26th Annual European Real Estate Society Conference最新文献

{"title":"Redefining Net Operating Income in a shared economy environment","authors":"Sviatlana Engerstam, H. Muyingo","doi":"10.15396/eres2019_358","DOIUrl":"https://doi.org/10.15396/eres2019_358","url":null,"abstract":"Shared economy brings new challenges to business model development on the commercial property market. This implies that property owners and operators are continuously developing new forms of rental contracts and new ways of managing investment properties. There is a growing need for a closer understanding of the challenges this entails in the valuation of such properties. Traditional models of valuation based on long-term contracts or flexible leases need modification to cater for the dynamic changes witnessed in the operation and management of investment properties. This study provides an analysis of existing forms of rental contracts and rental strategies for the properties that operate in a shared economy environment like co-working spaces and a discussion of the major components of revenue and cost for such properties as well as the value generating process. The purpose of the study is to redefine different concepts used in property valuation in relation to risk and value with the aim of providing a more reliable way of property valuation that takes into account the aspects of a shared economy. The qualitative study that is primarily based on interviews with property owners and operators indicates a need to revise the definition of net operating income used for valuation of the properties operated in a shared economy environment.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"4 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":"123889600","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":"Facility preferences for senior housing among lifestyle segments in Taiwan","authors":"T. Chang, L. Ruddock, N. Sulaiman","doi":"10.15396/eres2019_81","DOIUrl":"https://doi.org/10.15396/eres2019_81","url":null,"abstract":"Taiwan’s governments used to motivate supplies to fit the expected increasing demands for senior housing, since the elders’ share of population was 7% in 1993. However, the vacant rate was still high in budget senior housing whereas the demand for high-price dwelling has been fulfilled by private sectors during these two decades. It indicates that market segmentation is necessary, based on the heterogeneity among elders. In this study, lifestyle characteristics are introduced as a basis for segmentation in senior housing market. And I intend to figure out product combination for targeted elderly segment as well. Factor analysis and cluster analysis were employed to illustrate lifestyle and demographic characteristics of elders in each segment. And ANOVA tests were performed to reveal the differential preferences for housing facilities and services among elderly segments. The results show significant diversified preferences among elders, and suggest closer consideration of elders’ lifestyles when creating and promoting senior housing services.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"2 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":"125194922","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":"REITs, Underlying Property Markets and Liquidity: A Firm Level Analysis","authors":"David H. Downs, B. Zhu, C. Sirmans","doi":"10.15396/eres2019_239","DOIUrl":"https://doi.org/10.15396/eres2019_239","url":null,"abstract":"This paper examines the impact of underlying property market liquidity on the liquidity of publicly traded REIT shares. Our analysis measures firm-level exposure to local, direct real estate market liquidity using the property allocation of each REIT. The findings show that property market liquidity can causally influence the liquidity of real estate securities. This is especially true during the crisis period, which confirms with the notion that illiquidity is transmitted from direct to indirect property markets. The results also reveal that the liquidity of a firm’s assets can affect the liquidity of financial claims on the assets. The corporate investment decision, including the selection of a geographic market, can affect stock liquidity. Furthermore, we find that the sensitivity to underlying asset liquidity changes with the firm’s credit constraint and investment opportunities. Small REITs, REITs with a lower cash interest coverage ratio, and REITs with a higher book-to-market ratio might choose to invest in more liquid property markets to improve their stock liquidity. Finally, we find that underlying asset liquidity is associated with REIT values.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"481 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":"129853514","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":"“Scan to BIM”-technologies for the management of pre-existing buil-dings and portfolios – is there an added value for real estate owners?","authors":"M. Nadler, C. Ebbing, Agnes Kelm, Matthias Kaufhold, Nahid Khorrami, Jessica Heilemann","doi":"10.15396/eres2019_223","DOIUrl":"https://doi.org/10.15396/eres2019_223","url":null,"abstract":"Scholarly debates as well as real estate industry surveys show that geometric building data (area sizes such as building floor areas) in particular are of great importance to many decision-makers. Taking a look at the building life cycle it becomes clear that building data is used in different process stages and management tasks e.g. cost calculation, technical planning, project controlling, marketing, contracting, valuation, facility management as well as financing. For this purposes, what real estate management need is a connected single data base, where visual and alphanumeric information is linked and data adapted dynamically. While this database can be created from scratch in the classical (new) real estate development process by implementing “Building Information Modelling” (BIM), existing literature reveals the problematic situation in the redevelopment process of pre-existing buildings. Here, developers and investors often find incomplete, decentralised, outdated and inconsistent building information that is rarely digitized and therefore not comparable to the standards of new developed properties. This creates not only an information risk, it ends in a very time consuming and error-prone building analysis and due diligence processes (done by hand). While the impact of incorrect building data on a