26th Annual European Real Estate Society Conference最新文献

{"title":"Effective decision-making for municipal real estates","authors":"Alexander Höing, Annette Kaempf-Dern, Nikolas Müller, Andreas Pfnür","doi":"10.15396/eres2019_341","DOIUrl":"https://doi.org/10.15396/eres2019_341","url":null,"abstract":"The real property value of the German government enfolds 800 billions of Euros. Considering the pattern of utilisation, school buildings and their associated sports facilities represent the biggest part in municipal real estate portfolios, often followed by the buildings for day-care centres and administrative buildings.Although there is a great interest from politicians and the general public in excellent education, since it is supposed to have a positive effect on the economic power of modern economies, school buildings are often neglected and measures are taken in case of immediate need only.Often, there is lack of anticipatory strategic planning such as by means of forecasts. Generally, only short-term operational measures are initiated and carried out without considering the life cycle of the real estate and the corresponding sub-portfolio in the overall context. In particular, the strategic perspective for determining the space and cost requirements for school buildings as a base for decision-making should, however, be given a higher priority.Therefore this article addresses the following questions: What is the current situation of municipal real estate management in Germany? Which strategies, structures and systems are used for real estate management? Are there differences in the planning of school buildings? What are the current decision-making processes in municipal real estate management using the example of school buildings? Who are the stakeholder/ agents in the decision-making process in municipal real estate management? According to which criteria are the responsibilities allocated? What are the strategic management approaches that could be useful for municipal real estate management? How do they consider future developments? What key factors are needed to forecast public real estate management? How do the respective factors influence each other and which factors may hinder each other out? Which future influencing factors are there? To what extent do they play a role in the municipal real estate portfolio?Design/methodology/approach: To identify fundamentals of decision making for municipal Real Estates and develop a theoretical background for strategic management in public real estate management, an intense literature review is conducted. Responsibilities of municipalities are surveyed in form of a standardised web-based questionnaire with different types of questions such as multiple-choice or also open-ended.Findings: Research findings will lead to recommendations for activities that support sustainable strategic management of municipalities that enable systematic strategies that address issues in local public real estate management. By providing checklists and explanations of applicable tools this research will ideally support, decision makers in the municipal level to develop a responsible planning of real estate management for school buildings, by providing them with different scenarios.","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":"131116864","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","authors":"Adrian Toschka, A. Jung, Ritika Batra, Annette Kaempf-Dern","doi":"10.15396/eres2019_303","DOIUrl":"https://doi.org/10.15396/eres2019_303","url":null,"abstract":"Purpose: Flexibility and mobility reflect a changing work culture in today’s world emphasizing more on employees and their well-being. With the war for talents becoming increasingly crucial in providing the optimal organizational system, exploring the concept of New-Work becomes highly relevant. However, many corporates still work with traditional approaches and lack in making their organizations more flexible such as offering the options of home office or leasing Flexible Office Spaces (FOS) for project teams. The purpose of this paper, therefore, is to make the existing research about home office and FOS/Co-working comparable to develop a mutual, scientific basis for sustainable decisions.Design/methodology/approach: An extensive qualitative literature review of more than 30 scientific papers has been conducted, comparing their research aspects, significant differences in scientific approaches adopted, and findings. Subsequently, current surveys and office work figures in Germany are analysed to predict potential flexible forms of working for the Commercial Real Estate industry.Findings: The qualitative analysis makes the common ground of the existing research visible. However, without regards of the specific needs of the individual corporate, no recommendation for a workplace strategy can be given. Therefore, before using any study on the topic for a strategic decision, corporates have to clarify their specific needs to develop and implement a workplace strategy that fits best to their organizational structure.Originality/value: The paper addresses corporates who, in the spirit of ‘New Work’, would make their working conditions more flexible and benefit from an overview of existing research in the commercial real estate industry, which still underestimates the consequences of FOS.