Office Real Estate Research Articles

How does ethnic discrimination on the housing market differ across neighborhoods and real estate agencies?

Ethnic discrimination proves to be a persistent problem on the private rental market. However, little attention has been paid to contexts that might impact discrimination on the housing market, partly due to the fact that these factors have not been integrated into a comprehensive study. We aim to investigate whether the types of discriminatory behavior vary and/or are moderated by three types of contextual factors: (1) dwelling indicators, such as type of dwelling and price category; (2) neighborhood indicators, such as socioeconomic and ethnic composition of the neighborhood; and – to the best of our knowledge the first time in research - (3) real estate agency indicators, such as the gender structure and size of the agency. For this purpose, we made use of data from 2,014 matched correspondence tests on ethnic discrimination among 493 real estate agencies in Brussels Capital Region in Belgium. Our findings suggest that candidates of North African origin face discrimination when searching for an apartment to rent. We also found that discrimination is lower in poorer and more ethnically mixed neighborhoods and higher in smaller and male-dominated real estate offices. We call for a bigger focus on both spatial and organizational context in research on discrimination.

부동산 거래의 국제화와 공인중개사법의 적용

International real estate transactions are often mediated by licensed real estate agents, who are experts in real estate transactions because of different legal systems or common practices of transactions in each country. The “Licensed Real Estate Agents Act” prepares a written confirmation and specification of the mediation objects in English format, considering the recent trends of international real estate transactions, but basically, does not keep the mediation of international real estate transactions in view. It is interpreted that the “Licensed Real Estate Agents Act” does not apply to the mediation of real estate abroad in light of the purpose of its enactment, etc. On this presumption, this study reviewed the issues such as the opening of real estate offices, brokerage registration, violations and sanctions by the “Licensed Real Estate Agents Act” like unregistered mediation and the violation of prohibited acts, etc., the application of the “Licensed Real Estate Agents Act,” the preparation of a contract, the confirmation and specification of the mediation objects, and application of the “Licensed Real Estate Agents Act” to brokerage commission and cost of which may be problematic particularly in the mediation of international real estate transactions. Also, this study briefly mentioned an environmental maintenance plan for international real estate transactions and mediation. However, the matters concerning the preparation of guidelines for the revision of the “Licensed Real Estate Agents Act” and guidelines for practices, concerning the mediation of international real estate transactions are left as future tasks.

Investigating the causes of increasing consumer demand for real estate housing in Bangladesh

Purpose The purpose of this paper is to find out the causes of increasing population in the real estate area. The demographic in information of the respondents and the level of satisfaction was also carried out for this study. Design/methodology/approach The authors use both primary and secondary data. Total 329 respondents were surveyed at the real estate area after completing sample size determination. Secondary data was collected from journals, real estate offices and papers. After that, using regression and correlation analysis, the data was analyzed and finalized. Findings This study identified migration as the most critical variable. The study determined ten hypotheses and only accepted two. By that, this study finds out the causes of the increasing demand of plots and flats in real estate. Originality/value This study will work as a baseline study for the real estate sector in Bangladesh. Most of the research on Bangladesh’s real estate is done mainly on real estate market assessment and consumer satisfaction. Nevertheless, this study will find out the causes of the increasing population in real estate.

The Tetris office: Flexwork, real estate and city planning in Silicon Valley North, Canada

The spatial needs of knowledge workers — especially high-tech, digital workers — are of concern to digitizing companies. In order to attract and anchor talent, companies are experimenting with workplace strategies like “flexwork”, at the core of which is worker autonomy through flexible hours and workplaces. While flexwork is not new, it has been popularized by the rise of coworking, especially among the digital elites. Meanwhile, cities looking to promote economic growth are also focusing on the spatial preferences of such workers. This paper explores the motivation behind the adoption of flexwork, how this has been affecting office real estate, and how planners have reacted to these changes. Drawing from fieldwork and in-depth, semi-structured interviews with corporate consultants, real estate professionals and city planners in Canada's Silicon Valley North, I show how flexwork translates into a demand for flexible leases, which landlords seize as an opportunity to extract higher rents. This intensifies the need for flexibility, only this time for cost-saving purposes. City planners, while cognizant of this circular relationship between flexwork, flexible workplaces and rising rents, feel limited in their capacity to influence the real estate market. These insights are important considering the widespread adoption of flexwork at the onset of the Covid-19 crisis.

