Book review : Managing government property assets by Olga Kaganova and James McKellar (eds)

Managing Government Property Assets, edited by Olga Kaganova and James McKellar, is reviewed.

Effect of alloying elements on the microstructure-property relationship in thermomechanically processed C-Mn-Si TRIP steels

The effect of additions of Nb, Al and Mo to Fe-C-Mn-Si TRIP steel on the final microstructure and mechanical properties after simulated thermomechanical processing (TMP) has been studied. The laboratory simulations of discontinuous cooling during TMP were performed using a hot rolling mill. All samples were characterised using optical microscopy and image analysis. The volume fraction of retained austenite was ascertained using a heat tinting technique and X-ray diffraction measurements. Room temperature mechanical properties were determined by a tensile test. From this a comprehensive understanding of the structural aspect of the bainite transformation in these types of TRIP steels has been developed. The results have shown that the final microstructures of thermomechanically processed TRIP steels comprise 50 % of polygonal ferrite, 7 - 12 % of retained austenite, non-carbide bainitic structure and martensite. All steels exhibited a good combination of ultimate tensile strength and total elongation. The microstructure-property examination revealed the relationship between the composition of TRIP steels and their mechanical properties. It has been shown that the addition of Mo to the C-Si-Mn-Nb TRIP steel increases the ultimate tensile strength up to 1020 MPa. The stability of the retained austenite of the Nb-Mo steel was degraded, which led to a decrease in the elongation (24 %). The results have demonstrated that the addition of Al to C-Si-Mn-Nb steel leads to a good combination of strength (∼ 940 MPa) and elongation (∼ 30 %) due to the formation of refined acicular ferrite and granular bainite structure with ∼7 - 8 % of stable retained austenite. Furthermore, it has been found that the addition of Al increases the volume fraction of bainitic ferrite laths. The investigations have shown an interesting result that, in the Nb-Mo-Al steel, Al has a more pronounced effect on the microstructure in comparison with Mo. It has been found that the bainitic structure of the Nb-Mo-Al steel appears to be more granular than in the Nb-Mo steel. Moreover, the volume fraction of the retained austenite increased (12 %) with decreasing bainitic ferrite content. The results have demonstrated that this steel has the best mechanical properties (1100 MPa and 28 % elongation). It has been concluded that the combined effect of Nb, Mo, and Al addition on the dispersion of the bainite, martensite and retained austenite in the ferrite matrix and the morphology of these phases is different than effect of Nb, Mo and Al, separately.

A greener house : the sustainable property investor's guide to buying, building and renovating

Sustainability is now an integral part of society and the built environment. Unfortunately many home owners and home-buyers are unaware of the relationship between sustainability and value, especially with regard to the potential added value to their home. Payback periods can be different depending on factors such as the initial capital outlay and the levels of depreciation and obsolescence, as well as savings made (if any) to the running costs of the home

An investigation on the risk perceptions of Australian property fund Managers

Recent empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors’ behaviour. Conversely, qualitative studies into the behaviour of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the perceptions of property fund managers towards risk. A survey was conducted to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards risk, particularly downside risk.

Sustainable property - the future of the New Zealand market

The New Zealand property industry has recently been introduced to the concept of sustainability. Even though targeted measures have been taken by the New Zealand Green Building Council and government, there is considerable hesitation and scepticism existing in the property market from both an investor’s and a building owner’s perspective. This paper discusses the results of an investigation into market perception of sustainable buildings from the investment community in New Zealand. Property investors from New Zealand were surveyed about their perception of sustainable buildings in New Zealand and their actions with regards to their own commercial portfolios, as well as the relationship between sustainability and property investment decisions.