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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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575

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

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Article
Publication date: 18 January 2021

Martin Hoesli

The purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008.

Abstract

Purpose

The purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008.

Design/methodology/approach

The author analyzes papers published from 2008 to 2019 in the Journal of European Real Estate Research by authors’ country of affiliation, by country of study and by theme.

Findings

The Journal of European Real Estate Research publishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably.

Originality/value

This paper provides for a clearer understanding of key dimensions of real estate research in Europe.

Details

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

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Article
Publication date: 7 November 2016

Martin Hoesli

Against the background of initiatives, which have taken place to foster real estate research in Europe, this article seeks to analyse important dimensions of that research.

Abstract

Purpose

Against the background of initiatives, which have taken place to foster real estate research in Europe, this article seeks to analyse important dimensions of that research.

Design/methodology/approach

The article investigates the evolution from 2000 to 2015 in the proportion of papers published by authors with a European affiliation in the three main international real estate journals (Real Estate Economics, Journal of Real Estate Finance and Economics and Journal of Real Estate Research). Then, focusing on papers with at least one European author and/or concentrating on Europe, the article analyses papers published from 2008 to 2015 in the two main European real estate journals (Journal of European Real Estate Research and Journal of Property Research) by authors’ country of affiliation, by country of study and by theme. Finally, we analyse links between author’s country of affiliation and country of study and theme, respectively.

Findings

The results show that the proportion of papers published by European authors in the three main international real estate journals has increased during the 2000-2015 period. The author's analyses of papers published in the two European real estate journals suggest that UK-based researchers are the most prolific. There is also a strong “home bias” in that authors largely focus on the country in which they are based. The interest in housing and valuation increased markedly during the period. Finally, the article reports linkages between country of affiliation and theme.

Originality/value

This paper should provide a much clearer understanding of several aspects of real estate research in Europe.

Details

Journal of European Real Estate Research, vol. 9 no. 3
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 March 2003

Karl‐Werner Schulte

Investigates the role of investment and finance in real estate education and researches the programs of the conferences of the American Real Estate Society (ARES), the…

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3888

Abstract

Investigates the role of investment and finance in real estate education and researches the programs of the conferences of the American Real Estate Society (ARES), the European Real Estate Society (ERES), held in the years 1999, 2000 and 2001, and the program of the International Real Estate Society (IRES) World Congress 2001. To give a structure to the different topics of hundreds of papers, the interdisciplinary approach is taken as a framework visualised by the “House of real estate economics”. The paper comes to the conclusion that real estate investment and finance play an important role which is supposed to decrease in the future.

Details

Property Management, vol. 21 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 March 2006

Stephen Lee and Simon Stevenson

This paper seeks to address the question of consistency, regarding the allocation of real estate in the mixed‐asset portfolio.

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4301

Abstract

Purpose

This paper seeks to address the question of consistency, regarding the allocation of real estate in the mixed‐asset portfolio.

Design/methodology/approach

To address the question of consistency the allocation of real estate in the mixed‐asset portfolio was calculated over different holding periods varying from five to 25 years. For each portfolio and holding period, the percentage of portfolios with real estate was computed, as was the average real estate allocation in the optimum solution. Then, the risk and return differences between the two efficient frontiers, with and without real estate, were calculated to estimate real estate's marginal impact on portfolio performance.

Findings

First, the results suggest strongly that real estate has possessed the attribute of consistency in optimised portfolios. Second, the benefits from including real estate in the mixed‐asset portfolio tend to increase as the investment horizon is extended. Third, the position of real estate changes across the efficient frontier from its return enhancing ability to its risk‐reducing facility. Finally, the results show that the gain in return from adding real estate to the mixed‐asset portfolio is typically less compared with the reduction in portfolio risk.

Practical implications

The results highlight a number of issues in relation to the role of direct real estate within a mixed‐asset framework. In particular, the rationale behind the inclusion of real estate in the mixed‐asset portfolio depends on the length of the holding period of the investor and their position on the efficient frontier.

Originality/value

The study examines the attractiveness of direct real estate in the context of mixed‐asset portfolio.

Details

Journal of Property Investment & Finance, vol. 24 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 26 August 2021

Graeme Newell

With the Journal of Property Investment and Finance (JPIF) being 40 years old, this paper reflects on the changes in real estate research over the last 40 years, the…

Abstract

Purpose

With the Journal of Property Investment and Finance (JPIF) being 40 years old, this paper reflects on the changes in real estate research over the last 40 years, the drivers behind these changes and how JPIF has evolved over these 40 years to retain its position as a leading real estate research journal. Challenges and opportunities are also identified for the next generation of real estate researchers to continue to develop the real estate research agenda.

Design/methodology/approach

This paper is presented as a reflective article, drawing on a deep personal understanding of real estate research, how it has evolved over the last 40 years, key drivers of these changes and the challenges going forward.

Findings

Fundamental changes in real estate research over the last 40 years and drivers behind these changes are articulated. A pathway forward for real estate research is identified, as well as how JPIF fits into the mix.

Practical implications

With real estate research being increasingly important in real estate academics' careers, this article provides a practical roadmap for how real estate research has changed, why it has changed and future opportunities for the next generation of real estate researchers.

Originality/value

This is the first paper to reflect on these key changes and drivers behind these changes in real estate research, as well as the opportunities for the next generation of real estate researchers.

