26th Annual European Real Estate Society Conference最新文献

{"title":"Taste Heterogeneity and Adaptive Reuse of Buildings: A Latent Class Model","authors":"Brano Glumac, N. Islam","doi":"10.15396/ERES2019_192","DOIUrl":"https://doi.org/10.15396/ERES2019_192","url":null,"abstract":"Vacant buildings represent insufficiently exploited potential for urban development. By collecting and analysing the preferences of its future users, vacant buildings can be adapted and reused in the best manner and thus could generate a significant contribution towards a more sustainable development within the construction industry. Discrete choice experiment is used to identify the most important attributes and to collect the preferences of the potential future occupants choosing between two types of residential buildings, redeveloped factory and office. This study reports on the preferences of different groups of respondents such as students, young professionals, couples with children, etc. Therefore, exploring the taste heterogeneity (observed and unobserved) takes a central place in this study. Furthermore, these results can be used within a decision tool to better assess upon choice of vacant building to fit best to future desired end user. Adaptive building reuse provides numerous environmental, socio-economic, and urban policy benefits and we do provide fruitfully discussion based on the reported findings.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133199737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Investigation of the Operation of Corporate Real Estate Decision Making","authors":"H. Cooke, Rianne Appel Meulenbroek, T. Arentze","doi":"10.15396/eres2019_53","DOIUrl":"https://doi.org/10.15396/eres2019_53","url":null,"abstract":"The importance of CRE decision-making, in particular the link through to the strategic decision making of the firm, has been recognised in a number of papers over the last 30 years. However, whilst some papers have focussed on the alignment of CRE and others on specific issues such as acquisitions, there is a paucity of research on the CRE decision-making process itself and the behaviour of the decision-maker. A semi-structured interview technique (Causal Network Elicitation Technique) is used to investigate the Mental Representation adopted by CRE decision-makers when faced with a particular scenario. The technique uses Decision Network, an extension of Bayesian Belief Network methodology, as a mechanism for making inferences. A Causal Network is developed to identify, decision, situational, attribute and benefit variables, together with utility weights to represent the Mental Representation of the decision maker’s decision.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122479590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Beyond natural vacancy: evidencing vacancy throughout market segments","authors":"Kevin Muldoon-Smith, P. Greenhalgh, Malcolm Frodsham","doi":"10.15396/eres2019_178","DOIUrl":"https://doi.org/10.15396/eres2019_178","url":null,"abstract":"Commercial real estate vacancy is a key indicator of property market efficiency, economic performance and urban resilience. However, there has been little conceptual reflection into the abstract notion of vacancy beyond binary distinctions of natural and structural vacancy. Although useful simplifying meta-concepts, neither accounts for the internal complexity and imperfection that permeates real commercial property markets. In response, this paper builds upon a conceptual framework that describes vacancy across the commercial real estate building life-cycle – from initial construction to final demolition and redevelopment. It substantiates the vacancy typology with existing data sets published by government organisations and market information. The originality of the research rests in its utility as the first known evidence based holistic examination of commercial real estate vacancy beyond that of an abstract economic factor.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"276 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125732476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Estimating the HARA land-use model for housing planning based on hedonic price analysis","authors":"Jianfei Li, I. Ossokina, T. Arentze","doi":"10.15396/eres2019_131","DOIUrl":"https://doi.org/10.15396/eres2019_131","url":null,"abstract":"HARA is a land-use model that uses a search algorithm to find the optimal spatial allocation of new housing demands in an urban plan area. In the model, the plan area is represented as a grid of cells. A core element of the algorithm is a function that is used to evaluate the value of a cell for each possible land-use given its location. An optimum is found by stepwise improving an initial allocation based on the value function. In this paper we show that the value function can be specified as the net value of a (housing) development given the land costs, the construction costs and the market value of the development at a location. Specified in that way the solution generated represents an optimum as well as a market equilibrium (maximum net value for developers). A critical prerequisite for this is, however, that the value-function is specified such that it accurately represent buyers’ willingness-to-pay for dwelling and location characteristics in the housing market. In the paper, we show how the value function can be estimated using hedonic price analysis. The analysis is carried out based on a large housing transaction data set from The Netherlands. The trade-off between living in a green environment and having high-level urban facilities in the proximity of the residential location is of special interest for housing planning. This trade-off has become more significant even given the growing environmental concerns for creating climate-adapted as well as compact cities. We present the results of an application of the estimated model where we investigate the nature of this trade-off and the impact this has on the green-versus-compact character of urban development. We anticipate that the trade-off may change with the increasing importance of good climate performance (robustness for extreme weather conditions). Using the model as an experimentation tool, we consider what the impacts of changes in the trade-off will be for the spatial planning of housing.