Subjects -> ESTATE, HOUSING AND URBAN PLANNING (Total: 304 journals)
    - CLEANING AND DYEING (1 journals)
    - ESTATE, HOUSING AND URBAN PLANNING (237 journals)
    - FIRE PREVENTION (13 journals)
    - HEATING, PLUMBING AND REFRIGERATION (6 journals)
    - HOME ECONOMICS (9 journals)
    - INTERIOR DESIGN AND DECORATION (21 journals)
    - REAL ESTATE (17 journals)

REAL ESTATE (17 journals)

Showing 1 - 21 of 21 Journals sorted alphabetically
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 7)
Corporate Real Estate Journal     Full-text available via subscription   (Followers: 4)
International Journal of Sustainable Real Estate and Construction Economics     Hybrid Journal   (Followers: 2)
Journal of Building Survey, Appraisal & Valuation     Full-text available via subscription   (Followers: 4)
Journal of Corporate Real Estate     Hybrid Journal   (Followers: 4)
Journal of European Real Estate Research     Hybrid Journal   (Followers: 5)
Journal of Housing Research     Hybrid Journal   (Followers: 13)
Journal of Property Investment & Finance     Hybrid Journal   (Followers: 4)
Journal of Real Estate Literature     Hybrid Journal   (Followers: 7)
Journal of Real Estate Portfolio Management     Hybrid Journal   (Followers: 4)
Journal of Real Estate Practice and Education     Full-text available via subscription   (Followers: 4)
Journal of Real Estate Research     Full-text available via subscription   (Followers: 6)
Journal of Sustainable Real Estate     Open Access   (Followers: 3)
Nonlinear Analysis: Real World Applications     Hybrid Journal   (Followers: 1)
Pacific Rim Property Research Journal     Hybrid Journal  
Property Management     Hybrid Journal   (Followers: 3)
Real Estate Economics     Hybrid Journal   (Followers: 11)
Real Estate Management and Valuation     Open Access   (Followers: 5)
Sri Lanka Journal of Real Estate     Open Access  
Tidsskrift for eiendomsrett     Full-text available via subscription  
Zeitschrift für Immobilienökonomie : German Journal of Real Estate Research     Open Access  
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Journal of Property Investment & Finance
Journal Prestige (SJR): 0.297
Citation Impact (citeScore): 1
Number of Followers: 4  
 
Hybrid Journal Hybrid journal   * Containing 1 Open Access Open Access article(s) in this issue *
ISSN (Print) 1463-578X - ISSN (Online) 1470-2002
Published by Emerald Homepage  [360 journals]
  • Impact of visibility on indoor retail store rent

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      Authors: Ahmad Gamal , Muhammad Joko Romadhon
      Abstract: The aim of this research is to provide a new understanding of the concept of visibility in the realm of property research. Further, this study could propose a more accurate way of calculating retail unit rental price based on visibility. An accurate visibility quantification can influence rent negotiations between shopping mall management and potential tenants. This study can also assist shopping center management, shop owners and architects to have a better mechanism for determining the visibility value and the effect on the retail unit rental price. The study uses data from 153 indoor retail stores in Jakarta and a sequential-transformative mixed method to answer an important question for modern retail management: How much would indoor store visibility affect rent' The authors developed a method to accurately measure an indoor retail store's object-based isovist – a visual field in which a number of observers can view the particular indoor store. The study found that on average, each additional square meter person of visibility increases indoor retail rent price as much as IDR 40.74/sq m/month (USD 0.0027). Since visibility value is a variable with the greatest inter-store variation in this data set, the rent price difference between two stores with maximum and minimum visibility can reach IDR 100,904.62/sq m/month (USD 6.90). This finding is not just statistically but also financially significant since indoor inter-store retail rent price variation that can be directly attributed to visibility is about 38.4% of the average rent price in this data set. Along with the rapid growth of e-commerce, numerous commercial properties are struggling to provide customers with a positive and distinct experience. Improving visibility can be a key spatial factor that will help shopping center designers, owners and management. The authors’ research can help shopping mall managers determine each store's optimum rent based on its visibility when negotiating with potential tenants. The aim of this research is to provide a new understanding of the concept of appearance in the realm of property research. Further, this study could propose a more accurate way of calculating retail unit rental price according to the concept of visibility.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-08-02
      DOI: 10.1108/JPIF-01-2022-0004
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Performance evaluation and volatility of Turkey REITs during COVID-19
           pandemic

