{"title":"It's about time","authors":"Larry E. Wofford","doi":"10.1108/jpif-06-2020-0064","DOIUrl":"https://doi.org/10.1108/jpif-06-2020-0064","url":null,"abstract":"PurposeTime is a critical element of commercial real estate (CRE) and has received only cursory attention. This paper identifies and describes the interactions between time, change and CRE. It leads to important implications and possible changes in professional practice, teaching and research.Design/methodology/approachThe research design involves identifying and synthesising research in a disparate discipline into a coherent portrayal of time, change and CRE. Using the CRE environment as a foundation, a more comprehensive, multi-disciplinary approach is developed to highlight the temporal issues within CRE.FindingsThe extreme levels of complexity, dynamism and uncertainty characterising current CRE environments affect the interaction of time, change and CRE. In response, CRE has become increasingly specialised in property types and time segments. The paper identifies four issues for CRE: the role of CRE as an integrator of different layers of civilisation with different clock speeds, the need for a temporal mindset recognising finite and infinite games, the need for temporal ambidexterity and the use of strategic foresight and scenarios. The very definition of CRE as an industry is questioned.Research limitations/implicationsNeed for essential empirical work as well as additional work for implications.Practical implicationsCRE faces disruption from many sources, and this paper considers how to incorporate time and change into analysis of the CRE market environment. It identifies specific ways CRE can understand and avoid disruption. Further, areas of teaching and research are highlighted.Social implicationsReal estate assets are substantial, long-lived assets with important consequences for society. This paper advances the analysis of such assets.Originality/valueAreas of concentration in CRE and academia needing attention are identified. The areas have generally not been considered prior to this paper.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-06-2020-0064","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"62153115","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":"Capital flows and office markets in major global cities","authors":"Olawumi Fadeyi, S. McGreal, M. McCord, J. Berry","doi":"10.1108/jpif-02-2020-0023","DOIUrl":"https://doi.org/10.1108/jpif-02-2020-0023","url":null,"abstract":"PurposeOffice markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the post-global financial crisis (GFC) landscape. Importantly, the volume and types of international capital flows have witnessed more foreign actors and vehicles entering into the investment landscape with the concentration of investment intensifying within key financial centres. This paper examines the interaction of international real estate capital flows in the London, New York and Tokyo office markets between 2007 and 2017.Design/methodology/approachUsing Real Capital Analytics (RCA) data comprising over 5,700 office property transactions equating to $563bn between 2007 and 2017, the direct global capital flows into the London, New York and Tokyo office markets are assessed using an autoregressive distributed lag (ARDL) approach. Further, Granger causality tests are examined to analyse the short-run interaction of international real estate capital flows into these three major office markets.FindingsBy assessing the relativity of internal to external investments in these three central business district (CBD) office markets, differences in market dynamics are highlighted. The London office market is shown to be highly dependent on international flows and the USA, the foremost source of cross-border investment on the global stage. The cointegration and causality analysis indicate that cross-border real estate investment flows in these markets (and financial centres) show both long- and short-run relationships and suggest that the London office market remains more distinct and the most reliant on international capital flows with a wider geographical spread of investment activities and investor types. In the case of New York and Tokyo, these markets appear to be driven by more domestic investment activity and capital seemingly due to subtle factors pertaining to investor home bias, risk aversion and diversification strategies between the markets in the aftermath of the GFC.Originality/valueGiven the importance of the CBD offices in London, New York and Tokyo as an asset class for institutional investors, this paper provides some insights as to their level of connection and the interaction of the international capital flows into these three major cities.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-02-2020-0023","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44455460","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 foreign and domestic non-listed real estate fund flows in India","authors":"A. Gupta, G. Newell, D. Bajaj, S. Mandal","doi":"10.1108/jpif-08-2019-0107","DOIUrl":"https://doi.org/10.1108/jpif-08-2019-0107","url":null,"abstract":"Purpose - Real estate forms an important part of any economy and the investment in real estate, in turn, is impacted by the macroeconomic environment of that country. The purpose of the present research is to examine macroeconomic determinants of foreign and domestic non-listed real estate fund (NREF) flows and to examine whether they are similar or different for an emerging economy like India. Design/methodology/approach - The long and short-run cointegration between the time-series variables is estimated using the autoregressive distributed lag (ARDL) bounds test and error correction model (ECM) using