single property may be small; as bigger the management tasks become, the greater impact a reliable digital database could have. Since the necessity of property redevelopments in existing buildings rises because of competitive pressure in urban environments, this problem is getting more and more important for real estate owners.New technologies have the potential to overcome these problems. Building data capturing with 3D-laser-scanning, mobile mapping systems, or 360-camera systems as well as BIM-enabled software systems are possible instruments for the real estate industry to improve the pre-existing building data base for all future lifecycle phases of existing buildings. However, these tools are currently very rarely used by actors in the real estate sector, which is why there is neither widespread dissemination nor research on the added value of such new digital solutions compared to analogue 2D building information (for example paper lists and separate plans).In order to close this research gap, the current state of research (literature review) is reflected and an indicator-based classification system for existing real estate buildings (similar to an ABC analysis) in relevance to suspected information risks will be presented. This first steps help to select properties from an existing real estate portfolio. Case studies are used to compare pre-existing databases and new 3D-modelling solutions (based on a “Scan to BIM” workflow). This allows first conclusions regarding the added values of these technologies in the management process of existing buildings for real estate investors, developers and asset manager.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"11 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":"129336678","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 activities and skills","authors":"L. Julies, H.A.J.A. Appel-Meulenbroek, A. Kemperman, T. Arentze","doi":"10.15396/eres2019_93","DOIUrl":"https://doi.org/10.15396/eres2019_93","url":null,"abstract":"Corporate Real Estate Management (CREM) has evolved since Joroff developed his seminal framework of CREM evolution in the 1990s. According to this evolution, each stage forward adds additional activities to the job of a CREM department in their search for added strategic value and alignment. Along the five stages CREM departments move from a more operational towards a more strategic role. More recent research has shown that not all CRE departments have reached the highest step on the evolutionary ladder (the Business strategist stage). It remains unclear whether they might not want to do so or just lack the skills to perform the necessary activities.The aim of this study was therefore to identify the necessary skills for important CREM activities for each evolutionary stage. Data was collected through a survey among 53 members of the Dutch network of CRE executives (CREME). Findings show that strategic CREM departments are more inclined to pursue employee satisfaction and –productivity, increasing innovation and promoting marketing & sales, while their operational counterpart aim more often at cost reduction, asset value, increasing flexibility and sustainability. Regarding important CREM activities, strategic CREM executives state portfolio management, strategic planning, contract and property management as most important, while their operational counterparts are focused more on administrative/financial management, acquisition & disposition and performance measurement. When identifying specific skills for their activities, again strategic CREM executives choose different skills than their operational counterparts for each activity.The results of this research are useful for CREM in practice, but also for improving the content of real estate courses at universities and in practice. Future studies could identify time spend on activities and how skills improve actual performance of CREM departments.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"61 29","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120888861","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":"Private Credit and Housing Prices in the European Union Perspective","authors":"S. Akçay","doi":"10.15396/eres2019_275","DOIUrl":"https://doi.org/10.15396/eres2019_275","url":null,"abstract":"The interaction between credit supply and housing prices can have an important effect on the economy because developments in either the housing markets or the mortgage markets can influence the whole financial sector or even the economy. In fact, the US subprime mortgage crisis which started in the second half of 2007 confirmed the importance of the interaction between both markets. Although there are numerous studies on the interaction between credit and housing prices at a country level, there are few cross-country studies. the first aim of the study is to examine the dynamic relationship between private credit and housing prices at both cross- country and country level in the EU. Secondly, the effect of the different monetary strategy within the EU on this relationhip will be investigated. Thirdly, the direction and size of this interaction will be explored by considering the different sub-samples as well as some individual countries in the EU. For this purpose, two methods are used: the vector autoregressive (VAR) model and the simultaneous equations model. The latter is applied for robustness check. The findings of the study show that the direction and size of this interaction change among the sub-groups of the EU. This is the same for the individual countries in the Eurozone.