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      Authors: Monsurat Ayojimi Salami , Harun Tanrivermiş , Yeşim Tanrivermiş
      Abstract: This study aims to examine the performance and volatility of Turkey Real Estate Investment Trusts (Turkish REITs) as the world is adjusting to the new normal situation in every aspect of REITs' business activities. The prices of REITs were acquired from 26 Turkish REITs in this study, but owing to autocorrelation difficulties, 14 Turkish REITs were employed in the analysis. The ten-year long-term bond of the Turkish Government was also utilized and the period of data obtained was based on availability. The performance of Turkish REITs was evaluated using Sharpe's ratio and Treynor's ratio, and the volatility was assessed using MGARCH-BEKK. The authors found out that Turkish REITs are constantly underperforming and the REITs' returns remain highly volatile and persistent. In addition, findings showed evidence of volatility clustering and the asymmetric impact of shocks. This study further revealed the uniqueness of each of the Turkish REITs due to the lack of evidence of multicollinearity. However, the limitation of this study is the constraint in obtaining more macro-economic variables of more than ten-years of Turkey's Government bond and the study focused mainly on Turkish REITs. The result suggests that since Turkish REITs are not mandatory to payout 90% of taxable earnings as dividends, high performance and an appropriate risk management approach are expected. The need for timely revealing performance of T-REITs and associated uncertainty may trigger better performance as discussed in the relationship between disclosure and performance which is recently emphasized in a recent study by Koelbl (2020). With current performance and associated uncertainty in Turkish REITs, the need to protect Turkish REITs investors is highly essential. The result further educates REIT investors that diversification benefits of REITs tend to reduce in extremely risky situations. This is the first study in the context of Turkish REITs that comprehensively integrated market capitalization of REITs and simultaneous evaluation of performance and the volatility of the Turkish REITs as the world adjusts to the new normal.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-07-21
      DOI: 10.1108/JPIF-02-2022-0017
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The PropTech investors' dilemma – What are the key success factors that
           secure survival'

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      Authors: Andreas Joel Kassner , Marcelo Cajias , Bing Zhu
      Abstract: The real estate industry is known as a late adopter when it comes to changes and innovations. While the industry is slowly evolving, parts of the sector are increasingly being conquered by property-related start-ups, known as “PropTechs”. These companies offer solutions and cutting-edge technologies to increase efficiencies and solve industry-wide problems. However, little is known about these companies' survival. This paper analyses the survival rate of PropTech firms and the determinants. Based on a sample of 1,052 firms, factors that influence the firms' survival rate are analysed using the Cox Proportional Hazards Model, which is expanded with non-linear splines to capture turning points in the survival. The authors find that in addition to the size, financing condition plays the most critical role in the success of Prop-Tech firms, including the number of financing rounds and maximum number of investors over lifetime. Moreover, the relationships are non-linear. Founding years and technology focus can also statistically influence the success rate. Companies founded before 2008 focussing on Sustainability Technology, Data and Business Analytics, Real Estate-related FinTech and Visualisation show the highest success rates. The results are critical for investors interested in PropTechs to understand the success of their investments better. The importance of financing conditions shows that both investors and PropTechs may benefit from better financing processes that provide funds in a timelier manner. The authors exploit a new and comprehensive data set that includes over 6,000 PropTechs globally. The authors' study fills in the literature gap on the determinants of the survival rate of PropTechs.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-06-16
      DOI: 10.1108/JPIF-01-2022-0007
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Feasibility practices of types of property developers

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      Authors: Matthew Moorhead , Lynne Armitage , Martin Skitmore
      Abstract: The purpose of this study is to analyse the current relationships between developer characteristics in terms of dominant property type (residential, commercial, retail, industrial, tourism, “other”), ownership (publicly listed, publicly unlisted, private, government), organisational structure (speculative-trader, investor developers, development managers) and size (small, medium, large) in the frequency of use and required minimum value of hurdle rate metrics. A questionnaire survey of 225 Australian and New Zealand trader developers, development managers, investors, valuers, fund managers and government/charities/other relating to the feasibility practices of different types of Australia/New Zealand property development companies. (1) Residential dominant developers are more likely to use margin on development cost (MDC) required to have a higher minimum internal rate of return (IRR) percentage; (2) investor developers are more likely to use the payback period as a hurdle rate, and specific hurdle rates as a part of a go/no-go decision; (3) trader developers adopt a higher percentage of IRR and deviate further from accepted financial theory in hurdle rate selection; and (4) national property development organisations in multiple geographic regions use qualitative frameworks more as a decision-making process and use MDC less as a hurdle rate. The study is limited to a sample of property practitioners working in Australia/New Zealand at the time of data collection in 2016 and, further empirical research is needed spatially and temporally to determine the extent of the findings. Further research is also needed with small- to medium-sized development organisations' on the extent to which they should use different metrics in project selection and for an improved understanding of the technical and attitudinal difficulties facing their current adoption. First study to examine the feasibility practices of different types of Australia/New Zealand property developers.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-06-15
      DOI: 10.1108/JPIF-03-2022-0022
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Are secondary equity offerings of Black Economic Empowerment (BEE) REITs
           less underpriced than non-BEE REITs'