Details

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

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Article
Publication date: 1 March 2013

Tien Foo Sing and Zhuang Yao Tan

Understanding correlations between stock and direct real estate returns, which is the key factor that determines diversification benefits in a portfolio, helps formulate…

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1666

Abstract

Purpose

Understanding correlations between stock and direct real estate returns, which is the key factor that determines diversification benefits in a portfolio, helps formulate and implement better investors' asset allocation and risk management strategies. The past studies find that direct real estate returns have a low unconditionally (long‐run) correlation with the returns of equities. However, assuming that such correlation is constant throughout all periods is implausible. The purpose of this study is to test the time‐varying correlations of returns between general stocks and direct real estate.

Design/methodology/approach

This study uses the dynamic conditional correlation (DCC) model, which is a simplified version of the multivariate generalised autoregressive conditional heteroskedasticity (GARCH) model, proposed by Engle to test the time‐varying correlations between stock and direct real estate returns in six markets, which include the USA, the UK, Ireland, Australia, Hong Kong and Singapore.

Findings

The empirical results show significant time‐varying effects in the conditional covariance between stock returns and direct real estate returns. The results vary across different real estate sub‐sectors, and across different countries. It is observed that the conditional covariance increases in the boom markets, but becomes weaker in the post‐crisis periods. The authors observed significant jumps in the conditional covariance between the two asset markets in Singapore and Hong Kong in the post‐1977 Asian Financial crisis periods and in the post‐2007 US Sub‐prime crisis periods.

Originality/value

The past studies find that direct real estate returns have a low unconditionally (long‐run) correlation with the returns of equities. However, assuming that such correlation is constant throughout all periods is implausible. This study fills in the gap by using the dynamic conditional correlation models to allow for time‐varying effects in the correlations between stock and real estate returns.

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Article
Publication date: 1 August 1997

William G. Hardin

Presents an investigation into the existence of information processing heuristics in two commercial bank lender types that provide investment and construction loans…

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1146

Abstract

Presents an investigation into the existence of information processing heuristics in two commercial bank lender types that provide investment and construction loans secured by real estate. Expert real estate banking lenders and expert private banking lenders evidenced different, systematic group specific heuristic usage. Heuristics constrained information cue relevancy and affected the lending decision. Expert private banking lenders mitigated real estate risk by using non‐collateral specific information cues. Real estate lending experts did not mitigate real estate market risk and required favourable collateral specific information cues in order to approve a loan. Concludes that access to credit for real estate investment may be limited by lender expertise because the development of expertise mandates restrictive task interpretation and cue relevance.

Details

Journal of Property Valuation and Investment, vol. 15 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 January 2006

Anna‐Liisa Lindholm and Kari I. Leväinen

The purpose of this paper is to model how real estate strategies can add value to the core business, providing corporate real estate mangers with a tool to illustrate to…

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5920

Abstract

Purpose

The purpose of this paper is to model how real estate strategies can add value to the core business, providing corporate real estate mangers with a tool to illustrate to corporate officers how real estate adds value to the firms.

Design/methodology/approach

The authors review previous research and interview 26 corporate real estate executives to examine what are common approaches to developing real estate strategies and measuring performance. They then model how real estate adds value to the firm and how that value can be measured.

Findings

Many firms do not recognize how real estate adds value to the business. While they may have a corporate real estate strategy, that strategy is often not developed in coordination with the overall business strategy. In addition, the performance measures being used by many companies focus solely on cost, not value added.

Practical implications

Corporate real estate's contribution to the core goal of wealth maximization can be modeled to illustrate the tangible and intangible effects real estate has financial performance. A structured approach to developing a real estate strategy in conjunction with the core business strategy, supported by a performance measurement system will allow corporate real estate executives to better communicate how corporate real estate is adding value to the firm.

Originality/value

Corporate real estate managers need better ways to illustrate, to corporate leaders, how they add value. This paper illustrates such a model with supporting operating decisions and performance measures.

Details

Journal of Corporate Real Estate, vol. 8 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 10 July 2009

Seow Eng Ong and Kah Hwa Ng

While the development of real estate derivative contracts has important implications for real estate as an asset class, it has not been widely accepted in Asia. This paper…

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1610

Abstract

Purpose

While the development of real estate derivative contracts has important implications for real estate as an asset class, it has not been widely accepted in Asia. This paper aims to examine the issues involved in developing the real estate derivative market for Singapore.

Design/methodology/approach

The concept of real estate derivatives is reviewed. The limitations to the extant real estate index are discussed. Different approaches to constructing real estate indices are discussed in particular reference to the features of the Singapore real estate market.

Findings

The Singapore residential market is dominated by public housing, heterogeneity and relatively low turnover. The applicability of repeat sales approach may not be well suited. Geostatistical models appear promising. The commercial real estate market suffers from even lower turnover. The most appropriate commercial real estate index could be similar to that offered by IPD. Several issues were also highlighted. First, the index must pass the stringent scrutiny of academia and experts. Second, the index must be well understood and accepted by the industry. Third, the index must be published in a timely fashion and without biases. Fourth, there must be a trustworthy producer of the index.

Research limitations/implications

For an index to be accepted, it must satisfy the issue of fungibility. International investors looking for exposure or hedging strategies are likely to be familiar with established methodologies such as the repeat sales and appraisal‐based approaches.

Practical implications

Market acceptability of RED. If the experience in Europe is anything to go by, this is not an insurmountable issue that cannot be addressed with education and knowledge dissemination.

Originality/value

While real estate derivatives have immense potential and a tremendous growth in its development in Europe has been witnessed, it is clear that the real estate derivative industry is in its infancy. The paper examines the issues peculiar to Singapore with regard to the establishment of real estate derivative contracts. The paper is of interest to policy makers and industry practitioners.

Details

Journal of Property Investment & Finance, vol. 27 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

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