Real Estate Facilities Research Articles

Bibliometric and content analyses of research on technology use in real estate facilities management

PurposeTechnological change drives transformation in most sectors of the economy. Industry 4.0 technologies have been applied at different stages of a building’s lifecycle. However, limited studies exist on their application in real estate facilities management (REFM). This study aims to assess the existing knowledge on the topic to suggest further research directions.Design/methodology/approachScopus-indexed literature from 2013 to 2023 was examined and visualised using VOSviewer software to output quantitative (descriptive) results. Content analysis was used to complement the quantitative findings.FindingsFindings indicated a concentration of research in China, Norway and Italy. The knowledge areas included three clusters: lifecycle integration and management, data curation and management and organisational and management capabilities. The benefits, challenges and support strategies were highlighted.Research limitations/implicationsMore collaboration is needed across countries and territories on technology integration in REFM. Future research using alternative methodologies is recommended, with a focus on adopting and non-adopting REFM organisations. Further, implications for facility managers, employees, technology suppliers or vendors, training, organisations and management exist.Practical implicationsFurther, implications for facility managers, employees, technology suppliers or vendors, training, organisations and management exist.Originality/valueThe study reveals the knowledge base on technology use in REFM. It adds to the evidence base on innovation and technology adoption in REFM.

The Verhulst equation in managing the life cycle of a real estate facility

Managing the lifecycle of a real estate facility is an important part of the reproduction process. A brief analysis of corporate lifecycle models is provided. As a scientific research hypothesis, it is assumed that the initial stage lifecycle is based on consumption of external resources, while at the final stage internal resources are consumed. The concepts of “resource consumption lifecycle model” and “resource consumption rate” are introduced. It is the rate of resource consumption that determines the end of the real estate facility lifecycle. The Verhulst differential equation for the population growth model is used as a mathematical basis. The lifecycle model has three phases: growth, stability, and degradation. This model can be applied to change the lifecycle of a construction facility. Synchronous and asynchronous types of management are described. It is proven that monitoring and forecasting are components of synchronous management of a real estate lifecycle.

Изменение ценообразующих факторов стоимости жилья на первичном рынке Санкт-Петербурга

The paper presents an analysis of the impact of changes in various factors on the cost per square meter of housing on the primary market. Based on the analysis of prices for apartments in the Nevsky district of St. Petersburg, the authors have constructed a mathematical model confirming that at the time of the study implementation, the main price-forming factors are the distance from the subway stations and the prestige rate of the neighborhood. Meanwhile, such factors as the deadline term for delivery of the building, the builder's brand, construction of the building and interior finishing of the apartment, have a minimal impact on the cost per square meter of housing under construction. The results of the study can be used in the practical activities of construction companies in developing a pricing strategy for the construction of residential real estate facilities.

The mechanism of public — private partnerships for the implementation of innovative projects entailing the construction and reconstruction of items of federal property

Introduction. The relevance of the research stems from the limited financial capabilities available for complete or partial renovation of the federal property fund, which is in the operating management of subordinate institutions of executive authorities. The problem of applying the mechanism of public-private partnerships (PPPs) to such projects is associated with a narrow focus of the practice of its application. The purpose of the study is the systematic presentation of the organizational and economic PPP mechanism applied to the reconstruction and construction of real estate facilities comprising the federal property fund. The objectives of the research are to analyze the theoretical and methodological aspects of implementation of PPPs, present the analysis of the PPP market, propose a PPP implementation pattern for the reconstruction and construction of real estate facilities comprising the federal property fund, taking into account the use of innovative technologies in the construction sector.
 
 Materials and methods. The authors take advantage of the materials provided by the Russian and international organizations, such as the official publications of the National PPP Centre (analytical reviews published on the Rosinfra website), investment and analytical company InfraOne Research, National Association of Infrastructure Companies (NAIK), World Bank reports, and research publications. Traditional methods of synthesis, induction, deduction, and analogy were used in the course of research.
 
 Conclusions. The analysis of effectiveness of federal property management has proven the need to use the PPP mechanism. This mechanism has accumulated the experience of practical implementation of infrastructure projects. However, despite the existing implementation potential of the subject area, some limitations prevent its widespread use. The paper provides a detailed analysis of the proposed PPP mechanism and the pattern for its implementation.