         This is an Open Access Article Open Access Article

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      Authors: Oluwaseun Damilola Ajayi , Omokolade Akinsomi
      Abstract: The purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs). With a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs. Significant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table. The government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs. This is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-06-14
      DOI: 10.1108/JPIF-01-2022-0006
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Valuing sustainability Part 2: Australian valuers' perception of
           sustainability in valuation practice

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      Authors: Georgia Warren-Myers
      Abstract: The research investigates valuers' understanding of the value of sustainability in property and its' consideration in valuation practice in Australia. This paper explores valuers' perceptions of the relationships between sustainability and market values, sustainability and valuation variables, and the value influence of industry sustainability certification schemes. Further, this paper tracks prevalence of certified buildings in Australian commercial markets and the evolution of valuers' knowledge of sustainability certifications used in Australia. This paper reports on the next rendition of a longitudinal study examining valuers’ practice in Australia. This research explores the evolution of Australian valuers' perception and knowledge of sustainability in valuation practice. The survey data has been periodically collected from practising valuers from 2007 to 2021. The survey questions investigate valuers' knowledge development, understanding, reporting and consideration of the relationship between sustainability and market value. The results have identified the evolution of the influence of normative research on valuers' perceptions of the relationship between sustainability and value; with a clearer understanding emerging over time of where the value relationships are identified in valuation variables. Greater alignment between empirical Australian studies and valuers' perceptions of the influence of sustainability ratings on value, demonstrate the value connection for higher rated buildings under NABERS (energy rating) and Green Star. Whilst only 41% of the study's participants are including sustainability in their valuation reports, they include a higher level of commentary on building descriptions and initiatives, building ratings, and reporting of owner and tenant objectives, than in previous studies. Knowledge development relating to sustainability certification tool, NABERS was identified. This is likely linked to the introduction of mandatory disclosure legislation. This has also led to increased awareness and valuers' knowledge of the differences between the two key rating tools used in Australia. The research has several limitations: firstly, recruitment of valuers and the number of valuers' responses has varied over time; secondly, due to collection methods respondents have a greater likelihood of having an interest in and knowledge of sustainability creating potential for positive bias; thirdly, respondents may have responded to the survey in different years, but due to anonymity there has been no ability to track this. The results provide insights into the Australian valuation profession but may not be fully representative of the profession overall in Australia. The broader agenda of net zero, climate change, mitigation and carbon requirements, whether driven by market forces or government legislation, are generating changes in property markets as investors' reconsider their positions and model the implications of carbon emissions on their bottom lines. Introductions of policy and legislation over time in the Australian context have led to changes in valuation practice and increasing consideration of energy efficiency and ratings in the valuation of assets. However, further guidance and research still is required in Australia to assist in the knowledge development of valuers, and their ability to consider the emerging effects of sustainability, net zero and other market driven objectives including legislation, and how these may affect or influence their evaluation of market evidence and thus property values. The research has tracked valuers' understanding, knowledge, and consideration of sustainability and energy efficiency in valuation practice since 2007. In that time the research has found that, as the market has evolved and more rated buildings are built (or retrofitted), so too has valuers' knowledge and consideration in valuation practices evolved. Valuers are more engaged with industry rating tools such as NABERS. This suggests that the Australian mandatory disclosure policies have contributed to changes in the market, which are then interpreted by valuers and reflected in their perceptions and consideration of energy ratings in valuation practice.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-03-10
      DOI: 10.1108/JPIF-11-2021-0092
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determinants of the prices of residential properties in Pakistan

