Browsing by Author "Kivilahti, Arhi"
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- The differentiation of location preferences among office occupiers
Helsinki University of Technology | Master's thesis(2008) Hietanen, TapioYritysten sijoittautumispreferenssien selvittäminen on tärkeää kiinteistömarkkinoiden eri osapuolille. Sijoittautuminen on monimutkainen ilmiö niin teoriassa kuin käytännössäkin, ja sitä voidaan tutkia monista eri näkökulmista ja monilla eri menetelmillä. Tämän tutkimuksen päätavoite on tutkia ja selvittää sijoittautumispreferenssejä pääkaupunkiseudulla toimistokäyttäjien näkökulmasta. Työn empiirinen osuus on kvantitatiivinen. Teorian ja aikaisempien sijaintitutkimusten pohjalta on ilmeistä, että erityisen tärkeää on tutkia niitä eroja, joita esiintyy sijoittautumiskäyttäytymisessä erilaisten yritysten välillä. Kyselytutkimukseen vastasi 58 yritystä pääkaupunkisedulta (vastausprosentti 71). Tulosten perusteella tärkeimmät sijoittautumispreferenssit metropolialueella liittyvät toimistorakennuksen ominaisuuksiin ja alueen saavutettavuuteen. Perinteisiä sijaintitekijöitä kuten agglomeraatio- eli kasaantumisetuja ei sen sijaan yleisesti nähdä ratkaisevan tärkeinä. Logistisen regression avulla voidaan kuitenkin havaita tilastollisia eroja toimistokäyttäjien sijaintipreferensseissä. Erot preferensseissä auttavat ymmärtämään sitä, miksi tietyt yritykset haluavat sijoittautua tietylle osamarkkina-alueelle. Aineistosta nousevien tulosten valossa alueen palveluiden ja imagon sekä saavutettavuuden tärkeys vaihtelee maantieteellisesti kaupunkialueen sisällä. Samoin yrityksen ominaisuuksilla, kuten toimialalla, yritysten käytössä olevien toimistojen lukumäärällä sekä markkinalla, jossa yritys toimii, on vaikutusta sijoittautumiskäyttäytymiseen. Tämän tutkimuksen tulokset vahvistavat ajatusta siitä, että sijaintipreferenssit ovat heterogeenisiä: ne vaihtelevat alueittain sekä toimistokäyttäjän ominaisuuksien suhteen. Tutkimus osoittaa, että huomioimalla yritysten erityispiirteet, sijoittautumiskäyttäytymistä voidaan mallintaa ja selventää. - Erikoiskaupan kuluttajasegmenttien muodostaminen
Insinööritieteiden ja arkkitehtuurin tiedekunta | Bachelor's thesis(2010) Hyvönen, Ari - Aukiololainsäädännön vaikutus pienten päivittäistavaramyymälöiden myyntiin
School of Engineering | Master's thesis(2010) Ropponen, Antti JohannesThe grocery stores in Finland are divided into two categories by the shopping hour legislation. Grocery stores with a shopping area below 400 square meters are considered small and 55 percent of Finnish grocery stores fall into this category. Small stores have wider Sunday shopping hours compared to larger stores according to the legislation from the year 2001. As the new legislation of year 2009 offers wider shopping hours also to larger stores there is a considerable change in the operational environment of small grocery stores. The impacts of shopping hour legislation to the sales of small grocery stores are studied in this thesis. The research data consisted of the daily sales figures of 76 small grocery stores from the Tampere city region and its area of influence. When examining customer behaviour on Sundays the data consisted of the number of transactions the cashiers made during the day in 16 grocery stores. The cash register data was divided into 15 minute periods. All research data used was from the year 2008. Sundays were the most important shopping days to the small grocery stores of the research area when larger stores were closed. During summertime when larger stores were also open on Sundays the impact on sales of small stores was considerable. In the group of stores below 100 square meters sales decreased 25 percent, in the group of stores between 100 - 199 square meters sales decreased 25 percent and in the group of stores between 200 - 399 square meters sales decreased 40 percent. When examining the number of customers during Sundays it could be seen that most customers visited the stores at afternoon when the stores were opened. At summertime the amount of customers remained high all evening compared to spring and fall when the amount of customers started to decrease after 6 pm. - Industry Transformation Initiated by a Technological Innovation - Case of UK Grocery Retailing
