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Article
Publication date: 10 July 2024

Stephen E. Roulac

The intent of this practice briefing is to provide clarity on the role of market cycles in influencing property valuations at specific points in time. Market cycles are important…

96

Abstract

Purpose

The intent of this practice briefing is to provide clarity on the role of market cycles in influencing property valuations at specific points in time. Market cycles are important to the valuation function as real estate cycles have been a critical underlying reason for the financial successes and failures of real estate investments throughout history.

Design/methodology/approach

This practice briefing is an overview of the role of the valuer/appraiser in decanting out market information and expectations from market comparables.

Findings

This briefing is a review of property valuation and proffers that connecting market cycles to valuation will capture a more expansive and inclusive world view that explicitly incorporates consideration of multiple factors that are reflected in market value.

Research limitations/implications

Important implication of this research is that valuers be aware of how profoundly market cycles concepts and circumstances influence property values – and implement that knowledge in property valuation assignments.

Practical implications

This briefing considers the implications of using market cycles knowledge as a core resource for the property valuer. All involved in the property discipline must recognise that market cycles dramatically influence property values at any one point in time.

Social implications

Societies, cultures, governments, business and places depend upon and have major stake in competent, responsible, informed decisions about properties and property interest. This research contributes to superior property practice – and therefore supports the interests of societies, cultures, governments, business and places.

Originality/value

This briefing provides guidance on how to interpret markets, market cycles and market information that feed into property pricing and market value.

Details

Journal of Property Investment & Finance, vol. 42 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 10 June 2019

Stephen Roulac

The purpose of this paper is to explore the significant structural forms and influencing factors that shape the adoption of technology advances and innovations in society…

963

Abstract

Purpose

The purpose of this paper is to explore the significant structural forms and influencing factors that shape the adoption of technology advances and innovations in society, generally and the property sector specifically.

Design/methodology/approach

The paper uses action learning and interviews, literature review, thought experiment and comparative/conceptual/qualitative analysis.

Findings

For two centuries, the property sector was essentially “exempt from” and essentially a passive by standing in the industrialization and innovations that transformed the economy. In recent decades, the circumstances changed dramatically; the property sector is rapidly making up for the lost time.

Practical implications

The property market participants who long relied upon, while many property market participants prospered in relying upon long established practices – in some ways more reminiscent of a medieval guild than a contemporary long-standing practice with little attention to, or need to, be concerned about change forces – those circumstances have profoundly changed. Understanding the forces leading to that change and the implications of that change is essential for effective property involvements in the twenty-first century.

Social implications

Whereas the property sector largely was dominated by a product-focused supplier mentality, the major change forces are shifting more and more access, power to consumers. The result is that society shall have more robust and more user-oriented offerings of property goods and services.

Originality/value

This research distilling the results of the featured keynote address to the London 2000 Cutting Edge Conference provides, and is, the first thoughtful assessment, combining both rigor and relevance to address these profoundly important developments that are shaping and informing the property sector in the twenty-first century.

Details

Journal of Property Investment & Finance, vol. 37 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 29 July 2014

David Parker

– The purpose of this paper is to investigate property investment decision making by Australian REITs.

4150

Abstract

Purpose

The purpose of this paper is to investigate property investment decision making by Australian REITs.

Design/methodology/approach

Through an extensive literature review, a normative model of the property investment decision-making process is proposed. Based on semi-structured interviews with senior Australian REIT decision makers, a descriptive model of the property investment decision-making process by Australian REITs is developed. The normative model and descriptive model are compared and a prescriptive model of the Australian REIT property investment decision-making process proposed.

Findings

With the four stage, 20-step process proposed in the normative model found to be generally supported by the descriptive model developed, this may potentially comprise an effective prescriptive model for the Australian REIT property investment decision-making process.

Research limitations/implications

Further research is required to investigate if the prescriptive model is generalisable across other property investment decision-making groups or over time and whether it may lead to “good” decisions.

Practical implications

The prescriptive model proposed may contribute consistency and transparency to the decision-making process, if adopted by Australian REITs, potentially leading to better decisions.

Social implications

Greater consistency and transparency in property investment decision making by Australian REITs may lead to the optimal allocation of capital and greater investor confidence in the sector.

Originality/value

The findings comprise the first prescriptive model of the Australian REIT property investment decision-making process, forming a basis for comparative investigation of that process adopted by other property investment decision-making groups.