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      Authors: Abdul Wahid , Oskar Kowalewski , Edmund H. Mantell
      Abstract: This research aims to identify the statistically significant characteristics of a hedonic model to explain the pricing of residential properties in two cities in Pakistan. The research methodology applies extreme bounds analysis and the least absolute shrinkage and selection operator. Estimators of efficient pricing were measured via stochastic frontier analysis. The study findings show that the market valuation of residential properties in Islamabad and Rawalpindi is systematically related to numerous factors, including property location, neighborhood characteristics, environmental characteristics, structural characteristics and administrative qualities of local housing societies. The authors also find statistical evidence that suggests that residential estate properties in the two cities are overpriced in the sense that the market transaction prices tend to be higher than the fair prices of the properties in the two cities. In Pakistan, the term “real estate” is used rather synonymously with the word “investment.” The findings of this research will help investors to identify the measurable factors that affect the transaction prices of residential real estate. These identifications will facilitate the development of strategic plans toward achieving sustainable rates of return in residential real estate markets. The residential real estate sector in Pakistan is constantly changing. There are myriad causes for these changes, including changes in social structure, cultural attitudes and technology. Customary methods for forecasting market prices for residential properties have been rendered unreliable because of the dynamics of the market. This study will contribute to the understanding of the changing dynamics of residential real estate pricing. Although Pakistan's residential real estate market is growing very rapidly, there is little published research identifying the drivers of this growth. This study covers these aspects to fill the theoretical gap in a real estate context.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-03-01
      DOI: 10.1108/JPIF-06-2021-0051
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Causal relationships between the price-to-rent ratio and macroeconomic
           factors: a UK perspective

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      Authors: Daniel Lo , Michael McCord , Peadar T. Davis , John McCord , Martin Edward Haran
      Abstract: House price-to-rent (P-t-R) ratios are among the most widely used measures of housing market conditions. Given the theoretical and apparent bidirectional, causal relationships and imbalances between the housing market, broader economy and financial market determinants, it is important to understand the relationship between macro- and micro-economic characteristics in relation to the P-t-R ratio to enhance the understanding of housing market dynamics. This paper studies the joint dynamics and persistence of house prices and rents and examines the temporal interactions of the P-t-R ratio and economic and financial determinants. The authors examine the lead–lag relationships between the P-t-R ratios and a spectrum of macroeconomic variables using cointegration and causality methods, initially at the aggregate position and also across housing types within the Northern Ireland housing market to establish whether there are subtle differences in how various housing segments react to changes in economic activity and market fundamentals. The findings reveal price switching dynamics and some very distinct long- and short-run relationships between macroeconomic and financial indicators and the P-t-R ratios across the various housing segments. The results exhibit monetary supply, foreign exchange markets and the stock market to be important drivers of the P-t-R ratio, with P-t-R movements seemingly tied, or are in tandem, with the overall economy, particularly with the construction sector. The study shows that the P-t-R ratio can be used as an early measure for establishing the effects of macroprudential policy changes and how these may manifest across housing tiers and quality, which can further act as a signal for preventing or at least mitigating future irrational price cyclicity. These insights serve to inform housing and economic policy and macroprudential policy design, principally within lending policy and the effect of regulatory interventions and further enhance the understanding of the P-t-R ratio on housing market structure and dynamics. This study is the first in the housing literature that examines the causal relationships between the P-t-R ratio and macroeconomic activity at the sub-market level. It investigates whether and how money supply, inflation, foreign exchange markets, general economic productivity and other important macroeconomic factors interact with the pricing of different property types over time.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-02-02
      DOI: 10.1108/JPIF-08-2021-0068
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Guest editorial: Co-working spaces after COVID-19. The differences between
           sharing office spaces in urban cores and peripheral locations

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      Authors: Laura Gabrielli , Stefania Fiorentino
      Abstract: Guest editorial: Co-working spaces after COVID-19. The differences between sharing office spaces in urban cores and peripheral locations
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-08-03
      DOI: 10.1108/JPIF-08-2022-196
      Issue No: Vol. 40 , No. 5 (2022)
       
  • Real Estate Insights Offices – reports of my death are greatly
           exaggerated

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      Authors: Nick French
      Abstract: The aim of this Real Estate Insight is to comment upon the role that offices will play in the post-COVID 19 work environment. The impact of lockdowns, worldwide, was to accelerate the changes in office use that were already beginning in the late 2010s as changes in work culture and practice and supporting technology were slowly transforming the way in which people worked. This Real Estate Insight will comment upon changes in the UK market as a bellwether for global working practices. The nature of the “Insights” briefings means that this is a personal view of the author. This paper looks at office usage in a transitional, post-COVID 19, marketplace. The findings are a reasoned conjecture that traditional office use still has a place for the workforce of the 2020s and beyond, although office use will be less intense as workers adopt a range of other working practices, including coworking and working at home, outside the four walls of the physical office building. As with all property investment, the value and performance of the property assets is interlinked with the use and demand of the space in question. There will be a rebasing of rents as the use of office space becomes less intense and the lowering of unit costs will allow companies to restructure the internal space to accommodate a more flexible working environment. This is a review of the UK office market in relation to a seismic change in how workers choose to work post COVID-19.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-05-13
      DOI: 10.1108/JPIF-04-2022-0032
      Issue No: Vol. 40 , No. 5 (2022)
       