Визуализация перехода к метамодерну: семиотический анализ архитектурного проекта Эсма Султан (Стамбул)

The subject of this article is a visual manifestation of the transition to metamodern architecture in the reconstruction of Esma Sultan's palace in Istanbul. Its architectural and design solution was created in the framework of the new urban paradigm of the XXI century. The project solves a whole range of tasks from the preservation of historical heritage to the creation of an attractive commercial real estate facility. The objective of the article is to conduct a semiotic analysis of the Esma Sultan architectural complex which will demonstrate the transition from the paradigm of the urban culture of postmodernism to metamodernism. Esma Sultan's semantic analysis reveals the meanings that remain not articulated in the special literature about this project. The method of historical retrospection is applied to the analysis of the object. This made it possible to assess the general trends in the production of urban space at the early the twenty-first century. A comparison of Esma Sultan's palace to the projects that are close in style and overall design showed the prospect of creating a modern mental image of the city. The authors concluded that the semiotic system of this architectural object is focused on the presentation of a multi-level semantic space. The loft-style palace not only organizes space, but creates a lifestyle with its egocentric hedonistic notes. The article proves that the reconstruction of Esma Sultan declares a new style of life and a type of urban culture in which spatiality becomes an expression of a multi-layered meaning. Rebuilding is not the same as reconstruction because its goal is not to return the past in the image of the building but to “hang” between experiencing the past and its awareness in the present. Thus, the Esma Sultan project became an example of a generalization of paradigm shifts in human perceptions of the 1990s - 2000s and a demonstration of the transition to the sociocultural situation of metamodern. We see how metamodern eliminates the very principle of dichotomy of choice, evaluation and functionality. The technological leap of the beginning of the 21st century, the changing nature of sociocultural practices, the abandonment of the policy of multiculturalism (the practice of social collage) influenced the formation of a new understanding of the problem of meanings manifested through spatiality, contingency and contextuality of any phenomenon.

The economics of innovative startups in construction: a methodology for selecting startups to be financed by a corporate venture fund

The article addresses the future of the task of developing a diversified innovative economy in Russia by means of drawing the attention of the state (as evidenced by the establishment of numerous funds, accelerators, and business angels), Russian and foreign private investors to the venture business activity. In our country, the venture industry is at its inception, but its core players are already in place: they are Russian and foreign venture capital funds, associations of business angels, corporate venture funds, public-private venture funds and the “fund of funds” (the Russian venture company). The intensity of the venture capital investment activity is low, and there is no state support system available. Financial transformations can decelerate the slow formation of the venture industry if there is no awareness of the importance of this activity for the development of the economy of the Russian Federation. At the same time, the availability of a significant amount of innovative research, needed for commercialization, creates the need for venture financing and the future change of the venture industry. Highquality management of venture investments can be implemented within the framework of a consolidated method: investment; control; formation and increase of importance for owners, institutional investors and society.
 At the same time, the examination of the investments, that have already been made, contributes to the development of certain knowledge, skills, avoidance of fatal mistakes in the selection of projects, conclusion of agreements and management of companies.
 The conference speakers addressed the most relevant issues of construction cost examinations which are essential when the cadastral value of real estate facilities is contested in court and when causes, conditions, circumstances and the mechanism of accidents, failures, and casualties in the course of construction and operation of construction facilities are identified. Hence, the most relevant problems of forensic structural engineering and construction cost examinations were considered, and the most effective solutions were developed.

Forensic structural engineering and construction cost examination: current problems and solutions

On September 30 – October 1, 2021, National Science and Practical Conference “Forensic Structural Engineering and Construction Cost Examination: Current Problems and Solutions” was held at the National Research Moscow State University of Civil Engineering. In the plenary reports, speakers presented the results of in-depth and detailed studies on the appointment and performance of forensic structural engineering/construction cost examinations in the course of criminal, civil, arbitration and administrative litigations, as well as the practice of using special civil engineering knowledge and knowledge in the field of pre-trial real estate valuation. The speakers identified and analyzed new trends in the development of these areas of forensic expertise. The speakers drew attention to the growing need for professional knowledge in the field of pre-design surveys, construction, operation, renovation and reconstruction of buildings and structures in operation, as well as the regularities governing the generation and transformation of market and other real estate values. The speakers drew attention to the increasing variety of forensic examinations currently conducted by employees of both public and non-public forensic institutions. The speakers also focused on the professional training of forensic experts, various forms of their training and professional advancement, the required level of teaching theoretical, procedural, organizational and methodological fundamentals of forensic examination, development of practical examination skills and demonstrating their consistency and results in expert opinions.
 The conference speakers addressed the most relevant issues of construction cost examinations which are essential when the cadastral value of real estate facilities is contested in court and when causes, conditions, circumstances and the mechanism of accidents, failures, and casualties in the course of construction and operation of construction facilities are identified. Hence, the most relevant problems of forensic structural engineering and construction cost examinations were considered, and the most effective solutions were developed.