Real estate investment and urban density: exploring the polycentric urban region using a topological lens

ABSTRACT Focusing on commercial office real estate as both a manifestation of and a conduit of cross-border capital flows, this paper refers to the concepts of topology and topography in a theoretical and empirical exploration of contemporary ‘network economy’ spatial implications for the ‘polycentric urban region’ (PUR). A body of research has cast doubt on the normative European representation of the multi-centre PUR as a balanced, sustainable spatial development model. Yet, the model has continued to be propagated in European territorial strategy and has been influential internationally. Academic perspectives and qualitative evidence reviewed in the paper shed a light on mutual dependencies and recursive relations between network economy global structural processes, international office real estate investment practices mediated by city governments, and the spatial configuration of density. Commercial investment and city planning actor practices chime with urban agglomeration, spatial concentration and density. Quantitative evidence of associations between urban density and office real estate investment returns and capital flows is found. It is concluded that network economy topology, politics and the city are in a dialectical relationship with the PUR territorial governance agenda for spatially balanced regional development.

How to Sustain Your Organization's Culture When Everyone Is Remote

Within just a few weeks earlier this year, the COVID-19 pandemic triggered a massive shift to remote work that may change the office as we know it forever Many large companies are urging employees to work from home for months to come, and some CFOs are making plans to shed office real estate and permanently move some portion of their workforces to remote working Here, Howard-Grenville discusses how to sustain the organization's culture when everyone is remote

Impact of Building Orientation on Market Value: Koya municipality as a case study

The study aims to investigate the impact of building orientation on market value, it's an exploratory study about inhabitants, house customers and owners of real estate offices opinions in the municipality of Koya, as well the building orientations which include eight orientations as independent variable such as north, northeast, east, southeast, south, southwest, west and northwest, also market value as a dependent variable of the study.  A questionnaire involving 9 items has been set and distributed through online link as the research sample, the size of the population of the study is 126 residents which were randomly they collected. Then, all of them have been analyzed as the appropriate statistical method is used to analyze data to test research hypotheses via using the regression of SPSS program. Finally, the research has several conclusions mainly is the building orientation has the small impact on the market values, also the research recommended that we should not ignore the orientation that preferred by Koya’s inhabitants which should focus on the factors that effect on house supplies and demands in the city.

The Impact of Property Management on the Value of Residential Product in Saudi Arabia

This paper discusses the impact of property management in maintaining the value of residential product in Saudi Arabia. The paper reviewed a comparison of two property models: the first is managed by the property management system, and the second is managed by the owner only. In addition, the field questionnaire was used and distributed to a sample of the study community consisting of 125 real estate management institutions and real estate office in Riyadh. The results of the analysis indicate that property management contributes to raising the quality of the residential product and maintaining its market value. The residential product which managed by the property management system loses 10% of its value after 5 years. On the other hand, the product that managed by the owner loses more than 50% of its real value after 5 years. The paper proposes to strengthen cooperation between governmental and private institutions to establish a Real Estate Data Center (REDC) for the classification of residential properties subject to the criteria of management, quality and economic cost.

Drivers of Investment in Commercial Real Estate Sustainability: 2006–2018

We investigate the factors (“drivers”) that motivated investment in energy efficiency in commercial real estate office buildings over the 2006–2011 and 2012–2017 period, and looking forward from 2018 in the context of growing concern over carbon emissions around the world. These insights were collected from large Canadian asset managers through interviews conducted in 2017 and 2018. Key findings were that (1) organizations noted an increasing number of factors driving investment decisions over the three periods; (2) cost drivers (payback period and anticipated financial returns) were the top two drivers in 2006–2017; (3) public relations factors became significantly more important looking forward, with brand (reputational impact) as the top-ranked driver and tenant attraction tied for third place; and (4) mitigation against risks such as resilience and anticipated compliance consistently increased in importance. This study contributes to a comprehensive understanding of past, present, and near-future sustainable real estate investment priorities, changing owner behaviors, and the perceived business case for building energy efficiency investments.