quarterly data across the 2005–2017 period. ARDL is a suitable method for short time-series data. Findings - The empirical results indicate that domestic NREF flows are positively and significantly impacted by real GDP and performance of listed real estate stocks (i.e. BSE realty index). Whereas, foreign NREF flows are positively and significantly impacted by the exchange rate, performance of listed real estate stocks and domestic NREF flows. Practical implications - The empirical results have significant implications for academicians, policy makers and real estate market practitioners. In the context of these results, some interesting insights are gained that would help in the implementation of the policies aimed toward increasing the fund flows in the real estate sector, which in turn would have a significant trickle-down effect on the Indian economy. Originality/value - The existing literature looks at macroeconomic and other drivers of foreign investment in international real estate investments. However, there are very few studies on the determinants of domestic real estate investment flows and on determinants of NREFs' investment flows; particularly in emerging markets. The present study, in contrast, evaluates simultaneously the macroeconomic determinants of the domestic and foreign NREFs' investment flows in India. The ARDL and ECM method used has been applied for the first time to the study of NREFs.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-08-2019-0107","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42262648","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":"Maestros and mythologies: some lockdown reflections","authors":"C. Lizieri","doi":"10.1108/jpif-06-2020-0070","DOIUrl":"https://doi.org/10.1108/jpif-06-2020-0070","url":null,"abstract":"PurposeThe paper reflects upon the tendency of participants in the commercial real estate markets to give excess status to individuals in decision-making and to hold beliefs that are at best weakly supported empirically Design/methodology/approachThe paper is reflexive in nature, using experiential reflection to consider institutional processes in the real estate market It is important to use “methodology” correctly and not as a synonym of “method” FindingsUsing reflexive mode, the paper does not have “findings” as such: if the views expressed are accepted, then a research agenda to understand decision-making processes is implied Research limitations/implicationsThe nature of reflection is that it follows from the writer's experiential processes and interpretations The reader may come from a different stance Broadly accepting the propositions points to the need for a contextual analysis of decision-making processes in private real estate and consideration of the implications of privileging individual idiosyncratic decisions over analytic procedures Practical implicationsPrior research has demonstrated the lack of a back-testing culture in real estate that would allow empirical analysis of the consequences of “gut feel” decisions overriding modelled analysis;further, entrenched beliefs about the drivers of market performance might result in misallocation of resources Social implicationsResource allocation in commercial real estate has important consequences for land use and urban and regional development Originality/valueThe paper reflects the views and experience of the author based on over 30 years of research into commercial real estate","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-06-2020-0070","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49435375","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":"Artificial intelligence and real estate - not just an evolution, a real game changer!","authors":"Marcelo Cajias","doi":"10.1108/jpif-06-2020-0063","DOIUrl":"https://doi.org/10.1108/jpif-06-2020-0063","url":null,"abstract":"PurposeDigitalisation and AI are the most intensively discussed topics in the real estate industry. The subject aims at increasing the efficiency of existing processes and the institutional side of the industry is really interested. And in some ways, this is a breakthrough. This article elaborates on the current status quo and future path of the industry.Design/methodology/approachThe real estate industry is evolving, and parts of the business are increasingly being conquered by “proptechs” and “fintechs”. They have come into real estate to stay not because they discovered inefficiencies in the way one manages and does business with real estate, but because they come with an arsenal of new technologies that can change the whole game. The article discusses a path for changing the game in real estate.Findings“location, location, location” has now evolved to “data, data, data”. However, there is one essential aspect that must be considered before the latter can become the real value creator: the ability of market players to analyse data. And this does not mean being an excellent Excel user. The near future sees a solution called Explainable Artificial Intelligence (XAI) meaning that the econometric world constructed decades ago has an expiry date.Originality/valueOne needs to delete two myths from their mind: data quantity is proportional to accurate insights and that bringing your data to a cloud will deliver you with all the insights your business needs almost immediately.