ABSTRACT This study examines how spatial context influences the relationship between environmental performance (lower carbon emission intensity) and financial performance (higher profitability) in real estate investment trusts (REITs). Analyzing 375 REITs across 21 economies during 2017-2023, we identify a negative, non-linear relationship between carbon emission intensity and profitability. However, this relationship is significantly weaker for REITs headquarted in major urban agglomerations. We attribute this to three mechanisms: reduced environmental differentiation in dense markets, elevated operational costs, and systemic environmental externalities. In contrast, REITs outside agglomerations show a stronger negative relationship, driven largely by Scope 2 emissions. Our findings reveal the importance of geographical context in shaping green financial outcomes and highlight the need for spatially sensitive policy design. We also discuss how AI can enhance emission monitoring, hotspot identification, and resource optimization, strengthening the environmental-financial link in future real estate management.

Background. The Increasing the Use of Domestic Products (P3DN) Program is one of the government's strategic efforts to encourage national economic growth through increasing the absorption of local products. Banten Province as one of the strategic areas in Indonesia has great potential in the development of domestic products, both from the industrial, MSME, and agricultural sectors. Aims. This article aims to analyze the implementation of the P3DN program in Banten Province, the challenges faced, and formulate optimization strategies that can be carried out by local governments and related stakeholders. Method. This study uses a descriptive qualitative approach with literature study methods, document analysis, and limited interviews with MSME actors, local government officials, and industrial estate managers in Banten Province Conclusion. The P3DN program in Banten Province has great potential to be optimized given the abundant industrial and MSME resources. Through a collaborative approach, increased socialization, and facilitation of TKDN certification and local e-catalogs, the implementation of P3DN can run more effectively. Implementation. Local governments need to take an active role as a catalyst for strengthening domestic products to have a positive impact on regional economic growth.

The relevance of the presented research is due to the expediency of rationalizing the technical and economic indicators of plastering production by introducing innovative technologies that reduce the labor intensity and cost of these processes. In the context of active digitalization of the construction industry, the integrated integration of traditional design and construction methods with BIM technologies is also of particular importance for the development of a system for assessing real estate objects at all stages of the life cycle. The article presents the results of production tests of a patented technology for performing improved and high-quality plastering using innovative frame equipment. A comparative analysis has been conducted with the traditional technology of plastering using steel galvanized beacons. It has been experimentally confirmed that the proposed improved method of work production allows for a significant reduction in the cost of work by 23-30%, while simultaneously reducing. Subject: The article examines the time and economic performance of the proposed technology in comparison with the traditional method of plastering using steel galvanized beacons, as well as its impact on the accuracy of real estate assessment and management at various stages of the life cycle using BIM technologies. Materials and methods: Analysis of the state of the issue, comparative efficiency and detailing of the essence of the proposed technological equipment, description of the features and sequence of testing the experimental sample, and modeling of technical and economic indicators based on the results of production tests of the innovative development.

Purpose This study aims to analyze and compare three dimensions of coworking space (CS) usage: user characteristics, motivations and workplace preferences, comparing the literature on urban vs non-urban CSs. Design/methodology/approach The methodological approach follows the Preferred Reporting Items for Systematic Reviews and Meta-Analyses, known as PRISMA. Following the PRISMA checklist items, this study presents aspects from cross-sectional studies published over 13 years (2010–2023). Findings The research reveals user characteristics, motivations for choosing a CS and workplace preferences of users of urban and non-urban CSs. Even though user characteristics in urban and non-urban CSs appear similar, the literature highlights differences: studies on urban CSs often emphasize increased productivity as a motivator to rent a workplace in a CS. In contrast, literature on non-urban CSs focuses on the reduced time spent commuting. Furthermore, literature on urban CSs prioritizes affordability and neighborhood image, while users of non-urban CSs focus on service offerings and proximity to nature. These findings suggest that CS operators should tailor their value propositions based on location, with urban CSs emphasizing cost-effectiveness and non-urban CSs focusing on comprehensive services and natural settings. Practical implications The study’s findings provide a practical lens for understanding the differences between CS in urban and non-urban areas from a user perspective. The insights from this research could inform the evolution of workplace requirements and strategy adaptations, with particular relevance for CS providers and organizations with CSs as part of their Corporate Real Estate Management (CREM) portfolio. Originality/value The existing body of literature has yet to explore the workplace preferences of CSs in non-urban locations. As CSs grow in non-urban areas and their characteristics may differ from their urban counterparts, this study sheds light on an under-researched area. Furthermore, no study has investigated the literature on CS user preferences systematically and compared the perspectives of urban and non-urban CS users.