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"32 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":"121637566","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 Economics","authors":"Veronika Püschel, Johannes Strobel","doi":"10.15396/eres2019_213","DOIUrl":"https://doi.org/10.15396/eres2019_213","url":null,"abstract":"Even after the end of the recent Great Recession period, U.S. housing prices and real estate loans continued to decline, while theuncertainty associated with the housing market remained elevated. This paper shows that an increase in uncertainty with respect to housing demand, i.e. a time-varying second moment of housing preferences, generates these dynamics and implies adverse effectsfor key macroeconomic aggregates such as output and consumption: An increase in housing preference volatility dampens housing prices which reduces the collateral value, borrowing activity and translates to a decrease in aggregate economic activity. Finally, wefind these results to be broadly in line with the data.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"8 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":"134054590","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":"Jan Paek, V. Sojková","doi":"10.15396/eres2019_368","DOIUrl":"https://doi.org/10.15396/eres2019_368","url":null,"abstract":"The modern buildings nowadays are becoming so different from traditional building constructions especially in the case of an indoor parameter’s environment and low energy performance. New building materials, new technologies for HVAC, new construction approaches as smart buildings, energy passive buildings, etc. bring new criteria for real estate evaluation. The presence of sophisticated technical solutions and technologies in modern buildings requires a sophisticated approach to their management in order to achieve a high quality environment, health and performance of building users.Quality of indoor environment is based on several factors, divided into two groups – technical parameters and services. The technical properties include lighting, acoustics, air conditioning, ventilation, and heating, and also flexibility of the indoor space, design, colours, facilities etc. On the other side, the services forming the indoor environment are the building security, maintenance, respectively facility management in its entirety. All this addition value of the building is necessary to take into account for real estate valuation purposes. The problem, that needs to be solved continuously in this process, is to objectify all the decisive parameters and properties determining the value of a modern building. Assessing the contribution of the quality of facility management is one of the modern challenges.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"18 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":"134184246","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":"Valuers’ Perceptions of Valuation Quality: A Qualitative Investigation","authors":"Abdul-Rasheed Amidu, D. Levy","doi":"10.15396/eres2019_367","DOIUrl":"https://doi.org/10.15396/eres2019_367","url":null,"abstract":"This paper provides insights into what valuation quality means for valuers in commercial property valuation practice. It explores the influence of tangible and intangible factors on the construction of meaning of valuation quality and how this is represented in practice. Although the valuation profession, like many professions, has developed standards and procedures that are used in practice to evaluate the work of members, little is known in valuation literature about what valuers perceive as constituting a quality valuation. Using an interpretive approach, employing semi-structured interviews, this study identifies the important constructs that shape the way valuers predominantly framed their conceptions of the meaning of valuation quality. The study also highlights possible conflicts between some of these constructs of valuation quality. The findings of this study are relevant for valuers, other stakeholders to valuation engagement and academic researchers seeking to develop a deeper understanding of how valuation quality in achieved in practice.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"39 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":"114181450","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 value of energy efficient housing - is there an incentive to make houses more energy efficient?","authors":"G. Maier","doi":"10.15396/eres2019_111","DOIUrl":"https://doi.org/10.15396/eres2019_111","url":null,"abstract":"The basic question of this paper is the following: 'Do energy efficient appartments generate higher rents for their owners than comparable appartments with lower levels of energy efficiency?' This is an important question for environmental policy because if it is ansered positively, it generates an economic incentive for landlords to invest into the energy efficiency of buildings. We use data from the EU-SILC survey for Austria and a hedonic price approach to determine the marginal rent of more energy efficiency (measured in the form of lower heating costs). In this paper we revisit a topic that we have already discussed in a presentation eight years ago. At that time the results were very disappointing. The analysis produced a significant coefficient but with the reverse than expected sign. In the meantime, more waves of the EU-SILC survey have become available and the pool of respondents has been turned over. This allows us to revisit this question and to produce an answer with more empirical support.","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":"114723585","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":"Interest Rate Risk, Term Spreads, and the Mortgage Contract Term","authors":"Bertram I. Steininger, M. Sturm","doi":"10.15396/eres2019_227","DOIUrl":"https://doi.org/10.15396/eres2019_227","url":null,"abstract":"","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"31 