scholarly journals HOLISTIC APPROACH TO THE SUSTAINABLE COMMERCIAL PROPERTY BUSINESS: ANALYSIS OF THE MAIN EXISTING SUSTAINABILITY CERTIFICATIONS

2020 ◽  
Vol 24 (4) ◽  
pp. 251-268
Author(s):  
Aliane Vieira de Castro ◽  
Gema Ramírez Pacheco ◽  
Fco. Javier Neila González
Keyword(s):  
Real Estate ◽  
Green Building ◽  
Holistic Approach ◽  
Building Performance ◽  
Property Market ◽  
Sustainable Building ◽  
Commercial Property ◽  
Business Operations ◽  
Key Aspects ◽  
Corporate Social

Sustainability is no longer a new concept. However, applying, measuring and reporting on the sustainability initiative is still a somewhat confused and subjective issue. There is a huge variety of sustainability guidelines and green building schemes of differing natures, meanings and wordings. Despite this, there is no one guideline providing a crossreference between corporate social responsibility and green building performance to help the commercial property market completely incorporate sustainability into their activities. Therefore, this paper intends to link sustainability, real estate environmental, social, and governance (ESG) and sustainable building in order to help companies internalise this concept in all areas of their operations aligning it with their strategic planning. From desk-based research, this proposal examines and compares key aspects of the main schemes in existence, which are currently evolving in the definition, assessment and report of sustainability at the corporate and built environment level. This approach provides key information to help professionals get a better understanding of the specific changes which sustainability brings about in their corporate process, strategies, investment decisions, daily business operations as well as their property management. The insights presented here can support real estate companies to develop comprehensive communication flows and tools for the measurement and disclosure of sustainability data.

scholarly journals DIVERSIFICATION BENEFITS IN THE FINNISH COMMERCIAL PROPERTY MARKET

2009 ◽  
Vol 13 (1) ◽  
pp. 23-35 ◽  
Author(s):  
Heidi Falkenbach
Keyword(s):  
Real Estate ◽  
21St Century ◽  
Portfolio Theory ◽  
Early Years ◽  
Property Market ◽  
Commercial Property ◽  
Main Motivation ◽  
Real Estate Investments ◽  
Asset Portfolio ◽  
In The Beginning

The Finnish commercial property market internationalised rapidly in the beginning of the 21st century. According to the portfolio theory and previous research on international property investments, the main motivation factor driving international real estate investments is the possibility to reach diversification benefits. The paper discusses the diversification benefits offered by the Finnish property market in its early years of internationalisation. As international real estate investors in the Finnish property market include investors with both real estate only, as well as mixed‐asset portfolios, the diversification benefits are studied both in terms of a Finnish mixed-asset portfolio, as well as international real estate portfolio. Santruka XXI a. pradžioje Suomijos komercinio nekilnojamojo turto rinkoje sparčiai vyko tarptautiniai procesai. Remiantis portfelio teorija ir ankstesniais tyrimais apie tarptautines investicijas i nekilnojamaji turta, pag rindinis veiksnys, kuris skatina tarptautines nekilnojamojo turto investicijas ‐ tai galimybe gauti diversifi kacijos teikiama nauda. Darbe aptariama, kokia nauda siūle Suomijos nekilnojamojo turto rinka ankstyvaisiais internacionalizacijos metais. Kadangi kai kurie Suomijos nekilnojamojo turto rinkoje veikiantys tarptautiniai nekilnojamojo turto investuotojai užsiima tik nekilnojamuoju turtu, o yra ir tokiu, kurie turi mišraus turto portfelius, diversifi kacijos nauda nagrinejama ir pagal Suomijos mišraus turto portfeli, ir pagal tarptautini nekilnojamojo turto portfeli.

