26th Annual European Real Estate Society Conference最新文献

{"title":"Dynamics in Land Use and Driving Factors on Change in Arable Land in Tanzania","authors":"Amanı Uisso, H. Tanrıvermiş","doi":"10.15396/eres2019_351","DOIUrl":"https://doi.org/10.15396/eres2019_351","url":null,"abstract":"Tanzania has a population of 44,928,923 people, as according to 2012 national census and projected to be 52,554,628 people in 2017 by Tanzania National Bureau of Statistics (NBS), and is estimated to have total surface area 945,087 km2. Continental area is 88.2 million hectares, of which Some 70% of the land is considered to be village land supporting more than 80% of the population (farmers and pastoralists) with the approximately 39% of all land being used for agricultural activities, 28% as a reserved land and 2% general (mainly urban) land which is supporting 20% of the population. The gross area cultivated or planted annually is about 5.1 million hectares which are only about 5% of the surface area of Tanzania. The other arable land, but not cultivated, is 10 million ha much of it is used as pasture and meadow. While in the reserve areas there is an additional of 4 million hectares suitable for cultivation.Most of the researches keep on focusing on land use change in general, but little has been exemplified on the arable land in cause and effect relationship. This research carries out on the base of quantitative analysis and more attention on the quantitative study on the cause and effect relationship and hence creating the agricultural or arable land use model within the period of 1987 to 2017. The paper entails to discuss and analyse the land resources characteristics of the change of arable land in Tanzania according to the arable land area and relevant factors affecting the land resources mainly here referred to arable land. Linear regression analysis with Cochrane-Orcutt and Prais-Winsten estimation methods by using SPSS 22.0 software method was adopted to carry out quantitative analysis on the driving factors of arable land and its change in Tanzania. This paper also establishes the multiple regression model of driving factors on arable land area. Finally, some corresponding suggestions and discussions were put forward. The research results give valuable information for decision-makers to design sustainable arable land resources management strategies and national land allocation policies among the land-based sector within the case of Tanzania as well as other African nations.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"23 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":"128229751","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":"Analysis of risk shifts in the co-working environments","authors":"Sviatlana Engerstam, R. Hungria-Gunnelin","doi":"10.15396/eres2019_363","DOIUrl":"https://doi.org/10.15396/eres2019_363","url":null,"abstract":"Co-working is a raising global trend in office property markets. Sweden is one of these markets experiencing a huge expansion of co-working. Though the share of co-working spaces is still quite small in comparison to the whole property market, the growth dynamics propels real estate actors to develop new business models that in turn raise the necessity for the analysis of risks associated with these models.When office premises are rented in a traditional way, the landlord often requires a bank guarantee from the tenant. The bank guarantee is a risk hedging tool against risks associated with the company growth, profitability, especially in the case of a new establishment like startup companies. The bank guarantee amount normally equals a certain number of monthly rental payments and is used when the company cannot pay the rents. In Sweden, traditional rental contracts for office space vary between three to five years and are signed by the landlord and the tenant, who is the final user of the space rented.In the case of co-working, office premises are often not rented directly to the final user, but rather indirectly through operation companies . Example of such companies are WeWork, United spaces, Workaround, etc, who sign very short rental contracts with the end user of the premise. The rentals based on a short-term contract that is not subject to bank guarantee, often implies greater risk in comparison to longer rental contracts. How do different property market actors like banks, landlord and tenants evaluate these risks? Are there any risk shifts connected to business cycles, type of tenant, industry and other factors? This paper aims to provide answers to these questions.Descriptive approach and interviews with local actors as a main method of analysis is used in this paper. The result of this paper presents the framework of risks shifts in the co-working environment, which contributes to the existing research by providing a deeper understanding of this emerging trend and its implications.