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"27 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":"121216787","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":"Volatility Spillovers and Regional Office Market Connectedness in the UK","authors":"M. White, Qiulin Ke","doi":"10.15396/eres2019_289","DOIUrl":"https://doi.org/10.15396/eres2019_289","url":null,"abstract":"Economic integration and regional connectedness within countries may imply limited opportunities for investment portfolio diversification. Previous research on UK office markets has identified similarities between regions in relation the sensitivity of rent to demand and supply side factors (Hendershott et al., 2002). Furthermore, Attanasio et al., (2009) note that there may be some form of common causality that links regions therefore leading to significant correlations. However, regions vary in value added and as indicated by Stevenson et al., (2014), the performance of real estate assets is driven by economic fundamentals more so than in the case of capital markets. While international investment may deliver portfolio diversification, the fact that real estate investment is highly concentrated in a small number of key cities whose economies are often underpinned by the financial sector, may result in renewed interest in, and a re-examination of, investment opportunities in regions within a given country.Therefore, in this paper we examine office markets in the six main regional cities in the UK, after London. First, we provide evidence of the extent to which regional real estate markets and economies are correlated. Second, we adopt a generalised vector autoregressive approach to capture return and volatility spillovers. Third, following the research developed by Diebold and Yilmaz (2009) we employ variance decomposition analysis to find the share of each city’s own variance to itself and to other cities. Finally, we whether relationships are stable or time varying and therefore the extent to which diversification benefits may still exist.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"51 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":"122234626","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 residence requirements on housing prices","authors":"Theis Theisen, J. Dahl","doi":"10.15396/eres2019_187","DOIUrl":"https://doi.org/10.15396/eres2019_187","url":null,"abstract":"In typical vacation regions, people from other parts of the country, or from other countries, may often want to buy properties for the use as vacation homes. This may easily drive up property prices. Moreover, if houses built for permanent residence are converted into vacation homes, these houses will be in use only a few weeks of the year. Many of those who have their permanent residence in areas where houses are being bought for vacation use may want to keep house prices low, and houses used for permanent residence. Since 1974 Norwegian municipalities have had the option to introduce residence requirements. Such requirements implying that a house which initially is approved for the use as a permanent dwelling cannot legally be used only as a vacation home. Hence, the person buying such a house must sign a contract that the house will be used for permanent residence. Residence requirements have been a heavily discussed topic all the time since they were introduced, but little research on how such requirements work have been carried out. In the present paper we focus on how residence requirements impact house prices. We first discuss this issue within a theoretical model, and subsequently carry out an empirical investigation. The empirical analysis is based on data on house transactions over a 7-year period from four municipalities on the South-Eastern coast of Norway. The results show that house prices along the coast increased significantly when residence requirements are abolished, but that there was no impact on house prices far from the coast.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"5 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":"126629494","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":"On the dynamic interactions between sector-level REITs, their direct real estate counterparts and the stock market in Japan","authors":"M. Razak, D. Damianov","doi":"10.15396/eres2019_119","DOIUrl":"https://doi.org/10.15396/eres2019_119","url":null,"abstract":"Despite their short history of existence, Japanese REITs (J-REITs) play an increasingly important role as a vehicle for property investment. In this paper we examine the long-run relationship and short-run dynamics between REITs, direct real estate assets, and the stock market in Japan. Using a vector error correction model, we explore whether J-REITs behave like direct real estate assets or like common stocks. Our study is based on general and sector specific appraisal-based monthly real estate indices covering the retail, office, residential and hotel sectors. Cointegration as well as exclusion, and weak exogeneity tests indicate that in the long run J-REITs are good substitutes for direct real estate assets but not for stocks. That is, they are a liquid alternative to unsecuritised real estate which offers diversification benefits to long-horizon investment in the Japanese stock market. These findings are robust and hold across all real estate sectors. Analysis of forecast error variance decompositions and impulse responses shows that shocks to the J-REITs market have a substantial impact on the direct real estate market and the stock market. In contrast, shocks these two markets contribute substantially less of the forecast error variance of J-REITs. Further, Granger causality tests reveal a unidirectional causal relationship from J-REITs to the other asset classes providing evidence that information aggregation and price discovery occurs predominantly in the J-REITs market.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"382 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":"126729066","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":"Backtesting Value-at-Risk and expected shortfall: an empirical comparison using non-parametric and parametric models","authors":"Mo Zheng, Han-Suck Song, F. Armerin","doi":"10.15396/eres2019_366","DOIUrl":"https://doi.org/10.15396/eres2019_366","url":null,"abstract":"The Swedish real estate sector index services as a guideline and general indicator of the performance of the real estate industry, events such global financial crisis, the European debt crisis cause unprecedentedly high uncertainty and volatility. There is a need to understand and search for an appropriate method to deal with Value-at-risk and expected shortfall which comprehensively covers unconditional and conditional risk models with various estimation window and significance level. In this paper, we apply nonparametric, parametric and semiparametric methods such as historical simulation and filtered historical simulation; RiskMetrics; GARCH-type models and GARCH together with extreme value theory. The result is still in process, the draft paper will be submitted within the deadline.","PeriodicalId":152375,"journal":{"name":"26th Annual European Real Estate Society Conference","volume":"11 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":"126402691","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}