Listed property trusts in Australia

The listed property trust (LPT sector) has been a very successful property investment vehicle in Australia over the last 30 years. This chapter reviews the development of LPTs, profiles their status and highlights key strategic issues that are impacting on the further development of LPTs in Australia. It also highlights the impact of the current global credit crisis on LPTs

Assessing property student satisfaction with their property education experience in an Australian university

Recent years have seen an increased focus on the effective delivery of property education programs in Australian universities. In particular, assessing student satisfaction with their property education experience has been a key performance measure for most universities. This paper examines student satisfaction across all years of the property degree in a major Australian university over 2005-2011, benchmarked against the level of student satisfaction in the other business disciplines of accounting, economics and finance, law marketing and management. A range of innovative formats are used, such as “green lights” to show high student satisfaction. Importantly, this analysis provides a much richer understanding of the students’ satisfaction with their property education experience throughout their property degree, instead of just being focused on graduating property students. The results clearly highlight the high level of overall student satisfaction with the property education experience, exceeding the satisfaction levels achieved by the other business disciplines. A range of property education implications and “lessons learnt from results” for other property programs are also highlighted from this property student satisfaction analysis

Real estate insights : the increasing importance of the “S” dimension in ESG

Purpose: Environment, social and governance (ESG) has taken on increased importance in recent years. This paper assesses the increasing importance of the social (“S”) dimension of ESG in the real estate space and the strategies being used by the leading real estate players to deliver this important aspect of ESG. This includes gender equality, cultural diversity, staff wellness, supply chain management and community engagement. It also indicates the need for an increased level of metrics in the S space for the effective delivery and external validation of the S dimension into real estate investment decision-making. Design/methodology/approach: This research is based on a thorough understanding of the ESG environment in the real estate industry by the author. Best practice examples regarding the S dimension are given from the ESG/sustainability reports from real estate players in Australia who are leaders in the ESG space. Findings: Excellent examples of the delivery of the S dimension are reported from the ESG/sustainability reports from the real estate industry. Whilst there is an increasing range of S information being reported in the real estate industry, there is a need for more metrics to effectively report this S information to indicate its key role in seeing the S dimension being delivered for the fuller integration of ESG at all levels of the real estate industry. The external validation of this S information will also take on increased importance going forward. Practical implications: With ESG becoming a critical issue in the real estate sector, issues involved in the S space will take on increased significance. This is critical, as the elements of the S dimension such as gender equality, cultural diversity, staff wellness, community engagement and supply chain management are important aspects for an effectively functioning real estate industry. More metrics in the S space will be an important development to further expand the delivery and external validation of the S space of ESG. Originality/value: This paper is the first paper to specifically address the need for more focus on delivering the S dimension of ESG in the real estate industry, highlighted by best practice examples from the real estate industry in Australia. This is a key issue for the real estate industry going forward at all levels to facilitate more effective real estate investment decision-making

The changing real estate market transparency in the European real estate markets

Purpose – Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context. Design/methodology/approach – Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets. Findings – Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective. Practical implications – Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions. Originality/value – This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making

The need for more research on the Asian real estate markets

Purpose: The Asian real estate markets have grown considerably in recent years and have taken on increased investment importance, particularly with significant developments in the emerging markets in Asia. This paper assesses the opportunities for more research on the Asian real estate markets, by highlighting the significance of Asia real estate, the drivers behind this growth and the unique opportunities this presents for high-quality real estate research, by both local researchers and their international colleagues. Strategies for delivering this research agenda are also identified. Design/methodology/approach: This research is based on a thorough understanding of the Asian real estate markets, based on my own research agenda, personal interactions, insights and extensive discussions with real estate leaders in the Asian markets. This is supported by a clear understanding of the real estate research opportunities in the Asian markets and the strategies needed to deliver this research agenda in an effective manner. Findings: A range of real estate research areas are identified to increase the level of Asian real estate research. This sees research opportunities around key areas such as market dynamics, real estate investment vehicles, alternate real estate sectors, infrastructure and sustainability. Strategies for expanding this level of research for both local and international real estate researchers are also identified. Practical implications: With the Asian real estate markets taking on more importance with many international real estate investors, it is important to see more high-quality research into these dynamic real estate markets. This research will see a fuller understanding of these Asian real estate markets to enable more informed real estate investment decision-making. Originality/value: The need for more high-quality research into the Asian real estate markets is clearly presented, with enabling strategies to achieve this agenda identified. This will see expanded research opportunities to critically research these unique real estate markets and produce high-quality research publications

