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The study was designed to investigate the bidirectional causation between the real estate market characteristics (residential property prices/rents (including PTR), office rents) and the rise of coworking spaces (CSs) in the peripheral areas of Germany.

Based on the desk research, the authors constructed their own database of 1,201 CSs. The authors gathered data on the residential and office prices and rents on a district level. To identify real market differences between districts with and without CSs, the authors applied the t-test for independent samples.

The second-highest number of CSs were found to operate in the office market peripheries. This phenomenon should be explained by a search for lower office rents, which CSs seek. Most CSs in the peripheral areas of Germany were only recently established in tourist-oriented regions in the south and north of Germany. In this paper, the authors confirmed that the strength of peripheral CSs lies in the hybridity of their operations: for the majority of CSs, running a CS is a non-core business. The authors argue that the role of CSs is rather limited in attracting real estate investors and boosting the real estate market in the peripheral areas of Germany.

The research shows that peripheral locations are attracting CSs to significant extent. The study shows that CSs can be part of corporate real estate or workplace strategies. As the majority of peripheral CSs are located in tourism areas, the subletting of vacant spaces could be a lucrative business model for hotels, particularly in the times of pandemics. Therefore, further research should focus on the role of tourist areas in the implementation of CSs model.

The focus of this study (CSs in peripheral areas) is original. Additionally, applying the real estate perspective to study the location of CSs is novel as well.

The literature on coworking spaces (CSs) is growing fast; notably, this topic has attracted a wide range of contributions from various disciplines during the past years. Although CSs first appeared in major cities, small towns and rural areas are also becoming attractive. To date, no literature review has systematically studied the effects of such collaborative-flexible new working spaces proliferating in non-urban areas. Therefore, this paper aims to present a systematic literature review about the effects of coworking spaces located in peripheral and rural areas.

The methodological approach is based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses, also known as PRISMA. Following the PRISMA checklist items, this study provides different aspects and identifies indicators from various cross-studies published in 10 years (2011–2021).

Results show that, in the past decade, Europe has recorded the highest number of publications on the topic of coworking spaces (CSs); the main research focus was on spatial planning. CSs foster communities of specialized and high-skilled workers, attract businesses and venture capitalists and may accelerate urban revitalisation processes. The regeneration of spaces can positively affect the value of commercial properties in the vicinity and attract developers. Moreover, by establishing communities and networks beyond the working life, coworking was found to reduce depopulation and even foster the influx of non-urban areas.

The findings of this study can be transferred to policymakers to be considered in designing tailored policies in non-urban areas and also places-that-don't matter.

By date, this study is the first attempt to conduct a systematic review of the literature on the effects of coworking spaces in peripheral and rural areas. This is important since this typology of flexible-collaborative working space is gaining public attention, especially during the pandemic and the development of such spaces in non-urban areas.

The purpose of this paper is to address the heterogeneity of real estate assets with regard to investment risk measurement, with Paris’ apartment market as a case study.

Quantile regression is used to handle the fact that willingness to pay for housing attributes may vary greatly over both space and asset value categories. The method is alternately applied on central and peripheral districts of Paris, or “arrondissements”, with hedonic indices built for nine deciles over a 17-year period (1990-2006). Portfolio allocation is subsequently analysed with deciles being the assets.

The findings suggest that during the slump, peripheral districts show better resilience and define the efficient frontier while also exhibiting a lower volatility. In addition, higher returns are observed for lower-priced apartments, both central and peripheral. During the recovery and boom stages of the cycle, the highest returns are experienced for the cheapest apartments in central locations, whereas upper-priced, centrally located units yield the lowest returns.

The originality of this research resides in the application of quantile regression in a real estate investment and risk management context. The methodology may raise individual investors’ and practitioners’ attention, especially index providers’.

This study aims to assess the impact of location on capitalization rates and risk premia.

Using a transaction-based data series for the five largest office markets in Germany from 2005 to 2015, regression analysis is performed to account for a large set of asset-level drivers such as location, age and size and time-varying macro-level drivers.

Location is found to be a key determinant of cap rates and risk premia. CBD locations are found to attract lower cap rates and lower risk premia in three of the five largest markets in Germany. Interestingly, this effect is not found in the non-CBD locations of these markets, suggesting that the lower perceived risk associated with these large markets is restricted to a relatively small area within these markets that are reputed to be safe investments.

The findings imply that investors view properties in peripheral urban locations as imperfect substitutes for CBD properties. Further analysis also shows that these risk premia are not uniformly applied across real estate asset types. The CBD risk effect is particularly pronounced for office and retail assets, apparently considered “prime” investments within the central locations.

This is one of the first empirical studies of the risk implications of peripheral commercial real estate locations. It is also one of the first large-scale cap rate analyses of the German commercial real estate market. The results demonstrate that risk perceptions of investors have a distinct spatial dimension.

The purpose of this paper is to develop an operational framework with guidelines and lessons to improve the current real estate portfolio disposal procedures of freeholds, based on empirical evidence from the banking sector.

The empirical research is based on a comparative analysis of four case studies, representing approximately 80 per cent of the Dutch banking sector. The case studies comprise a systematic document review of corporate business and real estate strategies and semi-structured interviews with decision makers who steer the organisation’s corporate real estate (CRE) portfolio composition.

This research shows a strong relationship between organisation characteristics, legacy and strategy, disposal drivers and CRE disposal strategies. The weighing of drivers and order of steps in strategy execution strategies largely depend on organisational objectives.

This paper reports empirical findings from Dutch case studies. To generalise, further research is needed in different legal, financial and economic contexts and in other sectors. This paper suggests a more thorough study of the relationship between space-use efficiency and technological innovation implementation..

The framework proposes strategy improvements and a proactive approach to corporate real estate management (CREM) to create value through real estate portfolios.

