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New business practices and the corporate property portfolio: how responsive is the UK property market?

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  • Virginia A Gibson
  • Colin M Lizieri

Abstract

It has been asserted that business reorganization 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. It also has implications for the contractual arrangements. Drawing from UK research, the paper demonstrates that, although new working practices are widespread, their current impact on the corporate property portfolio is muted. However, these changes have altered the way corporate property managers think about their portfolios with a clearer view of the divide between their core and peripheral property requirements. The inflexibility in UK market structures are felt to constrain the supply of a diversity of space required to meet the breadth of occupier requirements. Nevertheless there is increasing evidence that change is occurring which may have a profound impact on the market structure in the longer term.

Suggested Citation

  • Virginia A Gibson & Colin M Lizieri, 1999. "New business practices and the corporate property portfolio: how responsive is the UK property market?," Journal of Property Research, Taylor & Francis Journals, vol. 16(3), pages 201-218, January.
    • Handle: RePEc:taf:jpropr:v:16:y:1999:i:3:p:201-218
    DOI: 10.1080/095999199368111
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    Cited by:

    1. Neil Crosby & Cathy Hughes & Sandi Murdoch, 2006. "Exit Strategies for Business Tenants," Journal of Property Research, Taylor & Francis Journals, vol. 23(3), pages 215-235, September.
    2. John Henneberry & Claire Roberts, 2008. "Calculated Inequality? Portfolio Benchmarking and Regional Office Property Investment in the UK," Urban Studies, Urban Studies Journal Limited, vol. 45(5-6), pages 1217-1241, May.
    3. Tim J. Verhoeff & Monique H. Arkesteijn & Ruud Binnekamp & Hans de Jonge, 2014. "Optimising Juridical-financial Flexibility of Corporate Real Estate," ERES eres2014_124, European Real Estate Society (ERES).
    4. Colin Lizieri & Andrew Baum & Peter Scott, 2000. "Ownership, Occupation and Risk: A View of the City of London Office Market," Urban Studies, Urban Studies Journal Limited, vol. 37(7), pages 1109-1129, June.
    5. Ashley Dabson & Pat McAllister, 2014. "Evolution and Change in the Serviced Office Sector: A Decade Later," Real Estate & Planning Working Papers rep-wp2014-02, Henley Business School, University of Reading.
    6. Neil Dunse & Chris Leishman & Craig Watkins, 2002. "Testing for the Existence of Office Sub-markets: A Comparison of Evidence from Two Cities," Urban Studies, Urban Studies Journal Limited, vol. 39(3), pages 483-506, March.
    7. Sing Tien Foo, & Lee Kin Pang, Juvette & Wong Ah Long, 2002. "Network Effects and Broadband Connectivity in Office Building," International Real Estate Review, Global Social Science Institute, vol. 5(1), pages 146-168.
    8. Anna-Liisa Lindholm & Karen M. Gibler & Kari I. Levainen, 2006. "Modelling the Value Adding Attributes of Real Estate to the Wealth Maximization of the Firm," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 445-476.
    9. Ashley Dabson & Pat McAllister, 2014. "The Role of Serviced Offices in the Corporate Real Estate Supply Chain," Real Estate & Planning Working Papers rep-wp2014-01, Henley Business School, University of Reading.
    10. Colin A. Jones, 2009. "Remaking the Monopoly Board: Urban Economic Change and Property Investment," Urban Studies, Urban Studies Journal Limited, vol. 46(11), pages 2363-2380, October.

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