Why do research on commercial property management? Somebody HAS to!

This paper identifies some significant gaps in our knowledge of the configuration and performance of the property asset management sector. It is argued that, as many leading academic property researchers have focussed on financial vehicles and modelling, in-depth analysis of property assets and their management has been neglected. In terms of potential for future in-depth research, three key broad preliminary research themes or questions are identified. First, how do the active management opportunities presented, costs of management and the key management tasks vary with market conditions, asset type and life-cycle stage? Second, how is property asset management delivered and what are the main costs and benefits of different models of procurement? Finally, what are the appropriate metrics for measuring the performance of different property managers and approaches to property management? It is concluded that the lack of published materials addressing these issues has implications for educating property students.

Business parks and town centre workplaces in England: a comparative analysis of commuting-related energy consumption

To fully appreciate the environmental impact of a workplace the transport-related carbon dioxide (CO2) emissions resulting from its location should be considered in addition to the emissions that result from the occupation of the building itself. Since the first one was built in the early 1980s, business parks have become a significant workplace location for service-sector workers; a sector of the economy that grew rapidly at that time as the UK manufacturing output declined and the employment base shifted to retail services and de-regulated financial services. This paper examines the transport-related CO2 emissions associated with these workplace locations in comparison to town and city centre locations. Using 2001 Census Special Workplace Statistics which record people���s residence, usual workplace and mode of transport between them, distance travelled and mode of travel were calculated for a sample of city centre and out-of-town office locations. The results reveal the extent of the difference between transport-related CO2 emitted by commuters to out-of-town and city centre locations. The implications that these findings have for monitoring the environmental performance of workplaces are discussed.

The sky is the limit? The determinants and constraints of European airports' commercial revenues

This study investigates the determinants of commercial and retail airport revenues as well as revenues from real estate operations. Cross-sectional OLS, 2SLS and robust regression models of European airports identify a number of significant drivers of airport revenues. Aviation revenues per passenger are mainly determined by the national income per capita in which the airport is located, the percentage of leisure travelers and the size of the airport proxied by total aviation revenues. Main drivers of commercial revenues per passenger include the total number of passengers passing through the airport, the ratio of commercial to total revenues, the national income, the share of domestic and leisure travelers and the total number of flights. These results are in line with previous findings of a negative influence of business travelers on commercial revenues per passenger. We also find that a high amount of retail space per passenger is generally associated with lower commercial revenues per square meter confirming decreasing marginal revenue effects. Real estate revenues per passenger are positively associated with national income per capita at airport location, share of intra-EU passengers and percent delayed flights. Overall, aviation and non-aviation revenues appear to be strongly interlinked, underlining the potential for a comprehensive airport management strategy above and beyond mere cost minimization of the aviation sector.

Property company performance and real interest rates: a regime-switching approach

Linear models of property market performance may be misspecified if there exist distinct states where the market drivers behave in different ways. This paper examines the applicability of non-linear regime-based models. A Self Exciting Threshold Autoregressive (SETAR) model is applied to property company share data, using the real rate of interest to define regimes. Distinct regimes appear exhibiting markedly different market behaviour. The model both casts doubt on the specification of conventional linear models and offers the possibility of developing effective trading rules for real estate equities.

Service oriented approach to facility management using extended building information modelling

Facility management (FM), from a service oriented approach, addresses the functions and requirements of different services such as energy management, space planning and security service. Different service requires different information to meet the needs arising from the service. Object-based Building Information Modelling (BIM) is limited to support FM services; though this technology is able to generate 3D models that semantically represent facility���s information dynamically over the lifecycle of a building. This paper presents a semiotics-inspired framework to extend BIM from a service-oriented perspective. The extended BIM, which specifies FM services and required information, will be able to express building service information in the right format for the right purposes. The service oriented approach concerns pragmatic aspect of building���s information beyond semantic level. The pragmatics defines and provides context for utilisation of building���s information. Semiotics theory adopted in this paper is to address pragmatic issues of utilisation of BIM for FM services.

