26th Annual European Real Estate Society Conference最新文献

{"title":"Investigation on Experts’ Surveys in Germany","authors":"Matthias Soot, A. Weitkamp","doi":"10.15396/eres2019_115","DOIUrl":"https://doi.org/10.15396/eres2019_115","url":null,"abstract":"Experts’ decisions influence appraisals. The choice of model and of data sources have a direct impact on the valuation results. In Germany, the committee of valuation experts (Gutachterausschuss) which derives the public market data is using the instrument of experts surveys regularly. Also, some private appraisers use this instrument if no data is available. The average number of participants is regularly less than 10 people. The results are used in reports and for court decisions. However, the reports do not indicate the accuracy of the survey result. Although the uncertainty of the experts cannot be quantified, the highest court in Germany accepted a subjective expert’s survey in the context of real estate appraisal in 2012.While experts’ knowledge and its influence are widely studied in international context, a research gap can be identified for the German market. To improve the use of surveys in real estate valuation the following research questions should be answered: Do the topic and structure of the survey lead to a different dispersion in the answers? Is it possible to structure the response behavior of participants by different categories?In the investigation, we collected the raw material of surveys made by the committees of valuation experts in Germany and appraisers. Firstly, the structure of the survey is investigated (clear question, available meta-information, etc.). We categorize them by the topic and structure of the survey with a content analyzes. Afterward, we derive accuracy indicators from the dispersion within each category and discuss differences within the same category of different surveys. In this discussion, we will have a look at the spatial or temporal experiences of the experts in relation to dispersion and if there are systematic biases. Based on our findings, recommendations are derived.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"112 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":"127138940","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":"Real estate investors’ maturity in using corporate social responsibility to develop sustainable properties","authors":"R. Huijbregts, E. Heurkens, F. Hobma","doi":"10.15396/eres2019_270","DOIUrl":"https://doi.org/10.15396/eres2019_270","url":null,"abstract":"Pressing societal and environmental challenges influence real estate investment and development. Due to urbanization, gentrification, climate change and resource scarcity, the global call for more responsible and sustainable market behaviour has grown. As such, the notion of CSR has gained global attention in the real estate industry. Today, real estate investors voluntarily explore corporate solutions to societal and environmental issues. They setup organizational units to manage CSR programmes and report on CSR achievements. This has resulted in a vast amount of socially responsible behaviour and investment policies and reports, based on frameworks such as GRI, GRESB, ESG, LEED, BREEAM and WELL, which, in turn, appear to influence the chance for market success, reputation and value of companies.Although this suggests that CSR has become a common feature in the global real estate sector, the origin of CSR and its meaning and implementation in business practice are often unclear to practitioners – especially within Continental Europe. This stems from the fact that CSR is associated with the Anglo-Saxon model of society, and not with the Rhineland model of society which exists in north-western Europe. Yet, due to the connectedness of social and economic systems, the real estate sector in Continental Europe is under influence of AngloSaxon characteristics such as liberalization, privatization and deregulation – ingredients for CSR to flourish. This leads to the following research question: How do real estate investors use CSR to develop sustainable properties?In order to answer the research question, a cross case analysis is performed based upon semi-structured interviews and document review. The cases (i.e., real estate investment companies) are chosen from Anglo-Saxon countries, being the USA and Hong Kong, and from a Rhineland country, being the Netherlands. CSR usage is analysed on (a) the strategic level of the case companies, (b) the institutional level (CSR reporting) and (c) the project level (construction projects). Based upon the common CSR characteristics of the Anglo-Saxon and Rhineland practices – as far as represented by the selected cases – a CSR maturity model for real estate investors is developed. The model is used to rank the maturity of the CSR programmes of the three real estate investors studied.A number of common characteristics are found in the use of CSR. All real estate investors studied (a) use a formal materiality assessment to determine important core business related CSR issues; (b) aim to formulate CSR goals that are specific and measurable; (c) strive to find a CSR management structure that fits the characteristics of the company; and (d) use CSR and sustainability certification methods and reporting guidelines as a structuring device for setting up a CSR policy. Furthermore, it became apparent that only a minor part of the material issues used by the case companies relates to the actual built environment. Finally, t","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"7 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":"130536485","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":"Spatial pattern of housing prices in polycentric cities","authors":"Aurélien Décamps, Frédéric Gaschet, G. Pouyanne, S. Virol","doi":"10.15396/eres2019_347","DOIUrl":"https://doi.org/10.15396/eres2019_347","url":null,"abstract":"This article analyses the formation of urban and suburban employment centralities and their impact on local housing values. Urban sprawl combined with the formation of suburban employment poles have produced complex spatial patterns, characterized by polycentric cities. This paper assumes that these changes in urban forms have influenced residential dynamics and have thus influenced housing prices. Suburban centralities are expected to improve local attractiveness and thus to be capitalized in housing prices.We use hedonic regressions to estimate the impact of the polycentric structure of the city on housing values, among other traditional factors. These estimations are completed by semi-parametric regressions in order to analyse sharply the form of the