Future research opportunities for Asian real estate

Recent years have seen considerable growth in the Asian real estate markets; for both the developed and emerging markets. This has given rise to exciting research opportunities in many areas of Asian real estate; where often these markets have unique real estate characteristics that need to be more fully understood. This has been further supported by the improved quality of real estate information for these Asian markets. This paper will review some of these research opportunities for Asian real estate; these opportunities will cover real estate market dynamics, alternate real estate sectors, REITs, development sites, real estate transparency, real estate in emerging markets, infrastructure, sustainability and the changing nature of work and real estate. The critical research issues in achieving this research agenda are also identified

Real estate insights : the future of property research

Purpose: This paper identifies the need to expand the range of research methodologies considered suitable for high-calibre property research publications in the top property journals, particularly concerning the critical “bigger” property research issues going forward. This is important for early career researchers (ECRs), as the ECRs develop the suitability of the research methodologies used by the ECRs in expanding the ECRs' property research agendas. Design/methodology/approach: This research is based on a thorough understanding and extensive experience of the range of property research methodologies available today to publish in the top property journals. This depth of understanding is supported by extensive discussions with leading property industry professionals, as well as reviewing the property research, track record of several leading property researchers from the UK. Findings: A broader range of research methodologies is needed in property research today to fully capture the challenges of the critical property research questions going forward. These methodologies need to go well beyond the finance paradigm that has dominated property research in recent years. Practical implications: Many of the key property research questions going forward need to be addressed by a range of methodologies for richer and deeper insights into resolving these property issues. This particularly relates to the important research issues for the property industry which require a “bigger picture” analysis of these issues, with the research presented in a manner which is accessible and relevant to property industry professionals. Originality/value: This paper addresses the need to expand the research methodologies used in property research today. This is a key issue for property researchers going forward, as many of the important property research questions cannot be addressed from just within the traditional finance paradigm

The strategic significance of environmental sustainability by Australian-listed property trusts

Purpose - Environmental sustainability has taken on increased importance in recent years with property companies. The purpose of this paper is to assess the strategies used by listed property trusts (LPTs) in Australia in delivering excellence and international best practice in environmental sustainability for commercial property. Design/methodology/approach - Using content analysis, the annual reports, corporate responsibility and sustainability reports, and carbon disclosure reports for all LPTs in Australia are assessed. These public domain documents are used to identify the corporate strategies used by LPTs for implementing international best practice in environmental sustainability for the LPT commercial property portfolios. Findings - The paper finds that Australian LPTs are seen to be strategically implementing a wide range of procedures regarding environmental sustainability. These contributions represent international best practice in environmental sustainability procedures, and include strategies at the corporate, portfolio and individual commercial property levels. These results confirm the strong leadership role of Australian LPTs in implementing international best practice in environmental sustainability in commercial property. Originality/value - Previous research into sustainable commercial property has largely focused on the valuation implications with sustainability and the various sustainability rating tools. This paper rigorously assesses the strategic issues concerning implementing international best practice in environmentally sustainable commercial property; particularly highlighting the strong leadership role of LPTs in Australia in implementing these international best practices. Given the increasing significance of environmental sustainability and commercial property, this research enables more informed and practical investment decision making by property companies regarding the implementation of environmental sustainability procedures for their commercial property portfolios which are seen to be international best practice

Guest editorial

Unlisted (or non-listed) real estate funds have taken on increased importance in recent years. Pension funds, sovereign wealth funds and insurance companies have seen unlisted real estate funds as an essential element in their portfolio in achieving significant real estate exposure at a domestic, regional and global level

The significance of hotel investment in global capital flows to real estate

This paper examines the contribution that hotel investment makes to total commercial real estate transaction activity at a global, regional and country-specific level over 2007-2014. By assessing over 174,000 major real estate transactions worth over $4.35 trillion, hotel investment is seen to account for over$382 billion or 8.8% of global real estate transaction activity. Clear regional and country differences are evident. The role of the various types of hotel investors is highlighted. The ongoing strategic implications for global hotel investment are also assessed