Is Sustainability Attractive for Corporate Real Estate Decisions ?

This paper provides an analysis of the impact of sustainable principles on corporate property decisions and attractiveness for business districts in the French context. It is based on a behavioural survey conducted across a large sample of corporate property managers and a MCA approach which highlights key factors about the influence of sustainable principles among traditional determinants of territorial attractiveness. This approach allows us to draw up a typology of actors regarding the diffusion of sustainability issues. It emphasizes a general improvement of sustainability on location choice especially for listed companies, owners of their head office and companies located into the main business districts of the Paris metropolitan area.Sustainable City ; Corporate Real Estate Management ; Territorial Attractiveness ; Office Business Districts

A Spatial and Temporal Autoregressive Local Estimation for the Paris Housing Market

This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modelling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (“Chambre des notaires d’Île-de-France”) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X -- Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the spatiotemporal autoregressive (STAR) approach proposed by Pace, Barry, Clapp and Rodriguez (1998). This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio-economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market.Hedonic Prices; Heterogeneity; Paris Housing Market; STAR Model

A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market

This paper applies the spatiotemporal hedonic approach to analysis of office transaction prices in the Paris property market (i.e. central Paris and its inner suburbs). The analysis focuses primarily on the market’s two main business districts (the CBD and the La Defense District). We find that spatial and temporal dependence effects are strongly present in these submarkets. Additionally, we propose a hybrid method for incorporating a temporal regime into the spatiotemporal autoregressive model proposed by Pace, Barry, Clapp and Rodriguez (1998). Regime switching around 1997 (i.e. in the presence of temporal heterogeneity) substantially affects the significance of spatial and temporal dependences. Finally, we build a new price index that incorporates both spatiotemporal dependences and temporal heterogeneity. This index differs strongly from the usual hedonic price indexHedonic Prices; Paris Office Property Market; Spatiotemporal Autoregressive Price Index; Temporal Heterogeneity

Is Sustainability Attractive for Corporate Real Estate Decisions ?

ESSEC Working paper. Document de Recherche ESSEC / Centre de recherche de l'ESSEC ISSN : 1291-9616 WP1106This paper provides an analysis of the impact of sustainable principles on corporate property decisions and attractiveness for business districts in the French context. It is based on a behavioural survey conducted across a large sample of corporate property managers and a MCA approach which highlights key factors about the influence of sustainable principles among traditional determinants of territorial attractiveness. This approach allows us to draw up a typology of actors regarding the diffusion of sustainability issues. It emphasizes a general improvement of sustainability on location choice especially for listed companies, owners of their head office and companies located into the main business districts of the Paris metropolitan area

A Spatiotemporal Autoregressive Price Index for the Paris Office Property Market

This article applies the spatiotemporal hedonic approach to the analysis of office transaction prices in the Paris property market (i.e., central Paris and its inner suburbs). The analysis focuses primarily on the market's two main business districts (the Central Business District and the La D'efense District). We find that spatial and temporal dependence effects are strongly present in these submarkets. Additionally, we propose a hybrid method for incorporating a temporal regime switch into the spatiotemporal autoregressive model. The regime switching around 1997 (i.e., in the presence of temporal heterogeneity) substantially affects the significance of spatial and temporal dependences. Finally, we build a new price index that incorporates both spatiotemporal dependences and temporal heterogeneity. This index differs strongly from the usual hedonic price index

Commerce et opérateurs immobiliers. Un marché en voie de financiarisation

peer reviewedCourte analyse de l'immobilier commercial sous ses différentes formes avec mise en évidence de la financiarisation récente des marchésShort analysis of commercial real estate in its various forms with evidence of recent market financializatio

A combined perspective of corporate real estate

Purpose - The purpose of this paper is to discuss three corporate real estate (CRE) perspectives (business, financial and capital market) as well as some potential issues, supported by key research studies and evidence drawn from listed retail companies in the USA, and European and Asian countries; as real estate has always been recognized as a key value driver in the retail industry. Design/methodology/approach - A significant amount of capital is locked-up in CRE by business firms, and so this paper analyzes the role of CRE from a combination of three perspectives: business, financial and capital market. These three CRE perspectives are discussed and some important issues reviewed, supported by key research studies and evidence drawn from listed retail companies in the USA and in European and Asian countries. Findings - Arising from the review and perspectives offered in this paper, it is evident that performance measures are required to assess how CRE are being used and perceived by management and investors from the business, financial and capital market perspectives. This combined approach helps position the strategic role of the CRE in the context of "whole firm" that reflects the integration of trading and real estate activities. Practical implications - With an effectiveCREAMsystem endorsed by top management, the CRE' s potential contribution and incremental performance can be factored into the financial plans of the "property-rich" retail firms and appropriately reflected in corporate valuation. Originality/value - This paper offers combined business, financial and capital market perspectives to assess the role of CRE in listed retail firms. Evidence and important issues in relation to the three perspectives are reviewed and evaluated

Un modèle hédonique des prix de bureaux à Paris et en Petite Couronne

This paper applies the hedonic method to analysis of the office transaction prices for Paris intra muros and its inner suburbs. We concentrate on the market?s two main business districts (the CBD and La Défense). The aim of the paper is to analyze the impact of the property markets?spatial and real estate features on office transaction prices, and to compare price cycles, in order to see whether these two business districts differ from the Paris market as a whole over the 1991-2005 study period. Finally, we propose a new hedonic price index for the Paris office property market.Hedonic Method, Office Prices, Paris Office Property Market