price gradients in a polycentric city. Data on residential transactions come from the PERVAL database recorded by French notary offices. The precise geolocation of transactions is used, in addition to a rich set of intrinsic characteristics of the buildings, to estimation sharply the spatial pattern of real estate prices. It is completed by a rich set of locational attributes coming from several data sources recorded at a fine spatial scale and covering accessibility, socio-economic attributes, local amenities and equipments, distance to the main subcenters. The study is conducted within the Lyon and Bordeaux metropolitan areas in France, allowing a comparison of two different urban patterns and urban sizes. The various scales of urban polycentrism are explored by taking into account two types of subcenters (emerging centralities in the suburban area and integration of satellite towns) and by estimating semi-parametric hedonic models. The first contribution of the paper is to estimate the impact of the polycentric form of the city on housing prices. The spatial pattern of housing prices is mainly explained by the increasing influence of urban amenities, at the expect of employment accessibility. The second contribution of this paper is to provide a precise estimation of the form of the hedonic gradients for residential and commercial real estate values through the use of semi-parametric regressions.","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":"130614390","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":"Determinants of residential prices in Sweden over the long run","authors":"Sviatlana Engerstam, R. Wieser","doi":"10.15396/eres2019_371","DOIUrl":"https://doi.org/10.15396/eres2019_371","url":null,"abstract":"Sweden is one of the countries where residential prices have been growing since late 1990s. On average, residential prices were growing by 6.5% p.a. between 1995 and 2017 with a few exceptions after the financial crisis of 2008 and during debt crisis in Europe in 2011. In the late 2017 and following 2018 residential prices were stagnating. Can these fluctuations in prices be explained by fundamental factors of supply and demand?The aim of this paper is to investigate the effects of macroeconomic factors such as population, disposable income, dwelling stock and interest rate on residential price dynamics. Estimation is done by applying panel data methodology on regional data for major Swedish cities for the period of 1995-2018. Results suggest that the long run dynamics of residential prices in Sweden has autoregressive character, and to certain extent might be explained by changes in fundamental factors such as population, disposable income per capita, dwelling stock and mortgage interest rate. Even though non-fundamental factors like, for example, rental regulations, valuation and banking policies have received attention in the research literature, the impact of these factors is not well described. Therefore, this paper also provides a deeper insight into different institutional factors that might create fluctuations in prices on residential markets.","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":"130923833","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":"What makes employees in modern offices happy and productive: the effects of internal and external office environment","authors":"Ieva Kvedaravičienė, Rūta Kazlauskaitė, Nicolas Cochard","doi":"10.15396/eres2019_90","DOIUrl":"https://doi.org/10.15396/eres2019_90","url":null,"abstract":"Effects of the office environment on employee well-being and performance have been analysed quite extensively. Nevertheless, the existing knowledge is rather fragmented, with majority of studies addressing some specific aspects of the physical environment and lacking a more comprehensive understanding of the effects of the physical environment on employee well-being and performance. Besides a vast majority of prior research investigates the effects of the internal environment, while studies of the external environment have only gained research attention in the past few years. In this study we look into the effects of both internal and external physical environment as well as overall satisfaction with the physical environment on employee motivation, job satisfaction, cooperation and self-perceived performance quality and accuracy. To test the above relationships, we conducted a survey of employees (n=274) working in modern offices (A and B class built or fully renovated not earlier than 2000). The results showed that there is a positive relationship between internal environment and all dependent variables under this study, while the external environment is positively related with motivation, cooperation and self-perceived performance. There is also a positive association between overall satisfaction with the physical environment all four dependent variables. In addition, our results show no significant association between office type and employee well-being and performance, while perceived privacy was found to be positively associated with job satisfaction and cooperation.","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":"131944819","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":"Using technology to speed up the research process","authors":"S. Ryan","doi":"10.15396/eres2019_353","DOIUrl":"https://doi.org/10.15396/eres2019_353","url":null,"abstract":"The initial phase of any research project is time-consuming. Identifying and then gathering the relevant authorities takes time, as does reading and digesting their contents. This is particularly true when the research topic has already been extensively covered.It is possible that some part of this initial phase can be done faster using technology. This does not require the most expensive and sophisticated software - there are some zero cost or low cost options available. In this paper, the author illustrates how natural language processing techniques and high-level programming languages can be combined with MS-Excel add ons and free online tools to greatly accelerate the real estate research process. The paper is easily accessible to those with no computer programming experience. It uses examples drawn from the real estate sector only.","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":"130965192","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":"Investigating information needs for specific processes in real estate to prioritise data","authors":"W. Uhlenbruch, C. Stoy","doi":"10.15396/eres2019_311","DOIUrl":"https://doi.org/10.15396/eres2019_311","url":null,"abstract":"The availability and interpretability of information is key to a successful