School of Engineering | Doctoral dissertation (monograph)(2013) Kivilahti, ArhiCompanies respond differently to challenges posed by innovations. It has been argued that the established companies are slow to react to radical technological innovations whereas companies entering the industry are capable of framing novel technologies differently and thus challenge the established companies. However, this argument about incumbent challenger dynamics has been questioned by more recent studies. This thesis studies how different cognitive frames towards innovations influence the ways in which companies respond to the innovations, which subsequently initiate an industry transformation. Furthermore, the thesis analyses the framing and incumbent challenger dynamics among UK grocery retailing after the introduction of online technologies. The transformation extends from the mid 1990´s to recent developments in 2011. The empirical part of the research is based on an analysis of media archives and on interviews with industry experts. In UK grocery retailing the online channel received little attention during the early years, but the dotcom boom in the turn of the millennium initiated a hype in the market. During the hype majority of companies adopted the online channel framing it as a disruptive innovation. These companies did not adopt the innovation during the early years, because the innovation was not seen as a threat and did not require any action. This was contrary to the early adopters who framed the innovation as an opportunity. During the hype of the dotcom boom external pressure led the later adopters to defensively act with a rapid response making them vulnerable for the excessively positive expectations of the hype. Eventually the utilization of the existing capabilities and competencies by incumbent companies along with the long maturation period proved to be the reason for the success of the incremental frame to the innovation, used by an incumbent. Contrastingly to seem other parts of retailing, the impact of online business has remained low for the grocery retailing, representing less than 10% of the market. However, the online channel is expected to be an important part of the future of the grocery retail industry. This can be seen in the fact that online is a significant part of the overall growth of the sales. Additionally, online channel has started to influence the business models of the existing businesses, which strive to incorporate online as an integral part of the channels offered. It remains to be seen how the growth of the online channel will shape the network of physical stores. - Kauppakeskuksen menestykseen vaikuttavat tekijät - Liikekokoonpano ja ankkurivuokralaiset
Insinööritieteiden ja arkkitehtuurin tiedekunta | Bachelor's thesis(2008) Partanen, Kaisu - Vähittäiskauppakiinteistöjen asemakaavaprosessin kesto pääkaupunkiseudulla
School of Engineering | Master's thesis(2010) Tiusanen, LeeaA retail premise is defined, for the purpose of this research, as a pilot of real estate specifically defined by a local detailed plan for use as the site of constructing a retail unit. Such commercial properties for retailing are specially regulated under Finnish legislation and their ultimate locations are determined on the most intricate level of the planning system, by detailed plans. Hence, the actions of private businesses in their choice of setting up new units of retail are under public regulation as subjected to the entire length of the zoning process before implication. The Finnish zoning process of detailed plans is carried out under a municipal monopoly, and the process consists of phases that require active interaction with multiple parties of interest, plan documents and sufficient assessments of the plan 's impacts, as well as public notices, displays, and periods for appeal. This research consists of a study into the zoning practices used in the Helsinki Metropolitan area, and the differences across municipalities in carrying out each phase: the commencement of proceedings, the draft phase, the proposal phase, and approval leading to the adoption of the detail plan. The best available practices are gathered and recommended for use, in order to shorten the length of the current zoning process. Electronic communal archives are used as the source for constructing a database, unique both in its broad scope of multiple plans across a large metropolitan area, and also by providing a descriptive analysis of factors related to the zoning process of retail premises. The research displays how the length of the zoning promise of retail premises varies between the municipalities, phases, and related factors (including location within the urban structure, the effect of prior and higher order plans, prior constructions on the pilot, and the size of the plan). According to the findings, the zoning process in Helsinki, Espoo, and Vantaa takes up a median of 519 days, and is fastest in Vantaa, regarding details plans less than 15 000 k-m2 of size, to an area with a prior detail and higher plan, and which represent a trafically located type of retail. - Management of a shopping centre - A process study