A Market-Driven Green Office Building Index

Executive Summary. This paper reports on the development and potential implementation of a new green office building rating index intended for building owners and real estate office portfolio managers. It provides a market-driven green scoring method applicable to most U.S. office buildings. The underlying index data draws from office tenant surveys and hedonic analysis of rent rolls. This paper details the development and first steps towards implementation of the scoring system. A variety of models are analyzed, discussed, optimized, and tested on a captive sample of 197 U.S. office buildings. A reasonable model shows that about 40% of the non-LEED-certified buildings score higher than the lowest scoring LEED-certified building. This indicates a market may be present for this type of measurement tool. Office and portfolio managers could use this index to market the sustainability features in their buildings and obtain a market premium for these features.

Energy Factors, Leasing Structure and the Market Price of Office Buildings in the U.S.

This paper presents an empirical analysis of the relation between energy factor markets, leasing structures, and the transaction prices of office buildings in the U.S. We employ a large sample of 15,133 office building transactions between 2001 and 2010. In addition to building characteristics, we also include information on the operating expenses, net operating income, and market capitalization rates at sale to estimate an asset-pricing model for commercial office real estate assets. A further set of important controls in our analysis is the forward/futures contract prices for electricity and natural gas. We also include weather metrics for each building’s location and sale date. Our final set of controls includes information on the dominant contractual leasing structure of the buildings. Our empirical results suggest that Energy Star labels do not explain additional variance in property prices once the key asset-pricing factors of expenses, income and market capitalization rates are included. By contrast, energy-factor market prices, the shape of the energy forward price curves, and weather metrics are consistently significant determinants of office building transaction prices, suggesting that commercial office building prices are exposed to shocks in these markets.

ДОСЛІДЖЕННЯ УКРАЇНСЬКОГО РИНКУ ОФІСНОЇ НЕРУХОМОСТІ В ІТ-СЕГМЕНТІ ЯК СКЛАДОВОЇ МАРКЕТИНГУ ПОСЛУГ

The article explores the Ukrainian market of commercial real estate in the IT segment. It is emphasized that wide implementation of information technology in all spheres of business and daily life contributes to rapid growth of the number of IT-companies and programmers in Ukraine in recent years. It is argued that the effective functioning of the IT segment depends on a range of factors, in particular, availability of comfortable, functional and technological office in which it operates. On the Ukrainian market, the IT segment is a leader in the demand for office real estate and is actively implementing innovations in office space. According to JLL analysts, in 2017 about 50% of demands in the segment of office real estate were formed by IT companies, which increases their attractiveness for landlords as potential tenants. In addition, IT companies sign long-term lease agreements and are proved to be steady payers. The relevance for studying the preferences of IT-companies in the choice of real estate is reinforced by their high requirements to a particular real estate object, since for employees of such companies their office is more than just a workplace, it is often perceived as home (flexible working hours, 24/7). In large IT companies, a critical competitive advantage for attracting highly skilled personnel is not only wages but also comfortable and functional office. It is proved that effective development of modern office real estate market is impossible without the use of an integrated marketing approach in which this market is considered a joint mutually beneficial domain for tenants and lessors and which assumes their cooperation as full partners to establish and maintain long-term business relationships. The research findings prove that the modern marketing approach promotes optimal organization of office space for a landlord and offers a good opportunity for a tenant to build a long-term lease agreement with a reliable and stable partner.

