Disposal strategies in corporate real estate portfolios

2019 ◽  
Vol 21 (2) ◽  
pp. 113-129 ◽  
Author(s):  
Hilde Remøy ◽  
Sander Rovers ◽  
Ilir Nase
Keyword(s):  
Real Estate ◽  
Case Studies ◽  
Banking Sector ◽  
Strong Relationship ◽  
Strategy Execution ◽  
Structured Interviews ◽  
Content Type ◽  
Corporate Real Estate ◽  
Real Estate Management ◽  
Document Review

Purpose 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. Design/methodology/approach 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. Findings 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. Research limitations/implications 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.. Practical implications The framework proposes strategy improvements and a proactive approach to corporate real estate management (CREM) to create value through real estate portfolios. Originality/value This paper provides a thorough analysis of the CREM of the Dutch banking sector and is applicable to CREM in this and other sectors.

scholarly journals Managing the workplace in a globalized world

Facilities ◽  
2014 ◽  
Vol 32 (13/14) ◽  
pp. 744-760 ◽  
Author(s):  
Evelien B. Plijter ◽  
Theo J.M. van der Voordt ◽  
Roberto Rocco
Keyword(s):  
Real Estate ◽  
Case Studies ◽  
National Culture ◽  
Cultural Dimensions ◽  
National Cultures ◽  
Content Type ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Real Estate Management ◽  
Corporate Real Estate Management

Purpose – The purpose of this study is to provide a better insight into the role of national cultures on the management and design of workplaces of multinationals in different countries. Design/methodology/approach – This explorative study is based on an extensive literature review of dimensions of a national culture in connection to corporate real estate management, interviews with ten representatives of multinationals on corporate real estate strategies and workplace characteristics and a multiple case study of two multinational firms with site visits and observations at offices in The Netherlands, Germany and Great Britain. Findings – Whereas all interviewed companies had their real estate portfolio to some extent aligned to the local national culture, none had a strict central policy about this issue. Differences in workplace characteristics were mainly caused by the involvement of local people in workplace design. Using Hofstede’s cultural dimensions, the case studies showed relationships between masculinity of a culture and the expression of status and between uncertainty avoidance and openness to innovation; however, no relationships were found related to differences in power distance and short-/long-term orientation. Research limitations/implications – The case studies were conducted in three European Union countries. Due to practical reasons, most interviewees were Dutch. Additional empirical research including more different national cultures is needed to advance more unequivocal conclusions and to develop a clear set of guidelines for decision-making. Practical implications – The findings stress the importance of finding a balance between aligning facilities to business purposes and meeting the needs of different (groups of) employees in multinational environments. Originality/value – Although much has been written about national culture, not much research is yet available in connection to facilities management and corporate real estate management.

Towards phronetic knowledge for strategic planning in corporate real estate management

2014 ◽  
Vol 16 (3) ◽  
pp. 203-219 ◽  
Author(s):  
Maartje van Reedt Dortland ◽  
Hans Voordijk ◽  
Geert Dewulf
Keyword(s):  
Real Estate ◽  
Real Options ◽  
Case Studies ◽  
Real Option ◽  
Content Type ◽  
The Real ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Real Estate Management ◽  
Corporate Real Estate Management

Purpose – The objective of this paper is to provide insights about the potential of real option thinking for corporate real estate management (CREM) from the owner-user perspective. A promising approach to classifying and evaluating flexibility in real estate is the real options approach. Most literature on real options look from an investor perspective. Design/methodology/approach – First, a review on real option thinking in the real estate and large engineering projects literature is provided using Flyvbjerg’s (2001) typology of knowledge systems. Next, the effects of exercising real options for various stakeholders in CREM is analysed in two case studies. Findings – The literature review shows that little research has been done on conditions and values needed to make real options applicable in the CREM practice of the owner-user of real estate. The case studies show that real options are more valuable to one stakeholder than to another. Practical implications – Based on the knowledge on conditions for and the consequences of exercising real options for various stakeholders, insight can be gained into the applicability of real options to the owner-user of real estate and how real options reasoning fits within this practice. A phronetic type of knowledge is needed that incorporates stakeholders’ interests. Originality/value – Creating phronetic knowledge would allow understanding why and how real options are used, or could be used in the future, and heuristics could be developed. In this way, real estate management should become more resilient to changes.