School of Science | Master's thesis(2012) Paavola, LauriThe purpose of this thesis is to analyse the managerial procedures that have influenced the life cycle of shopping centre Itäkeskus. The main research question is: "Which aspects in the management of Itäkeskus have advanced or hindered the successful organisational development of the shopping centre?" The thesis is based on process research methodology, which is applied to address the five critical events in the organisational development of Itäkeskus during the centre's life, between 1984 and 2011. After these events have been selected with a suitable procedure, further analysis of the events then reveals the managerial procedures that have influenced the evolution of the centre. The data for the research was gathered in two phases. In the first phase, an understanding of the overall development of Itäkeskus was created, based on 373 newspaper articles that have been published during the lifespan of the centre. The second phase, which focused on the five critical events, was based on 10 interviews with people who have been in governing positions during the development, and with other experts. In the analysis of the critical events, a framework for managing successful organisational change by Pettigrew and Whipp (1991) was applied. The framework lists five central interrelated dimensions of the successful management of organisational change: environmental assessment, a consideration of human resources as assets and liabilities, linking strategic and operational change, leading change, and the overall coherence of all of these. A successful change is seen as a result of all of these factors, and their implementation in the critical development processes of Itäkeskus was assessed. As regards the managerial procedures, the study suggests that the ability of the management to understand the market dynamics of retail, as well as its ability to form a balanced tenant mix, is the key to the success of a shopping centre. The environmental assessment has to be effective and create a clear understanding of the future, in order to enable the prioritising of actions conducted, and to provide flexibility in key areas. Communication among all participating organisations has to be frequent in order enable the setting of common goals. It is also critical that all participating organisations are seen as integral parts of the development, and that major stakeholders are engaged to the development process from the beginning. - Toimitilojen käyvät vuokrat ja niihin vaikuttavat tekijät
Helsinki University of Technology | Master's thesis(2005) Kivilahti, ArhiTutkimuksen tavoitteena oli selvittää mallintamalla toimitilojen vuokraan vaikuttavia tekijöitä Suomen suurimmissa kaupungeissa. Pyrkimyksenä oli selvittää, kuinka toimistojen, liiketilojen sekä teollisuus- ja varastotilojen vuokraan vaikuttavat etäisyys kaupungin keskustaan (lyhin etäisyys), pinta-ala, alue, jolla kohde sijaitsee sekä tehdyn sopimuksen ajankohta. Tutkimuksessa mallinnettiin Helsingin, Espoon, Vantaan, Tampereen, Turun ja Oulun toimitilojen vuokriin vaikuttavia tekijöitä. Mallinnuksessa käytettiin Kiinteistötalouden instituutti ry:n uusien sopimusten vuokra-aineistoa keväästä 1999 - kevääseen 2004. Kaikkiaan kuudesta kaupungista oli käytettävissä 18 345 sopimuksen aineisto. Tästä aineistosta ylivoimaisesti suurin osa oli keskittynyt pääkaupunkiseudulle, etenkin Helsingin alueelle. Työn tuloksena valmistui toimivia malleja pääkaupunkiseudulta vuokran määräytymiseen vaikuttavista tekijöistä. Regressioyhtälöiden selitysasteet vaihtelevat työssä suuresti; Helsingin toimistojen selitysasteen kohotessa 63,4:ään Oulun toimistojen selitysluku jäi vain 9,7:ään. Selittävien muuttujien kertoimet ovat pääasiassa yleisen teoriakäsityksen mukaisia, kun sijaintia kuvaava lyhin, linnuntie-etäisyys kaupungin keskustaan sai suurimmassa osassa yhtälöistä negatiivisen kertoimen. Pinta-ala sen sijaan jäi joissakin kohteissa kokonaan pois mallista ja toimistojen kohdalla pinta-alan kerroin oli positiivinen. Tämä havainto on hieman ristiriidassa yleisen teoriakäsityksen kanssa, koska yleisesti pinta-alan kasvaessa tulisi neliövuokran laskea. Tämän aineiston yksityiskohtaisempi käsittely, jossa aineistosta tuotaisiin uusia muuttujia, olisi merkittävä jatkotutkimuksen aihe. Keskusta-etäisyyden ja pinta-alan ohella uudet jatkuvat muuttujat antaisivat uutta syvyyttä työhön ja todennäköisesti parantaisivat mallien selitysasteita, kun useampi muuttuja on selittämässä neliövuokran vaihtelua. - Office Rent Determinants in the Finnish Commercial Property Market
