The cost of choice: how corporate real estate managers evaluate business space options

Firms are faced with a wider set of choices when they identify a need for new office space. They can build or purchase accommodation, lease space for long or short periods with or without the inclusion of services, or they can use “instant office” solutions provided by serviced office operators. But how do they evaluate these alternatives and are they able to make rational choices? The research found that the shortening of business horizons lead to the desire for more office space on short-term contracts often with the inclusion of at least some facilities management and business support services. The need for greater flexibility, particularly in financial terms, was highlighted as an important criteria when selecting new office accommodation. The current office portfolios held were perceived not to meet these requirements. However, there was often a lack of good quality data available within occupiers which could be used to help them analyse the range of choices in the market. Additionally, there were other organisational constraints to making decisions about inclusive real estate products. These included fragmentation of decisions-making, internal politics and the lack of assessment of business risk alongside real estate risk. Overall therefore, corporate occupiers themselves act as an interial force to the development of new and innovative real estate products

Corporate real estate management in the retail sector: a study of the relationship between the management of the corporate real estate and corporate performance

Retail organisations have often been cited as being at the forefront of corporate real estate management. This research found that the retail sector can be characterised by diversity both in terms of the degree to which organisations are vertically integrated and in terms of the range of modes of retailing they engage in. This in turn led to highly diverse real estate portfolios. Given this diversity it may be surprising that the over riding strategy which the vast majority of sample firms adopted was focused on supporting the core retail activity. However the way in which they implement this strategy, again reflected the diversity in the sector. In terms of the future, the senior real estate managers were focusing on the medium term particularly looking at the way change would impact their functional strategy. This study provides a snap-shot of current practice and contributes to the debate however it also recognised that there is a need to answer the more fundamental questions

Friction and inertia: business change, corporate real estate portfolios and the UK office market

It has been asserted that business reorganisation and new working practices are transforming the nature of demand for business space. Downsizing, delayering, business process reengineering and associated initiatives alter the amount, type and location of space required by firms. The literature has neglected the impact of real estate market structures on the ability of organisations to successfully implement these new organisational forms or contemporary working practices. Drawing from UK research, the paper demonstrates that, while new working practices are widespread, their impact on the corporate real estate portfolio is less dramatic than often supposed. In part, this is attributed to inflexibility in market structures which constrains the supply of appropriate space

Change & flexibility: the role of serviced office space in corporate real estate portfolios and office markets

With the increasing pace of change, organisations have sought new real estate solutions which provide greater flexibility. What appears to be required is not flexibility for all uses but appropriate flexibility for the volatile, risky and temporal part of a business. This is the essence of the idea behind the split between the core and periphery portfolio. The serviced office has emerged to fill the need for absolute flexibility. This market is very diverse in terms of the product, services and target market. It has grown and gained credibility with occupiers and more recently with the property investment market. Occupiers similarly use this space in a variety of ways. Some solely occupy serviced space while others use it to complement their more permanent space. It therefore appears that the market is fulfilling the role of providing periphery space for at least some of the occupiers. In all instances the key to this space is a focus on financial and tenurial flexibility which is not provided by other types of business space offered

Belize: Decoding the Census

Report on demographic, social, and economic trends in Belize based on the 2010 Census. Written under the auspices of the Bridging Disciplines Programs at The University of Texas at Austin with mentor David V. Gibson of the IC² Institute.IC2 Institut

Educating Belize: Challenges and Opportunities for the Future

Report on the current state of the Belizean educational system and recommendations for reforms. Written under the auspices of the Bridging Disciplines Programs at The University of Texas at Austin with mentor David V. Gibson of the IC² Institute.IC2 Institut

Does short termism affect the quality of urban design in the UK?