Corporate real estate strategies: the Nigerian experience

2015 ◽  
Vol 17 (4) ◽  
pp. 244-259
Author(s):  
Timothy Tunde Oladokun ◽  
Bioye Tajudeen Aluko
Keyword(s):  
Real Estate ◽  
Business Performance ◽  
Stock Exchange ◽  
Primary Data ◽  
Content Type ◽  
The Real Estate ◽  
Corporate Objective ◽  
Corporate Real Estate ◽  
Public Organisations ◽  
Real Estate Management

Purpose – The paper aims to contribute to the empirically scarce literature on corporate real estate management (CREM) strategies by providing meaningful insights on the different strategies likely to contribute to business performance in a developing country like Nigeria. Design/methodology/approach – Primary data collected using questionnaire administered on property managers of the 105 business organisations in the list of registered companies with the Nigerian Stock Exchange were used for the study. The questionnaire elicited information on the real estate holding pattern and the adopted strategies for acquiring and managing real estate assets. The data collected were analysed using percentages, mean and proportion method. Findings – The study established that 41 per cent of the organisations were public organisations. Others were private companies (31 per cent), government departments (18 per cent) and multi-nationals (10 per cent). The result indicated that 31.8 per cent had no CREM strategy. Strategies used were: cost reduction (18.75 per cent), facilitate production (20.17 per cent), flexibility (15.5 per cent), promote human resource objectives (10.86 per cent), promote the marketing message (4.33 per cent), promote sales and selling delivery (18.67 per cent), facilitate managerial process and knowledge (7.5 per cent) and capture real estate value (6.5 per cent). The study concluded that CREM is a useful tool that the organisations can make effective use of to improve their performance. Research limitations/implications – Limiting the scope of the study to the perception of the respondents could reflect an element of bias and might pose a great challenge to the representativeness. Also, the use of closed question questionnaire may limit the validity of the results. Practical implications – The study has major implications on business performance in Nigeria. There is the need for corporations to reappraise their real estate strategy and realign it with their corporate objective. There is also the need for Nigerian Institution of Estate Surveyors and Valuers to train its members for contemporary business requirements. Originality/value – The paper is a useful guide to corporate real estate managers in developing countries towards using real estate strategies to minimize the overall cost of their companies.

scholarly journals Corporate real estate management and companies’ success: empirical evidence for a conceptual framework

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andreas Pfnuer ◽  
Julian Seger ◽  
Rianne Appel-Meulenbroek
Keyword(s):  
Real Estate ◽  
Multidimensional Data ◽  
Business Success ◽  
Content Type ◽  
Corporate Real Estate ◽  
Data Scaling ◽  
Holistic Concept ◽  
Estate Management ◽  
Real Estate Management ◽  
Corporate Real Estate Management

Purpose The purpose of this study is to explain the contribution of Corporate Real Estate Management (CREM) to corporate success and to substantiate it empirically. However, no empirically tested holistic concept classifies and explains the different success contributions of CREM in their mechanisms of action and organisational levels. Design/methodology/approach This study develops a holistic two-dimensional model from existing literature to explain the relationship between CREM decisions and business success, and then tests it empirically using multidimensional data scaling from a telephone company survey (CATI) of 59 CREM managers sampled from the 200 largest German companies. Findings The created theoretical model holistically explains CREM success and existence as part of a non-property company, with specific performance drivers on specific organisational levels. The empirical data confirm that both dimensions of the model and, thus the measurement concept for modelling the CREM contribution to business success is robust across sectors and company/portfolio size in Germany. Originality/value The empirical confirmation of the conceptual model of CREM success provides novel support for the institutionalisation of the CREM function in companies and the holistic classification of different CREM research directions.

