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Investment Consequences of Changing Occupier Needs and Obsolescence

In: Real Estate Investment

Author

Listed:
  • Colin A. Jones

    (Heriot-Watt University)

  • Edward Trevillion

    (Heriot-Watt University)

Abstract

The chapter focuses on how changing occupier needs are framed by the state of technology and demonstrates how technological advances lead to new built forms in the different sectors. In particular, the emergence of these new forms is shown to replace traditional buildings causing obsolescence in the existing stock. The chapter reveals how no real estate sector is immune from obsolescence and that in turn there are consequences for investment decisions and the composition of portfolios. It defines and examines the causes of obsolescence. In this context, it outlines how new environmental standards encouraged by a new green agenda are promoting greener buildings and a new ‘green label’ for buildings that meet the requisite environmental standards. Changing occupier needs are highlighted in the retail sector where for example the impact of online sales is only the latest of a long line of changes that have impacted on the retail sector with consequences for investment. Finally, the chapter looks at the investment consequences of technological change in the office and warehousing sector, in particular as a result of the improvement in ICT applications.

Suggested Citation

  • Colin A. Jones & Edward Trevillion, 2022. "Investment Consequences of Changing Occupier Needs and Obsolescence," Springer Books, in: Real Estate Investment, chapter 0, pages 243-263, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-00968-6_11
    DOI: 10.1007/978-3-031-00968-6_11
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