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Friction and Inertia: Business Change, Corporate Real Estate Portfolios and the U.K. Office Market

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  • Virginia Gibson
  • Colin 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 re-engineering 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 organizations to implement these new organizational forms or contemporary working practices successfully. Drawing from research in the United Kingdom, the article 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.

Suggested Citation

  • Virginia Gibson & Colin Lizieri, 2001. "Friction and Inertia: Business Change, Corporate Real Estate Portfolios and the U.K. Office Market," Journal of Real Estate Research, Taylor & Francis Journals, vol. 22(1-2), pages 59-80, January.
    • Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:59-80
    DOI: 10.1080/10835547.2001.12091055
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    References listed on IDEAS

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    1. 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.
    2. J H Dunning & G Norman, 1983. "The Theory of the Multinational Enterprise: An Application to Multinational Office Location," Environment and Planning A, , vol. 15(5), pages 675-692, May.
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    Cited by:

    1. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Fernanda Antunes Batista da Silva, 2021. "Flexible workspaces within corporate real estate," LARES lares-2021-4dqc, Latin American Real Estate Society (LARES).
    3. Christopher Heywood, 2011. "Approaches to Aligning Corporate Real Estate and Organisational StrategyORGANISATIONAL STRATEGY," ERES eres2011_194, European Real Estate Society (ERES).
    4. 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.
    5. 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.
    6. 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.
    7. C.M. Lizieri, 2003. "Occupier Requirements in Commercial Real Estate Markets," Urban Studies, Urban Studies Journal Limited, vol. 40(5-6), pages 1151-1169, May.
    8. Paschalis Arvanitidis, 2006. "Property Market Purpose Efficiency: An Exploratory Analysis From an Institutional Economics Perspective," ERSA conference papers ersa06p567, European Regional Science Association.

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    JEL classification:

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

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