  • The diverse coworking landscape and implications for commercial real
           estate provision: lessons from individual preferences and practice

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      Authors: Nick Clifton , Darja Reuschke
      Abstract: Coworking (shared flexible working spaces) grew exponentially before the COVID-19 pandemic. The crisis led to spaces closing but demand is likely to increase as homeworking/remote working levels remain permanently higher post-pandemic. Previous studies largely focused on ‘satisfied customers’ – freelancers and entrepreneurs in the urban core; but these are a poor guide to future preferences given an increasingly diverse set of potential users. Understanding these preferences is of significant value to future providers, investors and real estate operators. The authors employ a mixed-methods approach, observing self-organised coworking sessions and online platforms, and a questionnaire of the coworking networks/groups. The authors address the research questions: i) how do individuals' make decisions about how and where to engage in shared working and ii) do they consider locational characteristics (beyond accessibility) and social and physical (environmental) aspects of coworking' Proximity to home is a key result. Participants are mostly local and seek community, with a strong emphasis on effective work routines. Results stress the importance placed on social factors and in-space amenities, but affordability is also important. Coworkers experiencing both informal groups and organised spaces rate the informal experience as significantly more beneficial. There are implications for the real estate element of future provision and funding models. The authors contribute to the understanding of coworking preferences/motivations through addressing methodological limitations of previous studies. Rather than surveying individuals in coworking spaces, the authors study individuals who engage in coworking in various forms which will reflect the diverse (users, spaces, locations) demands for future coworking.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-05-03
      DOI: 10.1108/JPIF-12-2021-0109
      Issue No: Vol. 40 , No. 5 (2022)
       
  • Corporate occupiers’ attitude to  in the post-Covid environment

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      Authors: Howard Cooke , Stefania Fiorentino , Rob Harris , Nicola Livingstone , Pat McAllister
      Abstract: This paper investigates how large UK corporate occupiers perceive the potential role of flexible office space in their office portfolios in a post-pandemic context. The research methodology is qualitative and applied. For a longitudinal survey, convenience sampling was used to obtain co-operation from 11 corporate real estate managers with responsibility for managing large corporate real estate portfolios spread across a range of business sectors and countries. Semi-structured interviews were selected as the core research method to seek and to optimise the balance between discovery and generalisability. Although the pandemic has led corporate occupiers to fundamentally re-appraise where and when different work tasks are performed, it is not yet clear whether this has major implications for the flex space sector. The flex space model, with its blending of various occupiers and activities, is perceived to be poorly aligned with an increasing emphasis on the office as a core corporate hub facilitating connection, collaboration, enculturation, learning and creativity. Since most flex space is concentrated in central locations, it is also not well positioned to benefit from any decentralisation of office functions. However, as the flex space sector evolves in response to structural shifts in employment and working practices and business change, its various products are likely to be a continuing requirement from corporate occupiers for short-term solutions to demand shocks, the need for rapid market entry, accommodation for short-term projects and access to desk space in multiple locations. Understanding occupiers' drivers in their decision-making on selecting the method of occupation will assist investors in how they might adjust what they offer in the marketplace. Whilst there has been a substantive number of surveys of corporate occupiers' perceptions and intentions regarding their office portfolio, this paper focusses on a specifically on the flex space sector. Whilst previous research has mainly been extensive, this research study is intensive.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-05-02
      DOI: 10.1108/JPIF-02-2022-0011
      Issue No: Vol. 40 , No. 5 (2022)
       
  • A systematic literature review of the effects of coworking spaces on the
           socio-cultural and economic conditions in peripheral and rural areas