This paper follows the report on the “Quality of Urban Design: Study of the Influence of Private Property Decision Maker in Urban Design” (RICS 1996). It focuses on one of the findings in the report, namely that decisions made in development, investment and occupation seemed overly influenced by short term considerations. In this paper, the authors review the Report and examine the concept of short termism as it affects urban design decisions. The paper concludes that although it is difficult to establish whether or not short termism exists in many decisions, there are grounds for believing that a priori short termism might particularly influence property orientated decisions. The paper ends with some implications for policy both at the economy and local level

Creating the Technopolis: High-Technology Development in Austin, Texas

New institutional alliances, driven by the rapid increase in and diversity of new technologies, are altering the strategy and tactics of economic development. As a result, communities across the world are seeking to create modern technopoleis or city-states that interactively link technology commercialization with public and private sectors to spur economic growth and diversification through high-technology company development. This paper develops the conceptual framework of a technopolis wheel from studying the dynamics of high-technology development and economic growth in Austin, Texas. It describes seven segments within the technopolis: the university, large technology companies, small technology companies, federal government, state government, local government and support groups. (Author's preprint.)IC2 Institut

Space- and Time-Efficient Algorithm for Maintaining Dense Subgraphs on One-Pass Dynamic Streams

While in many graph mining applications it is crucial to handle a stream of updates efficiently in terms of {\em both} time and space, not much was known about achieving such type of algorithm. In this paper we study this issue for a problem which lies at the core of many graph mining applications called {\em densest subgraph problem}. We develop an algorithm that achieves time- and space-efficiency for this problem simultaneously. It is one of the first of its kind for graph problems to the best of our knowledge. In a graph $G = (V, E)$, the "density" of a subgraph induced by a subset of nodes $S \subseteq V$ is defined as $|E(S)|/|S|$, where $E(S)$ is the set of edges in $E$ with both endpoints in $S$. In the densest subgraph problem, the goal is to find a subset of nodes that maximizes the density of the corresponding induced subgraph. For any $\epsilon>0$, we present a dynamic algorithm that, with high probability, maintains a $(4+\epsilon)$-approximation to the densest subgraph problem under a sequence of edge insertions and deletions in a graph with $n$ nodes. It uses $\tilde O(n)$ space, and has an amortized update time of $\tilde O(1)$ and a query time of $\tilde O(1)$. Here, $\tilde O$ hides a O(\poly\log_{1+\epsilon} n) term. The approximation ratio can be improved to $(2+\epsilon)$ at the cost of increasing the query time to $\tilde O(n)$. It can be extended to a $(2+\epsilon)$-approximation sublinear-time algorithm and a distributed-streaming algorithm. Our algorithm is the first streaming algorithm that can maintain the densest subgraph in {\em one pass}. The previously best algorithm in this setting required $O(\log n)$ passes [Bahmani, Kumar and Vassilvitskii, VLDB'12]. The space required by our algorithm is tight up to a polylogarithmic factor.Comment: A preliminary version of this paper appeared in STOC 201

International Financial Reporting Standards Implementation in Canada: The impact of IFRS Conversion on Canadian Public Banking Enterprises

The purpose of the research is developing an understanding of the effect that International Financial Reporting Standards (IFRS) had, if any, on Canadian Publicly Accountable Enterprises (PAEs), specifically their external financial reporting compared to Canadian Generally Accepted Accounting Principles (Canadian GAAP). The focus of this research is the analysis of reported financial ratios of Canadian Banking companies for the year ended December 31, 2010, which will be tested for the statistically-significant differences between Canadian GAAP and IFRS. The research is designed to examine what impact on liquidity, leverage, profitability, and cash flows the change from Canadian GAAP to IFRS has, if any. Overall, the results indicated that there are no statistically significant differences between IFRS and CGAAP means and medians of financial ratios. However, the IFRS conversion did cause significant differences of the leverage ratios under IFRS and CGAAP. The statistical differences were found between medians of IFRS and CGAAP of equity ratios and means of equity’s and debt ratios. The outcomes of the investigation will be useful for Canadian public companies (specifically in the banking industry), investors, stockholders, and other lenders, all of whom rely on financial ratios for various purposes such as credit decisions and debt monitoring. In addition, the United States Government and enterprises in the United States will be able to learn from Canadian experience and make informed decisions about any future changes to accounting standards