Qualimetric Assessment of Investment Attractiveness of the Real Estate Property

Abstract In this paper, an algorithm was proposed to define the integral quality coefficient of real estate (on the example of office centers) according to a property tree in the framework of qualimetric modelling. The aim of the paper is an attempt to apply qualimetric methods to evaluate the investment attractiveness of real estate property. When building a qualimetric model, information about the current state of the real estate market was gathered, and a survey of brokers and tenants of office centers was conducted to determine the quality of the selected properties. Scales which were developed to measure simple features of the real estate and evaluate the main price forming factors are presented. The researchers proposed a model that takes into account the most essential characteristics of office real estate to determine rental rates and the rate of return on investment capital.

TENDENCJE ROZWOJU RYNKU NOWOCZESNYCH USŁUG BIZNESOWYCH W POLSCE

Globalizacja prowadzi do integracji i współzależności państw. Towarzyszy jej tworzenie nowych instytucji, których działalność przekracza granice państwowe. W ostatnich kilkunastu latach na świecie rozwija się dynamicznie rynek nowoczesnych usług biznesowych. W artykule przedstawiono tendencje rozwoju nowoczesnych centrów usług biznesowych w Polsce. Pokazano dynamikę zmian w tym sektorze z prognozą na rok 2017. Określono motywy decyzji inwestorów zagranicznych o lokalizacji centrów outsourcingowych oraz ich związek z rozwojem rynku nieruchomości biurowych. Branża stała się też swoistym motorem napędzającym rynek nowoczesnych nieruchomości biurowych. Powstało prawie 1000 centrów usług, w których stworzono ponad 200 tys. nowych miejsc pracy.

Development of urban transport infrastructure with the use of mechanized multi-level parking systems

In the article various variants of the decision of such acute problem, as shortage of parking places in system of a city infrastructure are considered. The necessity and expediency of constructing high-speed mechanized car parks for cars is caused by the acute problem of temporary and permanent storage of vehicles in the conditions of large cities, in places of intensive human flows such as the central part of the city, supermarkets, railway stations, shopping centers, as well as business centers and residential sector cities. To date, most of the real estate (residential buildings, hotels, offices, shopping and entertainment and multifunctional centers) are built with standard parking spaces. During the operation of such standard parking lots, the developer understands that the number of cars exceeds the number of parking spaces provided in the parking lot. The shortage of parking spaces and free parking areas significantly increases the importance of the construction and arrangement of multi-level parking lots. The system of high-altitude automatic parking lots offers a serious alternative to the generally accepted ideas about parking of vehicles [1].

June 4, 2018: I Wish I Could Wake Up and Make a Sincere Apology

June 4, 2018I Wish I Could Wake Up and Make a Sincere Apology Wo Chan (bio) Keywords poem, Wo Chan i woke dreaming instead of a past lover rimming my asshole, his personashifting into my brother's face. i moaned. sunbeams blasted through thin curtains;i felt the fabric of my boxers shift against my anus. i felt regretto wake, then joy to memory, then annoyance—shame at an old feelingclean in the mirror of seawater, the face that is yours wrinkling and transparent.observe the beauty of an emotion. observe the beauty of an emotion changing. "you seem to believe that you must avoid discomfort in your life to actually live."my therapist said that, and then he told me he had to stop taking my insurance.at the rate of 250 a session i could continue into his newly private practice.was this an exercise in disappointment? i didn't feel a hint of sadness.bored and then resigned. i felt poor at the trial-sized humanity of other peopleand myself—a smallness that could make the rainbowed mildew of my bathtub weepto grow lush. the cat, half in light and lounging in the window of the real estate office:he stares at the big people living, stacked domino in the blueprint of some montague street [End Page 675] Wo Chan wo chan is a poet and drag performer living in Brooklyn. Wo is the author of the chapbook Order the World, Mom, and has received honors from the New York Foundation of the Arts, Kundiman, Lambda Literary, and the Asian American Writers Workshop. As a standing member of the Brooklyn-based drag/burlesque collective Switch N' Play, Wo has performed at venues including the Whitney, Joe's Pub, National Sawdust, New York Live Arts, and BAM Fisher. Copyright © 2018 The Massachusetts Review, Inc.

