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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: 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.

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: 23 June 2020

Graeme Newell

The Asian real estate markets have grown considerably in recent years and have taken on increased investment importance, particularly with significant developments in the…

Abstract

Purpose

The Asian real estate markets have grown considerably in recent years and have taken on increased investment importance, particularly with significant developments in the emerging markets in Asia. This paper assesses the opportunities for more research on the Asian real estate markets, by highlighting the significance of Asia real estate, the drivers behind this growth and the unique opportunities this presents for high-quality real estate research, by both local researchers and their international colleagues. Strategies for delivering this research agenda are also identified.

Design/methodology/approach

This research is based on a thorough understanding of the Asian real estate markets, based on my own research agenda, personal interactions, insights and extensive discussions with real estate leaders in the Asian markets. This is supported by a clear understanding of the real estate research opportunities in the Asian markets and the strategies needed to deliver this research agenda in an effective manner.

Findings

A range of real estate research areas are identified to increase the level of Asian real estate research. This sees research opportunities around key areas such as market dynamics, real estate investment vehicles, alternate real estate sectors, infrastructure and sustainability. Strategies for expanding this level of research for both local and international real estate researchers are also identified.

Practical implications

With the Asian real estate markets taking on more importance with many international real estate investors, it is important to see more high-quality research into these dynamic real estate markets. This research will see a fuller understanding of these Asian real estate markets to enable more informed real estate investment decision-making.

Originality/value

The need for more high-quality research into the Asian real estate markets is clearly presented, with enabling strategies to achieve this agenda identified. This will see expanded research opportunities to critically research these unique real estate markets and produce high-quality research publications.

Details

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

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Article
Publication date: 8 May 2009

Éamonn D'Arcy and Paloma Taltavull

The purpose of this paper is to provide a profile of the structure of real estate education provision in Europe, its key recent drivers and some ideas for its future development.

Abstract

Purpose

The purpose of this paper is to provide a profile of the structure of real estate education provision in Europe, its key recent drivers and some ideas for its future development.

Design/methodology/approach

The paper provides an analysis of recent trends in provision based on the European course accreditation data provided by the Royal Institution of Chartered Surveyors (RICS). The structure of provision is examined within the context of the significant changes which have taken place in the structure of European real estate markets as a means of identifying its key drivers. The analysis goes on to consider the opportunities presented for the future development of provision by two important initiatives the “Bologna Process” and the “European Real Estate Society Education Seminar”.

Findings

There has been considerable expansion in the provision of real estate education in Europe in recent years. The postgraduate level both full‐time and part‐time has been established as the dominant mode of provision with a business school setting as an increasingly important academic context. The two initiatives examined have the potential to contribute to the development of a truly pan‐European approach to real estate education.

Originality/value

The paper provides the first systematic review of real estate education provision in Europe directly related to changes in the structure of real estate markets. It provides educators which some ideas on how to shape future provision in particular though the development of key stakeholder relationships across Europe.

Details

Journal of European Real Estate Research, vol. 2 no. 1
Type: Research Article
ISSN: 1753-9269

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Article
Publication date: 1 September 1994

Martin Hoesli

Tests the inflation‐hedging ability of Swiss real estate over the1943‐1991 period and, for comparison purposes, that of stocks. Resultsshow that in the long run real estate

Abstract

Tests the inflation‐hedging ability of Swiss real estate over the 1943‐1991 period and, for comparison purposes, that of stocks. Results show that in the long run real estate seems to provide a better hedge against inflation than common stocks. When the inflation rate is broken down into its expected and unexpected components, all coefficients are negative for stocks, whereas some coefficients are positive for real estate. This is particularly true for unexpected inflation. These results are interesting in that the proxy used for real estate (i.e. data pertaining to real estate mutual funds) should be a much better indicator of changes in the underlying real estate than indices which have been used so far. Moreover, the data exists for a very long time period, which makes it possible to test the long‐term ability of real estate to hedge against changes in the purchasing power.

Details

Journal of Property Valuation and Investment, vol. 12 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 December 2004

Philip Booth and George Matysiak

Examines the impact of using “unsmoothing” techniques on real estate data to take pension‐plan asset‐allocation decisions. It is generally believed that valuation‐based…

Abstract

Examines the impact of using “unsmoothing” techniques on real estate data to take pension‐plan asset‐allocation decisions. It is generally believed that valuation‐based real estate indices give rise to returns figures which are “smoothed” versions of the underlying transaction prices. Unsmoothing techniques can be used to develop real estate return data series that are believed to be a more accurate representation of underlying transaction prices. If this is done, the resulting data reveal greater volatility of real estate returns. When such data are applied to portfolio selection models, they often reveal a reduced allocation to real estate in efficient portfolios. Looks at the impact of unsmoothing data when taking pension‐plan asset‐allocation decisions. Finds here that the unsmoothed data are more closely correlated with pension plan liabilities. As a result, efficient pension plan portfolios sometimes contain more real estate, rather than less. In general, there is little change in the efficient real estate allocation. These results are very important. They reveal that so‐called “valuation smoothing” may distort property investment decisions less than is commonly thought.

Details

Journal of Property Investment & Finance, vol. 22 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 October 2006

Johannes J.L. Scheffer, Bastiaan P. Singer and Marc C.C. Van Meerwijk

The purpose of this research paper is to provide corporate real estate executives with a measurement tool for pinpointing and enhancing the contribution of corporate real

Abstract

Purpose

The purpose of this research paper is to provide corporate real estate executives with a measurement tool for pinpointing and enhancing the contribution of corporate real estate to corporate strategy.

Design/methodology/approach

A measurement tool is designed by adopting a theoretical framework in which seven added values of real estate are aligned with nine corporate strategic driving forces. The practical applicability of this tool is validated by assessing the contribution of corporate real estate to corporate strategy at 14 Dutch‐based global corporations.

Findings

Many corporations still lack sufficient insight into the impact of corporate real estate decisions on corporate performance. Therefore, it is difficult for senior management and other stakeholders to grasp the actual contribution of corporate real estate.

Research limitations/implications

Future research may be conducted to investigate the exhaustiveness of the listed real estate issues. Moreover, the linkage between the added values and the strategic driving forces could be validated further in practice.

Practical implications

The measurement tool supports corporate real estate executives in aligning corporate real estate with corporate strategy. Thereby it contributes to the further recognition of the importance of real estate in a corporate setting.

Originality/value

Prior papers on the contribution of corporate real estate to corporate strategy have primarily been focused on either pinpointing various driving forces or linking specific property decisions to corporate strategy. This paper, however, unveils the linkage between fundamental drivers of corporate real estate and corporate strategy in a comprehensive management tool for portfolio analysis and strategy formulation.

Details

Journal of Corporate Real Estate, vol. 8 no. 4
Type: Research Article
ISSN: 1463-001X

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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…

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 April 2000

Tom Bomba

The Corporate Real Estate Portfolio Alliance performed extensive research into corporate real estate portfolio management and developed a number of new practices and…

Abstract

The Corporate Real Estate Portfolio Alliance performed extensive research into corporate real estate portfolio management and developed a number of new practices and analytical methods. A number of papers in this issue of the Journal of Corporate Real Estate resulted from the research. This paper provides an overview of the corporate real estate organisations and researchers involved, the research methodology and its findings.

Details

Journal of Corporate Real Estate, vol. 2 no. 2
Type: Research Article
ISSN: 1463-001X

Keywords

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