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      Authors: Thomas Vogl , Mina Akhavan
      Abstract: The literature on coworking spaces (CSs) is growing fast; notably, this topic has attracted a wide range of contributions from various disciplines during the past years. Although CSs first appeared in major cities, small towns and rural areas are also becoming attractive. To date, no literature review has systematically studied the effects of such collaborative-flexible new working spaces proliferating in non-urban areas. Therefore, this paper aims to present a systematic literature review about the effects of coworking spaces located in peripheral and rural areas. The methodological approach is based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses, also known as PRISMA. Following the PRISMA checklist items, this study provides different aspects and identifies indicators from various cross-studies published in 10 years (2011–2021). Results show that, in the past decade, Europe has recorded the highest number of publications on the topic of coworking spaces (CSs); the main research focus was on spatial planning. CSs foster communities of specialized and high-skilled workers, attract businesses and venture capitalists and may accelerate urban revitalisation processes. The regeneration of spaces can positively affect the value of commercial properties in the vicinity and attract developers. Moreover, by establishing communities and networks beyond the working life, coworking was found to reduce depopulation and even foster the influx of non-urban areas. The findings of this study can be transferred to policymakers to be considered in designing tailored policies in non-urban areas and also places-that-don't matter. By date, this study is the first attempt to conduct a systematic review of the literature on the effects of coworking spaces in peripheral and rural areas. This is important since this typology of flexible-collaborative working space is gaining public attention, especially during the pandemic and the development of such spaces in non-urban areas.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-04-19
      DOI: 10.1108/JPIF-12-2021-0108
      Issue No: Vol. 40 , No. 5 (2022)
       
  • Why do they go to the peripheries' Studying the relations between the
           real estate market and coworking spaces in the peripheral areas of Germany
           

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      Authors: Thomas Vogl , Grzegorz Micek
      Abstract: The study was designed to investigate the bidirectional causation between the real estate market characteristics (residential property prices/rents (including PTR), office rents) and the rise of coworking spaces (CSs) in the peripheral areas of Germany. Based on the desk research, the authors constructed their own database of 1,201 CSs. The authors gathered data on the residential and office prices and rents on a district level. To identify real market differences between districts with and without CSs, the authors applied the t-test for independent samples. The second-highest number of CSs were found to operate in the office market peripheries. This phenomenon should be explained by a search for lower office rents, which CSs seek. Most CSs in the peripheral areas of Germany were only recently established in tourist-oriented regions in the south and north of Germany. In this paper, the authors confirmed that the strength of peripheral CSs lies in the hybridity of their operations: for the majority of CSs, running a CS is a non-core business. The authors argue that the role of CSs is rather limited in attracting real estate investors and boosting the real estate market in the peripheral areas of Germany. The research shows that peripheral locations are attracting CSs to significant extent. The study shows that CSs can be part of corporate real estate or workplace strategies. As the majority of peripheral CSs are located in tourism areas, the subletting of vacant spaces could be a lucrative business model for hotels, particularly in the times of pandemics. Therefore, further research should focus on the role of tourist areas in the implementation of CSs model. The focus of this study (CSs in peripheral areas) is original. Additionally, applying the real estate perspective to study the location of CSs is novel as well.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-04-13
      DOI: 10.1108/JPIF-11-2021-0095
      Issue No: Vol. 40 , No. 5 (2022)
       
  • Flexible workspace providers as tenants: an analysis of the rental prices
           in the London market

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      Authors: Fernanda Antunes Batista da Silva , Nan Liu , Norman Hutchison
      Abstract: The covenant strength of flexible workspace (FW) providers as tenants is debatable. There is the argument that providers are risky mainly due to the very nature of their business which consists of volatile revenue streams obtained from subletting the space in membership format, paying little attention to covenants. On the other hand, there is also the argument that the presence of a provider can add vibrancy and diversity to a building whilst also offering an additional amenity to existing tenants through overflow space, making FW providers desirable. This paper aims to explore this ambiguity by comparing rents paid by FW providers and other tenants within the same building in London over the period 2011 to 2021. Using a dataset of 1,042 leases in London over the period of 2011–2021 which was extracted from CoStar, the rent conditions of FW providers and their peers within the same building were analysed employing a hedonic pricing model. The results of the analysis suggest that FW providers have a negative and statistically significant effect on the effective rent in comparison to other tenants within the same building over the analysed period. This analysis has the potential to identify how FW providers are perceived in the market and offers both academics and practitioners valuable insights. The relationship between landlords and FW providers as tenants does not have a major coverage in the literature.
      Citation: Journal of Property Investment & Finance
      PubDate: 2022-04-11
      DOI: 10.1108/JPIF-11-2021-0096
      Issue No: Vol. 40 , No. 5 (2022)
       
  • Journal of Property Investment & Finance

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