Factors Hindering Green Building Performance: A Review

2016 ◽  
Vol 8 (4-3) ◽  
Author(s):  
Tsau Kar Yen ◽  
Izran Sarrazin Mohammad ◽  
Maizan Baba ◽  
Rohaya Abdul Jalil ◽  
Nurul Nadiah Zainol ◽  
...  
Keyword(s):  
Green Building ◽  
Green Buildings ◽  
Social Benefits ◽  
Building Performance ◽  
Construction Process ◽  
Property Market ◽  
Performance Potential ◽  
Modeling Tools ◽  
Initial Stage ◽  
And Control

The demand for green buildings in the property market is substantially increasing. The motivation for the investment on green buildings ranges from environmental concerns and social benefits to financial savings during the operational stage. However, these perceived benefits have been argued to be mostly theoretical and yet to be empirically proven. There is often a performance gap between the expected and the actual measured performance of green buildings once operational. Green buildings simply fail to perform as to what it was intended despite the thorough design and technological considerations put at the initial stage of their development. Hence, by reviewing various literatures, this paper targets to indicate and discuss the factors that hinder green buildings from achieving their fullest performance potential. Six theoretical factors namely miscommunication, technologies used, modeling tools, construction process and handover, occupant behavior and management and control were identified from various literatures. The findings in this paper will be a commencement for further studies pertaining to non-performance of green buildings. 

scholarly journals The Concept Of A Sustainable Approach To Corporate Real Estate Management

2015 ◽  
Vol 23 (4) ◽  
pp. 85-94
Author(s):  
Ewa Ziemba ◽  
Katarzyna Śmietana ◽  
Tomasz Ramian ◽  
Krzysztof Kania
Keyword(s):  
Economic Growth ◽  
Real Estate ◽  
Holistic Approach ◽  
Future Generations ◽  
Management Processes ◽  
Corporate Real Estate ◽  
Estate Management ◽  
Real Estate Management ◽  
Corporate Social ◽  
Corporate Real Estate Management

AbstractThis paper is conceptual in nature and presents the assumptions of a holistic approach to corporate real estate management. The approach is based on the imperative ofsustainability, which has become a determinant of the proposedSustainable Corporate Real Estate Management(SCREM) model. Moreover, the authors indicate that in addition to the presence of the sustainability imperative, corporate real estate management requires the integration and formalization of knowledge about the concepts of corporate real estate management (CREM) with those of corporate social responsibility (CSR). This approach is intended to enable the identification and improvement of real estate management processes and, as a result, contribute to more efficient and effective corporate real estate management and continuous and flexible development of enterprises, as well as boosting economic growth and building prosperity for present and future generations.

scholarly journals Modern Challenges Facing the Valuation Profession and Allied University Education in Poland

2013 ◽  
Vol 21 (1) ◽  
pp. 14-18 ◽  
Author(s):  
Sabina Źróbek ◽  
Chris Grzesik
Keyword(s):  
Real Estate ◽  
Holistic Approach ◽  
Real Estate Market ◽  
University Education ◽  
Property Market ◽  
Main Challenge ◽  
National Organizations ◽  
Asset Class ◽  
Training Programmes

Abstract The paper indentifies and synthesizes the observed changes in the role of the property valuer on the property market. The authors of this paper provide a perspective on the changes in the educational programs for valuers. The main challenge for valuation professionals lies in developing a deeper understanding of market globalization and better analytical skills, with a view to assessing accurate values. The educational system at the university level should encompass programmes which will prepare valuers for providing proper advice affecting important investment decisions of real estate market participants. They stress the role of international and national organizations in re-shaping the profile of the valuer. The current critical attitude towards the valuation profession has forced the European body representing valuers, namely The European Group of Valuers’ Associations (TEGoVA) to speed up the harmonisation of the valuation practice in order to forestall more rigorous control by the EU. In response to this, all the major internationally recognised standard setting bodies, such as the above-mentioned TEGoVA and The Royal Institution of Chartered Surveyors (RICS), are considering the need to add “risk analysis” to valuation reports. Such development should significantly affect future valuation educational and training programmes which will need to present a more holistic approach to real estate as an asset class.

scholarly journals International Real Estate Review

2020 ◽  
Vol 23 (2) ◽  
pp. 211-234
Author(s):  
Kwabena Mintah ◽  
◽  
Woon-Weng Wong ◽  
Peng Yew Wong ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Initial Study ◽  
Property Market ◽  
Commercial Property ◽  
Cross Border ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Real Estate Investments ◽  
The Impact

