Timing and the holding periods of institutional real estate

Literature on investors' holding periods for securities suggests that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with shorter holding periods. In real estate, high transaction costs and illiquidity imply longer holding periods. Research on depreciation and obsolescence suggests that there might be an optimal holding period. Sales rates and holding periods for U.K. institutional real estate are analyzed, using a proportional hazards model, over an 18-year period. The results show longer holding periods than those claimed by investors, with marked differences by type of property and over time. The results shed light on investor behavior.

A review of the use of demonstration projects to achieve widespread adoption of innovative practices

The UK construction industry has embarked on one of the largest experiments in the implementation of innovative technologies and practices in its history. Following Rethinking Construction[1], generally known as the Egan Report, the Movement for Innovation was established with the aim of using demonstration projects as practical examples of innovation in order to encourage others to follow the example. The number of demonstration projects has exceeded the original plans and more are being added. This paper reviews the approach in terms of the practice of using demonstration projects to achieve widespread take up of innovation, the modifications to the programme and its management and considers future developments to improve its, effectiveness.

Implementation of VR systems: a comparison between the early adoption of CAD and current uptake of VR

Use of new technologies, such as virtual reality (VR), is important to corporations, yet understanding of their successful implementation is insuf. ciently developed. In this paper a case study is used to analyse the introduction of VR use in a British housebuilding company. Although the implementation was not successful in the manner initially anticipated, the study provides insight into the process of change, the constraints that inhibit implementation and the relationship between new technology and work organization. Comparison is made with the early use of CAD and similarities and differences between empirical . ndings of the case study and the previous literature are discussed.