The Impact of Structural Changes on Corporate Real Estate Ownership: Evidence From Germany

Seger, Julian; Pfnür, Andreas

doi:10.3846/ijspm.2020.13776

Cited by 5 publications

(9 citation statements)

References 38 publications

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“…Their model predicts that strategic real estate ownership is positively correlated with industry concentration and negatively related to demand uncertainty. The obtained results are also compliant with the findings by Seger and Pfnür (2021) concerning the decline in real estate assets is particularly evident in the office segment.…”

Section: Resultssupporting

confidence: 90%

“…Both modelsownership and rentalhave advantages and disadvantages (Seger and Pfnür, 2021). Therefore, when building the real estate strategy of the enterprise, one should consider the aforementioned aspects, components, and specificity of the enterprise.…”

Section: Literature Reviewmentioning

confidence: 99%

“…As stated by Seger and Pfnür (2021), although real estate resources represent a high percentage of the corporate assets of non-property companies, their future role is unclear. Longevity and difficulty in revising property-related decisions clash under dynamically changing environmental conditions.…”

Section: Literature Reviewmentioning

confidence: 99%

“…It is also important that possessing well-chosen real property rights affects the effectiveness of the conducted activities, reduces the risk and allows the planning of the company's development (Konowalczuk, 2009). Numerous articles have shown that the ownership strategy, i.e., the choice between ownership, leasing, and renting, has considerable influence on the success of the company (Seger and Pfnür, 2021).…”

Section: Introductionmentioning

confidence: 99%

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Sectoral Conditions for the Ownership and Rental of Corporate Real Estate

Tomski

2022

Production Engineering Archives

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The aim of this study is to analyze the relationship between the sector of the conducted business and the approach to the ownership and rental of real estate used for business purposes, particularly considering the short-term aspect and space sharing. The research uses data obtained from 102 randomly selected Polish enterprises to explore the relationship between the sector and (1) the preferred legal title to real estate (2) acceptance of short-term rental of real estate and (3) acceptance of space sharing. The relationships in all three areas were found. The sectors of production, hotels and restaurants, construction, and transport lean towards ownership. Enterprises operating in the sector of services and trade prefer rental. The sectors of production, hotels and restaurants and transport are skeptical about short-term rental. Services and trade and construction are open to such rental. The sectors of production and hotels and restaurants are skeptical about space sharing. Transport, trade, and construction are clearly open to such an opportunity. The research limitations are as follows: the research is limited to Polish randomly selected enterprises only, and the results cannot be generalized. The originality/value of this paper is revealed in the fact that this paper outlines a short-term rental and ownership perception from an entrepreneurial-managerial view. The novelty of the presented results consists in filling the gap by conducting the research considering the specification of rental and its narrowing down to a short period and space sharing in the context of the sector.

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Section: Resultssupporting

confidence: 90%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Sectoral Conditions for the Ownership and Rental of Corporate Real Estate

Tomski

2022

Production Engineering Archives

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“…Asset classes such as “light industrial real estate”, which have received less attention in the past, are now attracting more investors. Studies have also shown the influence of external factors, such as structural change, fluctuations in demand, the intensity of competition or uncertainties, on real estate holdings (Seger and Pfnür, 2021).…”

Section: Data Descriptionmentioning

confidence: 99%

The pricing of corporate real estate holdings on the UK capital market

Seger

Stoner

Pfnuer

2021

JCRE

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Purpose The purpose of this study is to find out if corporate real estate ownership is priced into the capital market performance of non-property companies in the UK. This is of particular interest because ownership still represents a significant weight on the balance sheets and is predominantly considered unfavourable due to its bulkiness and difficult revisability in the event of changes in space demand. This draws attention to the UK as one of the most important European economies that have been exposed to strong uncertainties and dynamics, for example, due to the withdrawal voting of the United Kingdom from the European Union (BREXIT). Design/methodology/approach A first look at the real estate assets reported in balance sheets provides insight into possible changes in ownership strategy. This serves as a basis for subdividing companies based on their real estate assets using a portfolio-based approach and that are then analysed using the Fama and French multi-factor model with regard to their influence on capital market returns. Findings In general, the share of real estate assets has fallen over the past 10 years, although coinciding with BREXIT voting, some industries such as manufacturing show a turnaround. At the same time, ownership is priced in as a factor on the capital market, which applies to a sample across industries, as well as to separately considered sectors in the manufacturing and service industries. The pricing also shows a counter-cyclical pattern. Practical implications Corporate real estate management should be aware of the negative influence of ownership, especially against the background of economic fluctuations. The reduction of ownership can reduce the associated cost of capital and increase company success. Originality/value Previous UK-related studies mostly refer to a period before the global economic crisis in 2008, and therefore, are too old to reflect a changed view on corporate real estate ownership because of new corporate environmental conditions, based on inaccurate proxies or mainly refer to the retail segment. This research gap is closed.

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A multi-disciplinary view on a corporate real estate alignment model

Cooke,

Appel-Meulenbroek

2023

JCRE

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Purpose The purpose of this paper is to examine a recent comprehensive corporate real estate (CRE) alignment model which was derived from previous CRE alignment models. This study proposes several modifications and additions based on business and decision-making literature to increase the framework’s multidisciplinary strength and extend its implementation phase. Design/methodology/approach Literature from various fields is reviewed and “lessons” incorporated into the framework. The business literature review began with corporate strategy theories cited in CRE alignment theory and extended to critiques of those and more recent theories. Likewise, decision-making and implementation both began with material cited in CRE literature and “rippled” out to encompass pertinent material. Findings The model used provides a robust framework, and this study has identified several areas that would appear to improve that model from a theoretical and practical perspective. Areas of further research are identified that appear to offer opportunities to further develop the framework. Originality/value Historically, there has been a tendency for new CRE alignment models to be created rather than existing ones being developed further. Here, a framework derived from a meta-study of CRE alignment models is reviewed, and improvements are proposed to further develop CRE alignment theory and its application in practice through the addition of viewpoints from the business field and more focus on the implementation phase of the model.

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The Impact of Structural Changes on Corporate Real Estate Ownership: Evidence From Germany

Cited by 5 publications

References 38 publications

Sectoral Conditions for the Ownership and Rental of Corporate Real Estate

Sectoral Conditions for the Ownership and Rental of Corporate Real Estate

The pricing of corporate real estate holdings on the UK capital market

A multi-disciplinary view on a corporate real estate alignment model

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