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133132181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Influence of Blockchain Technology & Applications","authors":"J. Veuger","doi":"10.15396/eres2019_35","DOIUrl":"https://doi.org/10.15396/eres2019_35","url":null,"abstract":"Blockchain might be the future of digitalizing assets into small pieces called tokens, of which the process is called tokenization. Transaction costs and speed are reduced, and entering into so called Real Estate Investment Trusts for investing in real estate are no longer an issue. Through tokenization, anyone from this planet can invest in real estate.Context: According to Savills (2017), the total value of world real estate reached $217 trillion in 2015. It only includes developed real estate and could have been much larger when we had counted the vast amount of non-developed land on the planet. One major boundary is the accessibility and the tradability of money. In the current situation, real estate is traded via Real Estate Investment Trusts (short: REITs). The problem with these REITs is the accessibility. Only the few people who can investment above the threshold can invest in real estate. Thereby, currency is another problem, because potential investors in Hong Kong cannot invest in Dutch real estate. This leads to a lack of liquidity on the financial real estate market. Blockchain might be the solution to this lack of global liquidity in real estate. In this way, real estate is purchased via smart contracts, traded via blockchain, and invested in by tokens: all very quickly. In this way, the world has no longer the financial borders from today. In theory, anyone can invest in real estate and make profit.The main question of this research paper is: In what way can tokenizing real estate by blockchain substitute the conventional way of investing in non-listed real estate?The sub questions of this theoretical framework in order to answer the main question are:What is the conventional way of trading non-listed real estate? How does this work? What are its boundaries? What is blockchain? How can it be adopted in real estate? What are smart contracts? What are its (dis)advantages? What is tokenization? How does it work? What are its (dis)advantages? What form of token is important in relation to tokenizing real estate successfully? What are the (legal) hurdles of tokenizing assets? What is the perspective of tokenization?","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131914460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Housing satisfaction and quality of life (an empirical research among residents of a Dutch city)","authors":"L. Aminian","doi":"10.15396/eres2019_376","DOIUrl":"https://doi.org/10.15396/eres2019_376","url":null,"abstract":"The prominent aim of most housing studies is to examine residential situations in order to understand housing demands and future consequences on the surrounding urban environment. Most research on housing satisfaction has been performed in socio-behavioral sciences and has looked at housing satisfaction as an essential explanatory input to study migration patterns, affordable housing and residential mobility. Nevertheless, in few studies, housing satisfaction has been assessed to understand residents’ subjective well being. This little emphasis on housing in terms of quality of life measurement highlights the gap in this research stream and the need for more detailed studies on this interdisciplinary field.This paper has aimed to enhance the understanding of the housing satisfaction concept and how this major life domain is affected by socio-demographic characteristics of individuals as well as the characteristics of one’s house. Moreover, the role of housing satisfaction on quality of life is investigated. Using the data that is collected among the residents of the city of Eindhoven in the Netherlands, this study applied path analysis method to capture the links between various variables and their impacts on overall housing satisfaction. The findings highlight the major impact of satisfaction with ownership, housing type and dwelling design on overall house satisfaction . Moreover, satisfaction with housing shows a significant and direct influence on the overall quality of life subjectively experienced by residents.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114267522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"REIT Conversions at a global Perspective - Why Do REOCs Adopt the REIT Status?","authors":"Steffen P. Sebastian, René-Ojas Woltering, Dominik Wagner, David H. Downs","doi":"10.15396/eres2019_58","DOIUrl":"https://doi.org/10.15396/eres2019_58","url":null,"abstract":"Real Estate Investment Trusts (REITs) are well-known institutions since their establishment back in the 1960s at least in the United States. Since the midst of 1990s, the regime spread across the globe. Although their regulatory elaborations differ across countries, the formal requirements remain almost similar.So why is it, REITs became a success story in only some parts of the world? Economic theory postulates several reasons for achieving the tax-exempt status. However, there are practical up- and downsides of course. This paper classifies the severity of regulations, incorporates agency issues and reveals driving forces of listed real estate companies, which influence the decision to opting the REIT status. Thus, balance sheet data as well as legal formalities and specific environments of each corresponding country are incorporated.In academic literature, there are numerous papers tackling REITs in various aspects. Nevertheless, scant is examined about incentives, which affect the decision of stationary firms to convert.Since REITs are quite homogenous and transparent, this entity type is predestinated to serve in a global comparison. Therefore, listed property companies quoted on each domestic market, in which the REIT regime is already established, and listed at the EPRA/NAREIT global real estate index, were observed over the years from 1998 to 2017. To conclude significant influence a panel logistic regression model figures out key characteristics for a higher probability of adopting the REIT status. The overall results suggest a strong causal effect on the capital structure in the subsequent post intervention periods, while elements like size, leverage, discounts of adopting and tax benefits seem to matter most at considering for conversion in the transnational context.