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Managing Corporate Real Estate Assets: Current Executive Attitudes and Prospects for an Emergent Management Discipline

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Abstract

In 1987 MIT conducted a study of the management of buildings and land in large organizations not primarily in the real estate business. Senior real estate executives at 284 large US corporations and institutions were surveyed. The research shows that despite their great value, corporate real estate assets are seriously undermanaged. One of the most significant factors in this undermanagement is that many corporate real estate managers do not maintain adequate information about their real estate assets. The study attempted to identify key factors in the "effectiveness" of real estate management in various organizations. The strongest factor appeared to be the attitudes of managers in regard to the importance and value of the real estate function within their organizations. The corporate real estate decisionmaking process is driven most strongly by the mission and operational needs of the corporation. Corporate real estate management as a field has been inhabited by the low prestige and priority accorded it in companies, in management consultant groups, and in business schools. However, characteristics of a distinct management discipline are emerging professional organizations, publications, and most importantly, the recognition of real estate's potential for increasing company profits. Corporate real estate management must move toward developing a strategic approach involving principles and practices of general management to develop a proactive, comprehensive, and portfolio-wide decisionmaking process.

Suggested Citation

  • Peter R. Veale, 1989. "Managing Corporate Real Estate Assets: Current Executive Attitudes and Prospects for an Emergent Management Discipline," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 1-22.
  • Handle: RePEc:jre:issued:v:4:n:3:1989:p:1-22
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    Cited by:

    1. KÅ‚osowski SÅ‚awomir, 2018. "The Concept of the Process Approach in Corporate Real Estate Management," Real Estate Management and Valuation, Sciendo, vol. 26(4), pages 5-11, December.
    2. Yi Jin & Charles K.Y. Leung & Zhixiong Zeng, 2012. "Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 40(1), pages 167-195, March.
    3. Thijs Ploumen & Rianne Appel Meulenbroek & Jos Smeets, 2015. "How to align the organization of the CREM-department to strategy during a recession," ERES eres2015_102, European Real Estate Society (ERES).
    4. Stellan Lundstrom, 1993. "Realizing the Strategic Dimensions of Corporate Real Property Through Improved Planning and Control Systems," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 495-510.
    5. Michael Seiler & Arjun Chatrath & James Webb, 2001. "Real Asset Ownership and the Risk and Return to Stockholders," Journal of Real Estate Research, Taylor & Francis Journals, vol. 22(1-2), pages 199-212, January.
    6. Chris Manning & Stephen E. Roulac, 2001. "Lessons from the Past and Future Directions for Corporate Real Estate Research," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 7-58.
    7. Christopher Heywood & Monique Arkesteijn, 2017. "Meta-Corporate Real Estate Management: Some preliminary thoughts," ERES eres2017_180, European Real Estate Society (ERES).
    8. Julan Du & Charles Ka Yui Leung & Derek Chu, 2014. "Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings," International Real Estate Review, Global Social Science Institute, vol. 17(3), pages 301-357.
    9. Chris Manning & Stephen E. Roulac, 1999. "Corporate Real Estate Research within the Academy," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 265-280.
    10. Linda Ellis Johnson & Arnold L. Redman & John R. Tanner, 1997. "Utilization and Application of Business Computing Systems in Corporate Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 211-230.
    11. Christopher Heywood, 2011. "Approaches to Aligning Corporate Real Estate and Organisational StrategyORGANISATIONAL STRATEGY," ERES eres2011_194, European Real Estate Society (ERES).
    12. Arnold L. Redman & John R. Tanner, 1991. "The Financing of Corporate Real Estate: A Survey," Journal of Real Estate Research, American Real Estate Society, vol. 6(2), pages 217-240.
    13. Wei Kium Teoh, 1993. "Corporate Real Estate Management: The New Zealand Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 607-624.
    14. Dirk Brounen & Mathijs van Dijk & Piet M.A. Eichholtz, 2008. "Corporate Real Estate and Corporate Takeovers: International Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 293-314.
    15. Robert A. Simons, 1993. "Public Real Estate Management--Adapting Corporate Practice to the Public Sector: The Experience in Cleveland, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 639-654.
    16. Hugh O. Nourse, 1994. "Measuring Business Real Property Performance," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 431-444.
    17. Dirk Brounen & Piet Eichholtz, 2005. "Corporate Real Estate Ownership Implications: International Performance Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 30(4), pages 429-445, June.
    18. Hugh O. Nourse & Stephen E. Roulac & Stellan Lundstrom, 1993. "Linking Real Estate Decisions to Corporate Strategy," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 475-494.
    19. Stephen E. Roulac, 2001. "Corporate Property Strategy is Integral to Corporate Business Strategy," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 129-152.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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