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"1 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":"129245589","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":"Corporate Real Estate Management (CREM) on the Way from Buzzword to Concept – A Comparative Analysis of Two CREM Concepts","authors":"T. Jylha, Andreas Pfnür, H. Putte","doi":"10.15396/eres2019_26","DOIUrl":"https://doi.org/10.15396/eres2019_26","url":null,"abstract":"Corporate Real Estate Management (CREM) has been intensively discussed in research and practice since the 1990s. Nevertheless, empirical studies show that it has remained a buzzword rather than a concept to this day. In particular, questions about the theoretical background have not yet been answered unequivocally. Neither is there a complete model of the impact relationships of CREM nor a uniform concept for the organization of real estate management tasks in non-property companies. As a first step, two different CREM concepts of the TU Delft and the TU Darmstadt will be classified in their development according to their respective purpose and derived conceptually. The very different concepts are then compared using a catalogue of criteria. The findings show that there are similarities and dissimilarities between the two concepts. Both concepts highlight that there is a user that needs real estate as an operational asset, i.e. the demand side, and a supplier of real estate and related services, i.e. the supply side. The differences between the two concepts are mainly in the emphases of the different parts. For example, the concept of TU Delft pays attention to the physical and technical dimension of real estate, whereas the concept of TU Darmstadt emphasises the role of the financial resource in the conception of a match between corporate real estate demand and supply.The paper provides an in-depth analysis of the two CREM concepts, contributing a way to see and discuss the similarities and differences of these two concepts. The value is not to nominate a best concept, but to provide an analysis that helps researchers and practitioners find an interpretation that fits their purpose. The comparison of two CREM concepts contributes to the theoretical foundation of operational real estate management. CREM is thus taken a step further on its way from a buzzword to a concept.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"50 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":"129219349","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":"Assessing regional house price developments in Austria","authors":"Wolfgang A. Brunauer, R. Wieser, Ronald S. Weberndorfer","doi":"10.15396/eres2019_20","DOIUrl":"https://doi.org/10.15396/eres2019_20","url":null,"abstract":"Austrian house prices have risen rapidly in recent years and there has been considerable debate on the underlying factors. Much of the debate focuses on increasing trends in real house price indexes and the ratio of house prices to disposable income as a measure of affordability. While it is generally accepted that the low interest rate environment is a key driver of house prices, there is uncertainty as of the sustainability of the level of house prices in some European countries. The OeNB fundamental indicator for residential property prices, launched in January 2014, points to an overvaluation in property prices by 21.7% in Vienna in the first quarter of 2018. For Austria as a whole, the indicator reached 11.2%. Several international studies also point to overvaluation in Austrian housing markets.House prices can fluctuate more than fundamentally justified because agents overreact to current fundamentals as well as past returns and are influenced by their sentiment. Reliable valuation metrics are therefore very important for monitoring residential property markets. While different approaches to identify overvaluation have strengths and weaknesses, theoretical consistency should be a prerequisite of any model of house price behaviour. Furthermore, examining national price indices is an ineffective means of early detection of housing bubbles. Speculative overvaluations arise in individual local and regional markets before spreading to the national market.This paper analyses regional house price developments in Austria. We follow Bourassa et al. (2016) and use an asset pricing approach to compare actual price levels with implied fundamental or equilibrium levels. We model prices for existing condominiums as a function of the present value of expected market rents, allowing for a time-varying risk premium and state dependent rental growth expectations. Model results are then compared with results produced by alternative methods to assess house price developments. We also discuss the theoretical weaknesses of the OeNB fundamental indicator and the critical assumptions underlying our model.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"193 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":"114232491","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":"Investment Analysis by Using Tax Assessment Database on Land Lots in Gwangjin District, Seoul, Korea","authors":"Seungwoo Shin, Gyoung-Sun Kim","doi":"10.15396/eres2019_31","DOIUrl":"https://doi.org/10.15396/eres2019_31","url":null,"abstract":"This paper addresses the issues regarding the performance evaluation of generic investment strategies in land lots in a retail market trade area in a district in Seoul, Korea. To this end, this paper investigates 1993–2016 data on 6,478 parcels of commercially used land parcels in Gwangjin District, one of 25 districts in Seoul, the capital city of South Korea. Gwangjin District extends over 17 km2, with33,307 land lots and a population of 366,939 as of 2015. Because tax assessments in this district are determined by both certified property appraisers (appraisal) and government staff (mass appraisal) in a pegged order, it is generally accepted that the resulting assessed numbers are biased to certain level. Thus, we use the gradient measure to eliminate the most likely biases. Our innovative term of gradient is calculated by subtracting the assessed value of one land