Determinants of satisfaction amongst tenants of UK Offices

Purpose ��� Corporate Occupiers require offices and services which meet their business needs, whilst landlords must attract and retain occupiers in order to maximise occupancy and rental income. The purpose of this research is to help landlords and corporate occupiers understand each other better, in order to achieve a mutually beneficial relationship. Design/methodology/approach - This paper analyses interviews with 1334 office tenants in the UK, conducted over an 11-year period, to investigate determinants of occupier satisfaction, loyalty and advocacy. Structural equation modelling and regressions are performed using respondents��� ratings of satisfaction with many aspects of occupancy as explanatory variables. The dependent variables include satisfaction with property management, value for money, overall occupier satisfaction, lease renewal intentions and occupiers��� willingness to recommend their landlord. Findings - The aspects with most impact on occupiers��� satisfaction are the office building itself, its location and amenities, and also communication with their property manager, a belief that their business needs are understood and the property manager���s responsiveness to occupiers��� requests. Occupiers��� loyalty depends mainly upon feeling that their rent and service charges provide value for money, an amicable leasing process, the professionalism of their property manager and the Corporate Social Responsibility of the Landlord. ���Empathy��� is crucial to occupiers��� willingness to recommend their landlord, and clear documentation and efficient legal process improve occupiers��� perception of receiving ���Value for Money���. Research Limitations - The sample is skewed towards occupiers of prime office buildings in the UK, owned by landlords who care sufficiently about their tenants to commission studies into occupier satisfaction. Practical implications - This research should help to improve the landlord ��� tenant relationship, benefitting the businesses that rent property and helping building managers understand where to focus their efforts to achieve maximum effect on occupier satisfaction, loyalty and advocacy. Originality/value - There has been little academic research into the determinants of satisfaction of occupiers of UK commercial property. This large-scale study enables the most influential factors to be identified and prioritised.

Os fatores de influ��ncia na decis��o de escolha entre softwares de business intelligence

O cen��rio empresarial atual leva as empresas a terem atua����es cada vez mais din��micas, buscando utilizar as informa����es dispon��veis de modo a melhorar seu processo de decis��o. Com esse objetivo, diversas organiza����es t��m adquirido sistemas de business intelligence. O processo de sele����o de sistemas �� dif��cil, diferente do utilizado em outras aquisi����es empresariais e sofre influ��ncia de diversos aspectos intang��veis, o que impossibilita o uso das t��cnicas de an��lise financeira normalmente utilizadas pelas companhias para apoiar decis��es de investimento. Dessa forma, pode-se dizer que a decis��o de escolha de um software de business intelligence �� baseada em um conjunto de fatores tanto tang��veis quanto intang��veis. Este trabalho teve como objetivo principal identificar e estabelecer um ranking dos principais fatores que influenciam a decis��o de escolha entre sistemas de business intelligence, tendo como foco empresas do setor de incorpora����o imobili��ria atuantes na grande S��o Paulo e como objetivo secund��rio procurar identificar a poss��vel exist��ncia de aspectos determinantes para a decis��o de escolha entre a lista de fatores apurados. Essa pesquisa foi realizada atrav��s de doze entrevistas com pessoas que participaram de processos de decis��o de escolha de sistemas de business intelligence, sendo algumas da ��rea de TI e outras de ��rea de neg��cio, atuantes em sete empresas incorporadoras da grande S��o Paulo. Essa avalia����o teve como resultado a identifica����o dos fatores mais importantes e a sua classifica����o hier��rquica, possibilitando a apura����o de um ranking composto pelos catorze fatores mais influentes na decis��o de escolha e statisticamente v��lido segundo o coeficiente de concord��ncia de Kendall. Desse total, apenas tr��s puderam ser classificados como determinantes ou n��o determinantes; o restante n��o apresentou padr��es de resposta estatisticamente v��lidos para permitir conclus��es sobre esse aspecto. Por fim, ap��s a an��lise dos processos de sele����o utilizados pelas sete empresas dessa pesquisa, foram observadas duas fases, as quais sofrem influ��ncia de distintos fatores. Posteriormente, estudando-se essas fases em conjunto com os fatores identificados no ranking, p��de-se propor um processo de sele����o visando uma poss��vel redu����o de tempo e custo para a realiza����o dessa atividade. A contribui����o te��rica deste trabalho est�� no fato de complementar as pesquisas que identificam os fatores de influ��ncia no processo de decis��o de escolha de sistemas, mais especificamente de business intelligence, ao estabelecer um ranking de import��ncia para os itens identificados e tamb��m o relacionamento de fatores de import��ncia a fases espec��ficas do processo de sele����o identificadas neste trabalho.

