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Approaches to Aligning Corporate Real Estate and Organisational StrategyORGANISATIONAL STRATEGY

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  • Christopher Heywood

Abstract

This paper investigates the alignment between Corporate Real Estate (CRE) and organisational strategy that is thought to be important for CRE to deliver value to the organisation. The CRE literature has a number of models but as evidence from practice indicates that these are not being used this suggests that how alignment occurs may not be completely clear. Furthermore, there is anecdotal evidence that simplistic, deterministic drivers of alignment are sought for, though the complex, multi-dimensional nature of CRE and its management suggests a more comprehensive understanding of the basis of alignment is necessary. Design/Methodology/approach: As a basis for an empirical investigation, this paper, after investigating ten existing alignment models, sets out five possible theoretical approaches that could apply to CRE alignment ñ deterministic, algorithmic, heuristics, wicked problems and game theory. The empirical study investigates those approachesí applicability in practice. Findings: A framework of fifteen possible components to existing alignment models are identified which are variously and incompletely deployed in those models. The empirical studyís early results show evidence of the five approaches with game theory most evident. Implications for research: The frameworks introduced here suggest a more comprehensive basis for alignment offering some ways forward in addressing the fragmented theory of CRE alignment. Future lines of enquiry are evident that can take place using an expanded theorisation of CRE strategic alignment. Implications for practice: As practice imperfectly deploys existing alignment models it is thought that a more comprehensive framework to alignment would be benefit practice as it seeks to deliver and demonstrate the delivery of value to the organisation through aligning CRE and organizational strategy.

Suggested Citation

  • Christopher Heywood, 2011. "Approaches to Aligning Corporate Real Estate and Organisational StrategyORGANISATIONAL STRATEGY," ERES eres2011_194, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2011_194
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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. repec:arz:wpaper:eres2010-076 is not listed on IDEAS
    3. 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.
    4. Neil G. Carn & Roy T. Black & Joseph S. Rabianski, 1999. "Operational and Organizational Issues Facing Corporate Real Estate Executives and Managers," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 281-300.
    5. 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.
    6. Pfnür, Andreas & Schaefer, Christina & Armonat, Stefan, 2004. "Aligning corporate real estate to real estate investment functions : improved decision making using a real options approach," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 26232, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    7. 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.
    8. Kelly,Anthony, 2003. "Decision Making Using Game Theory," Cambridge Books, Cambridge University Press, number 9780521814621, September.
    9. Singer, Bas P. & Bossink, Bart A.G. & Van de Putte, J.M., 2007. "Corporate Real Estate and Competitive Strategy," Serie Research Memoranda 0005, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    10. 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.
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    Cited by:

    1. Christopher Heywood & Monique Arkesteijn, 2017. "Meta-Corporate Real Estate Management: Some preliminary thoughts," ERES eres2017_180, European Real Estate Society (ERES).
    2. Rianne Appel-Meulenbroek & Barry Haynes, 2014. "An overview of steps and tools for the Corporate Real Estate strategy alignment process," ERES eres2014_57, European Real Estate Society (ERES).
    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).

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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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