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The purpose of this paper is to help us understand the real estate cycle and offers an analysis using a vector auto regression (VAR) model. The authors study the key international cities of Hong Kong, Kuala Lumpur and Singapore. The authors find four key outcomes. One, the real estate cycle is generally different from the underlying business cycle in local markets for the cities studies. Two, the real estate cycle is more exaggerated in the construction and development areas than in rents and vacancies. Three, the vacancy cycle tends to lead the rental cycle. And four, new construction completions tend to peak when vacancy is also peaking. The authors believe that future research should try to help understand the linkages that drive these outcomes. For example, are rigidities in the local permit and construction markets responsible for the link between construction peaks and vacancy peaks?

Real estate market cyclical dynamics and its estimation via VAR model offers an insightful set of practical and empirical models. It affirms a comprehensive theoretical underpinning for analysing the prime office and residential sectors of the capitol cities of Kuala Lumpur, Singapore and Hong Kong in the fast developing Asia region. Its unrestricted form also provides an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, furnished by real estate market data providers.

The office rental VAR model for Singapore (SOR), KL (KOR) and HK (HOR) show good fits. In the HOR model, rents and vacancies are negatively signed and significant for certain lagged relationships with other variables and with rents themselves. The office CV VAR model for Singapore (SOCV), KL (KOCV) and HK (HOCV) show good fits. In the HOCV model, capital values (CVs) and initial yields are negatively signed and significant for certain lagged relationships with other variables and with CVs themselves. Impulse response functions specified for seven years to mirror a medium-term real estate market cycle “die out” to zero for the stationary VAR models that are estimated for the endogenous variables. The accumulated responses asymptote to some non-zero constant.

The VAR model offers a complete and meaningful dynamic system of solely real estate variables for international real estate investors and policy makers in decision making. Its unrestricted form offers an effective and insightful way of modelling real estate market cyclical dynamics utilising only real estate market indicators, which can be reliably provided by a dedicated real estate information and consultancy provider of international standing.

The theoretical model offers a complete dynamic model system of the real estate space market, comprising a unique system of six linked equations that denote the relationship among supply, demand, construction, vacancy and rent over time, inclusive of price response slopes and lags. The VAR model enables the investigation of the effect of the lagged values of all the variables concerned. It also enables the explicit and rigorous quantitative forecasts of say rents and CVs when the rest of the variable can be forecasted beforehand.

The purpose of this paper is to examine the structure and dynamics of Singapore's Central Area office market. A long-run equilibrium relationship is tested and a short-run adjustment error correction model are estimated, incorporating appropriate serial error correction. The long-run equation is estimated for office rent, with office employment and available stock.

With the vector error correction model (VECM), the lagged rent, available stock, office employment, vacancy and occupied stock (OS) can impact the rental adjustment process. Equilibrium rent on the whole reacts positively to lagged rents, available stock, office employment, OS and negatively to vacancy rates (VC). Past levels of positive change in VC and rental growth can have negative effects on current OS.

While good economic conditions signaled by increases in rents increase the supply of new stock (available space), higher rents and VC dampen the long-term occupied space (space absorption) in accordance with economic theory. Available stock can be forecasted by past rent and absorption levels owing to the developer's profit-driven nature.

An understanding of the interaction between the macroeconomic variables and the Central Area office market is useful to domestic and foreign investors and developers, who then can better evaluate their decision making in commercial real estate investment and development projects.

It is implicit that the Singapore Central Area office market requires at least a year before any rental increase can potentially dampen the space demanded. Firms are attracted to locate there owing to agglomeration economies and they are willing to pay premium office rents in conjunction with office space intensification in the Central Area. Newly built space is positively affected by past rents. Urban Redevelopment Authority and private real estate developers should be wary of excess office sector vacancies by avoiding over supply, even though an increase in the supply of office space in the Central Area can have a positive impact on office rent in the longer term. Most of the office space development would tend to meet the demand in the long run. Rental stickiness is exemplified as rental changes are affected by lagged rent.

Policy makers are better enabled to stabilize the office sectors of the real estate market if so required.

The paper adopts the VECM and validated by empirical evidence, to investigate the long-run equilibrium relationship and short-term corrections underlying the dynamics of the Singapore Central office market. Delay in the restoration of equilibrium in real estate markets is attributed to factors like lease terms and supply lags.