A utiliza����o dos fundos de investimento imobili��rios como ve��culos na gest��o de ativos das empresas

No Brasil, historicamente, as companhias sempre detiveram ativos imobili��rios (sede social, plantas fabris, galp��es, etc.), influenciadas pela instabilidade macroecon��mica, o que acarretava a dificuldade em estimar o pre��o do dinheiro. Com o controle inflacion��rio, foi poss��vel expandir formas de financiamento de longo prazo, permitindo que as empresas passassem a realizar a aloca����o de recursos financeiros com mais efici��ncia, direcionando-os para as suas atividades principais. Assim, a discuss��o sobre a propriedade imobili��ria pelas empresas �� recente. E, h�� menos tempo ainda �� que foram elaboradas novas alternativas, como os fundos de investimento imobili��rio que tornaram-se mais representativos nos ��ltimos tr��s anos. Este trabalho visa analisar sobre as raz��es que permitem aos fundos de investimento imobili��rio serem propostos como uma op����o para as empresas realizarem a gest��o de seus ativos imobili��rios, quando estas buscarem n��o imobilizar recursos, mas sim, a loca����o do im��vel. Para alcan��ar este objetivo, o trabalho far�� uma abordagem qualitativa, apresentando as caracter��sticas operacionais e tribut��rias dos fundos imobili��rios e dois estudos de casos de empresas que promoveram a desmobiliza����o de ativos por meio de fundos imobili��rios. O primeiro caso �� a venda de um centro de distribui����o do Magazine Luiza, uma das maiores redes varejistas no Brasil, para o fundo Kinea Renda Imobili��ria. O segundo exemplo �� o processo de desmobiliza����o do Banco do Brasil e o desenvolvimento do fundo BB Progressivo II. Ser�� verificado que os objetivos das empresas foram alcan��ados nos dois casos e que, de fato, os fundos imobili��rios podem ser considerados como uma alternativa. Entretanto, n��o �� poss��vel a conclus��o de que ele produza os melhores resultados e que exista alguma atividade empresarial que tenha maior propens��o a sua utiliza����o. A pesquisa aborda os fundos de investimento imobili��rio com o foco no locat��rio e possibilita que sejam aprimorados estudos quantitativos, identificando rea����es do mercado brasileiro ao aumento na quantidade de opera����es, e outras pesquisas qualitativas que envolvam novas estruturas de financiamento.

Brazil's emergence at the regional export leader in services: a case specialization in business services

Includes Bibliography

Charles Lonergan Cobb Papers - Accession 11

The Charles Lonergan Cobb Papers consists mainly of correspondence but also includes photographs, biographical material, magazine and newspaper clippings, all relating to Cobb's career as a banker at People's National Bank( 1905-1949); and the People's National Bank and Trust Company(1949-1953) in Rock Hill, SC as well as his association with Winthrop College as a Board of Trustees' member(1938-1953). Subjects include, railroad cotton shipping service to South Carolina mill towns, crop loans in the early 1920s, location of the Celanese Chemical Plant in Rock Hill, the Winthrop College Board of Trustees, and a1946 article about Cobb that appeared in the Saturday Evening Post.

El uso del espacio p��blico y la apropiaci��n privada del espacio en la ciudad de C��rdoba

La ciudad de C��rdoba no ha sido ajena a los procesos econ��micos-sociales de la ���globalizaci��n", que implican una fuerte expansi��n y concentraci��n del capital, con impactos en la esfera social y aumento de las desigualdades. La salida de la convertibilidad a fines del a��o 2001 y el consecuente incremento de la apertura externa del pa��s impact�� en algunos sectores econ��micos, agro-exportadores principalmente, que insertos en la din��mica comercial internacional logran obtener amplios m��rgenes de ganancias. Las ganancias se transfieren a otros sectores de la econom��a que contin��an aumentando la rentabilidad de los agentes involucrados. Desde entonces se observa una marcada expansi��n de la actividad inmobiliaria y de la construcci��n, en barrios centrales de la misma y hacia la periferia, con la construcci��n de barrios privados. Esto exacerba el valor del suelo urbano y produce una revalorizaci��n inmobiliaria en las ��reas mencionadas, que es demandada por grandes inversores. La configuraci��n territorial de la ciudad de C��rdoba en los ��ltimos a��os ha estado comandada por el capital privado. Sin un proyecto urbano que garantice el ordenamiento de la ciudad; ha desembocado en altas densidades edificadas en detrimento de espacios p��blicos; en especial plazas, ��reas recreativas y deportivas. A su vez se produce mayor densidad de habitantes por Km2 que demandan la utilizaci��n de estos espacios. Los vac��os urbanos que contiene la ciudad a��n pueden revertir parte de esta situaci��n y re-valorizar el ���espacio verde p��blico" como espacio de producci��n y reproducci��n socio-espacial.

