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Which Corporate Real Estate Management Functions Should be Outsourced?

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Abstract

Recently, there has been much interest in outsourcing corporate real estate management functions. We explain why firms should consider outsourcing and identify both positive benefits and possible negative consequences of outsourcing. Further, we utilize concepts from the neoclassical theory of the firm, supported by the literature on corporate real estate outsourcing, to shed some light on how much and which corporate real estate management functions should be outsourced. Functions associated with "taskmasters", "controllers", and "dealmakers" are more likely to be outsourced successfully. "Entrepreneur" and "business strategist" management functions are more likely to be carried out more effectively by internal managers. Outsourcing the appropriate real estate management functions, consistent with each company's individual needs, should enhance shareholder wealth.

Suggested Citation

  • Christopher A. Manning & Mauricio Rodriguez & Stephen E. Roulac, 1997. "Which Corporate Real Estate Management Functions Should be Outsourced?," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 259-274.
  • Handle: RePEc:jre:issued:v:14:n:3:1997:p:259-274
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    References listed on IDEAS

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    1. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    3. 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.
    4. 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.
    5. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    6. 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.
    7. Ambrose, Brent William, 1990. "Corporate Real Estate's Impact on the Takeover Market," The Journal of Real Estate Finance and Economics, Springer, vol. 3(4), pages 307-322, December.
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    Cited by:

    1. Chris Manning & Stephen E. Roulac, 2001. "Lessons from the Past and Future Directions for Corporate Real Estate Research," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 7-58.
    2. Paula Pietilä & Anna-Kaisa Kauppinen, 2001. "Modelling of outsourcing decision-making process in the Finnish market," ERES eres2001_256, European Real Estate Society (ERES).
    3. Stephen E. Roulac, 2001. "Corporate Property Strategy is Integral to Corporate Business Strategy," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 129-152.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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