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1 – 10 of over 3000Thomas Walker and Sherif Goubran
In recent years, sustainability considerations in the real estate sector have moved from being a niche market phenomenon to a mainstream trend. The movement has been accompanied…
Abstract
In recent years, sustainability considerations in the real estate sector have moved from being a niche market phenomenon to a mainstream trend. The movement has been accompanied by a shift in the industry’s perception of sustainable buildings. Traditional cost-saving goals are now complemented by a growing interest in the potential for sustainable buildings to tackle broader economic and social sustainability challenges as well as issues related to health and well-being. The real estate industry is increasingly expected to adapt its strategies to incorporate new and more stringent environmental and urban development requirements, to cater to shifting demographics, and to utilize new advancements in construction processes and materials. This chapter explores recent research on sustainable real estate and highlights some of the newest trends in the market. The chapter then examines how policy and technological advancements can enable real estate developers to tackle environmental, social, and economic sustainability challenges. This will be exemplified through a focus on carbon taxation and timber construction. Based on these case studies, the chapter illustrates how today’s sustainable real estate sector – marked by its move beyond a focus on cost savings – requires for building practices to be strongly rooted in global, sustainable development policies.
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This chapter reports on the “CEO’s-eye-view” of the 1990 financial crisis at Citibank using unique data from CEO John Reed’s private archives. This qualitative analysis sheds…
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This chapter reports on the “CEO’s-eye-view” of the 1990 financial crisis at Citibank using unique data from CEO John Reed’s private archives. This qualitative analysis sheds light on questions that have perennially plagued executives and intrigued scholars: How do organizations change routines in order to overcome inertia in the face of radical change in the environment? And, specifically, what is the role of the CEO in this process? Inertial behavior in such circumstances has been attributed to ingrained routines that are based on cognitive and motivational truces. Routines are performed because organizational participants find them to cohere to a particular cognitive frame about what should be done (the cognitive dimension) and to resolve conflicts about what gets rewarded or sanctioned (the motivational dimension). The notion of a “truce” explains how routines are “routinely” activated. Routines are inertial because the dissolution of the truce would be inconsistent with frames held by organizational participants and fraught with the risk of unleashing unmanageable conflict among interests in the organization. Thus, the challenge for the CEO in making intended change is both to break the existing truce and to remake a new one. In this study, I uncover how the existing organizational truce led to the crisis at Citibank, why Reed’s initial attempts to respond failed, and how he ultimately found ways to break out of the old truce and establish new routines that helped the bank survive. These findings offer insight into the cognitive and motivational microfoundations of macro theories about organizational response to radical change.
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This paper analyses the construction of value under the context of radical uncertainty (Keynes, 1936; Orléan, 1987) in the financialised real estate sector in France. It is based…
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This paper analyses the construction of value under the context of radical uncertainty (Keynes, 1936; Orléan, 1987) in the financialised real estate sector in France. It is based on a participant observation of valuation practices in an international real estate consulting firm and 26 in-depth interviews with professionals of the sector. We show that these practices rely on an institutional architecture that participates in the consolidation and legitimisation of the accumulation activity of asset managers and thus in the feeding of real estate bubbles in the hearts of large metropolises. Completing the conventionalist approach of value (Orléan, 2011) by focussing on the functioning of the organisations involved in the valuation process, I show that the determination of value is less the result of the emergence and autonomisation of a collective belief through market relationships than the product of power relationships between agents integrated in hierarchical professional organisations and in a specific legal framework.
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This article identifies the concept of market value as a standardizing concept that coordinates the actions of market participants in relatively inefficient real estate markets…
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This article identifies the concept of market value as a standardizing concept that coordinates the actions of market participants in relatively inefficient real estate markets. The paper also identifies different levels of discourse that reflect the organizational/institutional complexity of the real estate appraisal profession. The standardizing effect of market value includes a cognitive and fiduciary component. Using this framework, the paper traces the influence of Richard T. Ely’s institutional economics – and its legacy in the form of the research program of Urban Land Economics at the University of Wisconsin – on the formation and development of the standards of appraisal and ethical practice. This complexity is traced historically from the early part of the 19th century to the formation of the professional organizations and the establishment of their standards, and also through a series of reform efforts in the 1960s and 1980s that were articulated in the academic community. The paper illustrates the manner in which Institutional Economics has been influential in the continuing development of the real estate appraisal profession and suggests reasons for its continuing relevance.
Yeşim Tanrıvermiş and Harun Tanrıvermiş
This chapter aims to examine the linkages between urbanisation, real estate investments and sustainability in Turkey. To do so, theoretical and conceptual frameworks were…
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This chapter aims to examine the linkages between urbanisation, real estate investments and sustainability in Turkey. To do so, theoretical and conceptual frameworks were discussed based on literature review. Through mixed-methods research, primary data were collected via questionnaires from relevant 248 company executives while secondary data were collected from relevant institutions. Data on two case study green buildings were also collected through documents from building owners and project and construction managers. The results show that many urban development, transformation and real estate projects are executed without considering sustainability principles. Thus, nationally, mixed-use real estate and green building projects are limited even though a majority of the companies surveyed (85%) designed and executed projects based on a green structure approach. Generally, the costs of green buildings are higher compared to traditional buildings. There is the need for strategic spatial plans based on reliable cadastre systems, targeting national and regional development in using existing resources efficiently and paying attention to the importance of environmental quality. For the efficiency of real estate markets, advanced real estate market and financing systems and the integration of sustainability principles into decision-making process in planning, design, construction and operation phases of projects should be considered.
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The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business activities…
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The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business activities in which the firms are engaged are outlined to provide background information for the reader.
Karina Doorley and Eva Sierminska
Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist in the income profiles of asset and debt portfolios for a…
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Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the United States, and Canada. We find that the association between household wealth portfolios at the intensive margin (the level of assets) and household characteristics is different from that found at the extensive margin (the decision to own). Characteristics explain most of the cross-country differences in asset and debt levels, except for housing wealth, which displays large unexplained differences for both the under-50 and over-50 populations. However, there are cohort differences in the drivers of wealth levels. We observe that younger households’ levels of wealth, given participation, may be more responsive to the institutional setting than mature households. Our findings have important implications, indicating a scope for policies which can promote or redirect investment in housing for both cohorts and which promote optimal portfolio allocation for mature households.
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This article relates the recent rise of weblogs and examines their relationship to processes of urban transformation. Specifically, it looks at the history of Curbed.com, a weblog…
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This article relates the recent rise of weblogs and examines their relationship to processes of urban transformation. Specifically, it looks at the history of Curbed.com, a weblog created in the Lower East Side neighborhood of Manhattan that presents a layman's perspective on real estate development and neighborhood change. Curbed began in 2001 as the personal blog of a local resident documenting the gentrification taking hold on the blocks surrounding his walk-up tenement apartment. It has since become more established, expanding to cover development in other New York neighborhoods and spawning franchises in San Francisco and Los Angeles. This inquiry seeks to examine what influence, if any, Curbed.com has had upon the neighborhood transition it has closely charted. This question is one aspect of larger questions about the relationship between virtual space and urban space; about the impact of growing use of the internet on the city. Has Curbed been a neutral observer of neighborhood change as it professes? By raising awareness of the processes underlying urban transition, has it provided any opportunities for community action to buffer gentrification? Or is the opposite true – have it and other neighborhood blogs contributed to the new desirability and market value of the Lower East Side? I would argue that although Curbed.com has increased the ability of local residents to understand the changes taking place around them, in the end it has helped accelerate gentrification by repositioning a site of local culture within a global market.