New organisations and new workplaces

2016 ◽  
Vol 18 (1) ◽  
pp. 4-16 ◽  
Author(s):  
Rob Harris
Keyword(s):  
Real Estate ◽  
Building Design ◽  
Practical Experience ◽  
Content Type ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Long Term Impact ◽  
Real Estate Management ◽  
Corporate Real Estate Management ◽  
Practical Implications

Purpose The purpose of this paper is to outline key changes occurring within office occupier businesses that will have a medium- to long-term impact upon the nature and design of the office workplace, and the implications for the corporate real estate manager. Design/methodology/approach The paper is based upon research involving detailed consultations with corporate occupiers in the City of London, as well as representatives of the property supply chain. This has been developed here to include practical experience and to relate the lessons of the work directly to corporate real estate management. Findings The findings suggest major changes are taking place in the demand profile of office occupiers, in terms of both quantitative and qualitative demand for space. There are a number of practical implications arising from the findings, not least the need for investors to consider the appropriateness of current standards for base building design and fit-out in contemporary offices, and the need for corporate real estate management to adapt. Practical implications The paper contains a number of implications arising from the changing workplace for the corporate real estate management profession. Originality/value The paper reflects direct practical experience and the output of primary research and consulting. It is also highly relevant: while much has been written about agile working, much less has covered the practical implications for building design and corporate real estate management.

Understanding organizational culture through the lens of corporate real estate strategies

2019 ◽  
Vol 35 (2) ◽  
pp. 19-21
Keyword(s):  
Organizational Culture ◽  
Real Estate ◽  
Design Methodology ◽  
Reading Time ◽  
Content Type ◽  
Corporate Real Estate ◽  
Pertinent Information ◽  
Real Estate Management ◽  
Corporate Real Estate Management ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings This research paper concentrates on ways in which corporate real estate management and organizational culture inter-relate. Clan and adhocracy organizational culture companies prioritize investing in the employee’s experience of the workplace, as opposed to market and hierarchy organizational culture enterprises that maintain a stable procedural focus on reducing real estate costs. Originality/value The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Strategic corporate real estate management practice in Ghana

2019 ◽  
Vol 37 (3) ◽  
pp. 432-449
Author(s):  
Naana Amakie Boakye-Agyeman ◽  
John Tiah Bugri
Keyword(s):  
Real Estate ◽  
Tertiary Education ◽  
Management Practice ◽  
Current Status ◽  
Content Type ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Physical Assets ◽  
Real Estate Management ◽  
Corporate Real Estate Management

Purpose The success of every business depends to a large extent on its corporate real estate (CRE), given that, it is the physical assets that support its operations. To achieve this success, organizations must adopt a strategic approach to CRE management. The purpose of this paper is to examine the extent of adoption of strategic corporate real estate management (SCREM) practice in Ghana based on the views of CRE managers. Design/methodology/approach The embedded mixed method approach was adopted for the study. In total, 72 CRE managers were selected from 35 institutions in 5 sectors (tertiary education, health, banking, security and service industry) where real estate is a requirement for accreditation using a multi-stage sampling technique. Findings An analysis of the existing practices underpinning SCREM in Ghana showed that SCREM has not been adopted completely in Ghanaian institutions. No organization has a complete systematic structure in place for SCREM as the practice is evolving. This finding correlates the global trend that CRE is not strategically managed like other corporate resources. Practical implications Current SCREM practices in Ghana, as divulged by this research, provide useful insight into the current status quo of SCREM and what must be done to ensure that CRE achieves its attribute of value adding. Originality/value The paper outlines the elements of SCREM practice, adding to the limited literature on the practice in Ghana and worldwide. It also sets the stage for further research in SCREM practice and CRE performance.

Modelling sustainability maturity in corporate real estate management

2014 ◽  
Vol 16 (2) ◽  
pp. 126-139 ◽  
Author(s):  
Rasita Masalskyte ◽  
Mia Andelin ◽  
Anna-Liisa Sarasoja ◽  
Tomi Ventovuori
Keyword(s):  
Real Estate ◽  
Research Process ◽  
Maturity Model ◽  
Theory Approach ◽  
Content Type ◽  
Holistic Understanding ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Real Estate Management ◽  
Corporate Real Estate Management