lot from that of another in the neighborhood; simply put, the difference of assessed values of two land parcels within certain distance bands. We analyze whole land lots in this district currently used for commercial purposes (retail shops and small offices such as FIRE and clinics), along two dimensions: assessed values and their gradients. What we call the HVHG group consists of land lots with higher assessed values and higher gradients. The HVLG group consists of land lots with higher assessed values but lower gradients. We also consider LVHG (lower assessed values and higher gradients) and LVLG (lower assessed values and lower gradients) groups in our analysis. This research finds that the differences in mean returns between HVLG and other groups except HVHG group are statistically significant based on a paired t-test.We test a couple of investment analyses. Our investment analyses control for the impact of both the value of land lots and distance from subway station on the realized rate of returns. We find that both the smaller valued and remote from the station groups beat the other groups in a statistically significant manner. In addition, a simple one-year momentum land investment strategy is again tested and the result is statistically not significant. Finally, we also visualize the retail market area and intertemporal changes in the market area.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"46 1 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":"116335991","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":"Ethical climate in the Korean appraisal industry","authors":"SeungWoon Shin, Eunjung Shin, Yoo Seonjong, Hyun Seok Lee","doi":"10.15396/eres2019_34","DOIUrl":"https://doi.org/10.15396/eres2019_34","url":null,"abstract":"Although there are numerous research papers regarding the ethical climates of western countries (Victor and Gullen, 1987; Arnaud and Schminke, 2012), research findings regarding the ethical climate of Korea are relatively few or minute (Lee and Yoshihara, 1997). This paper is one of the pioneering efforts in the line of research on ethical work environment within the Korean property industry.We surveyed 322 certified Korean appraisers nationwide who are currently practicing their profession in 2018. We have three hypotheses: First, the older (and consequently, more experienced) the appraisers are, the more sympathetic they will be to clientele effects; Second, appraisers who have majored in management during their university years are more sensitive to profit than appraisers who have majored in other fields such as liberal arts, social science, engineering, and so on; Lastly, male appraisers value loyalty to people [Guanxi, as explained by Cheng and Wang (2015)] most highly, while female appraisers most highly value rationality, at least in Korea.We conjecture that certified Korean appraisers are clever enough to think of this survey as a sort of qualifying exam. They try their best to find the correct answers to obtain the perfect score as in a high school exam. Considering that there exists a “If I do it, it’s romance, but if you do it, it’s cheating” phenomenon in Korea as described by Lee and Yoshihara (1997), we need to improve our questionnaire to obtain credible and sound data of what we want to measure.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"20 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":"114781857","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":"Impact of corporate real estate on the firm performance: Theoretical concept and empirical evidence","authors":"Andreas Pfnür, Julian Seger, R. Appel-Meulenbroek","doi":"10.15396/eres2019_144","DOIUrl":"https://doi.org/10.15396/eres2019_144","url":null,"abstract":"The worldwide research on corporate real estate management (CREM) over the past decades leaves no doubt that this area has a decisive influence on the success of a company. However, there are still great uncertainties about the impact of CREM decisions on the firm success and the underlying causal relationships. Depending on the perspective from which CREM decisions are made, the goals and the targeted contributions to success can vary greatly. In research work, CREM has been for example examined from the perspectives of the labour productivity at the workplace, the influence on competitiveness in sales and factor markets, the financial contribution in context of corporate finance or the efficient provision of real estate resources from the viewpoint of construction and the real estate industry. In their influence on the success of a company, CREM decisions can result in competing, complementary or independent effects. Empirical studies show that the high complexity of the target system is one of the most important challenges for CREM. So far, there is no holistic concept that explains the different success contributions of CREM in their mechanisms and classifies them holistically. The purpose of this article is to develop a holistic model to explain the relationship between CREM decisions and business success and to test it empirically.In a first step, a literature-based multidimensional framework for corporate real estate's contribution to corporate success is derived. In a second step, the framework has been validated empirically on the basis of a dataset collected from computer assisted telephone interviews (CATI) among the CREM managers of the 200 largest German companies. The answers of the decision makers are positioned in a solution space using multidimensional