Abstract
Corporate real estate management (CREM) practices in Asia have been a relatively under‐researched area compared with those from Europe and North America. This paper represents an attempt to enhance the current knowledge of CREM in Asia. Part I of this study provides a snapshot of CREM practices among Singapore multi‐national companies (MNCs) and listed firms. Ninety‐seven firms were surveyed on three main business management perspectives: corporate real estate planning, corporate real estate organizational structure and corporate real estate performance. The study found that in general, corporate real estate (CRE) is under‐managed among MNCs and listed firms in Singapore. Creating awareness of the importance and relevance of good CREM practices is therefore the most pertinent task. Part II of this paper focuses specifically on CRE performance. A data‐driven analytical technique is adopted to study the direct and indirect effects of performance factors on corporate real estate. The results indicate that only corporate real estate planning and the existence of a real estate unit have a direct impact on corporate real estate performance. This finding is both theoretically expected and important. The results reinforces current literature postulations on the importance of strategic planning as the key skills that corporate real estate managers need to be equipped with to meet the challenges ahead.
Highlights
Corporate real estate management (CREM)is concerned with the management of land and buildings owned by companies not primarily in the real estate business
While the CREM practices in Europe and North America is well documented in an annual survey conducted by the Corporate Real Estate Management Research Unit (CREMRU) at the University of Reading since 1993, much less is known about the same in Asia despite the increasing corporate real estate holdings by many multi-national companies (MNCs) in this region as a result of rapid economic development
Part I of this paper attempts to address this void by examining the corporate real estate (CRE) practices of MNCs and listed companies in Singapore
Summary
Corporate real estate management (CREM)is concerned with the management of land and buildings owned by companies not primarily in the real estate business. Over the last two decades, academic interests in this subject had remained high generating strong empirical evidence of the ability of corporate real estate to enhance corporate wealth and firmly establishing the academic and practical significance of research in this subject. While the CREM practices in Europe and North America is well documented in an annual survey conducted by the Corporate Real Estate Management Research Unit (CREMRU) at the University of Reading since 1993, much less is known about the same in Asia despite the increasing corporate real estate holdings by many multi-national companies (MNCs) in this region as a result of rapid economic development. The importance of this study is that it enhances current understanding of corporate real 94 estate management practices and promotes best CREM practices by providing evidence from a different business environment. The study exposes current inefficiencies in Asian corporate real estate practices and serves as the impetus for business firms to urgently review the role of real estate in the firm and how its value can be maximized
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