Development of a methodology for increasing the economic efficiency of a commercial real estate facility within the framework of a reconceptualization project in the context of current market trends

Each commercial real estate facility, whose functional concept remains unchanged for a long time, can be exposed to the influence of external and internal factors, that may reduce its economic efficiency and purchasing power that need to be restored by landlords who will take urgent measures. Reconceptualization is a method used to improve the economic efficiency of commercial and leisure property. The co-authors propose a methodological framework of selection, assessment and substantiation of project solutions, make a list of works and determine the general strategy of a reconceptualization project to increase the economic efficiency of a commercial real estate facility in the current market environment. It should also be noted that an economic crisis magnifies weaknesses of entertainment retail centres, and any reconceptualization strategy must take account of this phenomenon. Firstly, it is necessary to analyze the reasons for profit reduction, assess the resources and the potential of a facility, its market environment, and the prospects for its further operation. Under these conditions, reconceptualization may be regarded as an anti-crisis development strategy.

The practice of managing real estate as an investment asset

Within the framework of the 10th International Science and Practical Conference “Organization of Construction and Development of Real Estate”, held in Moscow at the premises of the National Research Moscow State University of Civil Engineering (MGSU), a wide range of problems, dealing with the strategic focus of the real estate development at the present stage, was discussed. Not only did the methodological fundamentals of spatial and territorial development affect the goals and practical implementation requirements, but they also changed the management tools. New aspects of managing real estate as an investment asset emerged and started to develop in practice. The process required a number of provisions to be amended and recommendations to be made by the Conference participants. According to the conference speakers, managing real estate as an increasingly popular investment asset was among the problems that were least studied in the research literature. At the same time, the approach, proposed by the co-authors, encompasses management tools applicable to problem-plagued and normally functioning real estate, as well as complex real estate items integrated into separate elements of the urban planning structure. The management of numerous real estate facilities requires different approaches to be implemented by development companies (developers). They were studied by the co­authors who analyzed the case of Krasstroy Group of Construction Companies engaged in the construction and operation of real estate facilities. Understanding the practical experience of the company allowed the co-authors to systematize the principles of effective management, that represented a combination of advanced methods of design of universal modules of commercial premises, new functional opportunities provided by information and communication technologies, and methods of stimulating and coordinating operations performed by different stakeholders in urban districts and the city as a whole1.
 [1] This research was performed within the framework of the project “The study of the present-day structure and typology of housing and development of recommendations concerning the optimal number of apartments, taking into account demographic and social factors, as well as the entire range of needs of the population (using the case of Krasnoyarsk)” supported by the Krasnoyarsk State Autonomous Institution “Krasnoyarsk Regional Fund for Support of Scientific and Technical Activities” within the framework of the target competition of applied scientific research projects aimed at solving problems of urban development.

Actual Issues of Control and Supervision of Construction

The purpose of our study is to identify the problematic topics that arise during the implementation of measures by supervisory bodies in the construction of real estate facilities. The study examines the directions and ways out of these situations. On the example of a constituent entity of the Russian Federation, the Krasnoyarsk Territory, we analyze performance indicators of construction supervision and residential control services, determine effectiveness and need for state regulation of reconstruction, overhaul, redevelopment and construction of real estate objects through control measures.

Study of Commuting to Origin on the Weekend: Case study of Migrant Workers

This study aims to find out the determinants of formal sector migrant workers in Mamuju Regency commuting to their area of origin on weekends at least once in the last month when the survey was conducted. The data used in this study are primary data with a sample size of 200 respondents in several government and private agencies. Sampling is done by using purposive accidental sampling. The analysis technique used is the Binary Logistic Regression Analysis. The results showed that (1) out of 200 migrant workers in the formal sector surveyed in August-September 2017, there were 119 people (59.5%) commuting. Among the 119 commuters, there were 13 (10.92%) commuting weekly in the last month, and 54 (45.39%) commuting once a month. (2) The factors of age, level of education, the status of residence in Mamuju, and the cost of living in Mamuju are stimulus factors making migrant workers decide to do the commuting to the migrant's home area, while other variables are not significant. (3) Another factor is the availability of inadequate real estate facilities and infrastructure, where the economic sector is not a base sector in Mamuju Regency so that it allows migrant workers to commute to their area of origin on weekends, especially for migrant workers coming from Makassar City and other regions that have more complete real estate facilities.

