academic theory and practice, and its resolution. The authors apply the idea of best evidence and its management from the field of medicine to construct guidelines appropriate for real estate scholars and practitioners.

Findings

The paper offers a framework as a starting point for handling the academic‐professional divide. The paper borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate professionals to improve performance.

Originality/value

The main contribution is to suggest means for building relevant, practical knowledge in real estate. Application of the evidence‐based method can make the work of researchers more rewarding by solving pragmatic, real‐world concerns. Real estate professionals can allocate scarce resources more effectively by following the evidence‐based approach. The use of evidence separates fact from fiction and enables prioritization of concerns.

Details

Journal of Property Investment & Finance, vol. 31 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 28 December 2020

Lawrence A Souza, Olga Koroleva, Elaine Worzala, China Martin, Alicia Becker and Nathaniel Derrick

The goal of this paper is to present a roadmap for real estate operating companies (REOCs) to transform themselves into tech-centric enterprises.

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582

Abstract

Purpose

The goal of this paper is to present a roadmap for real estate operating companies (REOCs) to transform themselves into tech-centric enterprises.

Design/methodology/approach

This qualitative approach is based on the impact of technology on physical real estate assets and organisational structures as reviewed in industry and academic literature, professional experience and current property technology (PropTech) applications.

Findings

New technologies are rapidly changing how investors, tenants and managers use, invest and finance property. The revolutionary change for the industry will be in its organisational and industry structure, away from the traditional hierarchical-mechanistic form to a virtual open-agile-innovative organisational form.

Research limitations/implications

Research limitations come from the lack of real estate companies utilising the hybrid flipped form of organisational structures.

Practical implications

Due to the current state of the economy, effects of the pandemic and rapid adoption of new technologies, real estate companies are likely to radically change the way they are organised, how they add value, innovate and their leadership/management style.

Social implications

The revolution in real estate technologisation will not come from the application of these technologies but the rapid change in ideological thought and management leadership style and culture.

Originality/value

The introduction of artificial intelligence/machine learning (AI/ML), blockchain, virtual reality, tablets, cell phones, applications, 5G, etc. is putting pressure on real estate organisations to change. These changes are long overdue and the future, modern real estate company will take a hybrid PropTech form – a company focussed on delivering high-quality products and services to its clients in real time.

Details

Journal of Property Investment & Finance, vol. 39 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 16 November 2020

Christopher W. Starr, Jesse Saginor and Elaine Worzala

Industry 4.0 recognizes a broad set of technologies that rapidly redefine industry, including real estate. These broad technologies include the Internet of things (IoT)…

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1478

Abstract

Purpose

Industry 4.0 recognizes a broad set of technologies that rapidly redefine industry, including real estate. These broad technologies include the Internet of things (IoT), cloud computing, decision automation, machine learning and artificial intelligence. This paper explores applies Industry 4.0 to commercial real estate, resulting in a framework defined here as Real Estate 4.0, a concept that encompasses fintech and proptech.

Design/methodology/approach

This research paper examines Industry 4.0 technology to construct a framework for Real Estate 4.0. We also focus on how the COVID-19 pandemic is accelerating proptech, particularly as it relates to getting employees back into their traditional work environments.

Findings

As a research paper, this is not a traditional research project with empirical findings. It is a primer on how the rapidly changing technologies of Industry 4.0 are now disrupting and transforming real estate today into what we are calling Real Estate 4.0.

Practical implications

Practitioner insight and future research are informed by a framework for Real Estate 4.0 drawn from the technologies of Industry 4.0. Additional implications are outlined for practical, systemic change as a result of the COVID-19 pandemic within the scope of Real Estate 4.0 technology.

Originality/value

This is a combined effort by experts in three contributing disciplines: systems science, planning and real estate. Our intent is to provide a primer for those of us in the latter two fields so that we can embrace the rapidly changing built environment landscape as it adjusts and adapts to a post COVID-19 environment that will be critical to maintain real estate investment values and enhance the real estate user's experience.

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