The purpose of this study is to evaluate the impact of cross border real estate investments on the performance of the direct commercial property market in Australia. Using an autoregressive distributed lag (ARDL) model, factors including volume of cross border real estate investments, real gross domestic product (RGDP), office stock, and vacancy and net absorption rates are examined for their impact on total returns. The results indicate that traditionally established long-term drivers, including RGDP, office stock, and vacancy and net absorption rates, are still relevant. It is found that cross border real estate investments have impact on the performance of the direct commercial office property market in Australia. The results and findings would help property investors, developers, policymakers, and stakeholders in decision making around property investments. This research is an initial study that focuses on the impact that cross border real estate investments have on the performance of the direct commercial/office property market in Australia.

scholarly journals Market maturity: China commercial real estate market

2015 ◽  
Vol 33 (1) ◽  
pp. 4-18 ◽  
Author(s):  
Qiulin Ke ◽  
Karen Sieracki
Keyword(s):  
Real Estate ◽  
Emerging Market ◽  
Evolutionary Process ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Property Market ◽  
Content Type ◽  
Commercial Property ◽  
High Government ◽  
International Investors

Purpose – The purpose of this paper is to explore the evolutionary path to market maturity that China property market has taken over the last few decades. The focus is on the commercial real estate markets in Beijing and Shanghai. It will help international investors understand the market environment, risk and market activity process. Design/methodology/approach – In this research, the authors apply the market maturity framework and its key determinants based on previous work undertaken by Keogh and D’Arcy (1994) and Chin et al. (2006) for the analysis of Chinese commercial property market. Particular focus is on Beijing and Shanghai. The questionnaire is designed to obtain fair and objective views from international property consultancy firms active in Beijing and Shanghai markets. There are not many of these international property consultancies. The reason why this type of business was selected was to insure that the business had an understanding of China’s place in the global commercial real estate market as this market matures from its emerging market status. Findings – The findings reveal that the respondents felt the commercial property markets in Shanghai and Beijing were now moderately mature. However, issues such as poorer level of standard market information, development instability, low transparency of the legal system, high taxes and high government invention still existed in China’s commercial property market, therefore hindering its progress towards greater market maturity. Research limitations/implications – The small same size of the survey is the major limitation of the research. Practical implications – International investors and analysts can benefit from the research findings through a better understanding of the behaviour and trends in this unique market which will be reflected in their decision-making process. Originality/value – An explorative approach was used due to the lack of data to examine the perception of China’s commercial property market’s evolution and maturity. The findings can then be placed in the context of other Southeast Asian cities. The evolutionary process of China’s property market is rarely examined in previous studies of China property market due to the lack of data and transparency.

scholarly journals A Framework of Building and Locational Characteristics Ranking for Purpose-built Offices in Malaysia

2013 ◽  
Vol 4 (3) ◽  
pp. 69-76 ◽  
Author(s):  
Edie Ezwan Mohd
Keyword(s):  
National Policy ◽  
Green Building ◽  
Local Context ◽  
Building Performance ◽  
Property Market ◽  
Intelligent Building ◽  
Market Participants ◽  
Office Market ◽  
Global And Local ◽  
Technology Growth

The development of purpose-built office market in Malaysia is primarily resolved by a supplydemand market. Since the office market in Malaysia has displayed significance improvement due to increasing level of competitiveness, many characteristics of purpose-built office have appeared and become prominent during the process of assessment. These characteristics were generally used as indicators in property valuation, building performance as well as office market appraisal. Based on these characteristics, property market participants can evaluate their property proficiently based on their requirements, especially in decision making during business planning, investment or property management. Technology growth and national policy also gave contribution factors on revealing newly characteristics of purpose-built office such as green building, intelligent building and sustainable development model. The purpose of this article is to identify suitable characteristics of purpose-built office that can be used in Malaysia. Integral to achieving this objective, exploration on purpose built office characteristics in a global and local context will be reconsidered. As a result, a building and locational framework of purpose-built office's characteristics in Malaysia will be diagnosed and verified appropriately.

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