Part of the national wealth of any country is non-financial tangible assets, a significant part of which is real estate. Modern business, regardless of its size, form of ownership and organizational and legal form, cannot develop without means of production and property, which creates conditions for the functioning of personnel. Therefore, the role of real estate in the activities of the state and in the activities of economic structures is indisputable. The article discusses traditional and modern approaches to real estate management

Statistical data indicates a rising trend in the frequency and unpredictability of floods globally. Regions traditionally less affected by flooding are reportedly experiencing an increased impact, underscoring the widespread nature of this phenomenon. Over the past decade, the overall incidence of floods has significantly increased, affecting billions of people worldwide. If appropriate measures are not taken, floods driven by climate change, urbanization, and the consequences of human activities will continue to increase in frequency and intensity, leading to even greater economic, social, and environmental losses. Proper selection of management strategies and risk reduction measures is becoming particularly important for reducing flood risks. Multi-Criteria Decision Making (MCDM) methods are well-suited for addressing such complex, multi-criteria problems. Therefore, this study aims to explore the research fields of MCDM application in flood management and identify the most widely used methods. This is done to clarify their benefits and enhance their applicability. The Systematic Literature Review (SLR) revealed that the research field is broad and dynamic, evolving over the decades. However, the application of MCDM remains popular and, according to current trends, continues to gain popularity. New research fields are also emerging, such as “Identification and/or Mapping of Flood-Prone Areas” and “Sustainable Infrastructure Assessment”, highlighting scientist growing concern about the importance of evaluating vulnerable areas and applying sustainable solutions to address flood management challenges. The findings are particularly relevant to real estate and property management, as they support the development of evidence-based frameworks for assessing property-level flood resilience and for guiding investment decisions to protect built assets.

Aim . To analyze legal problems arising from the introduction of artificial intelligence in property management and to develop proposals for their solution in the context of rapid digitalization of this sphere. Methodology . A study of foreign experience in regulating artificial intelligence in countries of the Romano-Germanic, Anglo-Saxon and traditional legal systems was conducted. As a result of the analysis of regulatory legal acts and judicial practice, gaps in Russian legislation were identified. An assessment of the ethical and social consequences of automation of real estate management was carried out. When disclosing the research material, analysis, synthesis, induction and deduction were used in the work. In order to develop measures to improve legal regulation, comparative legal and systemic methods were used. Results . It was found that the use of artificial intelligence in property management, despite the advantages (efficiency, cost reduction), gives rise to legal risks: uncertainty of responsibility, threats of discrimination, conflicts in the field of personal data and intellectual property protection. The need for an integrated approach has been proven, including clear distribution of responsibility between developers, operators and users of artificial intelligence, ensuring transparency of algorithms, adaptation of rules on the protection of personal data and copyright, considering social consequences of automation. Research implications . The key legal challenges associated with the use of artificial intelligence in real estate management are systematized. Specific mechanisms for adapting foreign regulatory models to Russian conditions are proposed. The results can be used by legislators to modernize the law, by management companies to minimize risks, by developers of artificial intelligence to create technologies compatible with the use of legal norms, and by researchers to further study the balance between innovation and protection of rights. Overall, the presented work contributes to the discussion on the legal framework for technological changes in the real estate sector.