construction project and the steering of real estate.Due to the current possibilities in methods and software (such as Building Information Modelling (BIM)) more information can be collected and processed than before. It is expected that BIM will improve the flow of information between stakeholders and project phases.Methods and tools, however, cannot determine which information is needed in respect to corporate necessities, real estate specifics, and project specifics, economical or legal aspects. This leads to the following research questions:What are necessary processes and tasks in real estate? How can this data be prioritised?First an extensive literature review on processes and tasks on the basis of the current BIM discussion in real estate is conducted. The result is a list of processes and tasks examined thereafter, amended and ranked by real estate experts. Approaches to structuring and prioritising data are presented. The results of this paper are the basis for further examinations: It is planned to conduct interviews with experts for each process or task to specify which information is needed to fulfil the requirements of the process or task. The findings of this research help to identify relevant data in dependency of the objectives and the given circumstances. The methodology can be used in consulting building owners or other stakeholders to determine their information demand prior to e.g. the start of a new project.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"38 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":"125397581","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":"Commercial real estate mortgage margins: A Pan European study","authors":"Hans Vrensen, I. Fossé","doi":"10.15396/eres2019_74","DOIUrl":"https://doi.org/10.15396/eres2019_74","url":null,"abstract":"Loan margins should reflect the risks lenders are willing to accept on the commercial real estate loans they make. Also, having a large scale, stable and low cost funding channel through covered bond issuance or syndication should benefit commercial real estate lenders in providing lower margin lending to borrowers and compete for a larger market share. This study addresses what drives lenders’ loan margins offered on a range of different European commercial real estate loans. Using internal commercial mortgage loan data over the 2012-2018 period substituted with additional data from external sources, we test several possible drivers for loan pricing, such as country risk, collateral risk, borrower business plan and lenders funding costs. With our analysis we try to show that commercial real estate lenders with large covered bond funding programs offer margins that are on average below other lenders, ceteris paribus.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"24 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120902269","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":"The impact of competition on experts' information disclosure: the case of real estate brokers","authors":"Frédéric Cherbonnier, C. Lévêque, P. Zorn","doi":"10.15396/eres2019_253","DOIUrl":"https://doi.org/10.15396/eres2019_253","url":null,"abstract":"We analyze how competition can counter the tendency of experts to pass biased information to their customers, by using data from an online company that connects real estate brokers with clients who want to sell their housings. Different counterfactuals allow us to show that more competition or lower opportunity to collude induce brokers to raise their initial price estimation by about 5 percent. A similar but lesser impact is observed on listing price and selling price, but no significant effect is observed on the time to sell, which suggests that the manipulation of information observed in the absence of competition is detrimental to the client. Increasing competition among agents also changes the way they respond to, and sometimes align with, price preferences expressed by their customers.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"44 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":"121678383","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":"Gut feeling or reason--How do property developers decide? An international research project on rational and intuitive behaviour in the field of property development","authors":"Carsten Lausberg, F. Viruly","doi":"10.15396/eres2019_202","DOIUrl":"https://doi.org/10.15396/eres2019_202","url":null,"abstract":"Human decisions are context-dependent, for instance influenced by the availability of infor-mation. But they also depend on the character traits of the decision-maker, for instance the tendency to decide intuitively (based on emotions and affection) or deliberately (based on reasoning). Perhaps real estate development is a field, which is prone to intuitive behaviour because of the specific characteristics of this activity, which include lengthy time horizons, and the lack of information that often accompanies the development process. Surveys among developers have confirmed this, showing that intuition, creativity, instinct, and similar behavioural attributes are regarded as critical success factors in this sector of the market. However, that does not render market analysis, investment calculation and other rational fac-tors useless. The issue that this paper deals with is that decision theory has not yet discovered and, hence, does not assist in deciding in which situation a particular type of decision-making is most advantageous. Our research sheds light on how developers in various cultures and market contexts make decisions. This work should contribute in improving the decision-making quality in the development sector. The paper has two main parts. The first part is a literature review, which combines the find-ings on the role of intuition from the managerial decision theory and the psychological deci-sion theory. The second part introduces our research methodology and deals with a series of experiments, undertaken in South Africa and in Germany. These test the personal prefer-ences of the interviewees and then present them with a case study requiring a choice to be made between two alternative development options. The experiments will be undertaken with experienced property development practitioners and property management students. With the help of statistical analyses we intend to show the influence of personal preferences regarding intuition and deliberation on the decision behaviour in the sphere of property development.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"33 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":"122682859","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}