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130196269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Auction-Based Perspective on Takeovers of Real Estate Investment Trusts","authors":"Pascal Frömel, Clare Branigan, Gregory Waller","doi":"10.15396/eres2019_217","DOIUrl":"https://doi.org/10.15396/eres2019_217","url":null,"abstract":"A large fraction of takeover deals among US equity real estate investment trusts (EREITs) are settled via auction procedures with a substantial number of bidders involved. The valuation of targets in mergers has been examined by the general finance literature and has also been investigated on the basis of stock price movements and publicly observable target characteristics for samples of real estate investment trusts throughout the last decade. However, conventional estimation techniques widely neglect the competitive process which is taking place in advance of the deal. Thus, the existing evidence is mainly based on final outcomes and the obtained results suffer from endogeneity through the neglected impact of the underlying sales-mechanism. The present study estimates the valuation determinants in acquisitions of REITs using an empirical auction model. The hand-collected dataset comprises REIT takeover auctions of the 2000-2017 period. The approach allows to incorporate Information of the entire bidding process and provides a distinct perspective on the public and private bidders involved. We find valuation patterns for bidders in auctions of REITs to be much more homogenous, compared to those of bidders for targets of other industries. We do not find a significant divergence of public and private bidders, as opposed to the evidence for non-REIT corporates. Inference on the determinants of target valuation suggests a significant valuation impact of typical firm-level financial variables and of the macroeconomic environment. The findings are robust to alternative premium measures and further testing. A comparison of the auction-based approach and conventional estimation procedures is provided.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117032261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"User satisfaction and workspace effectiveness: conditional effects of stress and workplace attachment","authors":"Ingrid Nappi-Choulet, Gisèle de Campos Ribeiro, Nicolas Cochard","doi":"10.15396/eres2019_272","DOIUrl":"https://doi.org/10.15396/eres2019_272","url":null,"abstract":"In recent years, companies like IBM and Yahoo have ended the practice of encouraging employees’ remote-work and reverted to getting workers back to the office. The reasoning behind this decision has been prompted by the findings of several studies showing that employees’ face-to-face interactions are positively associated with creativity and performance. Nowadays, offices are not viewed anymore as a mere source of expenses, but as places where people come together to socialize, share knowledge, mentor others and work as teams. Therefore, one of the central issues in workplace management is the opportunity that workspaces offer for accumulating knowledge or intellectual capital. In this sense, office spatial arrangements that favour the development of such potentialities become a full company resource that supports the development of collective dynamics and lends meaning to a common project, a company business. Workspace research must consider employees’ experiences, collaboration and the need for sensory and emotional engagement in the workplace (Gruber et al. 2015). Research on users’ satisfaction with the office environment has generated extensive knowledge of workers’ preferences relative to ambient and environmental conditions. However, limited research exists on how the workspace supports workers to perform their tasks (Visher, 2008; De Been & Beijer, 2014; Rolfo et al. 2018). To our knowledge, a limited number of studies focused on how employees’ satisfaction with their workspace environment is related to workspace effectiveness. The workplace is a territory around which the whole organization social life is shaped (Fisher, 1997). Office-settings environments are supposed to generate positive dynamics such as employees’ emotional connections with their workspace, collaboration, creativity, and performance. However, these dynamics engender negative outcomes unintentionally, one of which is stress. The aim of our study was to evaluate the relationship between employees' workspace satisfaction and workspace effectiveness through workspace attachment and stress. A web-based survey of 66 office employees working in different workspace settings was performed. Contrary to expectations, the results showed that satisfaction with workspace environment is not related to employees’ perception of workspace effectiveness; instead, this relationship is moderated by stress levels, and, mediated to workspace attachment. Purpose: To study the relationship between workspace satisfaction and workspace effectiveness.Design/methodology/approach: A web-based survey of 66 white-collar functions employees working in a company on two sites and in different types of offices.Findings: Controlling by office type, gender, age, the seniority in the company, and the time in the function, the results showed that the relationship between workspace satisfaction and workspace effectiveness is moderated by stress, and mediated by workspace attachment. Practical implications: O","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124824754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sticky Housing Rents: Term Structure on Duration of Residence and Rent Index Implication","authors":"Masatomo Suzuki, C. Shimizu","doi":"10.15396/eres2019_298","DOIUrl":"https://doi.org/10.15396/eres2019_298","url":null,"abstract":"In the rental housing market, housing rents for new tenants are determined from the fact that adjusting rents is quite difficult while tenants occupy the units even at the time of contract renewal. Using the unique unit-level monthly panel of rental apartments in Tokyo through 1996–2017, we find the downward-sloping term structure reflecting rapid structure depreciation: the longer expected tenancy duration of the unit leads to the lower premium of the new rents compared to the market level. The degree of downward slopes reflects the expectation of future rent flows: the degree is remarkable during 2012–2014, especially in the rental units for singles. We also find that, when we do not control for the duration of tenants’ residence, the index for newly contracted rents may exhibit downward bias corresponding to the degree of the downward term structure and contain time lags when the market bottoms out.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126034562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}