Helsinki University of Technology | Master's thesis(2007) He, YiziMore and more foreign investors have entered the Finnish property market since 2002. The trend of investing in Finnish commercial properties is strongly increasing. The foreign investors have particularly favoured office investment in Helsinki metropolitan area because of offices perceived relatively low risks and relatively consistent demand in the property market. The increase of attractiveness facilitates both practitioners and academics to examine a deeper understanding of office properties, their valuable attributes and rent determinants. The objective of this thesis was to apply a theoretical analysis to identify the significant rent determinants for office properties. The study consisted of literature review and empirical study. The literature review included the study of macroeconomic-related determinants, building characteristics determinants, location determinants, and model selection. These studies were mainly concentrated on academic researches in US and UK, and found out that location, building age, building size, vacancy rate and leases were most important determinants for office rent. In the empirical study, a modified rating model was formed based on the analysis of previous research. The model mainly contained five variables: macroeconomic factor, location, building characteristics, potential, and lease agreement. The model was tested through four offices W, X, Y, and Z. As author assumed that an office with a higher rating should have a higher rent, and an office with a lower rating should have a lower rent. The research results showed exactly same as author's assumption. Furthermore, the research results confirmed that location, building age and building size were most important rent determinants for office properties. Author believes that the modified rating model is feasible both in theoretical research and practice. Furthermore, author suggests that the rating model can be added more different variables or factors with different weights in order to achieve a better rating model. This can be done in practice with more different office properties in different market areas. - Kauppakeskuksen liiketoimintasuunnitelma ja johtamissuunnitelma
School of Engineering | Master's thesis(2010) Apajalahti, SampsaAs the market saturates the number of investment possibilities to invest in new targets decrease and the role of strategic asset management becomes more important. The Finnish shopping centre market is saturating. Indications can be found from the organisation of the industry, public debate concerning the planning process and the decreasing number of shopping centre openings per year. As the market saturates one abandons the property led shopping centre approach and implements the customer led shopping centre approach. One part of the customer led approach is to implement a quantitative approach concerning the patronage behaviour related analysis in strategic asset management process. In this thesis I study the two representations of the customer led shopping centre approaches: the shopping centre business plan and the management plan. Also I define the two plan concepts and the general contents of the plans and study if the plans have adapted the methods from the academic shopping centre theory. The conclusion is that the shopping centre business plan is primarily a tool for shopping centre owner or asset management. Shopping centre management can participate in business plan's implementation and preparation process. The general contents of the business plan deal with: market, industry, property, management, marketing, rental levels, investments and things concerning the owner's holding period. From this information a comprehensive analysis and recommendations are prepared and a strategy for the future is defined. Shopping centre management implements the chosen strategy. The idea is to get the short term functions to match with the long term strategy. There are two main uses for the shopping centre management plan. First it may be a part of business plan and then the management plan's role is to describe operation functions and resources to manage the shopping centre. Second it may be a smaller substitute plan for a business plan. In this latter case the management has the same general contents as the business plan with the exception that the management plan does not deal whit the owner-related information such as: yield, holding period or investments. Both plans are essential part of strategic asset management process and they are used to set strategic goals for the shopping centre via comprehensive present state analysis. The plans do not use the shopping centre theory per se. They use customs of the industry which have adopted the results of the theory. As a side product of the thesis I developed a model of shopping centre management's shopping centre organization. - Kauppakeskusten menestystekijät - Liikkeiden sijoittuminen kauppakeskuksessa
