Creating a strategy framework for investor real estate management
Loading...
Access rights
openAccess
publishedVersion
URL
Journal Title
Journal ISSN
Volume Title
A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
This publication is imported from Aalto University research portal.
View publication in the Research portal (opens in new window)
View/Open full text file from the Research portal (opens in new window)
Other link related to publication (opens in new window)
View publication in the Research portal (opens in new window)
View/Open full text file from the Research portal (opens in new window)
Other link related to publication (opens in new window)
Authors
Date
2023-05-11
Department
Major/Subject
Mcode
Degree programme
Language
en
Pages
20
Series
Journal of European Real Estate Research, Volume 16, issue 1
Abstract
Purpose: The aim of this paper is to introduce a framework that helps to identify strategic themes on which real estate investors form their strategies. A holistic approach to strategic management in real estate management has enjoyed popularity in corporate real estate research, while similar research has been lacking from the investor-based real estate management. Design/methodology/approach: The research design consists of two main parts: 1) formulating propositions based on existing literature and 2) attempting to validate the propositions through a qualitative interview study with major real estate owners in Finland. Findings: The main finding is that the current real estate investors reflect the transient nature of competitive advantages and assess their strategies accordingly. The companies consider the traditional profitability and revenue growth aspects of their business but also a more long-term future growth dimension. As an outcome, the investors base their strategies on eight strategic themes which are “Innovation”, “ESG”, “Marketing and sales”, “Financial management”, “Leasing management and tenant satisfaction”, “Competitive environment and portfolio management”, “Outsourcing and strategic partnerships” and “Cost and operation optimization”. Research limitations/implications: This paper opens opportunities for future research concerning different strategies in real estate investment business and their impacts. Practical implications: The presented framework provides support for real estate investors to create real estate management strategy or to evaluate their current strategy and to recognize operational actions and decisions that are relevant for their strategy. Originality/value: This paper provides an extension to corporate real estate (CRE) literature by showing that the CRE theories are adaptable to real estate investment and provide value for their strategic management. This paper also contributes to real estate investment literature by providing a well-founded and empirically contested strategic management framework, the IREM framework, for identifying strategic themes on which real estate investors form their strategies.Description
Publisher Copyright: © 2023, Pauli Autio, Lauri Pulkka and Seppo Junnila.
Keywords
Asset management, Investment management, Investor real estate management, Property management, Real estate investor, Strategic management
Other note
Citation
Autio, P, Pulkka, L & Junnila, S 2023, ' Creating a strategy framework for investor real estate management ', Journal of European Real Estate Research, vol. 16, no. 1 . https://doi.org/10.1108/JERER-09-2022-0027