Real options and scenario planning as a way to gain insight into flexibility in health care real estate management, a first exploration

Real estate management in health care faces many uncertainties, and more specific in the Netherlands even more because of changing regulations regarding\ud the financing of capital costs. Therefore we propose, based on literature and a\ud survey, to use scenario planning in combinations with the real option approach to deal with these uncertainties. The survey shows that limited use is made of future uncertainties and options for flexibility in the responded Dutch hospitals. Real options provide insight for real estate managers into opportunities for flexibility when making strategic decisions in real estate management, such as choosing for a building organisation form

Facility Management benchmarking

The aim of this paper is to investigate the importance of benchmarking in the field of Facility Management. The appropriate methodologies and techniques of Facility Management benchmarking are demonstrated and the first results of the HFMS (Hungarian Facility Management Society) and the MAISZ (Hungarian Real Estate Association) benchmarking survey are introduced.facility management, benchmarking, real-estate, maintenance, operation cost

Uncertainty management in real estate development: studying the potential of the SCRUM design methodology

Real estate development is all about assessing and controlling risks and uncertainties. Risk management implies making decisions based on quantified risks to execute riskresponse measures. Uncertainties, on the other hand, cannot be quantified and are therefore unpredictable. In literature, much attention is paid to risk management. The management of uncertainties is underexposed. Uncertainties appear in the programming and designing phases of projects. The main goal of our research is to develop guidelines for real estate developers to manage uncertainties in those phases

Corporate Real Estate Research within the Academy

This study discusses the uniqueness and importance of corporate real estate asset management and distinguishes it from third party real estate investment management. A decline in corporate real estate research within the academy from 1995 through 1998 is documented and contrasted with the increasing research activity and interest in this area since 1995 by both consultants and trade associations. Reasons to account for this mismatch are canvassed from within the academy and offered herein. Finally, important questions about the future direction of corporate real estate research are posed.

The use of the conservation estate in the settlement of Treaty of Waitangi claims : a thesis presented in partial fulfillment of the requirements for the degree of Master of Science in Ecology/Zoology at Massey University

The effect of the Treaty of Waitangi on New Zealand's conservation estate through the settlement of Treaty of Waitangi claims, and the Department of Conservation's requirement under the Conservation Act 1987 to have regard for the principles of the Treaty of Waitangi is introduced. The importance of the Treaty of Waitangi Settlement process and the controversy surrounding the role of the conservation estate in this process is also discussed. A background to the Treaty of Waitangi settlement process is presented and three major land claims and their resulting settlements are examined as case studies. These are the Tainui-Waikato raupatu claim, the Whakatohea claim, and the Ngai Tahu claim. The potential impact of each of these settlements on the ownership and management of New Zealand's conservation estate is discussed and compared with the impact of the Department of Conservation's current commitment to the Treaty of Waitangi through it's Kaupapa Atawhai Strategy on the management of the conservation estate. It was found that the settlement of Treaty of Waitangi claims has had little impact on New Zealand's conservation estate. Only very small areas of the conservation estate have had ownership transferred to claimants, and the area of land managed by the Department of Conservation has increased as a result of Treaty settlements. Treaty of Waitangi settlements have also had little impact on the management of New Zealand's conservation estate, as many of the redress instruments included in settlements are similar to the objectives and policies included in the Departments of Conservation's Kaupapa Atawhai Strategy. Future Treaty of Waitangi settlements are also unlikely to have a significant impact on New Zealand's conservation estate, and are likely to become more effective through improved consultation with the public and conservation interest groups and the closer involvement of the Department of Conservation's Kaupapa Atawhai section in the settlement process

Corporate Real Estate Management: Evidence from German Companies

Based on a conceptual framework of factors representing and influencing corporate real estate management, this study is the first to be performed on the topic in Germany. The research shows that, despite their significant value and associated costs, real estate assets are at present seriously undermanaged by the vast majority of German companies. It seems that the international "bandwagon" toward active real estate management has not yet reached German firms. However, in some companies the function is evolving into a recognized management activity that requires a more formal and systematic approach.

Modelling the Value Adding Attributes of Real Estate to the Wealth Maximization of the Firm

Firms develop strategies to help them achieve their primary goal of maximizing the wealth of the shareholders. These strategies should define the supporting role corporate real estate management plays; however current theory and practice do not adequately identify the direct and indirect methods by which corporate real estate management (CREM) adds value to the firm. We develop a model of how real estate adds value to the firm to help fill this void. This model can be then used to develop more precise and complete metrics to measure the value real estate adds to the firm.

Risk and return of open-end real estate funds : the German case

Open-end real estate funds (so called “Offene Immobilienfonds”) play a major role in the German market for securitised real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to identify the risk and return profile of this investment vehicle (before and after income taxes), to compare them with those of other major asset classes, and to provide implications for their appropriate role in a mixed-asset portfolio. Addition-ally, an overview of the institutional architecture and role of German open-end real estate funds is given. Empirical evidence suggests that the financial characteristics of open-end real estate funds are in many respects similar to those reported for direct real estate invest-ments. Accordingly, German open-end real estate funds qualify for medium and long-term investment horizons, rather than for shorter holding periods

The Publications of the American Real Estate Society: A Decade of Progress

One of ARES' initial and central objectives has been the creation and dissemination of knowledge relevant to real estate problem solvers. To achieve this objective and to make the real estate publication market more complete, ARES developed a portfolio of publications. This paper reviews the creation and evolution of The Journal of Real Estate Research, the Journal of Real Estate Literature, the Research Issues in Real Estate monograph series, and The Journal of Real Estate Portfolio Management during ARES' first ten years.

Structuring the Corporate Real Property Function for Greater "Bottom Line" Impact

This study reviews the tasks a corporate real estate (CRE) function should undertake to create more opportunities for a company's real estate-related decisions to increase shareholder wealth. The major obstacles thwarting many corporate real estate executives from gaining the support they have been seeking from senior management, to more fully participate in higher value strategic planning efforts, are synthesized from several recent surveys (Arthur Andersen, 1993; Lambert, Poteete and Waltch, 1995.) Following a discussion of what corporate real estate staffs should be doing to contribute more to shareholder wealth, and what usually stands in their way, a proactive strategy is put forth for overcoming these obstacles. Lastly, in light of recent contributions to the literature (Duckworth, 1993; Joroff, Louargand, Lambert, and Becker, 1993; Kimbler and Rutherford, 1993; Lambert et al., 1995; Noha, 1993; Nourse and Roulac, 1993) on how to integrate strategic management of a company's real estate assets with strategic management of its business units and overall corporate strategy, some suggestions are made for (1) how to best organize the CRE function within a company, (2) how to make the best use of outside CRE service providers, and (3) what skills should prove most valuable to corporate real estate executives and their staffs.