scaling. This is followed by an comparison whether the empirically generated structure represents the dimensions and mechanisms of the framework. Finally, hierarchical-agglomerative cluster analyses are performed to validate the results.The results show that the influence of CREM on corporate success can be divided into three mechanisms: operating performance, real estate performance and financial performance. On the other hand, CREM success can be differentiated according to its maturity. If both considerations are combined, the result is a two-dimensional framework that contains all the effects of CREM on the firm success. The mechanisms of the framework can be empirically confirmed in their essential elements. The article provides an overview of the very broad, interdisciplinary literature on the connection between corporate real estate management and corporate success. The mechanisms are systematised in a holistic concept. The deeper understanding of the different CREM effects on corporate success is the basis for the effective development of CREM concepts in theory and practice.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"93 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":"126209054","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":"It is not all benefits from Airbnb and room-sharing platforms: the problem and concerns of collaborative consumption and sharing economies","authors":"T. Yuo, Yuanxi Yang","doi":"10.15396/eres2019_113","DOIUrl":"https://doi.org/10.15396/eres2019_113","url":null,"abstract":"Sharing economy is so popular nowadays, it is regarded as a new way to generate evolutionary or even revolutionary business models. Owing to the rapid development of verifying, measuring and storing technologies, such as ICT, IoT, GPS, clouds, 5G and block chains, sharing economies have shown its potential in almost all fields: bikes, cars, rooms, logistics, energies, even finance and investments. Explicitly, these technologies seemed to be the solutions of resource indivisibility and free-rider effects, therefore sharing become applicable. Nevertheless, this research believes that sharing is not merely the problem of identifying and delineated the rights and obligations between sharing users. In other words, not all resources are suitable for sharing, especially the stakeholders of the subjects were multiple parties. This research focuses on the concerns of Airbnb-liked room-sharing platforms, collecting opinions from users, providers and the managerial authorities. The results show that sharing is indeed not all about benefits, but comes with all sorts of concerns, ranging from planning issues, devaluing the property value, privacy concerns, to personal safety worries. Another matter is the slow legislation process cannot cope with the rapidly evolving operational patterns in sharing economies. The managerial authorities even could not identify the essence of the problem in sharing to determine the legality of the business. This research suggests that regulating these sharing goods should go back to the fundamental characteristics and not all traditional or old fashion system should be contempt.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"60 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":"131377191","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":"A Framework for the optimal Development and Application of Automated Valuation Models (AVMs)","authors":"A. Kindt","doi":"10.15396/eres2019_240","DOIUrl":"https://doi.org/10.15396/eres2019_240","url":null,"abstract":"With the increasing digitization and big data, automated valuation models (AVMs) are becoming increasingly important within the real estate industry (internationally). The further potential for the use of AVM seems enormous. However, the mainstream AVM research is hitherto largely one-dimensional and requires a wider and focus. Especially stakeholders with situational-recurrent (e.g. mortgage lending, transaction, etc.) or regular valuation tasks (e.g., risk management, performance analysis, etc.), have the need for individual AVM solutions. An efficient access to the subject is still difficult because of the high complexity. Thus, the respective stakeholders have an increased interest in systematic and integrated decision support. Working on this point, the dissertation tries to give guidance for the optimal development and application of AVMs.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"1 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":"129408549","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 the Facility Management of the Modern Buildings on their Utility and Market Value","authors":"P. Hirsch","doi":"10.15396/eres2019_369","DOIUrl":"https://doi.org/10.15396/eres2019_369","url":null,"abstract":"The euro area economies are bound together by monetary policy while still inhibiting many heterogeneities. Amongst them the share of homeowners. This paper presents a medium-scale New Keynesian DSGE model of the euro area with an extensive housing market which explicitly models endogenous tenure choice. Results from the calibrated model indicate that there are various parameters determining the ownership rate. Dependent on the drivers of the heterogeneity, shocks have substantial effects on real variables when homeownership rates differ across countries.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"41 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":"134498108","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}