Management in real estate: powered by digital twins

Corporate real estate (CRE) leaders operate at the intersection of business strategy, operational efficiency and, most importantly, financial stewardship. Their role extends far beyond managing physical spaces; they are instrumental in aligning all real estate decisions with the organisation’s long-term vision and performance goals. To succeed in this complex environment, particularly in the post-COVID-19 era, CRE professionals must collaborate with a diverse range of stakeholders, including C-suite executives who shape strategic direction, business unit (BU) leaders focused on functional outcomes, finance teams that scrutinise cost and investment decisions and facility managers and external service providers who are responsible for the day-to-day management of real estate assets. Navigating these relationships demands a deliberate and strategic approach to stakeholder management. It involves understanding and balancing often competing priorities, communicating the value of CRE initiatives clearly and building trust across all levels of the organisation. Stakeholder management is not merely a supporting function, but a core competency that influences the success of portfolio transformations, workplace strategies, capital investment and sustainability goals. This paper delves into the theories and practical applications of stakeholder engagement within the CRE context. It offers insights into identifying and prioritising stakeholders, managing diverse expectations and implementing structured engagement strategies that drive alignment between real estate actions and broader business objectives. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Abstract The anchoring effect is one of the cognitive biases studied within the phenomena observed in psychology and behavioral economics. Through the anchoring effect, human judgments and decisions can be suboptimal due to excessive focus on random information. This phenomenon plays a significant role in many aspects of social and economic life, including the real estate market, leading to incorrect decisions among both consumers and professionals. The aim of this study was to evaluate the impact of the anchoring effect on decisions regarding the value of a random apartment among Polish specialists in real estate market, based on a simplified description of the apartment. The research group included real estate valuators, real estate brokers, real estate managers, and academicians. The sample size included 170 respondents. The research showed that the effect of “anchors” is evident in every professional group, regardless of the type of services provided, educational background, or years of professional experience. The anchoring index among the surveyed group was 46 percent. The study confirms that expertise in real estate market does not guarantee unbiased assessment, and therefore, there is a need to conduct the process of real estate evaluation in a careful way to increase the chances of obtaining trustworthy results.

The dual legal system and the abundance of agencies responsible for inheritance, wills, Islamic asset management, and Muslim estate distribution in Malaysia often result in administrative delays and disputes. Against this background, Industry 4.0 technologies particularly blockchain have been recognized in both academia and practice as transformative tools for streamlining real estate and estate distribution processes. This study aims to evaluate the blockchain-based frameworks proposed in the reviewed studies. A systematic literature review was conducted on publications from 2019 to 2023 using Scopus and other databases, resulting in the inclusion of eighteen papers that met the defined quality and relevance criteria. The reviewed studies adopted methodologies such as interviews, theoretical, experimental, systematic literature review, case study, legal, and holistic approaches. Moreover, the proposed blockchain-based models in the reviewed studies were categorized into five types: digital land registration, inheritance, consensus algorithms, smart real estate buying or selling, and commercial real estate management frameworks. Based on these findings, the study further proposes a conceptual framework linking blockchain affordances (decentralized ledger, smart contract, integrity, transparency, security, immutability, interoperability, integrated, efficiency, cryptographic, and tamper-proof) to key challenges in Malaysia’s dual legal estate distribution system (overlapping jurisdiction between Civil and Shariah High Court, lack of transparency about the entitlement of heirs, conflict of laws and rights, disputes in transfer of ownership, and data fragmentation between agencies that reduce efficiency). This framework provides a theoretical and policy-relevant foundation for future model development aimed at achieving a more transparent, efficient, and Shariah-compliant estate administration process.

Work related stress has negative effect on productivity and satisfaction among workers in various field. An important barrier to understanding how work-related stress affects individual academics in the built environment is scarcity of empirical studies in the area. As a result, this study aims at examining the main causes of stress and the level of risks associated with the stress among academics in the built environment. Questionnaires were administered to academics in the built environment faculties, schools and institutes offering courses such as Architecture, Building, Estate Management, Quantity surveying, Surveying and Geoinformatics and Urban and Regional Planning in the South West and North Central geopolitical zones of Nigeria. A systematic samplingtechnique was adopted to administer the questionnaire to respondents. The results show that work related stress among built environment academics is high (>60% on work related stress grading scale) and causes were classified into organizational factors, job demand and job role. The most important risk factors were also identified as problem with office accommodation inadequate temperature control, lack of privacy (physical factors), poor communication, lack of career progression and job insecurity (organizational and job role factors). Due to the high level of work-related stress among academics in the built environment, their performance in discharging duties in terms of research and teaching have been affected. Management of higher institutions should provide incentives and enabling environment to individual lecturer to address those factors identified in other to improve their overall performance.

The increasing importance of sustainability, risk, and social responsibility in real estate management reflects evolving societal demands, regulatory pressures, and market dynamics. Motivated by the need to align real estate practices with environmental goals and social equity, this study explores how these three pillars can be systematically integrated into property management. The aim is to develop a holistic framework that transforms risks into opportunities and promotes long-term value creation. Using a mixed-methods approach, including literature analysis and semi-structured expert interviews conducted within the Romanian real estate sector, this study investigates how ESG criteria and digital technologies are currently applied in practice. Key findings reveal that tools such as BIM, digital twins, and ESG reporting enhance transparency, operational efficiency, and stakeholder engagement. The research concludes that integrating the sustainability–risk–responsibility triad provides strategic advantages, enhances resilience, and strengthens the role of real estate management in advancing sustainable development.

