It's about time

IF 1.6 Q3 BUSINESS, FINANCE
Larry E. Wofford
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引用次数: 0

Abstract

PurposeTime is a critical element of commercial real estate (CRE) and has received only cursory attention. This paper identifies and describes the interactions between time, change and CRE. It leads to important implications and possible changes in professional practice, teaching and research.Design/methodology/approachThe research design involves identifying and synthesising research in a disparate discipline into a coherent portrayal of time, change and CRE. Using the CRE environment as a foundation, a more comprehensive, multi-disciplinary approach is developed to highlight the temporal issues within CRE.FindingsThe extreme levels of complexity, dynamism and uncertainty characterising current CRE environments affect the interaction of time, change and CRE. In response, CRE has become increasingly specialised in property types and time segments. The paper identifies four issues for CRE: the role of CRE as an integrator of different layers of civilisation with different clock speeds, the need for a temporal mindset recognising finite and infinite games, the need for temporal ambidexterity and the use of strategic foresight and scenarios. The very definition of CRE as an industry is questioned.Research limitations/implicationsNeed for essential empirical work as well as additional work for implications.Practical implicationsCRE faces disruption from many sources, and this paper considers how to incorporate time and change into analysis of the CRE market environment. It identifies specific ways CRE can understand and avoid disruption. Further, areas of teaching and research are highlighted.Social implicationsReal estate assets are substantial, long-lived assets with important consequences for society. This paper advances the analysis of such assets.Originality/valueAreas of concentration in CRE and academia needing attention are identified. The areas have generally not been considered prior to this paper.
是时候了
目的时间是商业地产(CRE)的一个关键因素,但人们对它的关注并不多。本文识别并描述了时间、变化和CRE之间的相互作用。它会对专业实践、教学和研究产生重要的影响和可能的变化。设计/方法/方法研究设计包括识别和综合不同学科的研究,将其转化为对时间、变化和CRE的连贯描述。以CRE环境为基础,开发了一种更全面、多学科的方法来突出CRE中的时间问题。当前CRE环境的极端复杂性、动态性和不确定性影响了时间、变化和CRE之间的相互作用。作为回应,CRE越来越专注于房地产类型和时间段。本文确定了CRE的四个问题:CRE作为具有不同时钟速度的不同文明层次的集成商的角色,对识别有限和无限游戏的时间思维模式的需求,对时间双重性的需求以及对战略远见和场景的使用。商业地产作为一个行业的定义本身就受到了质疑。研究限制/启示需要基本的实证工作以及额外的研究。商业地产市场面临着诸多因素的干扰,本文考虑了如何将时间和变化纳入商业地产市场环境的分析。它确定了CRE可以理解和避免中断的具体方法。此外,教学和研究领域是突出的。社会影响房地产资产是大量的、长期的资产,对社会有重要影响。本文提出了对此类资产的分析。原创性/价值确定了CRE和学术界需要关注的集中领域。在本文之前,这些领域通常没有被考虑过。
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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