Purpose – Sustainability in corporate real estate management (CREM) has been lately recognized as an integral part of almost every business. However, its perception might extremely differ in various industries. Sustainable CREM practices have been extensively analyzed in recent studies, yet real estate is an ambiguous field and the practices still lack holistic understanding. This research aimed to summarize and systematize the present sustainable CREM practices and propose a generic sustainability maturity model for CREM. Design/methodology/approach – The research process was implemented in accordance with the grounded theory approach. Research data were collected in semi-structured interviews with major Finnish companies, recognized for their environmental work. The scope of the research was nine interviews. Findings – The result of this research is the generic sustainability maturity model for CREM. It consists of 18 most typical sustainable CREM practices at the companies interviewed. The model demonstrates the value of implementing sustainable CREM. Originality/value – Sustainability maturity model for CREM is an indicative tool for sustainability maturity assessment in CREM. The model demonstrates how CREM contributes to company's sustainability and provides a holistic approach towards the existing sustainable CREM practices. Additional practical implications of the model include sustainable CREM benchmarking and communication with stakeholders.

scholarly journals Identifying the criteria for corporate real estate decisions through the laddering technique: an analysis of care organisations in The Netherlands

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emelieke Huisman ◽  
Rianne Appel-Meulenbroek ◽  
Helianthe Kort ◽  
Theo Arentze
Keyword(s):  
Decision Making ◽  
Nursing Home ◽  
Real Estate ◽  
The Netherlands ◽  
Decision Makers ◽  
Decision Making Process ◽  
Content Type ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Real Estate Management

Purpose Board members and real estate managers (decision makers) play an important role in the decision-making process in nursing home organisations. This study aims to provide an understanding of underlying attributes and benefits sought by decision makers when making nursing home real estate decisions. Design/methodology/approach Decision makers from seven different nursing home organisations in The Netherlands were interviewed using the laddering technique to determine the individual requirements, the considerations of the decision alternatives, the relevant attributes and benefits and their mutual relationships. Findings This study details the motivations behind real estate management decisions in nursing home organisations. The findings show that apart from financial considerations, decision makers strive to enhance the quality of life and satisfaction of users with their real estate decisions and seek to include residents and employees in the process. These benefits are connected to the goals of well-being and innovation in health care. Furthermore, functionality, physical and functional flexibility and technology are key considerations when undertaking corporate real estate (CRE) decisions, to ensure that real estate management aligns with the strategic goals of the nursing home organisation. Practical implications The insights of this study can support decision makers in healthcare facilities to create strategic value with their real estate. Understanding how to obtain certain benefits from nursing home real estate may result in a better realisation of organisational objectives and user needs. Originality/value This study reveals the decision-making process in a nursing home context. Moreover, the laddering technique is used as a new method to explore and gain a deep understanding of CRE decision-making processes.

scholarly journals Drivers for IWMS implementation in real estate management

2019 ◽  
Vol 21 (1) ◽  
pp. 72-87
Author(s):  
Esmir Maslesa ◽  
Per Anker Jensen
Keyword(s):  
Real Estate ◽  
Customer Service ◽  
Data Exchange ◽  
Organisational Change ◽  
Structured Interviews ◽  
Content Type ◽  
Depth Analysis ◽  
Estate Management ◽  
Real Estate Management

Purpose IT platforms such as integrated workplace management system (IWMS) gain higher importance in real estate management, but there is a lack of knowledge on what IWMS is and what the drivers are for its implementation in real estate organisations. The paper aims to provide knowledge on this. Design/methodology/approach The research combines theories of real estate management, IT implementations and change management, with a qualitative case study of IWMS implementation in a public real estate organisation in Denmark. The research data consist of customer surveys, document studies, semi-structured interviews and in-depth analysis of IWMS features. Findings The paper identifies several drivers for IWMS implementation, such as data standardisation, validation and easier data exchange, business process optimisation, decrease in IT costs and improved customer service. Furthermore, the case study reveals that the IWMS implementation is not considered as a definite IT project but as an organisational change project impacting the entire organisation. Originality/value There has so far not been any public real estate organisations in Denmark using IWMS, and the knowledge about IWMS in public real estate sector is therefore limited. To date, no one has analysed what the drivers are for IWMS implementation in real estate organisations. This research paper brings new knowledge on IWMS and presents drivers for IWMS implementation, observed from an implementation process in a public real estate organisation.

Sign in / Sign up

Export Citation Format

Share Document