Details

Journal of Property Investment & Finance, vol. 32 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 17 October 2016

David Parker

The purpose of this paper is to investigate the property investment decision-making process of Australian unlisted property funds.

1656

Abstract

Purpose

The purpose of this paper is to investigate the property investment decision-making process of Australian unlisted property funds.

Design/methodology/approach

Drawing on previous research into property investment decision making by Australian REITs, a normative model of the unlisted property fund investment decision-making process is proposed. Based on exploratory investigation through semi-structured interviews with senior Australian unlisted property fund decision makers, a descriptive model of the property investment decision-making process by Australian unlisted property funds is developed. The normative model and descriptive model are compared and a prescriptive model of the Australian unlisted property fund investment decision-making process proposed.

Findings

A four-stage, 20-step process proposed in the normative model was found to be generally supported by the descriptive model developed, potentially comprising a possible prescriptive model for the Australian unlisted property fund investment decision-making process.

Research limitations/implications

Further research is required to investigate risk-return issues, whether the prescriptive model is generalisable across other property investment decision-making groups or over time and whether it may lead to “good” decisions.

Practical implications

The prescriptive model proposed may contribute consistency and transparency to the decision-making process, if adopted by Australian unlisted property funds, potentially leading to better decisions.

Social implications

Greater consistency and transparency in property investment decision making by Australian unlisted property funds may lead to the optimal allocation of capital and greater investor confidence in the sector.

Originality/value

The findings comprise the first possible prescriptive model of the Australian unlisted property fund investment decision-making process, forming a basis for comparative investigation of that process adopted by other property investment decision-making groups such as Australian REITs and Australian retail property funds.

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Article
Publication date: 1 August 2005

Stephen Roulac, Alastair Adair, Stanley McGreal, Jim Berry, Louise Brown and George Heaney

Seeks to explore recent studies in corporate real estate and to provide a comparative analysis of industrial corporations in Ireland and those in the non‐industrial sector with…

4667

Abstract

Purpose

Seeks to explore recent studies in corporate real estate and to provide a comparative analysis of industrial corporations in Ireland and those in the non‐industrial sector with respect to their corporate real estate management objectives.

Design/methodology/approach

The empirical investigation reports on a study undertaken in Ireland and compares results from companies in the industrial sector with companies in the non‐industrial sector. The methodology is based on a behavioural questionnaire targeted at the top 150 companies operating in Ireland and classified on the basis of number of employees.

Findings

The findings indicate that significant differences are apparent between companies in the industrial sector and companies not in the industrial sector in the use of real estate assets. In particular companies in the industrial/manufacturing sectors have weakly developed corporate real estate strategies.

Research limitations/implications

The main limitations derive from a relatively small sample size, a function of targeting the survey at senior executives. There are implications for companies in the under‐utilisation of real estate assets and the effects of this on corporate balance‐sheets requires further investigation.

Originality/value

Highlights that companies in Ireland, notably those in the industrial sector, have some significant way to go in utilising their corporate real estate assets more effectively.

Details

Journal of Property Investment & Finance, vol. 23 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 February 2003

Stephen Roulac, Alastair Adair, Stanley McGreal, Jim Berry, Louise Brown and George Heaney

Corporate activity in Ireland has experienced a significant growth as the economy has benefited from extensive inward investment. The purpose of this paper is to analyse the role…

1938

Abstract

Corporate activity in Ireland has experienced a significant growth as the economy has benefited from extensive inward investment. The purpose of this paper is to analyse the role of real estate in corporate decision making within Ireland. Corporate real estate issues are initially discussed as the contextual anchoring for a survey of corporate occupiers within both the Republic of Ireland and Northern Ireland. Findings indicate a high level of professional and practical experience in relation to real estate but this has not been fully exploited by companies in developing a proactive corporate strategy. Real estate plays a largely traditional role within organisations although it appears that differences exist between indigenous and externally parented companies. Comparisons are drawn with other similar surveys at an international level.

Details

Journal of Property Investment & Finance, vol. 21 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 23 October 2007

Stephen E. Roulac

The purpose of this paper is to introduce the significant role that brand, beauty and utility play in defining property value.

3438

Abstract

Purpose

The purpose of this paper is to introduce the significant role that brand, beauty and utility play in defining property value.

