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Managing Corporate Real Estate Assets: Current Executive Attitudes and Prospects for an Emergent Management Discipline

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    Abstract

    In 1987 MIT conducted a study of the management of buildings and land in large organizations not primarily in the real estate business. Senior real estate executives at 284 large US corporations and institutions were surveyed. The research shows that despite their great value, corporate real estate assets are seriously undermanaged. One of the most significant factors in this undermanagement is that many corporate real estate managers do not maintain adequate information about their real estate assets. The study attempted to identify key factors in the "effectiveness" of real estate management in various organizations. The strongest factor appeared to be the attitudes of managers in regard to the importance and value of the real estate function within their organizations. The corporate real estate decisionmaking process is driven most strongly by the mission and operational needs of the corporation. Corporate real estate management as a field has been inhabited by the low prestige and priority accorded it in companies, in management consultant groups, and in business schools. However, characteristics of a distinct management discipline are emerging professional organizations, publications, and most importantly, the recognition of real estate's potential for increasing company profits. Corporate real estate management must move toward developing a strategic approach involving principles and practices of general management to develop a proactive, comprehensive, and portfolio-wide decisionmaking process.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol04n02/v04p001.pdf
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    Bibliographic Info

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

    Volume (Year): 4 (1989)
    Issue (Month): 3 ()
    Pages: 1-22

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    Handle: RePEc:jre:issued:v:4:n:3:1989:p:1-22

    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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    Cited by:
    1. 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.
    2. Michael J. Seiler & Arjun Chatrath & James R. Webb, 2001. "Real Asset Ownership and the Risk and Return to Stockholders," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 199-212.
    3. Dirk Brounen & Mathijs van Dijk & Piet M.A. Eichholtz, 2008. "Corporate Real Estate and Corporate Takeovers: International Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 293-314.
    4. Robert A. Simons, 1993. "Public Real Estate Management--Adapting Corporate Practice to the Public Sector: The Experience in Cleveland, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 639-654.
    5. Hugh O. Nourse, 1994. "Measuring Business Real Property Performance," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 431-444.
    6. Jin, Yi & Leung, Charles Ka Yui & Zeng, Zhixiong, 2010. "Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis," MPRA Paper 26722, University Library of Munich, Germany.
    7. Dirk Brounen & Piet Eichholtz, 2005. "Corporate Real Estate Ownership Implications: International Performance Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 30(4), pages 429-445, June.
    8. Du, Julan & Leung, Charles Ka Yui & Chu, Derek, 2013. "Return enhancing, cash-rich or simply empire-building? An empirical investigation of corporate real estate holdings," MPRA Paper 44253, University Library of Munich, Germany.

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