The purpose of this paper is to assess the impact of urban design quality on the real estate value of commercial office property. Empirical evidence based on quantitative research into the added value of quality design on real estate performance has seen little advancement during the past two decades. Office sector hedonic analysis has been predominantly characterised by a piecemeal approach focusing on specific attributes and lacking a holistic approach to the effects of design quality on real estate value. This paper brings forward new empirical evidence to assess the added value of quality design based on quantitative analysis of office sector performance in the historic urban core of a UK city.

Using a unique dataset of 279 Belfast City Centre office properties rented during the period 1995‐2009, this study employs regression analysis to estimate a hedonic pricing model based on a composite range of variables. The contribution of this study is the complementary utilisation of quantitative and qualitative methods to generate variables incorporating a holistic approach to design quality at three different levels of investigation: interior; exterior/architectural; and urban scale.

The key findings show that higher design quality specifications in the three levels (interior, exterior and urban scale) can generate rent premiums. Aspects of quality design that include connectivity and building facade distinctiveness enhance corporate image; and material quality appropriateness adds to real estate value whereas the lack of preference for tall buildings and high‐end interior quality specifications in historic cores reflect market reactions to economic trends.

This paper provides investors and developers with insights about those aspects of quality design that are highly valued by office tenants in historic urban cores. This is especially significant in the downturn of the property cycle with investment priorities playing a crucial role in a project's economic viability.

This study bridges a significant gap in the literature concerning hedonic investigation of the added value of quality design on real estate performance. This holistic approach using quantitative and qualitative methods and incorporating urban design variables constitutes a unique approach to quantifying quality impacts on real estate value.

The purpose of this study was to assess real estate cycles and their impact on property values in Gaborone, Botswana. Investors and real estate professionals in Botswana rarely assess property cycles when purchasing property. This study therefore, aims to assess whether real estate cycles do exist, their duration and the type of real estate cycle that Botswana experiences.

Data was collected from primary and secondary sources. This included sourcing out information at the Deeds Registry Office in Gaborone on residential property sales and a questionnaire to 100 property investors. A record was made of properties that were sold for the period of 16 years starting from the year 2000 to 2016. Secondary data on the other hand was also collected from published and unpublished books, academic journals, professional journals, magazines, reports and monographs. A quantitative approach was used in this study. Data was analysed using Microsoft Excel and subsequently presented in form of tables and graphs.

The findings from the literature review revealed that there are four phases in the real estate cycles (recovery, expansion, oversupply and recession) and each has distinct features that an investor must be aware of to avoid consequences in the property market. The results from the data analysis revealed that real estate cycles do exist in Botswana as identified during the past 16 years. The cycle that Botswana experiences is called the kitchen cycle. It was also evident that Botswana experienced three cycles lasting five to six years each. Furthermore, it was discovered that all phases in the real estate cycles affect property values.

There is relatively little information about property cycles and their timing in Botswana. Therefore, this study may assist valuation surveyors to make promptly informed decisions on property investment through cycle assessment and hence positively inform the public and financial stakeholders. Society might find this beneficial in as far as decision-making is concerned when thinking of investing in real estate. The current system at the deeds office is cumbersome and time consuming, thus making it difficult for the researchers and possibly the public to analyse the property market. This study therefore, may encourage the Deeds Registry Office to computerize their records.

There is relatively little information about property cycles and their timing in Botswana. Therefore, this study may assist valuation surveyors to make promptly informed decisions on property investment through cycle assessment and hence positively inform the public and financial stakeholders.

Society might find this beneficial in as far as decision-making is concerned when thinking of investing in real estate.

To the best of the authors’ knowledge, this paper is the first of its kind in Botswana to extend the knowledge of real estate cycles and their impact on property cycles in Botswana.

This paper aims to investigate the practices, drivers and barriers which influence the implementation of green leases in South Australia. Despite some efforts on legal aspects of green leases, only a few studies have examined these aspects from an operational perspective. In addition, very little empirical evidence was presented in previous studies to show how green leases work in real-life settings.

Data were collected using semi-structured interviews with landlord and tenant representatives who have considerable experience in green leases. These interviewees were selected via a purposive sampling technique that identified buildings which use green leases in South Australia. The concept of interface management (IM) was used to operationalize this research.