Bold Walks in the Inner North: Melbourne Women’s Memoir after Jill Meagher

Bold Walks in the Inner North: Melbourne Women’s Memoir after Jill Meagher

Data Localization: The Effects on Cloud Adoption in Nigeria

A major concern of government agencies, service providers, and in fact, businesses in general, is the flow of information, the storage of relevant data and the ease of access to such data. Information is relied on policy making, data analysis, daily operations and the finding of solution to all forms of problems. Many firms and business organizations have resulted to the use of basic hard drives, file-rooms, and in some extreme cases, the requisition of entire floors of office real-estate for the storage of their data. An obvious ripple effect of this is the employment of an inordinate amount of work-force to oversee the storage of such data and this would in turn lead to an increase in company expenditure. Therein lies the concept of this paper. This paper attempts a discharge of the burden of data storage by adopting an analytical approach. The principle of data localization will be discussed, with emphasis on Nigeria’s legal position on the topic, and will be followed by an insight into explicit data localization requirements, after which the effects of data localization will be analyzed with a focus on data privacy. This will be followed by the problems of storing data locally in Nigeria, thus ending the discussion on data localization. Cloud Storage is introduced and discussed next, with emphasis on its benefits. Rounding up the article will be the question of data localization as a hindrance to cloud adoption.

Evaluating Corporate Identity in the Office of Production Business Group in Bangkok through Automotive Business and Real Estate Business

The objective of this research is to (1) evaluate the differences of physical factors and (2) evaluate the level of Building users' perception of the physical factors in the office which convey the meaning of Corporate Identity between the automotive business and the real estate business. The samples chosen for this research include 10 automotive business offices and real estate offices located in Bangkok area with a total number of 324 persons, using questionnaire to collect relevant data; using Likert Scale to evaluate the internal environment in the office; using t-test / ANOVA to analyze perceptual level data and differences in 8 physical factors which reflect the corporate identity under this research, i.e. (1) Colors in decoration; (2) Lighting in decoration; (3) Furniture style; (4) Decorative style; (5) The shape of space; (6) Continuity of space; (7) Wall decoration and graphic works and (8) Material in decoration. Based on the results of the research, it was found that there were physical factors which reflected the corporate identity of the organization and affected the perception level of those who were building users at a high level. The said 4 physical factors consisted of (1) Colors in decoration; (2) Interior decorative style; (3) Lighting in decoration, and lastly (4) Material in decoration. However, the individual characteristics of building users such as gender, age, and duration of work also affected the recognition of corporate identity significantly.

Occupier responses to sustainable real estate: what’s next?

PurposeThe purpose of this paper is two-fold. Primarily, it examines the relationship between sustainable buildings and occupiers, by summarising the key extant literature. Secondarily, the paper proposes avenues for future research relating to the impact of sustainability on corporate real estate strategy.Design/methodology/approachThe paper reviews over 90 relevant publications related to sustainability, real estate market responses and corporate real estate, focussing on the role and response of occupiers. The approach concentrates on occupier strategies, specifically considering influences such as corporate social responsibility (CSR), landlord–tenant relationships, the changing occupier role and the “circle of blame”.FindingsIn recent years, literature has increasingly begun to reflect nuances in occupier responses to sustainable, prime, office real estate, with some conflicting findings as to the importance of sustainability. Location remains the dominant consideration in decision-making for occupiers, but sustainability is key to CSR and “value-add” in certain sectors. More effective use of sustainable buildings requires improved communication between landlord and tenant. The authors’ review demonstrates that challenges still remain in relation to the “circle of blame”. More research needs to be done in relation to the emergence of sustainability in the non-prime and retail sectors.Originality/valueThrough collating key literature in this topical research area, the paper provides a critical review of occupier responses to sustainable real estate, and, therefore, a fuller understanding of emerging market practices. Additionally, it suggests future research directions.