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Innovation in real estate and evolutionary agendas

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  • Tom Kauko

Abstract

Ideally, the notion of innovation enables paving the avenue of research towards evaluation of sustainability in all research areas dealing with the built environment, also real estate. While innovativeness can be understood as an extension of the current paradigm in urban real estate economics, it can also be understood as an alternative paradigm involving more evolutionary perspectives. What happens in the mother discipline of general economics is a reasonable prediction of what eventually will happen in applied disciplines such as real estate economics. However, given the vast differences between physical and asset-oriented views of real estate, it is realistic to assume inertia among real estate economists trained in neoclassical economics in adapting new concepts such as evolutionary dynamics, in which case some other discipline (economic geography, for instance) must set the cross-disciplinary agenda. This paper reviews various literatures involved in this adaption of the innovation-concept and seeks to make connections across them. It argues for the need for real estate economists to open up horizons for dialogue with other disciplines.

Suggested Citation

  • Tom Kauko, 2014. "Innovation in real estate and evolutionary agendas," ERES eres2014_15, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2014_15
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    References listed on IDEAS

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    1. Arthur J. Robson, 2002. "Evolution and Human Nature," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 89-106, Spring.
    2. Edward Malecki, 2004. "Jockeying for Position: What It Means and Why It Matters to Regional Development Policy When Places Compete," Regional Studies, Taylor & Francis Journals, vol. 38(9), pages 1101-1120.
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    4. Franz Fuerst & Patrick McAllister, 2011. "Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(1), pages 45-69, March.
    5. Ron Martin & Peter Sunley, 2010. "Complexity Thinking and Evolutionary Economic Geography," Chapters, in: Ron Boschma & Ron Martin (ed.), The Handbook of Evolutionary Economic Geography, chapter 4, Edward Elgar Publishing.
    6. Gábor Csanádi & Adrienne Csizmady & Gergely Olt, 2011. "Social sustainability and urban renewal on the example of Inner-Erzsébetváros in Budapest," Society and Economy, Akadémiai Kiadó, Hungary, vol. 33(1), pages 199-217, April.
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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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