The Development of Corporate Real Estate Management Research in Japan

In Japan, the term ìCREî did not come to be used until the mid-2000s, but long before that, many managers had already recognized that real estate (especially land) is one of the most essential business resources. The problem seems to lie in the fact that Japanese executives do not understand CRE management. In recent years, Japanese CRE management research has made considerable progress in terms of both quality and quantity. The main purpose of this paper is to explain the characteristics of Japanese CRE management research. Specifically, this paper describes the history and the statistics of the field, and discusses the content of CRE management research, providing a definition, practices, and organizational structure. Finally, it is discussed that ICT, as well as a dedicated department staffed with qualified CRE management personnel are needed. However, because some CEOs misunderstand these and believe that such will be an excessive strain on their business resources, some CEOs are led to abandon the practice of CRE management. In fact, CRE management takes many and varied forms, but it seems that some methods apply to all cases in Japan. Each corporation needs to formulate its own CRE management by itself. Through this process, a more sophisticated theoretical framework is expected to develop.