The organization of construction research in British universities

The paper provides details of the size and scope of construction research carried out in a number of architecture, civil engineering and building related departments in British universities. After considering the level of funding, the type of research projects undertaken and the resulting outputs, especially how these benefit industry, the paper focuses on the careers of academics and researchers and the way in which research is organized at university, departmental and team levels. Finally, the paper suggests that whilst the construction research community in universities has many strengths, there is a danger that in responding to recent opportunities it may overreach itself. The end result may be disappointing for all parties involved. Some of the factors which would contribute to an effective approach to the development of links between universities and industry are discussed.

The growth of private property vehicles in the UK: causes and conditions

The UK private indirect real estate market has seen a rapid growth in the last seven years. The gross asset value (GAV) of the private property vehicle (PPV) market has about tripled from a GAV of £22.6bn in 1998 to a GAV of £67.1 billion at the end of 2005 (OPC, 2006). Although this trend of growing syndication of real estate is not only a UK phenomenon, the rate of growth has been significantly faster in the UK. For example the German open-ended funds have grown over the same period from €50.4bn to €85.1bn (BVI, 2006). In the US the market capitalization of equity real estate investment trusts (REIT) has grown 155% since 1999 to US$ 301bn (NAREIT, 2006). Each jurisdiction is offering different formats to invest indirectly into real estate but at the core all these vehicles are the same in that they provide a different route for investors to access real estate. In the UK, although the range of ‘products’ is now quite diverse, all structures have in common the ‘wrapping’ of property assets into a multi-investor vehicle. This paper examines the nature, pattern and process of market growth in PPVs and constructs a series of associations between causes and effects to explain this market shift.