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-06-2020-0063","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41874105","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":"How resilient are REITs to a pandemic? The COVID-19 effect","authors":"O. Akinsomi","doi":"10.1108/jpif-06-2020-0065","DOIUrl":"https://doi.org/10.1108/jpif-06-2020-0065","url":null,"abstract":"PurposeReal estate investment trusts (REITs) are historically considered as attractive assets to investors particularly as the underlying assets are properties which are income-producing REITs also distribute substantial amount of profits as dividends to shareholders Stephen and Simon (2005) find that REITs in a mixed asset portfolio of stocks and bonds enhance returns and reduce risk This paper examines the role a pandemic (COVID-19) plays in the performance of global REITs index and REIT sectors Design/methodology/approachTo examine the effects of COVID-19 on REITs, the year-to-date (YTD) returns of global returns index and REITs sectors in the United States are observed and a comparative analysis is employed from January 2020 to May 2020 FindingsBased on a three-month return ending 22 May 2020, FTSE EPRA NAREIT index is the biggest loser at −31 83% whilst the FTSE EPRA Asia–Pacific index has the lowest loss at −23 20% The author examines YTD returns which show disparities on the effect of COVID-19 on REIT sectors The US market is examined;most REIT sectors suffered big losses as at April 2020;the analysis reveals YTD returns for the top three REIT sector losers are lodging/resort REITs (−45 81%), retail REITs (−41 16%) and office REITs (−22 63%) Data centre REITs are the only sector REITs with positive returns at 17 66% Practical implicationsMost sector REITs during the pandemic have lost considerable value based on YTD returns as at May 2020 Flight to quality is expected during this uncertain period to REITs such as data REITs, grocery-anchored REITs and storage REITs These REITs are not as adversely affected by COVID-19 in comparison to other REITs Originality/valueThis paper identified the impact of COVID-19 on the performance of global REITs and US sector REITs during the periods from January 2020 to May 2020","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-06-2020-0065","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46322102","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":"Property futures—the art and science of strategic foresight","authors":"J. Ratcliffe","doi":"10.1108/jpif-05-2020-0056","DOIUrl":"https://doi.org/10.1108/jpif-05-2020-0056","url":null,"abstract":"Purpose - The study aims to discuss the role of strategic foresight in determining and mapping possible property futures. In particular, the briefing will explore the importance of determining alternative futures and creating scenarios to help determine a flexible and adaptable strategy. Design/methodology/approach - This education briefing is an overview of property futures and strategic foresight. Findings - This is an education briefing of existing knowledge. Practical implications - Strategic foresight provides a framework and structure by identifying a focal point that looks at alternative futures and a preferred future that feed into the implementation of a strategic plan. Originality/value - This is a review of existing models.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-05-2020-0056","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49571742","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":"Editorial","authors":"Elaine Worzala, Larry E. Wofford, D. Wyman","doi":"10.1108/jpif-07-2020-167","DOIUrl":"https://doi.org/10.1108/jpif-07-2020-167","url":null,"abstract":"","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-07-2020-167","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48097613","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":"R.E. property meets technology: cross-country comparison and general framework","authors":"C. Tagliaro, S. Bellintani, G. Ciaramella","doi":"10.1108/jpif-09-2019-0126","DOIUrl":"https://doi.org/10.1108/jpif-09-2019-0126","url":null,"abstract":"PurposeDue to the young age of proptech, little is known about the dynamics of its expansion. In particular, there is limited agreement about a definition of “proptech,” while different categorizations are popping up. A severe lack of information emerges for the proptech scenario in Italy. The goal of this paper is to systematize multiple proptech maps in the attempt to create a framework for comparison of country-specific trends and an overarching definition of proptech. The research examines the evolutionary stage of the Italian digital real estate sector and compares it to the international context.Design/methodology/approachAn in-depth analysis of 12 proptech maps at both national and international level was conducted based on online research. A list of Italian proptech companies was composed through multiple methods. A map was built for a cross-country comparison.FindingsEach country or organization tends to develop its own categorization. This creates a multifaceted context where comparison and analysis are challenging. The Italian proptech sector seems underdeveloped compared to neighboring countries. Big room for improving the proptech business in this country still exists.Practical implicationsThe results are valuable for proptech start-ups, business investors and well-established real estate actors to build on new entrepreneurial initiatives. The opportunity to advance proptech mapping and categorization emerges as a prospect for future research.Originality/valueThis research adds an overview of cross-country proptech categories and proposes the first analysis of Italian proptech. This will contribute to support entrepreneurial opportunities.","PeriodicalId":46429,"journal":{"name":"Journal of Property Investment & Finance","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2020-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/jpif-09-2019-0126","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41601384","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}
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