This research presents an empirical investigation into the effect of proactive real estate management strategies on both building energy performance and asset valuation within the central districts of Konya, Türkiye (Meram, Selçuklu, and Karatay)6. A comprehensive dataset, comprising observations from 48 buildings, was subjected to analysis using descriptive statistics, correlation, and multiple regression techniques via SPSS 28 software. The statistical results reveal a statistically significant and positive correlation between the levels of energy performance, management activity, and property value8. Specifically, buildings characterized by superior energy efficiency ratings and robust thermal insulation systems commanded higher market prices, while older structures and those with elevated energy consumption tended to exhibit lower valuations. Furthermore, the evidence suggests that proactive management contributes to the appreciation of asset value through the systematic optimization of maintenance operations, rigorous monitoring of energy consumption, and the enhancement of overall operational sustainability. This study provides crucial empirical data from the context of a developing country, thereby addressing a noticeable gap in the existing literature where energy efficiency and management performance are seldom analyzed in conjunction. The findings highlight the significant economic benefits associated with energy-efficient investments, implying that the integration of energy performance indicators into standard property valuation models can substantially refine decision-making processes for investors, professional appraisers, and public policymakers. Moreover, these results emphasize the necessity of fostering sustainable building management practices to simultaneously improve both the environmental footprint and the financial returns within the real estate sector.

Mosaic art emerged as one of the most prominent artistic media of the Roman period, reflecting the transformations in social and cultural life. While many of the themes recall earlier decorative traditions, such as those found on ceramics, from the 2nd century AD onwards a distinctive genre developed, focusing on the representation of the rustic lifestyle. This imagery was closely associated with the idealized model of aristocratic rural life, which centered on villa estates (villae rusticae) situated outside the urban sphere. In these mosaics, rural activities, particularly agriculture, animal husbandry, and related productive practices are the principal subjects. Scenes frequently depict the herding of livestock, the harvesting and collection of agricultural produce, and other aspects of estate management. Figures such as villa owners, estate stewards, and dependent laborers are also integral elements, often arranged in hierarchical compositions that mirror the social order of the countryside. The villa itself is typically represented as the focal backdrop, around which these activities are organized, thereby underscoring its role as both the physical and symbolic center of rural life. The earliest examples of this rustic imagery are attested along the North African coast, where they appear in mosaic pavements of the imperial period. From the 4th century AD, this visual repertoire spread eastward across the Mediterranean, reaching regions such as Anatolia. The mosaics of villae rusticae not only illustrate the ideals of rural aristocratic life but also provide valuable evidence for the integration of these estates into the wider networks of production and trade that sustained the Roman imperial economy.

The development of digital technologies can significantly contribute to improving building management and maintenance processes, bringing revolutionary changes in the field of facility management. The digitization of recorded data allows for more efficient management of operational and maintenance processes throughout the entire life cycle of a building, which leads to cost reduction, optimization of workflows and extension of the service life of technical equipment. A key tool in this transformation is the concept of a digital twin, which allows the creation of accurate virtual models of buildings not only for new projects, but also for existing buildings. These digital models provide comprehensive information about building elements, technical equipment and operational parameters, which supports more effective decision - making in the field of management and maintenance. However, with the development of digitalization, there is also a need to identify and address potential risks associated with the implementation of these technologies. The main challenges include cybersecurity, personal data protection, system interoperability and the need to standardize digital solutions. For the successful implementation of a digital twin, not only technological security is essential, but also legislative and organizational readiness of entities managing buildings. Digitalization in building management and maintenance thus represents a significant step towards smarter, more efficient and more sustainable real estate management, while its full potential can be utilized through properly designed strategies and technological solutions.

