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Adding Value by Corporate Real Estate: parameters and applications

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  • Theo Van der Voordt

Abstract

The concept of adding value by real estate from the perspective of the end user is 'hot'. The search for added value is included in current research within both the fields of Corporate Real Estate Management (CREM) and Facility Management (FM) and is also a popular subject in curricula at universities and other institutions of higher education. However, a review of literature shows a lack of consistency in definitions and value parameters. Besides, still much work has to be done to operationalise different value parameters and to be able to measure the benefits and costs of CREM and FM interventions in a reliable and valid way. This paper first explores the meaning of added value in connection to other concepts such as the match between demand and supply and alignment of real estate to organisational aims and objectives. Then an overview will be presented of different value dimensions based on an extensive review of the literature. Furthermore the paper presents the findings of empirical research within the health care sector regarding the values that are incorporated in value adding management, which values are prioritized and why, and how health care organisations link their choices regarding real estate and building related facilities to their organisational objectives. The methods range from interviews with CEOs , project managers and facility managers in hospitals and facilities for assisted living of the elderly, to a web-based survey among real estate managers and facility managers working in the mental health care sector. The data from different research projects are compared on prioritized aspects and measures to support cost reduction, labour productivity, user satisfaction, and other values. The paper also includes an exploration of how to explain similarities and dissimilarities in prioritized aspects between different organisations and different sectors, and reflections on the gaps between theory and practice. The paper ends with some practical recommendations and recommendations for further research.

Suggested Citation

  • Theo Van der Voordt, 2015. "Adding Value by Corporate Real Estate: parameters and applications," ERES eres2015_158, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2015_158
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    References listed on IDEAS

    as
    1. Margaret A. Peteraf & Jay B. Barney, 2003. "Unraveling the resource-based tangle," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 309-323.
    2. Anna-Liisa Lindholm & Karen M. Gibler & Kari I. Levainen, 2006. "Modelling the Value Adding Attributes of Real Estate to the Wealth Maximization of the Firm," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 445-476.
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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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