The green leases were found to be mainly initiated by tenants while government involvement, economic and environmental benefits are the main drivers in South Australia. Drivers such as staff retention, well-being and corporate social responsibility are found to be more relevant to tenants. Lack of awareness and transaction costs are the main barriers to the implementation of green leases.

This study focuses on the South Australian context and mainly covers dark green leases. There are implications for the government’s continued involvement and the promotion of lighter shades of green leases to overcome operational issues and barriers identified in this study.

This study contributes to the body of knowledge on the subject of green lease implementation from an operational perspective. In addition, the study introduces a conceptual framework via IM that could be used in future research endeavours.

The paper aims to assess property returns using yield differentials for prime and secondary properties as a real estate decision‐making tool. It seeks to demonstrate how property portfolios can be optimized through rational stock selection within the respective sectors identified in the IPD Index.

The paper utilises IPD data over the period Q1 2001 to Q4 2011 to investigate the performance returns on an annual and quarterly basis across key market sectors. It measures the rolling four quarters total return to illustrate the shift in prime and secondary performance for the different sectors to analyse the buy and sell decisions of institutional investors.

This paper indicates that investors can optimise property performance through rational stock selection and that secondary commercial property values display greater volatility compared to prime stocks. Investors need to take calculated risk in anticipation of higher total returns based on a buy/sell strategy when secondary stock outperforms prime.

These findings can have a number of implications for real estate decision making. Firstly, capital growth is still the main factor that influences return and these returns are sensitive to wider economic and market conditions. Secondly, rational stock selection is likely to have major benefits in a difficult and an illiquid market. Thirdly, the choice of prime or secondary does matter and strong heterogeneity exists in each of the sectors and therefore offers potential for sector diversification.

This paper contributes to an understanding of property investment decision making by evaluating the differential spread/gap between low and high yield properties to determine the opportunities to sell/buy prime/secondary property.

Japan has had four periods of public sector reform since World War II. This chapter discusses the leadership for reform during the occupation period, the high economic growth period, the low economic growth period and the search for a ‘new’ Japan under various present difficulties. Reforms reflect the priorities of the time and interests of prime ministers, whose style of functioning also affects how public sector reforms are advanced. During the occupation period, the Administrative Management Agency was established in the Prime Minister’s Office and was responsible for the overall management of national government organizations. It was staffed by civil servants who were experts in their areas. Since the 1980s, furthering privatization, deregulation and reorganization, advisory councils for the prime minister were also used, involving influential business leaders and scholars.

This chapter shows that political leadership, especially that of the prime minister and minister in charge of administrative reform, is important in deciding on highly political issues, to persuade or direct politicians and administrators to follow the leadership, to inspire and get the support of the general public and to ensure the support or acceptance of those concerned. Where prime ministers are not directly involved, leadership is provided by professional administrators under the general support of the prime minister and the minister responsible for administrative reforms. It is also pointed out that reform sustainability occurs through institutionalization, incentives, management and producing meaningful results.

Augmented Reality (AR) and Virtual Reality (VR) technologies possess the potential to transform the scenario of making real estate investment decisions through the immersive experience they offer. From the literature it was observed that the research in this domain is still emergent and there is a need to identify the latent variables that influence real estate investment decisions. Therefore, by examining the effects of these technologies on investment decision-making, the purpose of the study is to provide valuable insights into how AR and VR could be applied to enhance customers' property buying experiences and assist in their decision-making process.

From an extensive review of the literature four latent variables and their measure were identified, and based on these a survey instrument was developed. The survey was distributed online and received 300 responses from the respondents including home buyers, developers, AEC professionals and real estate agents. To validate the latent variables exploratory factor analysis was used whereas to establish their criticality second-order confirmatory factor analysis was used.

From the results, the four latent constructs were identified based on standard factor loadings (SFL) that is Confident Value Perception (CVP, SFL = 0.70), Innovative Investment Appeal (IIA, SFL = 0.60), Trusted Property Transactions (TPT, SFL = 0.58) and Effortless Property Engagement (EPE, SFL = 0.54), that significantly influence investor decision-making and property purchase experience.

This study contributes to the literature on real estate investment decisions by providing empirical evidence on the role of AR and VR technologies. The identified key variables provided practical guidelines for developers, investors and policymakers in understanding and leveraging the potential of AR and VR technologies in the real estate industry.