Abstract This study presents an analysis of the functioning of real estate data registration systems in Poland and Ukraine, with a particular focus on the registration of property rights. It examines the historical development of these systems, their current structures, and the existing mechanisms for data exchange between them. The analysis also identifies key challenges related to interoperability and data consistency. The investigation revealed that in Poland, the real estate cadastre and the land register operate as separate systems under the authority of different institutions, despite recording overlapping information. To address issues of data integration, the Integrated Real Estate Information System was introduced to enable the exchange and verification of data between these registers and other public databases. In Ukraine, three independent systems manage real estate data: the State Land Cadastre, the State Register of Real Rights, and the archival records maintained by the Bureau of Technical Inventory (BTI). This fragmentation undermines the completeness and reliability of real estate information, complicating administrative procedures. The findings of this study highlight the urgent need to develop comprehensive legal frameworks and implement advanced technical solutions in both countries to reconcile discrepancies across real estate registers. The research also points to the substantial potential of integrated information systems to deliver accurate, consistent, and up-to-date property data. Empowering such systems with appropriate legal authority and functional capabilities would significantly improve the reliability, transparency, and efficiency of real estate information management.

As businesses adapt to a new working method, based on a constant technical and technological application, entrepreneurship is becoming increasingly complex. As a result, having a clear and strategic plan for corporate real estate management is of particular importance. In this context, it is also about creating a work environment that encourages productivity, collaboration, and innovation, and reflects the company's culture and brand. It should also consider the changing nature of work and the workforce, and be flexible enough to adapt to future challenges. Incorporating corporate property strategy into the corporate business strategy requires a high level of internal cooperation within the company. All of this is important to set a specific time frame for the strategic planning process and to obtain commitment during the implementation of the set plan. Through the realization process, financing of corporate real estate initiatives is enabled and secured. All of this works best with long-term plans, that is, annual plans, with teams that are directly involved in their implementation. Looking from the aspect of encouraging the entrepreneurial spirit of the company, this model can be used as a promotional tool for achieving new organizational feats and efficiency in achieving strategic goals. The empirical research within this paper was conducted on a total of 20 respondents, randomly selected representatives of the corporate sector; representatives of the corporate sector who use property strategy in their operations; real estate experts, who operate at the level of the Republic of North Macedonia to see the level of experience when it comes to the strategic link between business strategy and property strategy within the corporations. The methodological framework covered is a combination of the application of primary and secondary data, to draw precise and relevant conclusions about the problem frame.

Mass appraisal plays a pivotal role in real estate management, facilitating property tax assessments, mortgage evaluations, and urban planning across large geographical areas. In regions like Korea, where real estate markets are rapidly evolving, valuation models based on multiple linear regression are valued for their simplicity and interpretability but often fall short in capturing complex market dynamics. In contrast, machine learning (ML) models, while addressing non-linear relationships between property characteristics and market values and offering superior predictive performance, are often criticized for their “black-box” nature, which raises concerns over interpretability in transparency-critical domains like property tax assessments and policy planning. To address these concerns, this study investigates the application of Explainable AI (XAI) techniques in the mass appraisal of residential properties in Korea, integrating XAI methods with both multiple linear regression and random forest models. Using SHAP (SHapley Additive exPlanations) and PFI (Permutation Feature Importance) values, the study analyzes feature importance and predictive contributions, offering insights into the factors driving property valuations. Additionally, a temporal analysis was conducted by segmenting the data into time intervals to examine how feature importance and predictive contributions evolve over time. By combining high predictive performance with transparent and interpretable insights, the findings demonstrate that XAI can enhance the usability of both traditional and advanced automated valuation models (AVMs) for real-world decision-making in the Korean real estate sector.

The paper examined the real estate management challenges and solutions in Bauchi metropolis. Real estate management, as a critical component of the real estate sector, faces a multitude of challenges in its operational and strategic functions. Four (4) research questions were formulated from the following objectives: identifying and analyze challenges faced by Real Estate Managers in Bauchi Metropolis, examining the strategies that have been used to address these challenges, evaluating the effectiveness of these strategies and identify areas for improvement and coming up with a workable solution to the identified challenges of real estate management in Bauchi Metropolis. The paper adopted descriptive research design and the target population was 200 representing real estate managers, real estate investors and real estate owners in Bauchi Metropolis. Stratified sampling technique was used and Taro Yamani’s statistical formular was applied to arrive at a sample size of 133. A statistical mean was used to interpret the result of the data collected. The findings revealed that Infrastructure development and regular training for real estate managers were seen as less viable solutions. Real Estate Managers should prioritize the integration of advanced technological tools, such as real estate management software, to streamline operations and improve efficiency. Real Estate managers should also focus on creating tenant retention programs that include incentives for long-term leases, improved communication, and tenant satisfaction initiatives.