This paper provides a thorough analysis of the CREM of the Dutch banking sector and is applicable to CREM in this and other sectors.

Suggests that capital investments normally flow to economic sectors and regions which produce the highest returns within certain risk parameters. Therefore geographical areas perceived to be peripheral to the core economy of a certain country, region or city suffer when attracting institutional investment. Investigates investment flows into real estate in two peripheral economies: Northern Ireland and the Republic of Ireland. Analyses data from the Investment Property Databank (IDP) and market participants in terms of regional and sectoral performance, and assesses institutional investors′ perceptions of investment activity in Ireland as a peripheral European region. Also compares investment performance of institutional property holdings in Ireland to returns in the UK.

A number of studies have examined the convergence in European real estate markets and find that convergence is time‐varying. Additionally, the returns of some countries, notably the UK, are as equally, if not more, influenced by the real estate returns in the USA than those in Europe. This paper aims to study the time‐varying convergence of the UK securitised real estate market shows with countries within Europe relative to that with the USA.

This paper utilizes a model estimated using a Kalman filter.

Using monthly data over the period 1990‐2007 we show that from 1990 to 1998 the returns of the UK securitised real estate were more influenced by the US market than the other countries in Europe. However, from autumn 1998 to 2004 the short‐run movements in the return of the UK securitised real estate market became increasingly associated with movements in the other countries in Europe market rather than the USA. But since 2004 the returns in the UK real estate have once again started to diverge from those of most countries in Europe.

This is the first paper to examine the time‐varying convergence of the securitised real estate markets using time‐varying parameter modelling techniques estimated by the Kalman filter. The results showing that the UK has not converged with the other markets in Europe, which implies that real estate diversification is still a viable investment strategy for UK investors in most countries in Europe.

The economic slump in the southern member states of the Eurozone has brought real estate market activity to a standstill and has raised questions about the future of these markets. Will they rebound and will they command a higher risk premium? This paper aims to assess the outlook for these markets as the crisis continues and analyses the conditions that are a prerequisite to restore investment activity and a healthy occupier market.

Within a portfolio allocation framework, the paper examines the conditions for the revival of investor interest in these markets and the uncertainties that should be resolved. Through the analysis of selected data, the paper assesses the emerging state of these markets.

The economic slump in peripheral Eurozone economies gives way to a period of slow growth and ongoing structural reforms. The latter are necessary to restore confidence in the respective economies and investment markets. Sentiment indicators contain the first signs of a rebound in business confidence. With confidence returning and mitigated macroeconomic risks investors will seek value in the markets of the southern region on a selective basis. Price corrections and yield differentials with core markets could prove attractive. It is, however, argued that a risk premium will remain to reflect progress with structural reforms that will make the economies more competitive and less prone to a similar crisis in the future. It is only when such reforms will firmly be put in place that pricing in the southern Eurozone markets will reflect cyclical risks and diversification contributions.

The article provides a structured approach to assess the outlook for peripheral markets. It identifies the key risks affecting investor confidence. The analysis proceeds to stress conditions that should be satisfied for a rebound in the investment market. Signals from selected data series are extracted to assess sentiment and adjustment in the market and assist in the assessment of real estate market prospects in these economies.

The paper examines conditions for investing in the hard hit markets of the Eurozone. It illustrates the path for the recovery in these markets and the conditions for the rebound in investment volumes. It contributes to the analysis of the growth potential and risk of these markets for investment purposes.

Will the information and communications technology (ICT) prevail over the market and agglomeration forces in inducing a negative demand in office space? The evidence of long‐term impact of ICT use is not conclusive at this stage. This study aims to empirically test whether space reduction effects of ICT are significant in the office market in Singapore. The study also seeks to examine variations in firms' responses, and how increasing use of ICT will impact on firms' operational and activities that include productivity, staffing structure and requirements, adoption of working practices, quality of customer service, and importance of a central meeting place.

The primary data were collected in a mailed questionnaire survey conducted in July and August 2002, which involved a sample of 2,049 firms randomly selected from 121 office buildings located in the CBD and other key office submarkets in the fringe of CBD in Singapore. The firms' perception of ICT impact on real estate space needs was asked in the survey, and the variations in their responses were empirically tested with respect to factors like business types, firms' attitude towards ICT use, and their ICT strategies. Two different statistical tests are used in the tests, which include a non‐parametric chi‐square analysis and a logistic regression model. The chi‐square analysis examines different treatment effects of sample firms on the response variables. The logistic regression model jointly tests relationships between the respondent firms' binary choice of ICT impact on office demand and firm business types and views towards ICT and NWPs.

Based on a mailed questionnaire survey conducted on office occupiers in CBD of Singapore, 79 percent of the respondent firms felt that there is no negative impact of an increase use of ICT on the office space; 63 percent of the respondent firms, however, agree that ICT‐enabled changes to working practices were more important in affecting real estate space changes of firms. In the logistic regressions, the results showed that four variables that represent firm characteristics and their attitude towards ICT use were significant in explaining the variations in the firms' perception of no significant impact of ICT use on office space demand. Market rent factor was found to have no influence on the perception of a negative ICT‐office space relationship by the sample firms.

Impact of ICT use on firms' office space needs have not been as pervasive as expected in office markets. There are frictions and resistance by firms and their employees against the adoption of ICT in the office place in many countries. The study based on a random sample of office occupiers in Singapore's CBD and fringe submarkets supports the observation. Only 21 percent of the respondents felt that they can reduce office space with more ICT use. However, more sample firms (63 percent) felt that ICT will enable flexible workflows, which in turn will change the way corporate real estate strategies are designed. Firm characteristics and their attitude towards ICT are factors in determining firms' perception towards ICT use in offices.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.