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":"117106267","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":"Temporary living projects under the German town planning Law","authors":"Andreas Saxinger, T. Wagner","doi":"10.15396/eres2019_92","DOIUrl":"https://doi.org/10.15396/eres2019_92","url":null,"abstract":"Temporary living plays an increasing role in today's society. Various temporary living concepts for many different groups of users can be observed on the market, but so far no exact definition exists in German law thus no special legal regulations on temporary living can be found in the planning and building law. Here the question arises which type of use is most suitable for temporary living. Depending on each individual case, temporary living projects including serviced apartments can either be defined as the following property types: residential, hotel or holiday flats. Crucial for the distinction between these three types is the operating concept in place, not the designation chosen by the respective operator. The use type residential is defined as a long-term habitat. Self-furnishing and the free choice of habitation are defining characteristics of residential properties.The use type hotel includes facilities which offer temporary accommodation to constantly changing guests in return for payment. Guests are not able to organise their habitation independently. They are required to use external services, such as catering, restaurants and cleaning.Holiday flats are rooms or properties which are temporarily made available to a constantly changing circle of guests for a fee. This kind of accommodation is suitable and intended to establish an own habitat for a short limited period of time.A major criterion for successful temporary living projects is the right choice of the location. The eleven zoning categories in the German Federal building code need to be checked carefully whether they are suitable as locations for temporary living projects. The German zoning categories special residential areas, mixed-use areas and urban areas are particularly suitable for temporary living, because there are no legal restrictions regarding the use types as defined above. In other German zoning categories like residential or commercial only residential or respectively hotel uses are allowed. Further considerations arise when the operator intends to change the temporary living concept in place, for example by changing his use concept from residential to hotel. In this case, the operator needs to verify, if in the German zoning category hotels are allowed.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"49 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":"117156502","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 Effect of Ecclesiastical Restructuring on Housing Prices: Evidence from the U.S.","authors":"C. Kwon","doi":"10.15396/eres2019_262","DOIUrl":"https://doi.org/10.15396/eres2019_262","url":null,"abstract":"This study examines the impact of repurposed parishes of the Catholic Church on the prices of surrounding houses. We echo Glaeser (2000) and Swedberg (1990)’s view that non-market interac- tions could influence people’s economic decision. Parishes play vital roles in disseminating informa- tion, healing divided communities, and supporting the local economy (Grim, 2017). Nonetheless, about 1% of parishes are shuttered every year (Anderson et al., 2008). Numerous reports on dying congregations in the media (e.g., Merritt (2018) addresses the most recent account) and limited coverage of studies using micro-level religious buildings in the finance literature motivate us to fill the gap. Our objective is to quantify the effect of transformed religious identity of a community on local housing markets.","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":"121790536","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 Inflation on Indirect Real Estate Investments in Nigeria","authors":"D. Dabara, Augustina Chiwuzie, O. Omotehinshe, John Oyekunle Soladoye","doi":"10.15396/eres2019_37","DOIUrl":"https://doi.org/10.15396/eres2019_37","url":null,"abstract":"The study aims at investigating the impact of inflation on securitized real estate investments in Nigeria with a view to providing information to aid real estate investors in making informed investment decisions. The time frame for the study covers between 2007 and 2016. All the securitized real estate investments including both REITs and non REITs were used in the study. The population for the study comprised of all securitized real estate companies in Nigeria namely Skye Shelter Fund REITs, Union Home REITs, UPDC REITs and UACN properties. Data for the study were collected from the databases of the securitized real estate companies covering the study period. The data collected comprised of share prices and dividends of the respective companies as well as inflation rates obtained from the Nigerian Bureau of Statistics (NBS). The data were analyzed by means of both descriptive statistical tools such as frequencies, mean scores and percentages; and inferential statistical tools such as correlation and regression models. The study revealed that the inflation-hedging performance of securitized real estate in Nigeria provided a partial hedge against inflation (with beta 0.071). It was recommended that real estate investors consider including REITs in their investment portfolios to so as to protect their investment funds from erosion by inflation.","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":"122149946","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}