School of Engineering | Master's thesis(2010) Jaskara, KalleShopping centers have become more common in Finland in the last decade. In addition that there are now more shopping centers than before, the centers on average are also bigger in size and in leasable area. In the Helsinki Metropolitan Area there are now so many shopping centers that competition has tightened between them. This causes additional challenge to the shopping center managers to run shopping centers successfully. To the shopping center tenants this has created more opportunities to choose the shopping center of their liking. These reasons dictate that to both shopping centers planning and management has to be paid even more attention than before. In this research project a questionnaire was made for the shopping center tenants, which was used to measure the opinions of the tenants of different shopping center success factors. During the analysis of the tenants' answers, it became clear that the most important success factor is the location of the tenant within the shopping center. This is why in this thesis the focus was on researching how the tenants wish to be located related to other tenants inside the shopping center. In the questionnaire for shopping center tenants, the best question to use in the research for tenant location choice decisions making was question number 12. "How important it is to you that companies from different sectors locate within the same shopping center and would you like them to locate near your store?" The answerers were divided to different groups by the type of their business. In this research we analyze answers the tenants gave, concerning the importance of the different locations of tenants. During the analysis and interpretation of the results, we noticed that the answers of the tenants were mostly supported by the literature that was published earlier on the subject. It was also noticeable that there was a distinct difference between the answers of the tenants selling goods and of the tenants selling services. - Yield in Property Investment and Valuation
Helsinki University of Technology | Master's thesis(2007) Kiviluoto, VesaSijoittajat ja arvioijat ovat kehittäneet monia teorioita ja tekniikoita toimitilakiinteistöjen analysoimiseksi ja arvioimiseksi. Tavallisimmin käytetyt menetelmät ovat suora pääomitus ja kassavirtalaskelman eri sovellukset. Nettotuottovaatimus ja kokonaistuottovaatimus ovat tärkeitä käsitteitä kiinteistösijoittamisessa ja -arvioinnissa. Niitä käytetään tuottoarvomenetelmässä kiinteistön arvon määrittämiseksi. Tämä voi olla joko markkina- tai sijoitusarvo. Tutkimuksen tavoitteena oli perehtyä tuottoarvomenetelmän käyttöön kiinteistösijoittamisessa ja -arvioinnissa. Tarkoitus oli erityisesti tutkia, kuinka sijoittajat ja arvioijat muodostavat käsityksensä yksittäisten kohteiden netto- ja kokonaistuottovaatimuksista. Koska tuottojen ja tuottovaatimusten terminologia on epäjohdonmukaista, selvitettiin tutkimuksen yhteydessä myös, millaisia ongelmia eri käsitteisiin liittyy. Tavoitteiden saavuttamiseksi suoritettiin kirjallisuusselvitys ja markkinatutkimus. Sekä sijoittajat ja arvioijat ovat omaksuneet kassavirtamenetelmän tärkeimmäksi työkalukseen. Tästä huolimatta myös suoralla pääomituksella on yhä paikkansa toimitilakiinteistöjen analysoinnissa. Sitä käytetään usein alustavana menetelmänä tai vertailu menetelmänä kassavirtalaskelman rinnalla. Tutkimus osoitti että netto- ja kokonaistuottovaatimus määritetään usein kokemusperäisesti tervettä järkeä käyttäen ennemmin kuin tarkkoja malleja soveltaen. Muutamat tahot hyödyntävät jotain teoreettisista malleista tai käyttävät omia sovelluksia tuottovaatimusten määrittämiseksi. On kuitenkin todettava, että myös näissä malleissa kokemuksen käytöllä on sijansa. Kehittyneillä kiinteistömarkkinoilla, kuten Yhdysvalloissa ja Isossa-Britanniassa, on tutkittu useita toimitilakiinteistöjen tuottokykyyn vaikuttavia tekijöitä. Suomessa kiinteistöjen tuottoihin kohdistuva akateeminen tutkimus on puolestaan lähes olematonta. Tällä alueella olisikin tarvetta lisätutkimukselle, jotta tietämystä suomalaisten toimitilakiinteistöjen tuottokykykyyn vaikuttavista tekijöistä voitaisiin parantaa.