Valuation of a new entrant in an oligopolistic market, including its option to abandon: A real-life case

The purpose of this paper is to increase current empirical evidence on the relevance of real options for explaining firm investment decisions in oligopolistic markets. We study an actual investment case in the Spanish mobile telephony industry, the entrant in the market of a new operator, Yoigo. We analyze the option to abandon in order to show the relevance of the possibility of selling the company in an oligopolistic market where competitors are not allowed free entrance. The NPV (net present value) of the new entrant is calculated as a starting point. Then, based on the general approach proposed by Copeland and Antikarov (2001), a binomial tree is used to model managerial flexibility in discrete time periods, and value the option to abandon. The strike price of the option is calculated based on incremental EBITDA margins due to selling customers or merging with a competitor.

La responsabilidad social como valor a��adido del facilities manager en la gesti��n del patrimonio inmobiliario

Resulta dif��cil definir una profesi��n que surge por la necesidad de adaptar los espacios de trabajo a las nuevas tendencias de las organizaciones, a la productividad, a las nuevas tecnolog��as que contin��an modificando y facilitando desde las ��ltimas d��cadas el modo y forma de trabajar. Mucho m��s complicado resulta definir una profesi��n casi invisible. Cuando todo funciona en un edificio, en un inmueble, en un activo. Todo est�� correcto. He ah�� la dificultad de su definici��n. Lo que no se ve, no se valora. Las reuniones, las visitas, un puesto de trabajo, una sala de trabajo, una zona de descanso. La climatizaci��n, la protecci��n contra incendios, la legionela, el suministro el��ctrico, una evacuaci��n. La organizaci��n, sus necesidades, su filosof��a. Los informes, los an��lisis, las mejoras. Las personas, el espacio, los procesos, la tecnolog��a. En la actualidad, todo se asocia a su coste. A su rentabilidad. En la dif��cil tarea de realizar el proyecto de un edificio, participan multitud de aspectos que deben estar perfectamente organizados. El arquitecto proyecta y a��na en el proyecto: pasado (experiencia), presente (tendencias) y futuro (perdurabilidad). Y es en ese momento, cuando al considerar el futuro del edificio, su perdurabilidad, hace que su ciclo de vida sea criterio fundamental al proyectar. Que deba considerarse desde el primer esbozo del proyecto. Para que un edificio perdure en el tiempo existen gran n��mero de factores condicionantes. Empezando por su uso apropiado, su nivel de actividad, pasando por las distintas propiedades que pueda tener, y terminando por los responsables de su mantenimiento en su d��a a d��a. Esa profesi��n invisible, es la disciplina conocida como Facility Management. Otra disciplina no tan novedosa ���sus inicios fueron a finales del siglo XIX-, y que en la actualidad se empieza a valorar en gran medida es la Responsabilidad Social. Todo lo que de forma voluntaria, una organizaci��n realiza por encima de lo estrictamente legal con objeto de contribuir al desarrollo sostenible (econ��mico, social y medio ambiental). Ambas disciplinas destacan por su continuo dinamismo. Reflejando la evoluci��n de distintas inquietudes: ��� Personas, procesos, espacios, tecnolog��a ��� Econ��mica, social, medio-ambiental Y que s��lo puede gestionarse con una correcta gesti��n del cambio. Elemento bisagra entre ambas disciplinas. El presente trabajo de investigaci��n se ha basado en el estudio del grado de sensibilizaci��n que existe para con la Responsabilidad Social dentro del sector de la Facility Management en Espa��a. Para ello, se han estructurado varios ejercicios con objeto de analizar: la comunicaci��n, el marco actual normativo, la opini��n del profesional, del facilities manager. Como objetivo, conocer la implicaci��n actual que la Responsabilidad Social ejerce en el ejercicio de la profesi��n del Facilities Manager. Se hace especial hincapi�� en la voluntariedad de ambas disciplinas. De ah�� que el presente estudio de investigaci��n realice dicho trabajo sobre elementos voluntarios y por tanto sobre el valor a��adido que se obtiene al gestionar dichas disciplinas de forma conjunta y voluntaria. Para que una organizaci��n pueda desarrollar su actividad principal ���su negocio-, el Facilities Manager gestiona el segundo coste que esta organizaci��n tiene. Llegando a poder ser el primero si se incluye el coste asociado al personal (n��minas, beneficios, etc.) Entre el (70 ��� 80)% del coste de un edificio a lo largo de toda su vida ��til, se encuentra en su periodo de explotaci��n. En la perdurabilidad. La tecnolog��a facilita la gesti��n, pero quien gestiona y lleva a cabo esta perdurabilidad son las personas en los distintos niveles de gesti��n: estrat��gico, t��ctico y operacional. En estos momentos de constante competencia, donde la innovaci��n es el uniforme de batalla, el valor a��adido del Facilities Manager se construye gestionando el patrimonio inmobiliario con criterios responsables. Su hecho diferenciador: su marca, su reputaci��n. ABSTRACT It comes difficult to define a profession that emerges due to the need of adapting working spaces to new organization���s trends, productivity improvements and new technologies, which have kept changing and making easier the way that we work during the last decades. Defining an invisible profession results much more complicated than that, because everything is fine when everything works in a building, or in an asset, properly. Hence, there is the difficulty of its definition. What it is not seen, it is not worth. Meeting rooms, reception spaces, work spaces, recreational rooms. HVAC, fire protection, power supply, legionnaire���s disease, evacuation. The organization itself, its needs and its philosophy. Reporting, analysis, improvements. People, spaces, process, technology. Today everything is associated to cost and profitability. In the hard task of developing a building project, a lot of issues, that participate, must be perfectly organized. Architects design and gather/put together in the project: the past (experience), the present (trends) and the future (durability). In that moment, considering the future of the building, e. g. its perdurability, Life Cycle turn as the key point of the design. This issue makes LCC a good idea to have into account since the very first draft of the project. A great number of conditioner factors exist in order to the building resist through time. Starting from a suitable use and the level of activity, passing through different characteristics it may have, and ending daily maintenance responsible. That invisible profession, that discipline, is known as Facility Management. Another discipline, not as new as FM ���it begun at the end of XIX century- that is becoming more and more valuable is Social Responsibility. It involves everything a company realizes in a voluntary way, above legal regulations contributing sustainable development (financial, social and environmentally). Both disciplines stand out by their continuous dynamism. Reflecting the evolution of different concerning: ��� People, process, spaces, technology ��� Financial, social and environmentally It can only be managed from the right change management. This is the linking point between both disciplines. This research work is based on the study of existing level of increasing sensitivity about Social Responsibility within Facility Management���s sector in Spain. In order to do that, several ���five- exercises have been studied with the purpose of analyze: communication, law, professional and facility manager���s opinions. The objective is to know the current implication that Social Responsibility has over Facility Management. It is very important the voluntary part of both disciplines, that���s why the present research work is focused over the voluntary elements and about the added value that is obtained managing the before named disciplines as a whole and in voluntary way. In order a company can develop his core business/primary activities, facility managers must operate the second largest company budget/cost centre. Being the first centre cost if we considerer human resources��� costs included (salaries, incentives���) Among 70-80% building costs are produced along its operative life. Durability Technology ease management, but people are who manage and carry out this durability, within different levels: strategic, tactic and operational. In a world of continuing competence, where innovation is the uniform for the battle, facility manager���s added value is provided managing company���s real estate with responsibility criteria. Their distinguishing element: their brand, their reputation.

A Valuation of SAREB, the Spanish ���Bad Bank���, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (���Asset Management Company for Assets Arising from Bank Restructuring���), the Spanish ���Bad Bank���. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.