Design/methodology/approach

Beyond introducing the idea that property value is composed of brand, beauty and utility, the factors that comprise these three components of property value are explored. The relative contributions that brand, beauty and utility make to understanding the source of property value are examined through empirical research evaluating the perceptions of the relative contributions that each of these three factors make to property value, based on the analysis of data on some 55 single family residential properties drawn from throughout the world.

Findings

The findings explain reasons why certain properties command premium prices, relative to other properties. As commerce prioritizes branding in merchandising generally – and especially for luxury goods – that brand would assume a growing significant role in property markets is not surprising.

Originality/value

These findings challenge traditional thinking and introduce a new, powerful explanation of the source of property values.

Details

Property Management, vol. 25 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 1 November 2006

Stephen Roulac, Alastair Adair, Stanley McGreal, Jim Berry and Suzanne Allen

A central consideration in real estate is the analysis of those factors that impact upon value, in particular how value is created in real estate development and investment deals…

4944

Abstract

Purpose

A central consideration in real estate is the analysis of those factors that impact upon value, in particular how value is created in real estate development and investment deals. The converse of understanding how real estate value may be destroyed is equally important. The paper seeks to argue that a better understanding of these processes would allow more informed and successful decisions to be made in structuring investments and evaluating performance.

Design/methodology/approach

An innovative web‐based survey tool was employed. The paper analyses expert opinion based on a sample of 97 real estate professionals from North America and Europe. Those issues that can impact on the creation and destruction of value in real estate development and investment projects and their relative magnitude of impact are assessed.

Findings

There is no apparent distinction between those factors that create value and those that destroy value, though there are variations in the magnitude of impact. Idea/concept is the major influence for development projects and is even more pronounced for real estate investment. Perception/recognition of the opportunity is a key driver of value.

Research limitations/implications

Limitations arise from the response rate which allows an upper tier of analysis across the entire data set but is not of sufficient size to disaggregate either by respondent professional group or by geographical region.

Originality/value

Although the objective of real estate development, investment and deal making is value creation, there is, paradoxically, little literature about creating value. This paper is the first study to elicit opinion internationally on the subject and to quantify the relative contribution of a range of factors concerning value creation and destruction in a real estate project.

Details

Journal of Property Investment & Finance, vol. 24 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 December 1998

Stephen E. Roulac

Today, every enterprise, investor and household with property involvements is functionally involved in the international real estate markets, by virtue of the influence that…

1474

Abstract

Today, every enterprise, investor and household with property involvements is functionally involved in the international real estate markets, by virtue of the influence that global forces and participants in the multiple segments of the real estate markets have on local spatial patterns and therefore the demand for, and supply of, property goods and services. Property involvements for many reflect a Ptolemaic view of the universe, proceeding from the premise that the particular property is the focus and locus of concern, with other forces, factors and properties metaphorically rotating around the particular local property. A Copernican concept of commerce, by contrast, proceeds with the premise that property involvements follow from consideration of the dynamic interdependent interaction and implications of ideas, initiatives, and involvements, from multiple regions and perspectives. Even though involved in multiple markets with offices throughout the world, many employ multiple local insular strategies, being guided more by a Ptolemaic than Copernican perspective. With a strategic perspective for global property involvements, no longer is the operative paradigm built on the primacy of focus on the single local property.

Details

Journal of Property Valuation and Investment, vol. 16 no. 5
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 June 1996

Stephen E. Roulac

How society, its institutions and organizations relate to place and space is largely defined by advances in information, and communications and transportation technology. Advances…

2334

Abstract

How society, its institutions and organizations relate to place and space is largely defined by advances in information, and communications and transportation technology. Advances in information technology transform society’s relationships to and involvement in economic and social activity, and therefore the real estate processes, systems, procedures and relationships that characterize the real estate that support society’s space‐using economic and social activity. Information technology advances simultaneously introduce complexity and simplicity to the real estate sector. Now, we are seeing a convergence of functions, as a particular space assumes multiple purposes, similar to the earliest phases of economic history. The resources and purposes of activities that occur in traditional work environments will increasingly reflect those that have been thought of as occurring in residential environments, and homes will have all the resources and electronic capabilities of places of business and merchandising. Ultimately, the implications of information technology for the real estate discipline challenge all involved to craft strategies reflecting an understanding of the direction and pace of society’s transforming relationship to place and space.

Details

Journal of Property Finance, vol. 7 no. 2
Type: Research Article
ISSN: 0958-868X

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