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Structuring the Corporate Real Property Function for Greater "Bottom Line" Impact

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    Abstract

    This study reviews the tasks a corporate real estate (CRE) function should undertake to create more opportunities for a company's real estate-related decisions to increase shareholder wealth. The major obstacles thwarting many corporate real estate executives from gaining the support they have been seeking from senior management, to more fully participate in higher value strategic planning efforts, are synthesized from several recent surveys (Arthur Andersen, 1993; Lambert, Poteete and Waltch, 1995.) Following a discussion of what corporate real estate staffs should be doing to contribute more to shareholder wealth, and what usually stands in their way, a proactive strategy is put forth for overcoming these obstacles. Lastly, in light of recent contributions to the literature (Duckworth, 1993; Joroff, Louargand, Lambert, and Becker, 1993; Kimbler and Rutherford, 1993; Lambert et al., 1995; Noha, 1993; Nourse and Roulac, 1993) on how to integrate strategic management of a company's real estate assets with strategic management of its business units and overall corporate strategy, some suggestions are made for (1) how to best organize the CRE function within a company, (2) how to make the best use of outside CRE service providers, and (3) what skills should prove most valuable to corporate real estate executives and their staffs.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol12n03/v12p383.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 12 (1996)
    Issue (Month): 3 ()
    Pages: 383-396

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    Handle: RePEc:jre:issued:v:12:n:3:1996:p:383-396

    Contact details of provider:
    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Larry B. Kimbler & Ronald C. Rutherford, 1993. "Corporate Real Estate Outsourcing: A Survey of the Issues," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 525-540.
    2. Stellan Lundstrom, 1993. "Realizing the Strategic Dimensions of Corporate Real Property Through Improved Planning and Control Systems," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 495-510.
    3. Edward A. Noha, 1993. "Benchmarking: The Search for Best Practices in Corporate Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 511-524.
    4. Christopher A. Manning, 1991. "Leasing Versus Purchase of Corporate Real Property: Leases with Residual Equity Interests," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 79-86.
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