Методы корпоративного управления в жилищном строительстве

The aim of this paper was to generalize corporate management methods of investment and construc-tion activities in the context of increasing urbanization challenges and the need to implement new ap-proaches to the goal setting and completion of housing construction. The methodology under devel-opment is aimed at ensuring the economic efficiency of large corporations, which task cannot be achieved without a strategic orientation of their activities. In this study, classification of corporate man-agement methods was related to corporate business patterns, which are increasingly acquiring the form of holding structures. This is due to the need of managing a growing number of divisions and an infinite variety of business operations serving all stages of the life cycle of real estate projects. In prac-tice, a holding is a successful resolution of the basic conflict between the growth of economic units and coherent preservation of their activities. The latter can only be achieved provided valid managerial decisions. The managerial decision-making logic and the methodology of strategic decisions were ana-lysed as regards to the operational peculiarities of holding structures. Among the methods of strategic decision-making, particular attention was paid to portfolio, analytical, indicative, calculation and estimat-ing methods. Practical application of corporate management methods in the context of emerging chal-lenges and their prioritization can be essential under an increasing popularity of block chain technolo-gies. This will enable storage of data on the maintenance of real estate facilities throughout their life cycle. Generally, the extended use of block chain technologies is a necessary step among an increas-ing number of corporate participants focused on problem solving at different implementation stages of housing construction projects.

THE ANALYSIS OF LANDS IN SECURITY ZONES OF HIGH-VOLTAGE POWER LINES (POWER LINE) ON THE EXAMPLE OF THE FERGANA REGION

Practice shows that the lack or late receipt of information with special conditions for the use of territories often has a negative impact not only on the budget and time frame for the construction of a real estate facility, but also on the fate of the built facility in general. The protection areas of underground and above-ground engineering communications play an important role for the future in land use. And also, when using these lands for agricultural needs, with the correct organization of cadastral relations represents the relevance of the issue under study. In the present, as an example, a section of high-voltage power transmission lines (power lines) of 1 km length is presented. KEY WORDS: security zones, land plot, information about zones, high-voltage zones, power transmission lines, pipelines, gas pipelines, bonality score, engineering networks, construction of buildings and structures.

IPO Spillover Effects in a New and Uncertain Sector: The Case of a Marijuana REIT

I examine the IPO spillover effects using the case of Innovative Industrial Properties (IIPR). IIPR, as a new REIT firm that focuses on marijuana real estate facilities, provides a unique opportunity to study both the contagion effects and competition effects within the REIT industry and the marijuana industry. I find that direct competing firms, such as healthcare REITs and marijuana stocks, are affected more by IIPR IPO than indirect competing firms. The results suggest that the negative externalities from IIPR IPO might be due to the high level of uncertainty associated with the marijuana industry.

Ranking of Office-lease Options by Multi-criteria Methods

Due to the growing scales of business and internationalisation, the issue of the office lease is becoming more and more relevant for companies [1,2]. They are becoming an inherent part of business, on which the results of the commercial activity depend. Current methodologies for the assessment of the office-lease options are imperfect as they lack complexity; they are not associated with the objective of the lease, i.e. the improvement of business results; the methods of the quantitative assessment of lease options are far from perfect. The paper aims to formulate the hierarchical indicator system of commercial real estate facilities (offices) adjusted to the multi-criteria assessment and to calculate lease options based on this indicator system. To achieve this goal, the following methods have been used: scientific literature analysis and multi-criteria assessment methods.

Ranking of office lease options by multi-criteria methods

Abstract Due to the growing scales of business and internationalisation, the issue of the office lease is becoming more and more relevant for companies. They are becoming an inherent part of business, on which the results of the commercial activity depend. Currently existing methodologies for the assessment of the office lease options are imperfect as they lack complexity; they are not associated with the objective of the lease – the improvement of the business results; the methods of the quantitative assessment of lease options are far from perfect. The paper aims at formulating the hierarchical indicator system of commercial real estate facilities (offices) adjusted for the multi-criteria assessment and at calculating the lease options based on this indicator system. To achieve this goal, the following methods have been used: scientific literature analysis and multi-criteria assessment methods.

Challenges of construction in emerging economies

The construction of real estate facilities in emerging markets can be challenging due to a variety of unique constraints rarely apparent to the uninitiated. The process of weaving a thread of efficiency in the disarray that exists, while keeping costs to a minumum can be both frustrating and time consuming. Developing market can pose seemingly insurmountable challenges in construction due to existing economic and financial considerations. A lack of infrastructure, complicated bureaucratic procedures, restricted foreign investment, substandard materials, building standards and design and a lack of competitive market forces are further obstacles to the sector. While a simple lease option may appear a more dependable solution, the financial and operational benefits of constructing a ‘Build‐to‐suit’ facility demand that corporates explore innovative solutions that neutralise the difficulties. The resultant strategy, however, has to be flexible enough to address the myriad possibilities of a company’s growth, its contraction or total withdrawal.